Australian IPO pricing in the short and long run

Lee, PJ; Taylor, SL; Walter, TS

Australian IPO pricing in the short and long run

Lee, PJ Taylor, SL

Walter, TS

Permalink

Publication Type:: Journal Article
Citation:: Journal of Banking and Finance, 1996, 20 (7), pp. 1189 - 1210
Issue Date:: 1996-01-01

Closed Access

	Filename	Description	Size
	2007003450OK.pdf		1.19 MB	Adobe PDF	View/Open

Copyright Clearance Process

Recently Added
In Progress
Closed Access

This item is closed access and not available.

Full metadata record

Field	Value	Language
dc.contributor.author	Lee, PJ	en_US
dc.contributor.author	Taylor, SL https://orcid.org/0000-0001-8870-4966	en_US
dc.contributor.author	Walter, TS	en_US
dc.date.issued	1996-01-01	en_US
dc.identifier.citation	Journal of Banking and Finance, 1996, 20 (7), pp. 1189 - 1210	en_US
dc.identifier.issn	0378-4266	en_US
dc.identifier.uri	http://hdl.handle.net/10453/14036
dc.description.abstract	We analyse both initial underpricing and post-listing returns for Australian IPOs. Our results are consistent with the view that unique institutional characteristics may have overwhelmed previous Australian tests of equilibrium models of IPO underpricing. The results also show that Australian IPOs significantly underperform market movements in the three-year period subsequent to listing. Further investigation of these anomalous post-listing returns lead us to reject various 'speculative bubble' explanations. Rather, the evidence suggests a curvilinear relationship between initial and subsequent returns, although the economic significance of the relationship is low.	en_US
dc.relation.ispartof	Journal of Banking and Finance	en_US
dc.relation.isbasedon	10.1016/0378-4266(95)00053-4	en_US
dc.subject.classification	Finance	en_US
dc.title	Australian IPO pricing in the short and long run	en_US
dc.type	Journal Article
utslib.citation.volume	7	en_US
utslib.citation.volume	20	en_US
utslib.for	1502 Banking, Finance and Investment	en_US
utslib.for	0102 Applied Mathematics	en_US
utslib.for	1401 Economic Theory	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Accounting Discipline
utslib.copyright.status	closed_access
pubs.issue	7	en_US
pubs.publication-status	Published	en_US
pubs.volume	20	en_US

Abstract:

We analyse both initial underpricing and post-listing returns for Australian IPOs. Our results are consistent with the view that unique institutional characteristics may have overwhelmed previous Australian tests of equilibrium models of IPO underpricing. The results also show that Australian IPOs significantly underperform market movements in the three-year period subsequent to listing. Further investigation of these anomalous post-listing returns lead us to reject various 'speculative bubble' explanations. Rather, the evidence suggests a curvilinear relationship between initial and subsequent returns, although the economic significance of the relationship is low.

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10453/14036