Rationale behind IPO underpricing: evidence from Asian REIT IPOsOoi, J. T.L., Mori, M. and Wong, W.-C. (2019) Rationale behind IPO underpricing: evidence from Asian REIT IPOs. Real Estate Economics, 47 (1). pp. 104-137. ISSN 1080-8620
It is advisable to refer to the publisher's version if you intend to cite from this work. See Guidance on citing. To link to this item DOI: 10.1111/1540-6229.12243 Abstract/SummaryThis article examines the rationale behind IPO underpricing using a sample of REIT IPOs in Asia. Although the IPOs registered an average initial return of 3.08%, the issuers were able to sell the IPO shares above their fundamental values by timing the listings in periods when existing REIT stocks are traded at a premium to their net asset values (NAV). An IPO could therefore be underpriced and yet produce a net gain for the issuer. The issuers’ net gain from IPO is, however, negatively related to long‐run performance of REIT IPOs.
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