Financial characteristics of Australian initial public offerings from 1994 to 1999
Financial characteristics of Australian initial public offerings from 1994 to 1999
复制标题
1994年至1999年澳大利亚首次公开募股的财务特征
DOI：
10.1080/0003684032000126771
复制
发表时间：
2003
影响因子：
2.2
通讯作者：
R. Brooks
中科院分区：
文献类型：
--
作者：
W. Dimovski;R. Brooks
澳大利亚首次公开募股（IPO）的1994-1999年期间的各种金融特征进行了探讨。以前的一些澳大利亚研究已经调查了IPO的首日抑价和长期表现不佳，本研究更新了这些论文。本文将IPO数据划分为无责任/有限责任、股票期权/无股票期权、承销商期权/无承销商期权和股息再投资/无股息再投资特征，以更好地理解在澳大利亚证券交易所上市的IPO类型。这些数据支持了以前的研究结果，即IPO在上市时被低估，在上市后的第一年表现不如市场。
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.