Australian IPO pricing in the short and long run

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dc.contributor.author Lee, PJ
dc.contributor.author Taylor, SL
dc.contributor.author Walter, TS
dc.date.accessioned 2011-02-07T06:27:03Z
dc.date.issued 1996-01
dc.identifier.citation Journal of Banking and Finance, 1996, 20 pp. 1189 - 1210
dc.identifier.issn 0378-4266
dc.identifier.other C1UNSUBMIT 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.
dc.format Yes
dc.publisher Elsevier Inc
dc.relation.isbasedon 10.1016/0378-4266(95)00053-4
dc.title Australian IPO pricing in the short and long run
dc.type Journal Article
dc.parent Journal of Banking and Finance
dc.journal.volume 20
dc.journal.number en_US
dc.publocation Netherlands en_US
dc.identifier.startpage 1189 en_US
dc.identifier.endpage 1210 en_US
dc.cauo.name BUS.School of Accounting en_US
dc.conference Verified OK en_US
dc.for 1502 Banking, Finance and Investment
dc.personcode 104690
dc.personcode 104692
dc.percentage 100 en_US
dc.classification.name Banking, Finance and Investment en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US
dc.date.activity en_US
dc.location.activity en_US
dc.description.keywords Initial public offers; Underpricing; Long-run returns; Anomalies en_US
dc.description.keywords Initial public offers
dc.description.keywords Underpricing
dc.description.keywords Long-run returns
dc.description.keywords Anomalies
pubs.embargo.period Not known
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/Finance
pubs.organisational-group /University of Technology Sydney/Strength - Corporate Governance
utslib.copyright.status Closed Access
utslib.copyright.date 2015-04-15 12:17:09.805752+10


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