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Equities issues and long-term firm’s performances in Tunisian stock market

Author

Listed:
  • Hatem Mansali

    (IRG - Institut de Recherche en Gestion - UPEM - Université Paris-Est Marne-la-Vallée - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12)

  • Wissem Daadaa

    (FSEG Tunis El Manar - FSEGT Tunisia)

Abstract

This paper investigates the long-run performance of seasoned equity offering (SEO) firms in Tunisia. We use event time and calendar time approach to measure the long-run performance of SEO firms. The results suggest that SEO firms underperform in the long-run, and this underperformance is robust according to alternative measures. In the cross-section, we show that the runup, market runup and the proceeds from SEO are significant determinants of the underperformance of SEO firms. These results are in accordance with both behavioural theories and real options theory. To distinguish between these two theories, we analyse the average systematic risk dynamics around SEO. The results suggest that there is an increase in risk before the offering, and a significant decrease of risk after the offering. The behaviour of risk around SEO appears consistent with real options predictions.

Suggested Citation

  • Hatem Mansali & Wissem Daadaa, 2018. "Equities issues and long-term firm’s performances in Tunisian stock market," Post-Print hal-02003063, HAL.
    • Handle: RePEc:hal:journl:hal-02003063
    DOI: 10.1504/IJMFA.2018.091074
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    Cited by:

    1. Matteo Rossi & Gabriella Marcarelli & Antonella Ferraro & Antonio Lucadamo, 2020. "How do Calendar Anomalies Affect an Investment Choice? A Proposal of an Analytic Hierarchy Process Model," International Journal of Economics and Financial Issues, Econjournals, vol. 10(1), pages 244-249.
    2. Ayhan Orhan & Dervis Kirikkaleli & Fatih Ayhan, 2019. "Analysis of Wavelet Coherence: Service Sector Index and Economic Growth in an Emerging Market," Sustainability, MDPI, vol. 11(23), pages 1-12, November.

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