THE PRICING OF INFRASTRUCTURE INITIAL PUBLIC OFFERINGS: EVIDENCE FROM AUSTRALIA

Bill Dimovski ()

ERES from European Real Estate Society (ERES)

Abstract: This paper explores first day returns on infrastructure entity initial public offerings (IPOs) in Australia from 1996 to 2007. The study finds that first day returns, on average, are not significantly different from zero. There is evidence however that suggests higher dividend yields and higher percentage direct costs of capital raising influence these first day returns. The study also finds that infrastructure entity IPOs that seek to raise more equity capital leave less money on the table for subscribing investors.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2010-01-01
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Citations: View citations in EconPapers (3)

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Related works:
Journal Article: The pricing of infrastructure initial public offerings: evidence from Australia (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2010_028

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