Australian IPO pricing in the short and long run

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Show simple item record Lee, Phillip en_US Taylor, Stephen en_US Walter, Terry en_US
dc.contributor.editor en_US 2011-02-07T06:27:03Z 2011-02-07T06:27:03Z 1996 en_US
dc.identifier 2007003450 en_US
dc.identifier.citation Lee Phillip, Taylor Stephen, and Walter Terry 1996, 'Australian IPO pricing in the short and long run', Elsevier Inc, vol. 20, pp. 1189-1210. en_US
dc.identifier.issn 0378-4266 en_US
dc.identifier.other C1UNSUBMIT en_US
dc.description.abstract We analyse both initial underpricing and post-listing returns for Australian IPOs. Our results are consistent with the view that unique institutional characteristics may have overwhelmed previous Australian tests of equilibrium models of IPO underpricing. The results also show that Australian IPOs significantly underperform market movements in the three-year period subsequent to listing. Further investigation of these anomalous post-listing returns lead us to reject various `speculative bubble? explanations. Rather, the evidence suggests a curvilinear relationship between initial and subsequent returns, although the economic significance of the relationship is low. en_US
dc.language en_US
dc.publisher Elsevier Inc en_US
dc.relation.isbasedon en_US
dc.title Australian IPO pricing in the short and long run en_US
dc.parent Journal of Banking and Finance en_US
dc.journal.volume 20 en_US
dc.journal.number en_US
dc.publocation Netherlands en_US
dc.identifier.startpage 1189 en_US
dc.identifier.endpage 1210 en_US BUS.School of Accounting en_US
dc.conference Verified OK en_US
dc.for 150200 en_US
dc.personcode 0000020544 en_US
dc.personcode 104690 en_US
dc.personcode 104692 en_US
dc.percentage 100 en_US Banking, Finance and Investment en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US en_US
dc.location.activity en_US
dc.description.keywords Initial public offers; Underpricing; Long-run returns; Anomalies en_US
dc.staffid 104692 en_US

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