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Differences in underpricing returns between REIT IPOs and industrial company IPOs

Dimovski, William and Brooks, Robert 2007, Differences in underpricing returns between REIT IPOs and industrial company IPOs, Advances in quantitative analysis of finance and accounting, vol. 5, pp. 215-225.

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Title Differences in underpricing returns between REIT IPOs and industrial company IPOs
Author(s) Dimovski, William
Brooks, Robert
Journal name Advances in quantitative analysis of finance and accounting
Volume number 5
Start page 215
End page 225
Publisher World Scientific Publishing
Place of publication Singapore
Publication date 2007
ISSN 1061-8910
Keyword(s) IPOs
REITs
underpricing
Summary This paper follows Chan, Stohs, andWang (2001), which argues that the underlying value of the real estate is not by itself the reason for the very substantial differences in underpricing returns between real estate investment trust (REIT) IPOs and industrial company IPOs.We use variables identified in previous studies that have helped explain the underpricing of industrial company IPOs to help explain the underpricing of property trust IPOs. We find that the prospectus forecast dividend yield is a critical variable in the valuation and hence underpricing of REIT IPOs compared to industrial company IPOs. The sentiment towards the market and whether or not the issue is underwritten also impact the underpricing of REITs but the impact is much less than on industrial company IPOs.
Language eng
Field of Research 150201 Finance
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2007, World Scientific Publishing
Persistent URL http://hdl.handle.net/10536/DRO/DU:30007197

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