In recent years, the initial public offerings (IPOs) on the Ghana Stock Exchange (GSE) witnessed some level of undersubscriptions. The purpose of this research was to investigate the extent to which valuation, pricing, and performance of prior IPOs listed on the GSE contributed to this state of undersubscriptions. The research was informed by the valuation and pricing framework of Roosenboom. The research questions addressed whether IPOs on the GSE were under/overpriced and whether the projected and pre-issue financials were free from forecasting errors and earnings management. A cross-sectional, explanatory research design was employed to examine a dataset of 30 sampled IPOs. The dataset, obtained from IPO prospectuses, trading data, and financial statements, was analyzed using both logistic and multiple regressions. IPO valuation methods, first-day returns (R(1st day)), absolute forecast errors (AFE), and discretionary current accruals (DCA) served as dependent variables and firm characteristics of size, age, profitability, dividends, price-to-value (P/V) ratios, owner-manager, and auditors' reputation served as independent variables. Results revealed that firm characteristics were not significant predictors of the choice of IPO valuation methods, IPOs were underpriced and their R(1st day) were significantly predicted by P/V ratios, the financial projections were over forecasted and their AFE were not predicted by the independent variables, and the pre-IPO financials experienced earnings management and their DCA were significantly explained by the owner-manager variable. This research contributes to positive social change by assisting regulators, investment bankers, corporations, and institutional investors in improving their respective roles in the valuation and pricing of IPOs on the GSE, thus reducing the observed IPO undersubscriptions in the stock market.

Made available in DSpace on 2014-12-17T15:55:05Z (GMT). No. of bitstreams: 1 NaraGA_DISSERT.pdf: 1500404 bytes, checksum: 25c744f7a7ac2b02102cad56468c08e6 (MD5) Previous issue date: 2014-02-17 / Coordena??o de Aperfei?oamento de Pessoal de N?vel Superior / Amenities value provided by green areas, sea, river and natural landscapes are hardly perceived and incorporated on urban planning and development. In this work, distance and view to protected and non-protected green areas, sea and river were evaluated as to how they increase the housing prices in Natal. Hedonic pricing methods were used with linear models to estimate the marginal implicit value of environmental, residential and neighborhood features. Results on Chapter 1 demonstrate the view to the sea and protected natural areas were largely capitalized on housing prices, while non-protected natural areas didn t display such effect. Housing prices also increase when close to the sea or to parks entrance. However, housing prices fall when houses are near non-protected natural areas. When estates with sea view were excluded, the protected natural areas view and a longer distance to non-protected natural areas increased dwelling prices. Results on Chapter 2 point the sea view as an hedonic variable the contributes strongly to the property selling prices, even though not always as the greatest contributor; furthermore, the property proximity to Dunas Park or City of the Park entrance increases its price, as does closeness to Dunas Park, view to City of the Park or Dunas Park. On the other hand, selling prices diminish if properties are close to City of the Park or Morro do Careca. Results on this study confirm the hedonic pricing methods is an important intrument, capable of revealing to popullation the importance of enviromental amenities and can be used by public managers for creating public policies for conservation and restoration projects / O valor das amenidades fornecidas por ?reas verdes, o mar, o rio e a paisagem natural s?o dificilmente percebidas e incorporadas no planejamento e desenvolvimento urbano. Neste trabalho foram avaliadas como a dist?ncia e a vista para ?reas verdes urbanas protegidas, n?o protegidas, para o mar e o rio incrementam o valor de resid?ncias em Natal. Foi utilizada a metodologia de pre?os hed?nicos para estimar o valor impl?cito marginal de atributos ambientais, residenciais e urban?sticos atrav?s de modelos lineares. Os resultados do Cap?tulo 1 demonstram que a vista para o mar e para as ?reas naturais protegidas foram amplamente capitalizadas nos pre?os dos im?veis, enquanto que para as ?reas naturais n?o protegidas este efeito n?o foi observado. O pre?o do im?vel tamb?m aumenta se est? pr?ximo ao mar e a entrada de parques. No entanto, os pre?os das habita??es diminuem quando est?o pr?ximas as ?reas naturais n?o protegidas. Quando os im?veis com vista para o mar foram exclu?dos, tanto a vista para a ?rea natural protegida quanto uma maior dist?ncia da ?rea natural n?o protegida aumentaram o pre?o da propriedade. Os resultados do Cap?tulo 2 indicaram que a vista para o mar ? uma vari?vel hed?nica que contribui muito para o pre?o de venda do im?vel, embora nem sempre seja a que mais contribui; ainda, a proximidade do im?vel em rela??o ? entrada do Parque das Dunas ou do Parque da Cidade aumenta o seu pre?o, como tamb?m aumenta se est? pr?ximo ao Parque das Dunas e se tem vista para o Parque da Cidade ou para o Parque das Dunas. Por outro lado, os pre?os de venda diminuem se as propriedades est?o pr?ximas ao Parque da Cidade ou ao Morro do Careca. Os resultados deste estudo confirmam que a metodologia de pre?os hed?nicos ? um instrumento importante capaz de revelar ? popula??o a import?ncia das amenidades ambientais e pode ser utilizada por gestores p?blicos na cria??o de pol?ticas p?blicas para projetos de conserva??o e recupera??o do meio ambiente