Original Thinking Lecture with Brahim Saadouni
In this Original Thinking Lecture Brahim Saadouni, Professor of Accounting & Finance, will discuss 'Initial Public Offerings (IPOs) and Underwriters’ Compensation'.
- Event Time
- 12 Jul 16:30 - 12 Jul 17:30
- Event Location
- Alliance Manchester Business School (online also available)
- Event Type
- Online, Original Thinking Applied
Our Original Thinking Lecture series showcases some of the world-leading research from colleagues at Alliance MBS.
This event will be hosted by Brahim Saadouni, Professor of Accounting & Finance at AMBS.
Initial Public Offerings (IPOs) and Underwriters’ Compensation
The stylised facts about IPOs is that they tend to be undervalued (underpriced), the IPO market is cyclical with “hot Issue” periods, underperform the market in the long-run (3 – 5 years), and the fees (gross spread) paid to the underwriters are often clustered (e.g., 7% for the US market).
In his lecture, Brahim will explore whether incentive fees paid to IPO underwriters at issuers’ discretion have any effect on the pricing of the IPO shares and the short-term performance.
Brahim Saadouni
Prior to joining AMBS, Brahim has worked at the School of Management, UMIST and the University of Hull where he held the position of the Head of the School of Accounting, Business & Finance, and Director of the Centre for International Capital Markets Research.
Brahim has extensive teaching experience both in the UK and overseas. He has taught in the US (School of Management, Boston University), the Middle East and North Africa. He has also held a Visiting Research Fellowship at Perth Business School (Australia), and Visiting Fellow at the School of Banking & Finance, the University of New South Wales, Sydney (Australia).
Brahim’s ongoing research is focusing on: the role anchor (cornerstone, strategic and sovereign wealth funds) investors play in the primary market; underwriters' compensation; stabilisation of the shares of IPO firms; clawback provisions and the pricing and the allocation of the shares of the IPO firms; the accuracy of the earnings forecasts disclosed in the prospectuses of the IPO firms; the performance of Islamic funds; Islamic indices revisions and Islamic (Sukuk) vs. conventional bonds.
Brahim's publications have appeared in the Journal of Corporate Finance, Journal of Business Ethics, Accounting & Business Research, Journal of International Financial Markets, Institutions & Money, Journal of Economic Behavior & Organization, the International Journal of Accounting, the Journal of Business Finance & Accounting, Pacific-Basin Finance Journal, Review of Quantitative Finance & Accounting, International Review of Financial Analysis, Applied Financial Economics, Advances in Pacific Basin Financial Markets, Asian Accounting Review and the Journal of Multinational Financial Management.
There will be refreshments served after the lecture for those who attend in person at AMBS.
