Initial public offerings in Australia 1994 to 1999, recent evidence of underpricing and underperformance

Dimovski, William and Brooks, Robert 2004, Initial public offerings in Australia 1994 to 1999, recent evidence of underpricing and underperformance, Review of quantitative finance and accounting, vol. 22, no. 3, pp. 179-198.

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Title Initial public offerings in Australia 1994 to 1999, recent evidence of underpricing and underperformance
Author(s) Dimovski, William
Brooks, Robert
Journal name Review of quantitative finance and accounting
Volume number 22
Issue number 3
Start page 179
End page 198
Publisher Springer Netherlands
Place of publication Amsterdam, The Netherlands
Publication date 2004-05
ISSN 0924-865X
1573-7179
Keyword(s) IPOs
underpricing
long term performance
Summary This paper analyses whether financial and non financial characteristics of Australian initial public offerings (IPOs) can explain observed underpricing and long term underperformance over the period 1994 to 1999. A number of previous Australian studies have investigated initial day underpricing and longer term underperformance of IPOs and this study updates those papers. We find that initial day underpricing can in part be explained by market sentiment, forecast dividend per share yields, underwriter options and share options. Our longer term analysis supports the finding of previous studies in that IPOs on average, underperform the market in the first year following their listing.

Language eng
Field of Research 150103 Financial Accounting
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2004, Kluwer Academic Publishers
Persistent URL http://hdl.handle.net/10536/DRO/DU:30002402

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