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The underpricing of gold mining initial public offerings

Dimovski, William and Brooks, Robert 2008, The underpricing of gold mining initial public offerings, Research in international business and finance, vol. 22, no. 1, pp. 1-16.

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Title The underpricing of gold mining initial public offerings
Author(s) Dimovski, William
Brooks, Robert
Journal name Research in international business and finance
Volume number 22
Issue number 1
Start page 1
End page 16
Total pages 16
Publisher Elsevier B.V.
Place of publication Amsterdam, The Netherlands
Publication date 2008-01
ISSN 0275-5319
1878-3384
Keyword(s) IPOs
underpricing
gold mining
Summary This study is motivated by How [How, J., 2000. The initial and long run performances of mining IPOs in Australia. Aust. J. Manage. 25, 95–118] who examined 100 Australian gold mining initial public offerings (IPOs) from 1979 to 1990 to report an average 119.51% underpricing return by those IPOs. This study updates that analysis by investigating 114 Australian gold mining IPOs from 1994 to 2004 and finds a significantly lower 13.3% average first day return. Options offered to underwriters can in part explain these returns as can the change in either the Gold Index or the All Ordinaries Index from the date of the prospectus to the date of listing.
Language eng
Field of Research 150201 Finance
Socio Economic Objective 970115 Expanding Knowledge in Commerce, Management, Tourism and Services
HERDC Research category C1 Refereed article in a scholarly journal
HERDC collection year 2008
Copyright notice ©2006, Elsevier B.V.
Persistent URL http://hdl.handle.net/10536/DRO/DU:30017078

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