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Differences in underpricing of A-REIT IPOs and Australian property company IPOs

Dimovski, William 2016, Differences in underpricing of A-REIT IPOs and Australian property company IPOs, Journal of property investment & finance, vol. 34, no. 2, pp. 107-115, doi: 10.1108/JPIF-06-2015-0041.

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Title Differences in underpricing of A-REIT IPOs and Australian property company IPOs
Author(s) Dimovski, William
Journal name Journal of property investment & finance
Volume number 34
Issue number 2
Start page 107
End page 115
Total pages 9
Publisher Emerald Group Publishing
Place of publication Bingley, Eng.
Publication date 2016
ISSN 1463-578X
Keyword(s) Australia
IPOs
A-REITs
Underpricing
Property companies
Summary Purpose – A variety of papers have analyzed the underpricing of REIT IPOs or property company IPOs. The purpose of this paper is to compare the two sectors and examines differences in the underpricing of the two types of IPOs. Design/methodology/approach – An OLS regression is used to identify factors influencing the underpricing of A-REIT and property company IPOs from 1994 until 2014. Findings – This study finds that A-REIT IPOs have a significantly lower underpricing on average than Australian property company IPOs. The time taken to list appears to influence the underpricing of both A-REIT IPOs and property company IPOs, in that issues that are filled more quickly have higher underpricing but with the magnitude of the impact being less for A-REITs. The sentiment toward the stock market also appears to impact on the underpricing of A-REIT and property company IPOs again with the magnitude of the impact being less for A-REITs. Practical implications – The paper provides information to new A-REIT and property company issuers, underwriters and investors. Originality/value – The study is the first to compare and examine the differences in the underpricing of both REITs and property companies in the one country over the same time period.
Language eng
DOI 10.1108/JPIF-06-2015-0041
Field of Research 150201 Finance
1502 Banking, Finance And Investment
1504 Commercial Services
Socio Economic Objective 900101 Finance Services
HERDC Research category C1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2016, Emeral Group Publishing
Persistent URL http://hdl.handle.net/10536/DRO/DU:30085135

Document type: Journal Article
Collection: Department of Finance
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