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dc.contributor.authorVu, N
dc.contributor.authorWorthington, AC
dc.contributor.authorLaird, P
dc.contributor.editorAndrew C. Worthington
dc.date.accessioned2017-05-03T13:07:07Z
dc.date.available2017-05-03T13:07:07Z
dc.date.issued2014
dc.identifier.isbn9781634631112
dc.identifier.urihttp://hdl.handle.net/10072/66997
dc.description.abstractThis chapter examines the pricing and performance of ordinary, venture capital, and private equity-backed initial public offerings in the Australian stock market. We use headline underpricing, underpricing issuer loss, underpricing loss by market value, and underpricing loss by issue price to measure underpricing, and cumulative buy-and-hold abnormal returns with equal and value-weighted market indexes, market and book-to-market value quintile adjustments, and the Fama-French three-factor model to compare performance. The measures of underpricing indicate that venture capital and private equity-backed issues are underpriced less than ordinary issues. Further, all three forms of issuance outperform the nominal performance benchmarks. However, there is no statistically significant difference in the risk-adjusted performance of initial public offerings, regardless of backing.
dc.description.peerreviewedYes
dc.description.publicationstatusYes
dc.languageEnglish
dc.language.isoeng
dc.publisherNova Publishing
dc.publisher.placeUnited States
dc.publisher.urihttps://novapublishers.com/shop/economic-and-financial-modeling-of-markets-institutions-and-instruments/
dc.relation.ispartofbooktitleEconomic and Financial Modelling of Markets, Institutions and Instruments
dc.relation.ispartofchapter10
dc.relation.ispartofstudentpublicationN
dc.relation.ispartofpagefrom197
dc.relation.ispartofpageto215
dc.rights.retentionY
dc.subject.fieldofresearchFinance
dc.subject.fieldofresearchcode350202
dc.titlePerformance Models for Initial Public Offerings
dc.typeBook chapter
dc.type.descriptionB1 - Chapters
dc.type.codeB - Book Chapters
gro.hasfulltextNo Full Text
gro.griffith.authorWorthington, Andrew C.


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