Abstract
This research is a comprehensive analysis of initial public offerings (IPOs) in Saudi Arabia, using a sample of 72 IPOs examined during the period between 2004 and September 2010. We found that the results on one-year after-market performance show that on average, underperformance does not exist in the Saudi Arabian market. Factors driving long-run market performance include initial return and ownership structure, firm level risk, age and sharia-compliant status. Sharia-compliant status significantly alters the level of one-year market performance. Based on this result, we introduce a new aspect of which I call non-sharia-compliant underperformance.
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