THE SURVIVAL OF INITIAL PUBLIC OFFERINGS IN AUSTRALIA

Andre Paul Lamberto and Subhrendu Rath

The International Journal of Business and Finance Research, 2010, vol. 4, issue 1, 133-147

Abstract: This paper examines the survival of Australian initial public offerings (IPOs). The Cox proportional hazards model is used to test the value of the information available at the time of listing and whether this information foreshadows the likelihood of survival or failure of an IPO. The number of risk factors listed in the prospectus and the size of the firm are found to be negatively related to survival of the firm. The size of the offering and the forecast dividend yield are found to be positively related to firm survival. The likelihood of survival is also found to vary with industry and firms in the finance and natural resources industries are more likely to survive than firms in other industries.

Keywords: Survival analysis; Cox proportional hazards model; IPO; Australia (search for similar items in EconPapers)
JEL-codes: J23 (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:ibf:ijbfre:v:4:y:2010:i:1:p:133-147

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