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作者

来源

REAL ESTATE ECONOMICS,Vol.47,Issue1SI,P.104-137

语言

英文

关键字

INITIAL PUBLIC OFFERINGS; CORPORATE GOVERNANCE; INVESTOR SENTIMENT; MARKET; RISK; UNCERTAINTY; SECURITIES; ALLOCATION; VALUATION; COMPANIES

作者单位

[Ooi, Joseph T. L.; Mori, Masaki] Natl Univ Singapore, Singapore 117548, Singapore. [Wong, Woei-Chyuan] Univ Utara Malaysia, Changlun, Kedah, Malaysia. Ooi, JTL (reprint author), Natl Univ Singapore, Singapore 117548, Singapore. E-Mail: rstooitl@nus.edu.sg; rstmm@nus.edu.sg; wwchyuan@uum.edu.my

摘要

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 are traded at a premium to their net asset values (NAV). An IPO could therefore be underpriced and yet produce a net gain for the issuer. The issuers' net gain from IPO is, however, negatively related to long-run performance of REIT IPOs.