Initial Public Offers (IPOs) made on the Stock Exchange of Singapore routinely provide sufficiently detailed data to allow reconstruction of both the application and allocation schedules. We show that large investors tend to preferentially request participation in IPOs with higher initial...

We investigate the use of unit (i.e.,package) initial public offerings by Australian industrial firms and conclude that their use at least partly reflects their role as a signaling mechanism (Chemmanur and Fulghierei, 1997). From a sample of 394 IPOs between 1976 and 1994, the 66 firms making...

In an environment where expected litigation costs are relatively low (Australia), we provide evidence strongly consistent with signaling considerations influencing the choice of auditor by initial public offering (IPO) firms. When our analysis is confined to smaller IPOs and/or IPOs using less...