To find out whether the Australian IPOs are underpriced, this study investigates the short-run market performance of 254 IPOs by industry, listing year and issue year over the period 2006 to 2011.To measure the short-run performance, the first listing day returns are divided into the primary...

The short-run market performance of the initial public offerings (IPOs) indicates that the prices are often underpriced which is widely accepted as a universal phenomenon. To find out whether the Australian IPOs are underpriced, this paper analyses the short-run market performance of 254 IPOs by...

To determine whether Australian initial public offerings (IPOs) underprice in the short run, and to identify their determinants, this study investigated the short-run market performance of 254 IPOs listed during 2006 to 2011 by industry and year (listing and issue). To measure their short-run...

Much of the research on the long-run market performance of initial public offerings (IPOs) has found that the subsequent share prices are often lower than first day prices, which is documented as the under-performance phenomenon. We contribute to the literature by analyzing the performance of...

Much of the research on the long-run market performance of initial public offerings (IPOs) has found that the subsequent share prices are often lower than first day prices, which is documented as the underperformance phenomenon. We contribute to the literature by analysing the performance of 249...

Prior studies have examined IPO market performance in two different periods — short run and long run — in terms of two phenomena: the underpricing or short-run market phenomenon and the underperformance or long-run market phenomenon. To find out the possible theoretical reasons for the...

The short-run price performance of Initial Public Offerings (IPOs) indicates that the prices are often underpriced which is widely documented as a universal phenomenon. This phenomenon was first documented in the finance literature by Stoll and Curley (1970), Logue (1973) and Ibbotson (1975). To...