Initial public offerings in Australia 1994 to 1999, recent evidence of underpricing and underperformance

被引：0
作者：
Dimovski W. [1 ]
Brooks R. [2 ,3 ]
机构：
[1] RMIT Business, Deakin University, Melbourne, Vic.
[2] Research Development Unit, RMIT Business, Melbourne, Vic.
[3] Research Development Unit, RMIT Business, Melbourne, Vic. 3001
来源：
Review of Quantitative Finance and Accounting | 2004年 / 22卷 / 3期
关键词：
IPOs; Long term performance; Underpricing;
D O I：
10.1023/B:REQU.0000025759.39918.89
中图分类号：
学科分类号：
摘要：
This paper analyses whether financial and non financial characteristics of Australian initial public offerings (IPOs) can explain observed underpricing and long term underperformance over the period 1994 to 1999. A number of previous Australian studies have investigated initial day underpricing and longer term underperformance of IPOs and this study updates those papers. We find that initial day underpricing can in part be explained by market sentiment, forecast dividend per share yields, underwriter options and share options. Our longer term analysis supports the finding of previous studies in that IPOs on average, underperform the market in the first year following their listing.
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页码：179 / 198
页数：19
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