||THE PRICING OF INFRASTRUCTURE INITIAL PUBLIC OFFERINGS: EVIDENCE FROM AUSTRALIA
||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.
|Year of publication:
||infrastructure funds, IPOs, underpricing
Dimovski, Bill (2010).
THE PRICING OF INFRASTRUCTURE INITIAL PUBLIC OFFERINGS: EVIDENCE FROM AUSTRALIA. 17th Annual European Real Estate Society Conference in Milan, Italy,