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The role of the ex ante uncertainty in the pre-listing IPO process: evidence from the Tunisian stock market

Author

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  • Ahmed Jeribi
  • Anis Jarboui

Abstract

Using a sample of 33 IPOs listed on the Tunisian Stock Exchange (TSE) from 1994 to 2012, we study the role of the ex ante uncertainty in the pre-listing IPO process. We find that the higher ex ante uncertainty does not always lead to a high discount level which is not a credible signal for investors. We also find that the level of uncertainty and information asymmetry surrounding the IPO firms is the most important determinant of the investors' demand during the subscription period.

Suggested Citation

  • Ahmed Jeribi & Anis Jarboui, 2015. "The role of the ex ante uncertainty in the pre-listing IPO process: evidence from the Tunisian stock market," International Journal of Economics and Business Research, Inderscience Enterprises Ltd, vol. 10(1), pages 46-65.
    • Handle: RePEc:ids:ijecbr:v:10:y:2015:i:1:p:46-65
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    Cited by:

    1. Dhoha Mellouli & Siwar Ellouz, 2023. "Determinants of IPO stock market liquidity in a small emerging economy," SN Business & Economics, Springer, vol. 3(9), pages 1-19, September.

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