In an effort to address the lacuna in leading indicator studies of African economies and Nigeria in particular, this paper examines the causal relationships among stock market prices, real GDP and the index of industrial production in Nigeria, using quarterly data from 1984Q1 to 2008Q4. Granger...

In an effort to address the lacuna in leading indicator studies of African economies and Nigeria in particular, this paper examines the causal relationships among stock market prices, real GDP and the index of industrial production in Nigeria, using quarterly data from 1984Q1 to 2008Q4. Granger...

An examination of the pricing of new issues of equity in several regions of the world reveals significantly more underpricing of initial public offerings of privatizations (PIPOs) than private-sector initial public offerings (IPOs). This finding is consistent with a model of new issue pricing...

Empirical analyses of the pricing of new issues of common stock in equity markets all over the world reveal significantly larger underpricing of privatizations than ordinary initial public offerings. A model of new issue pricing which is consistent with this empirical regularity is developed in...