Underwriter reputation and underpricing: evidence from the Australian IPO market
作者： William Dimovski , Simmala Philavanh , Robert Brooks
DOI: 10.1007/S11156-010-0211-2
关键词: Initial public offering 、 Total capital 、 Reputation 、 Market sentiment 、 Underwriting 、 Industrial company 、 Empirical research 、 Corporate finance 、 Business 、 Accounting
摘要: Dimovski and Brooks (J Intern Financ Mark Inst Money 14:267–280, 2004b) examined 358 Australian industrial mining company initial public offerings (IPOs) from 1994 to 1999 report that more money was left on the table by IPOs engaged underwriters than those did not engage underwriters. Loughran Ritter (Autumn 5–37, 2004) suggested negative relation between underwriter reputation underpricing has reversed in 1990s with U.S. IPOs. The main purpose of this paper is study relationship terms IPO data. In paper, we use 380 2004 perform empirical study. Our results suggest prestigious are associated a higher level underpricing. Other variables found be significant explaining market sentiment, share options, total capital raised options.
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