The long-run performance of Australian initial public offerings : a re-examination of an anomaly

Michele, Rebecca. (1995). The long-run performance of Australian initial public offerings : a re-examination of an anomaly Honours Thesis, School of Business, University of Queensland.

       
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Author Michele, Rebecca.
Thesis Title The long-run performance of Australian initial public offerings : a re-examination of an anomaly
School, Centre or Institute School of Business
Institution University of Queensland
Publication date 1995
Thesis type Honours Thesis
Total pages 102
Language eng
Subjects 14 Economics
Formatted abstract This study examines the behaviour of the relative share return performance of Australian initial public offering firms over a long-run window. Previous findings of systematic negative performance of initial public offering firms over the long-run are hypothesised to be a result of implementing an imperfect research methodology. To investigate the effect of the research design on observed share return performance, the empirical regularities of survivorship bias, return asymmetry and the size effect are incorporated in the current study by using the research methodology of Brown and Da Silva Rosa (1995). The results reveal that although long-run performance of Australian initial public offering firms remains negative, a substantial reduction in the magnitude of the observed negative abnormal returns is observed after employing the refined research design.

 
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