The initial return performance of UK property company IPOs
Sahi, W. and Lee, S. L., (1999) The initial return performance of UK property company IPOs. Working Papers in Land Management & Development. 05/99. Working Paper. University of Reading, Reading. pp13.
This paper presents empirical evidence for a sample of 48 UK property company initial public offerings over the period 1986 to 1995. From which a number of conclusions can be drawn. First, property companies in general show positive average first day returns. Second, the average first day return by property trading companies is significantly higher than that for property investment companies