How do Real Estate IPOs differ from common stocks?

Simon Wiersma

ERES from European Real Estate Society (ERES)

Abstract: The results of empirical studies related to the topic of IPO Underpricing (cf.Ritter 1998) suggest that investors are able to earn a return above the oneof the total market via the investment in initial public offerings (IPOs). Yetwhen considering Real Estate IPOs in isolation, the empirical results differfrom the ones of a whole range of studies which carried out analyses for thegeneral market. Underpricing of Real Estate IPOs seems to be lower or evennegative. In contrast to existing studies I analyse the underpricing of RealEstate IPOs simultaneously with other IPOs on the entire stock exchange.Therefore a unique dataset of all European IPOs from 1995 to 2015 with asample size over 3,000 IPOs is used. The study examines both the observedUnderpricing in absolute terms and the (Real Estate) sector-specificsensitivity of the Underpricing to several company-specific andmacroeconomic determinants.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2016-01-01
References: Add references at CitEc
Citations:

Downloads: (external link)
https://eres.architexturez.net/doc/oai-eres-id-eres2016-305 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2016_305

Access Statistics for this paper

More papers in ERES from European Real Estate Society (ERES) Contact information at EDIRC.
Bibliographic data for series maintained by Architexturez Imprints ().