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The characteristics of property trust IPOs in Australia

Dimovski, William and Brooks, Robert 2004, The characteristics of property trust IPOs in Australia, in AIBF : 9th Banking and Finance Conference : challenges in banking and finance, Australian Institute of Banking & Finance, [Melbourne, Vic.], pp. 1-13.

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Title The characteristics of property trust IPOs in Australia
Author(s) Dimovski, William
Brooks, Robert
Conference name AIBF Banking and Finance Conference (9th : 2004, Melbourne, Vic.)
Conference location Melbourne, Vic.
Conference dates 30 September-1 October 2004
Title of proceedings AIBF : 9th Banking and Finance Conference : challenges in banking and finance
Editor(s) [Unknown]
Publication date 2004
Start page 1
End page 13
Publisher Australian Institute of Banking & Finance
Place of publication [Melbourne, Vic.]
Keyword(s) property trusts
IPOs
underpricing
Summary This paper follows Ling and Ryngaert (1997) and Brounen and Eichholtz (2001) who investigate the underpricing of REIT initial public offerings (lPOs) in the United States and Europe respectively. This study adds to the international literature by investigating Australian property trusts. It reports a variety of descriptive statistics on 37 Australian property trust IPOs from 1994 to 1999. What it also contributes is the finding that some IPOs have extremely low volumes of shares traded on the first day so the simple use of a closing price at the end of the first day to determine underpricing returns (without reference to the volume of trading) may not always be the optimum method of calculating these returns.
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ISBN 0959916997
9780959916997
Language eng
Field of Research 150201 Finance
HERDC Research category E1 Full written paper - refereed
Copyright notice ©2004, Australian Institute of Banking & Finance
Persistent URL http://hdl.handle.net/10536/DRO/DU:30005304

Document type: Conference Paper
Collections: School of Accounting, Economics and Finance
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Every reasonable effort has been made to ensure that permission has been obtained for items included in DRO. If you believe that your rights have been infringed by this repository, please contact drosupport@deakin.edu.au.