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- Publisher
- Springer Journals
- Copyright
- Copyright © 2004 by Kluwer Academic Publishers
- Subject
- Finance; Corporate Finance; Accounting/Auditing; Econometrics; Operation Research/Decision Theory
- ISSN
- 0924-865X
- eISSN
- 1573-7179
- DOI
- 10.1023/B:REQU.0000025759.39918.89
- Publisher site
- See Article on Publisher Site
Abstract
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.
Journal
Review of Quantitative Finance and Accounting – Springer Journals
Published: Oct 2, 2004