Evaluation of Market Performance of Initial Public Offerings (IPOs) and Its Determinants: Evidence from Australian IPOs

摘要: To determine whether Australian initial public offerings (IPOs) underprice in the short run and underperform long run, to identify their determinants, this study investigated short-run long-run stock market performance of 254 IPOs listed during 2006 2011 by industry year (listing issue). measure performance, first listing day returns were divided into primary market, which was calculated based on first-day beginning prices issue prices; secondary estimated closing opening total prices. The investigation then extended a post-day analysis that included up nine trading days. return measures under equally weighted value-weighted schemes three post-listing years using an event-time approach. determinants binary multiple regression models with offer, firm characteristics. Marginal probability also carried out estimate associated each determinant indicated directional change performance.