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Intangible assets and the underpricing of industrial company initial public offerings

Dimovski, William and Brooks, R. 2006, Intangible assets and the underpricing of industrial company initial public offerings, International journal of knowledge, culture and change management, vol. 6, no. 4, pp. 67-73.

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Title Intangible assets and the underpricing of industrial company initial public offerings
Author(s) Dimovski, William
Brooks, R.
Journal name International journal of knowledge, culture and change management
Volume number 6
Issue number 4
Start page 67
End page 73
Publisher Common Ground Publishing
Place of publication Altona, Vic.
Publication date 2006
ISSN 1447-9524
1447-9575
Keyword(s) IPOs
underpricing
intangible assets
Summary This study analyses 262 industrial company initial public offerings (IPOs) in Australia from 1994 to 1999. It finds that the identification and valuation of brand name, trademark, patent and capitalized research and development cost intangible assets in the prospectus significantly reduces underpricing. The identification of goodwill and license cost intangibles does not appear to be significant to underpricing. This paper supports the Beatty and Ritter (1986) argument that IPOs may display financial and nonfinancial characteristics that lower the uncertainty about the value of the lPO and hence lower the underpricing of that IPO. Our findings suggest implications for the issuer who wants to maximize the value of the firm at the time of the lPO, the underwriter who is required to guarantee the success of the capital raising and for the initial investors who are looking to reduce their uncertainty about the valuation of the lPO.
Notes Reproduced with the specific permission of the copyright owner.
Language eng
Field of Research 150201 Finance
HERDC Research category C1 Refereed article in a scholarly journal
Persistent URL http://hdl.handle.net/10536/DRO/DU:30003553

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