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Paper eres2010_028:
THE PRICING OF INFRASTRUCTURE INITIAL PUBLIC OFFERINGS: EVIDENCE FROM AUSTRALIA

id eres2010_028
authors Dimovski, Bill
year 2010
title THE PRICING OF INFRASTRUCTURE INITIAL PUBLIC OFFERINGS: EVIDENCE FROM AUSTRALIA
source 17th Annual European Real Estate Society Conference in Milan, Italy
summary 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.
keywords infrastructure funds, IPOs, underpricing
series ERES:conference
email wd@deakin.edu.au
more http://www.eres2010.org/index.asp?page=papers_download
discussion No discussions. Post discussion ...
ratings
session PPF, PPP & Infrastructures (1)
last changed 2010/08/04 20:47
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