The pricing of property trust IPOs in Australia

Dimovski, William and Brooks, Robert 2006, The pricing of property trust IPOs in Australia, Journal of real estate finance and economics, vol. 32, no. 2, pp. 185-199, doi: 10.1007/s11146-006-6014-5.

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Title The pricing of property trust IPOs in Australia
Author(s) Dimovski, WilliamORCID iD for Dimovski, William
Brooks, Robert
Journal name Journal of real estate finance and economics
Volume number 32
Issue number 2
Start page 185
End page 199
Publisher Springer New York LLC
Place of publication New York, N.Y.
Publication date 2006-03
ISSN 1573-045X
Keyword(s) initial public offerings (IPOs)
property trusts
REIT pricing
Summary Following Brounen and Eichholtz (2002) this paper adds to the international literature investigating the underpricing of REIT initial public offerings (IPOs), with a study into Australian property trusts. This study finds that initial day returns can in part be explained by forecast profit distributions (or dividends) and the market sentiment towards property trusts from the date of the prospectus to the date of listing. There is some support for the “winners curse” explanation of underpricing with evidence that large investor or institutional involvement at the outset of the IPO also has some explanatory power.
Language eng
DOI 10.1007/s11146-006-6014-5
Field of Research 150201 Finance
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©Springer Science + Business Media, Inc. 2006
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Document type: Journal Article
Collections: Faculty of Business and Law
School of Accounting, Economics and Finance
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