Rationale behind IPO underpricing: evidence from Asian REIT IPOs

• Main Authors: Ooi, Joseph T.L., Mori, Masaki, Wong, Woei Chyuan
• 格式: Article
• 语言: English
• 出版: John Wiley & Sons, Inc. 2018
• 主题: HC Economic History and Conditions
• 在线阅读: http://repo.uum.edu.my/25636/1/Ooi_et_al-2019-Real_Estate_Economics.pdf; http://repo.uum.edu.my/25636/; http://doi.org/10.1111/1540-6229.12243

This article examines the rationale behind IPO underpricing using a sample of REIT IPOs in Asia. Although the IPOs registered an average initial return of 3.08%, the issuers were able to sell the IPO shares above their fundamental values by timing the listings in periods when existing REIT stocks ar...