The Short Run and the Long Run Performance of an IPO: A Case Analysis of Maroc Telecom in the Casablanca Stock Market

This study examines the short and long run performance of the IPO by Maroc Telecom listed on the Casablanca Stock Exchange during the period 2004-2019. The study uses the event study methodology to analyze the impact of the IPO announcement on the stock price for 180 days of short run period and for 5 years of long run period following the first trading day. The empirical results show that there is empirical evidence for underpricing, and short run and long run underperformance in line with the findings found in both developed and developing markets. Keywords: initial public offering, short run, long run, performance, event study