Financial characteristics of Australian initial public offerings from 1994 to 1999

Dimovski, William and Brooks, Robert 2003, Financial characteristics of Australian initial public offerings from 1994 to 1999, Applied economics, vol. 35, no. 14, pp. 1599-1607.

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Title Financial characteristics of Australian initial public offerings from 1994 to 1999
Author(s) Dimovski, William
Brooks, Robert
Journal name Applied economics
Volume number 35
Issue number 14
Start page 1599
End page 1607
Publisher Routledge
Place of publication United Kingdom
Publication date 2003-01
ISSN 0003-6846
1466-4283
Summary 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.
Language eng
Field of Research 150201 Finance
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2003, Taylor & Francis Ltd
Persistent URL http://hdl.handle.net/10536/DRO/DU:30002176

Document type: Journal Article
Collection: School of Accounting, Economics and Finance
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