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An analysis of the stock market performance of new issues in New Zealand

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  • Firth, Michael

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  • Firth, Michael, 1997. "An analysis of the stock market performance of new issues in New Zealand," Pacific-Basin Finance Journal, Elsevier, vol. 5(1), pages 63-85, February.
  • Handle: RePEc:eee:pacfin:v:5:y:1997:i:1:p:63-85
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    References listed on IDEAS

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    1. Gale, Ian L & Stiglitz, Joseph E, 1989. " The Informational Content of Initial Public Offerings," Journal of Finance, American Finance Association, vol. 44(2), pages 469-477, June.
    2. Jegadeesh, Narasimhan & Weinstein, Mark & Welch, Ivo, 1993. "An empirical investigation of IPO returns and subsequent equity offerings," Journal of Financial Economics, Elsevier, vol. 34(2), pages 153-175, October.
    3. Booth, James R. & Smith, Richard II, 1986. "Capital raising, underwriting and the certification hypothesis," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 261-281.
    4. Loughran, Tim & Ritter, Jay R. & Rydqvist, Kristian, 1995. "Initial public offerings: International insights," Pacific-Basin Finance Journal, Elsevier, vol. 3(1), pages 139-140, May.
    5. Kim, Jeong-Bon & Krinsky, Itzhak & Lee, Jason, 1995. "The aftermarket performance of initial public offerings in Korea," Pacific-Basin Finance Journal, Elsevier, vol. 3(4), pages 429-448, December.
    6. Reena Aggarwal & Ricardo Leal & Leonardo Hernandez, 1993. "The Aftermarket Performance of Initial Public Offerings in Latin America," Financial Management, Financial Management Association, vol. 22(1), Spring.
    7. Ritter, Jay R, 1984. " Signaling and the Valuation of Unseasoned New Issues: A Comment," Journal of Finance, American Finance Association, vol. 39(4), pages 1231-1237, September.
    8. Mark Grinblatt & Chuan Yang Hwang, "undated". "Signalling and the Pricing of Unseasoned New Issues," Rodney L. White Center for Financial Research Working Papers 1-89, Wharton School Rodney L. White Center for Financial Research.
    9. Leland, Hayne E & Pyle, David H, 1977. "Informational Asymmetries, Financial Structure, and Financial Intermediation," Journal of Finance, American Finance Association, vol. 32(2), pages 371-387, May.
    10. Koh, Francis & Walter, Terry, 1989. "A direct test of Rock's model of the pricing of unseasoned issues," Journal of Financial Economics, Elsevier, vol. 23(2), pages 251-272, August.
    11. Jon A. Garfinkel, 1993. "IPO Underpricing, Insider Selling and Subsequent Equity Offerings: Is Underpricing a Signal of Quality?," Financial Management, Financial Management Association, vol. 22(1), Spring.
    12. Krinsky, I. & Rotenberg, W., 1989. "Signalling and the Valuation of Unseasoned New Issues Revisited," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 24(02), pages 257-266, June.
    13. Shiller, Robert J, 1990. "Speculative Prices and Popular Models," Journal of Economic Perspectives, American Economic Association, vol. 4(2), pages 55-65, Spring.
    14. Ibbotson, Roger G., 1975. "Price performance of common stock new issues," Journal of Financial Economics, Elsevier, vol. 2(3), pages 235-272, September.
    15. Allen, Franklin & Faulhaber, Gerald R., 1989. "Signalling by underpricing in the IPO market," Journal of Financial Economics, Elsevier, vol. 23(2), pages 303-323, August.
    16. Beatty, Randolph P. & Ritter, Jay R., 1986. "Investment banking, reputation, and the underpricing of initial public offerings," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 213-232.
    17. Chemmanur, Thomas J, 1993. " The Pricing of Initial Public Offerings: A Dynamic Model with Information Production," Journal of Finance, American Finance Association, vol. 48(1), pages 285-304, March.
    18. Loughran, Tim & Ritter, Jay R, 1995. " The New Issues Puzzle," Journal of Finance, American Finance Association, vol. 50(1), pages 23-51, March.
    19. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-838, May.
    20. Keloharju, Matti, 1993. "The winner's curse, legal liability, and the long-run price performance of initial public offerings in Finland," Journal of Financial Economics, Elsevier, vol. 34(2), pages 251-277, October.
    21. Welch, Ivo, 1989. " Seasoned Offerings, Imitation Costs, and the Underpricing of Initial Public Offerings," Journal of Finance, American Finance Association, vol. 44(2), pages 421-449, June.
    22. Jacquillat, Bertrand C. & McDonald, John G. & Rolfo, Jacques, 1978. "French auctions of common stock : New Issues, 1966-1974," Journal of Banking & Finance, Elsevier, vol. 2(4), pages 305-322, December.
    23. Grinblatt, Mark & Hwang, Chuan Yang, 1989. " Signalling and the Pricing of New Issues," Journal of Finance, American Finance Association, vol. 44(2), pages 393-420, June.
    24. Finn, Frank J. & Higham, Ron, 1988. "The performance of unseasoned new equity issues-cum-stock exchange listings in Australia," Journal of Banking & Finance, Elsevier, vol. 12(3), pages 333-351, September.
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    Cited by:

    1. Chi, Jing & McWha, Matthew & Young, Martin, 2010. "The performance and the survivorship of New Zealand IPOs," International Review of Financial Analysis, Elsevier, vol. 19(3), pages 172-180, June.
    2. Maher Kooli & Jean-Marc Suret, 2001. "The Aftermarket Performance of Initial Public Offerings in Canada," CIRANO Working Papers 2001s-52, CIRANO.
    3. Chen, Gongmeng & Firth, Michael & Kim, Jeong-Bon, 2004. "IPO underpricing in China's new stock markets," Journal of Multinational Financial Management, Elsevier, vol. 14(3), pages 283-302, July.
    4. Chen, Gongmeng & Firth, Michael & Rui, Oliver, 2006. "Have China's enterprise reforms led to improved efficiency and profitability?," Emerging Markets Review, Elsevier, vol. 7(1), pages 82-109, March.
    5. Liu, Jianlei & Uchida, Konari & Gao, Ruidong, 2012. "Political connections and the long-term stock performance of Chinese IPOs," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 22(4), pages 814-833.
    6. Su, Dongwei, 2004. "Adverse-selection versus signaling: evidence from the pricing of Chinese IPOs," Journal of Economics and Business, Elsevier, vol. 56(1), pages 1-19.
    7. Jelic, Ranko & Saadouni, Brahim & Briston, Richard, 2001. "Performance of Malaysian IPOs: Underwriters reputation and management earnings forecasts," Pacific-Basin Finance Journal, Elsevier, vol. 9(5), pages 457-486, November.
    8. Brailsford, Tim & Heaney, Richard & Shi, Jing, 2004. "Modelling the behaviour of the new issue market," International Review of Financial Analysis, Elsevier, vol. 13(2), pages 119-132.
    9. Kooli, Maher & Suret, Jean-Marc, 2004. "The aftermarket performance of initial public offerings in Canada," Journal of Multinational Financial Management, Elsevier, vol. 14(1), pages 47-66, February.
    10. Huong Dang & Michael Jolly, 2016. "IPOs in New Zealand: Valuation Multiples and Benchmark Adjusted Performance," Working Papers in Economics 16/32, University of Canterbury, Department of Economics and Finance.
    11. Chan, K. & Karolyi, G. A. & Rhee, S. G., 2002. "A retrospective evaluation of the Pacific-Basin Finance Journal: 1993-2002," Pacific-Basin Finance Journal, Elsevier, vol. 10(5), pages 497-516, November.
    12. Lyn, Esmeralda O. & Zychowicz, Edward J., 2003. "The performance of new equity offerings in Hungary and Poland," Global Finance Journal, Elsevier, vol. 14(2), pages 181-195, July.
    13. Chen, Gongmeng & Firth, Michael & Krishnan, Gopal V., 2001. "Earnings forecast errors in IPO prospectuses and their associations with initial stock returns," Journal of Multinational Financial Management, Elsevier, vol. 11(2), pages 225-240, April.
    14. Maher Kooli & Jean-Marc Suret, 2001. "The Underpricing of Initial Public Offerings: Further Canadian Evidence," CIRANO Working Papers 2001s-50, CIRANO.
    15. Maher Kooli & Jean-Fran├žois L'Her & Jean-Marc Suret, 2003. "Do IPOs Underperform in the Long-Run? New Evidence from the Canadian Stock Market," CIRANO Working Papers 2003s-16, CIRANO.

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