The underpricing of privatised companies on the Australian stock exchange

Hall, Jason. (1996). The underpricing of privatised companies on the Australian stock exchange Honours Thesis, School of Business, The University of Queensland.

       
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Author Hall, Jason.
Thesis Title The underpricing of privatised companies on the Australian stock exchange
School, Centre or Institute School of Business
Institution The University of Queensland
Publication date 1996
Thesis type Honours Thesis
Total pages 70
Language eng
Subjects 14 Economics
Formatted abstract This paper examines whether political costs cause Government entities privatised by means of a public share offer to be underpriced by more than the general class of initial public offers of shares. There is no evidence that this is the case. There is reasonable evidence that Government sector issues are underpriced by less than private sector issues because of lower uncertainty over their true value. There is likely to be less uncertainty over Government sector issues than private sector issues due to long trading histories, the process of corporatisation to make the entities more competitive before they are put into private hands, an expansive information generation process and the use of tendering to establish the issue price. However, uncertainty explains only a small degree of underpricing.

 
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Created: Wed, 27 Oct 2010, 09:55:58 EST by Ning Jing on behalf of Social Sciences and Humanities Library Service