Al-Hassan, Abdullah; Delgado, Fernando; Omran, Mohammed - In: Research in International Business and Finance 24 (2010) 3, pp. 344-360
We document the phenomenon of under-pricing initial public offerings (IPOs) for 47 Gulf firms that went public between 2001 and 2006. The IPOs had, on average, initial abnormal returns of 290 percent, far exceeding those documented for both developed and emerging markets. In aftermarket...