Financial characteristics of Australian initial public offerings from 1994 to 1999
A variety of financial characteristics of Australian initial public offerings (IPOs) for the period 1994-1999 are explored. A number of previous Australian studies have investigated the initial day underpricing and longer term underperformance of IPOs and this study updates those papers. This paper partitions the IPO data into no liability/limited liability; share option/no share option; underwriter option/no underwriter option and dividend reinvestment/no dividend reinvestment characteristics to better understand the types of IPOs that list on the Australian Stock Exchange. The data supports the findings of previous studies in that IPOs are underpriced at the time of listing and underperform the market in the first year following their listing.
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Volume (Year): 35 (2003)
Issue (Month): 14 ()
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- Lee, Philip J. & Taylor, Stephen L. & Walter, Terry S., 1996. "Australian IPO pricing in the short and long run," Journal of Banking & Finance, Elsevier, vol. 20(7), pages 1189-1210, August.
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- Roni Michaely & Wayne H. Shaw, 1995. "Does the Choice of Auditor Convey Quality in an Initial Public Offering?," Financial Management, Financial Management Association, vol. 24(4), Winter.
- How, Janice C. Y. & Low, Joy G., 1993. "Fractional ownership and underpricing: signals of IPO firm value?," Pacific-Basin Finance Journal, Elsevier, vol. 1(1), pages 47-65, March.
- Ritter, Jay R, 1991. " The Long-run Performance of Initial Public Offerings," Journal of Finance, American Finance Association, vol. 46(1), pages 3-27, March. Full references (including those not matched with items on IDEAS)
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