Backdoor Listings in Australia

Ferguson, AC; Lam, P

Backdoor Listings in Australia

Ferguson, AC

Lam, P

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Publisher:: Financial Services Institute of Australasia
Publication Type:: Journal Article
Citation:: JASSA, 2015, (1), pp. 24 - 32
Issue Date:: 2015-03-31

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Field	Value	Language
dc.contributor.author	Ferguson, AC https://orcid.org/0000-0003-0535-0643	en_US
dc.contributor.author	Lam, P https://orcid.org/0000-0001-5386-3705	en_US
dc.date.issued	2015-03-31	en_US
dc.identifier.citation	JASSA, 2015, (1), pp. 24 - 32	en_US
dc.identifier.issn	0313-5934	en_US
dc.identifier.uri	http://hdl.handle.net/10453/85370
dc.description.abstract	We study a large sample of Australian backdoor listings (BDLs) over the period from 1994 to 2014. BDLs account for roughly 13 per cent of all firms going public on the Australian Securities Exchange and are popular among hi-tech firms and those with foreign-domiciled assets. We find that the BDL market is likely influenced by the sentiment in the initial public offering (IPO) market, with the number of BDLs announced in a year being negatively (positively) correlated with the number of IPOs lodged (the percentage of IPOs withdrawn) in the prior year. Contrary to common belief, BDL transactions take longer to complete than IPOs, since they typically combine both a reverse takeover and the public listing process. Roughly three quarters of our sample raised equity capital as part of the BDL process.	en_US
dc.publisher	Financial Services Institute of Australasia	en_US
dc.relation.ispartof	JASSA	en_US
dc.title	Backdoor Listings in Australia	en_US
dc.type	Journal Article
utslib.citation.volume	1	en_US
utslib.for	1501 Accounting, Auditing and Accountability	en_US
utslib.for	1502 Banking, Finance and Investment	en_US
utslib.for	1801 Law	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	open_access
pubs.consider-herdc	true	en_US
pubs.issue	1	en_US
pubs.publication-status	Published	en_US

Abstract:

We study a large sample of Australian backdoor listings (BDLs) over the period from 1994 to 2014. BDLs account for roughly 13 per cent of all firms going public on the Australian Securities Exchange and are popular among hi-tech firms and those with foreign-domiciled assets. We find that the BDL market is likely influenced by the sentiment in the initial public offering (IPO) market, with the number of BDLs announced in a year being negatively (positively) correlated with the number of IPOs lodged (the percentage of IPOs withdrawn) in the prior year. Contrary to common belief, BDL transactions take longer to complete than IPOs, since they typically combine both a reverse takeover and the public listing process. Roughly three quarters of our sample raised equity capital as part of the BDL process.

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

http://hdl.handle.net/10453/85370