Initial Public Offerings: Evidence from the British,French and Swedish Property Share Markets |
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Authors: | Brounen Dirk Eichholtz Piet |
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Institution: | (1) Tinbergen Institute, The University of Amsterdam, The Netherlands;(2) Maastricht University, The University of Amsterdam and Kempen & Co, The Netherlands |
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Abstract: | This paper investigates the underpricing and long-run performance of initial public offerings (IPOs), using a unique sample consisting of 54 British, French and Swedish property companies, which became publicly listed during the period 1984–1999. Similar to common stock IPOs, the European property share IPOs in our sample outperformed the benchmark on the first day of trading, on average with 2.55 percent. However, these property share IPOs tend to underperform their benchmark over the twelve-month period subsequent to the initial offering. We also examine explanatory factors such as issue size, the degree of debt financing, ex-ante uncertainty, and the underlying property types of the companies involved. The results are in line with those previously found for common stocks. |
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Keywords: | IPO underpricing equity issues property companies |
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