Price Performance of Initial Public Offerings of Master Limited Partnership Units

Chris J Muscarella

The Financial Review, 1988, vol. 23, issue 4, 513-21

Abstract: This paper is the first to provide evidence on the pricing of initi al public offerings of master limited partnerships. A sample of fifty master limited partnership offerings from January 1983 through July 1987 is analyzed. No significant underpricing (or overpricing) is fou nd for the sample taken as a whole, although some slight overpricing is found for certain industry subsamples. These findings are in sharp contrast to the evidence from previous studies that document significantly positive initial returns for common stock initial offerings. Copyright 1988 by MIT Press.

Date: 1988
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