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The Survival Of Initial Public Offerings In Australia

Author

Listed:
  • Andre Paul Lamberto
  • Subhrendu Rath

Abstract

This paper examines the survival of Australian initial public offerings (IPOs). The Cox proportional hazards model is used to test the value of the information available at the time of listing and whether this information foreshadows the likelihood of survival or failure of an IPO. The number of risk factors listed in the prospectus and the size of the firm are found to be negatively related to survival of the firm. The size of the offering and the forecast dividend yield are found to be positively related to firm survival. The likelihood of survival is also found to vary with industry and firms in the finance and natural resources industries are more likely to survive than firms in other industries.

Suggested Citation

  • Andre Paul Lamberto & Subhrendu Rath, 2010. "The Survival Of Initial Public Offerings In Australia," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 4(1), pages 133-147.
    • Handle: RePEc:ibf:ijbfre:v:4:y:2010:i:1:p:133-147
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    Citations

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    Cited by:

    1. Sumaira Ashraf & Elisabete G. S. Félix & Zélia Serrasqueiro, 2022. "Does board committee independence affect financial distress likelihood? A comparison of China with the UK," Asia Pacific Journal of Management, Springer, vol. 39(2), pages 723-761, June.
    2. Siti Sarah Alyasa-Gan & Norliza Che-Yahya, 2022. "Intended Use of IPO Proceeds and Survival of Listed Companies in Malaysia," JRFM, MDPI, vol. 15(3), pages 1-14, March.
    3. Muhammad Zubair Mumtaz & Zachary Alexander Smith, 2021. "Analyzing the duration of IPOs from offering to listing using the Cox proportional hazards model," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 20(1), pages 5-43, January.
    4. Henson, James, 2014. "The Survival of Nonprofits in the United States," MPRA Paper 59494, University Library of Munich, Germany.

    More about this item

    Keywords

    Survival analysis; Cox proportional hazards model; IPO; Australia;
    All these keywords.

    JEL classification:

    • J23 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Demand

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