Hot issues, new economy stocks and Australian industry IPO returns in the late 1990s
Brooks, Robert and Dimovski, William 2004, Hot issues, new economy stocks and Australian industry IPO returns in the late 1990s, International journal of knowledge, culture and change management, vol. 3, pp. 1-4.
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International journal of knowledge, culture and change management
Common Ground Publishing
Place of publication
This paper analyses Australian IPOs at an industry level for the period 1994 to 1999. We find a significant relationship between capital weighted IPO industry returns and contemporaneous index returns suggesting that capital raising and money left on the table arguments matter. We do not find any hot issue years at an industry level. Further at an industry level we find that new economy listings are not different to listings from other sectors of the economy.
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