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Financial characteristics of Australian initial public offerings from 1994 to 1999

journal contribution
posted on 2003-01-01, 00:00 authored by Bill Dimovski, R Brooks
A variety of financial characteristics of Australian initial public offerings (IPOs) for the period 1994-1999 are explored. A number of previous Australian studies have investigated the initial day underpricing and longer term underperformance of IPOs and this study updates those papers. This paper partitions the IPO data into no liability/limited liability; share option/no share option; underwriter option/no underwriter option and dividend reinvestment/no dividend reinvestment characteristics to better understand the types of IPOs that list on the Australian Stock Exchange. The data supports the findings of previous studies in that IPOs are underpriced at the time of listing and underperform the market in the first year following their listing.

History

Journal

Applied economics

Volume

35

Issue

14

Pagination

1599 - 1607

Publisher

Routledge

Location

United Kingdom

ISSN

0003-6846

eISSN

1466-4283

Language

eng

Publication classification

C1 Refereed article in a scholarly journal

Copyright notice

2003, Taylor & Francis

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