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Another piece of the puzzle: REIT IPO underpricing after the financial crisis

Ratcliffe, Christopher, Dimovski, William and Keneley, Monica 2017, Another piece of the puzzle: REIT IPO underpricing after the financial crisis, Journal of property investment & finance, vol. 35, no. 3, pp. 1-20, doi: 10.1108/JPIF-07-2016-0060.

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Title Another piece of the puzzle: REIT IPO underpricing after the financial crisis
Author(s) Ratcliffe, Christopher
Dimovski, William
Keneley, MonicaORCID iD for Keneley, Monica
Journal name Journal of property investment & finance
Volume number 35
Issue number 3
Start page 1
End page 20
Total pages 20
Publisher Emerald Group Publishing
Place of publication Bingley, Eg.
Publication date 2017
ISSN 1463-578X
Summary The issue of the underpricing outcomes of initial public offerings (IPOs) has been the focus of muchdebate. Chan et al. (2009) refers to the ‘pricing puzzle’ that characterizes the disparity between offeringprices and clearance prices at the close of the first day of trading. The practice of underpricing is acommon feature of IPOs. As the issuer has underpriced, the subscribing investor is deemed to havemade a positive theoretical first day return by subscribing to the IPO. Research into IPOs initiated byindustrial companies suggests that there are substantial gains to be made by subscribers. A summary ofinternational underpricing studies on industrial companies, Loughran et al. (1994, updated to February,2015), reports average first day returns in the USA at 16.9%, UK at 16.0% and China at 118.4%.These are significant short-term returns by any measure. The country list goes on to report everycountry has, on average, positive first day returns to subscribing investors.
Notes In Press
Language eng
DOI 10.1108/JPIF-07-2016-0060
Field of Research 1502 Banking, Finance And Investment
1504 Commercial Services
Socio Economic Objective 0 Not Applicable
HERDC Research category C1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2017, Emerald Group Publishing
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Document type: Journal Article
Collection: Department of Finance
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