"Did the market get it wrong?" : an examination of market mispricing of Australian initial public offerings

Sherman, Declan. (1998). "Did the market get it wrong?" : an examination of market mispricing of Australian initial public offerings Honours Thesis, Dept. of Commerce, University of Queensland.

       
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Author Sherman, Declan.
Thesis Title "Did the market get it wrong?" : an examination of market mispricing of Australian initial public offerings
School, Centre or Institute Dept. of Commerce
Institution University of Queensland
Publication date 1998
Thesis type Honours Thesis
Total pages 132
Language eng
Subjects 15 Commerce, Management, Tourism and Services
Formatted abstract This thesis investigates the negative share price performance exhibited by Australian IPOs, immediately after listing. Specifically, it examines the relationship between management opportunism, where management go public to obtain the highest price for their equity, and long term returns. Furthermore, this thesis quantifies the optimism displayed by the market, as a function of price and fundamental value, to predict the future direction and estimate the future magnitude of the share price return of the IPO. The results are consistent with the hypothesis that management opportunism is inversely related to share price performance. Furthermore, there is a significant inverse relationship between the quantifiable amount of overvaluation by the market and the long-term stock price performance of IPOs.

 
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