SECURITIES VALUATION IN THE PRIMARY MARKET IN NIGERIA: (A CASE STUDY OF UNION MERCHANT BANK LIMITED) (An investment-banking subsidiary of Union Bank of Nigeria Plc.)

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dc.contributor.authorABINA, Taofik Olanrewaju
dc.date.accessioned2014-03-14T09:11:36Z
dc.date.available2014-03-14T09:11:36Z
dc.date.issued2004-07
dc.descriptionBEING PROJECT SUBMITTED TO THE POSTGRADUATE SCHOOL AHMADU BELLO UNIVERSITY, ZARIA IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE AWARD OF THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION (MBA) OF AHMADU BELLO UNIVERSITY (ABU) ZARIA. DEPARTMENT OF BUSINESS ADMINISTRATION FACULTY OF ADMINISTRATION AHMADU BELLO UNIVERSITY ZARIA. JULY 2004en_US
dc.description.abstractThe capital market is a market for mobilizing long-term funds thus, playing a very vital role in the process of economic development through the mobilization of funds and its provision for productive investment. Valuation of securities in the capital market, i.e. primary market and the methods adopted by Issuing Houses for securities valuation are fully discussed in this study. The methods are net asset basis, maintainable earnings basis, earnings approach, P/E valuation and Peer Company’s price. Furthermore, the results of all the methods were compared with current market price to determine a more realistic approach. The net asset basis was found more effective in securities valuation. This research study employed the primary and secondary media of data collection. The primary data were personal interviews and observations, while the secondary data used were the pricing memorandum, annual reports and accounts of selected companies, the daily official list of the Nigeria Stock Exchange. Also it was discovered that existing literature on valuation of securities have propounded many models which tend to be too theoretical and difficult for a perfect market operation. The net asset basis has been applauded as a more realistic valuation method than the maintainable earnings approach as it takes into consideration the effect of inflation on the economy through its revaluation process and methods.en_US
dc.identifier.urihttp://hdl.handle.net/123456789/3937
dc.language.isoenen_US
dc.subjectSECURITIES,en_US
dc.subjectVALUATION,en_US
dc.subjectPRIMARY,en_US
dc.subjectMARKET,en_US
dc.subjectNIGERIAen_US
dc.subjectCASE,en_US
dc.subjectSTUDY,en_US
dc.subjectUNION,en_US
dc.subjectMERCHANT,en_US
dc.subjectBANK,en_US
dc.subjectLIMITED,en_US
dc.subjectinvestment,en_US
dc.subjectbanking,en_US
dc.subjectsubsidiary,en_US
dc.subjectPlc,en_US
dc.titleSECURITIES VALUATION IN THE PRIMARY MARKET IN NIGERIA: (A CASE STUDY OF UNION MERCHANT BANK LIMITED) (An investment-banking subsidiary of Union Bank of Nigeria Plc.)en_US
dc.typeThesisen_US
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