Estimation risk : a study of initial public offerings

Satterly, Amanda. (1995). Estimation risk : a study of initial public offerings Honours Thesis, School of Business, The University of Queensland.

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Author Satterly, Amanda.
Thesis Title Estimation risk : a study of initial public offerings
School, Centre or Institute School of Business
Institution The University of Queensland
Publication date 1995
Thesis type Honours Thesis
Total pages 60
Language eng
Subjects 14 Economics
Formatted abstract
This study examines propositions of the estimation risk model by using a sample of Australian initial public offerings (IPOs) as empirical indicators for low information securities. The propositions state that the estimation risk of an IPO increases as either, the level of pre-listing information about the firm decreases, or the level of correlation between it and high information securities decreases. The results of the study generally support the propositions. Two of the three proxies for information show support for proposition one, while one of the two proxies show support for proposition two. Furthennore, the study funds, consistent with the US study by Clarkson and Thompson (1990), that the beta of a portfolio of IPOs decreases at a decreasing rate as information increases over time.

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Created: Wed, 27 Oct 2010, 14:28:55 EST by Ning Jing on behalf of Social Sciences and Humanities Library Service