The Short-Run Performance of IPOs of Privately Owned and Publicly Owned Firms: A Note from Australia

Adam Steen (), Petko Kalev and Keith Turpie
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Adam Steen: Monash University, Australia
Petko Kalev: Monash University, Australia
Keith Turpie: Swinburne University of Technology, Australia

Multinational Finance Journal, 2001, vol. 5, issue 2, 149-154

Abstract: This article builds on an earlier study by Choi and Nam (1998) on the initial price performance of Public Sector Initial Public Offerings PIPOs in 30 countries. They report that, in general, PIPOs are more underpriced than private sector IPOs. Our study of the Australian market suggests the opposite is the case. The difference in the underpricing between their study and the evidence presented here is most likely due to the characteristics of Australian PIPOs. These characteristics include the tender process adopted, the extensive marketing employed and the dominant position of many of the issuers.

Keywords: initial public offerings; initial return; privatization (search for similar items in EconPapers)
JEL-codes: G32 (search for similar items in EconPapers)
Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:mfj:journl:v:5:y:2001:i:2:p:149-154

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