The pricing and underwriting costs of Japanese REIT IPOs

Kutsuna, Kenji, Dimovski, William and Brooks, Robert 2008, The pricing and underwriting costs of Japanese REIT IPOs, Journal of property research, vol. 25, no. 3, pp. 221-239.

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Title The pricing and underwriting costs of Japanese REIT IPOs
Author(s) Kutsuna, Kenji
Dimovski, William
Brooks, Robert
Journal name Journal of property research
Volume number 25
Issue number 3
Start page 221
End page 239
Total pages 19
Publisher Routledge
Place of publication London, England
Publication date 2008-09
ISSN 0959-9916
1466-4453
Keyword(s) Real Estate Investment Trusts (REITs)
initial public offerings (IPOs)
underpricing
Japan
underwriting
Summary This study investigates 40 Japanese REIT IPOs during 2001 to 2006 and finds evidence that higher final offer prices are reflected in higher underpricing levels by such IPOs. There is also some evidence that the engagement of one of the big three Japanese underwriting firms suggests less money is left on the table. Economies of scale in underwriting fees for Japanese REIT IPOs are also found. Specifically, the percentage underwriting fees decrease with higher amounts of equity capital sought but the percentage fee decreases at a diminishing rate.
Language eng
Field of Research 140299 Applied Economics not elsewhere classified
HERDC Research category C1 Refereed article in a scholarly journal
HERDC collection year 2008
Copyright notice ©2008, Taylor & Francis
Persistent URL http://hdl.handle.net/10536/DRO/DU:30017667

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