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Australian government sector initial public offerings

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  • Stephen Easton
  • Sean Pinder

Abstract

The paper examines the initial pricing of all Australian government sector initial public offerings (IPOs) that have been made over the last six years. A statistically significant first-day average abnormal return of approximately 8% is found. Contrary to overseas findings, there is no evidence that these government sector IPOs were more underpriced than Australian private sector IPOs.

Suggested Citation

  • Stephen Easton & Sean Pinder, 1996. "Australian government sector initial public offerings," Applied Economics Letters, Taylor & Francis Journals, vol. 3(9), pages 603-605.
    • Handle: RePEc:taf:apeclt:v:3:y:1996:i:9:p:603-605
    DOI: 10.1080/135048596356050
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    References listed on IDEAS

    as
    1. Finn, Frank J. & Higham, Ron, 1988. "The performance of unseasoned new equity issues-cum-stock exchange listings in Australia," Journal of Banking & Finance, Elsevier, vol. 12(3), pages 333-351, September.
    2. Mario Levis, 1993. "The Long-Run Performance of Initial Public Offerings: The UK Experience 1980-1988," Financial Management, Financial Management Association, vol. 22(1), Spring.
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    Cited by:

    1. M. Harris & J. N. Lye, 2001. "The Fiscal Consequences of Privatisation: Australian evidence on privatisation by public share float," International Review of Applied Economics, Taylor & Francis Journals, vol. 15(3), pages 305-321.
    2. Robert Brooks & Tim Fry & William Dimovski & Sandra Mihajilo, 2009. "A duration analysis of the time from prospectus to listing for Australian initial public offerings," Applied Financial Economics, Taylor & Francis Journals, vol. 19(3), pages 183-190.

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