The underpricing of gold mining initial public offerings

被引:7
作者
Dimovski, William [1 ]
Brooks, Robert [2 ]
机构
[1] Deakin Univ, Sch Accounting Econ & Finance, Geelong, Vic 3217, Australia
[2] Monash Univ, Dept Econometr & Business Stat, POB 1071, Narre Warren, Vic 3805, Australia
关键词
IPOs; Underpricing; Gold mining;
D O I
10.1016/j.ribaf.2006.11.002
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
This study is motivated by How [How, J., 2000. The initial and long run performances of mining IPOs in Australia. Aust. J. Manage. 25, 95-118] who examined 100 Australian gold mining initial public offerings (IPOs) from 1979 to 1990 to report an average 119.51% underpricing return by those IPOs. This study updates that analysis by investigating 114 Australian gold mining IPOs from 1994 to 2004 and finds a significantly lower 13.3% average first day return. Options offered to underwriters can in part explain these returns as can the change in either the Gold Index or the All Ordinaries Index from the date of the prospectus to the date of listing. (C) 2006 Elsevier B. V. All rights reserved.
引用
收藏
页码:1 / 16
页数:16
相关论文
共 43 条
[1]   SIGNALING BY UNDERPRICING IN THE IPO MARKET [J].
ALLEN, F ;
FAULHABER, GR .
JOURNAL OF FINANCIAL ECONOMICS, 1989, 23 (02) :303-323
[3]   INVESTMENT BANKING, REPUTATION, AND THE UNDERPRICING OF INITIAL PUBLIC OFFERINGS [J].
BEATTY, RP ;
RITTER, JR .
JOURNAL OF FINANCIAL ECONOMICS, 1986, 15 (1-2) :213-232
[4]  
BEATTY RP, 1989, ACCOUNT REV, V64, P693
[5]   HOW INVESTMENT BANKERS DETERMINE THE OFFER PRICE AND ALLOCATION OF NEW ISSUES [J].
BENVENISTE, LM ;
SPINDT, PA .
JOURNAL OF FINANCIAL ECONOMICS, 1989, 24 (02) :343-361
[6]   Penny stock IPOs [J].
Bradley, DJ ;
Cooney, JW ;
Dolvin, SD ;
Jordan, BD .
FINANCIAL MANAGEMENT, 2006, 35 (01) :5-29
[7]  
Brailsford T., 2004, INT REV FINANC ANAL, V13, P119
[8]  
Brailsford T. J., 2001, ACCOUNTING RES J, V14, P17
[9]   INITIAL PUBLIC OFFERINGS AND UNDERWRITER REPUTATION [J].
CARTER, R ;
MANASTER, S .
JOURNAL OF FINANCE, 1990, 45 (04) :1045-1067
[10]  
Chalk A.J., 1987, FINANCIAL ANAL J, V43, P65