A duration analysis of the time from prospectus to listing for A-REIT IPOs

Dimovski, William and Ratcliffe, Chris 2011, A duration analysis of the time from prospectus to listing for A-REIT IPOs, Pacific rim property research journal, vol. 17, no. 2, pp. 3-19.

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Title A duration analysis of the time from prospectus to listing for A-REIT IPOs
Author(s) Dimovski, William
Ratcliffe, Chris
Journal name Pacific rim property research journal
Volume number 17
Issue number 2
Start page 3
End page 19
Total pages 17
Publisher Pacific Rim Real Estate Society
Place of publication Sydney, N.S.W.
Publication date 2011-06
ISSN 1444-5921
Keyword(s) IPOs
underpricing
duration analysis
Summary Dimovski (2010) finds that the time from prospectus registration to listing is significantly positively related to the amount of underpricing amongst 45 Australian Real Estate Investment Trust (A-REIT) initial public offerings (IPOs) from 2002 to 2008. This makes the understanding of the time from prospectus registration to listing for A-REITs an important matter. This study analyses 82 A-REIT IPOs from 1994 to 2008 using a Cox proportional hazard model to analyse the duration from prospectus date to listing date. The study finds that A-REIT IPOs issued after 2000 listed more quickly, as did those A-REITs that were underwritten and also those that sought to raise larger amounts of equity capital. Those that proposed higher debt to assets ratios in their prospectuses listed more slowly. When the data is partitioned into 1994 to 1999 and 2002 to 2008 groupings, earlier A-REIT IPOs listed more quickly if they were larger while in the more recent group, those that had higher debt to asset ratios took longer to fill their subscriptions.
Notes Reproduced with the kind permission of the copyright owner.
Language eng
Field of Research 140207 Financial Economics
Socio Economic Objective 970114 Expanding Knowledge in Economics
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2011, Pacific Rim Real Estate Society
Persistent URL http://hdl.handle.net/10536/DRO/DU:30036103

Document type: Journal Article
Collections: Faculty of Business and Law
School of Accounting, Economics and Finance
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