Long‐run performance of privatized government monopolies: Australian experience

摘要: This paper considers the post‐listing returns performance of government‐issued Initial Public Offerings (IPOs) in Australia during period 1989 to 1998. While several studies have considered government IPOs, most their attention has been focused on immediate return performance. Little analysis undertaken longer‐term IPOs. It is found this that as a whole, are no more underpriced than non‐government However, when IPOs involving monopolies separately from other it appears less those nongovernment initially but these rapidly rise giving better long‐term proposed pattern could reflect allocation process favors retail investors disadvantage institutional investors.