Australian IPO pricing in the short and long run

Article Abstract:

Analysis of the initial public offerings (IPO) of shares by Australian corporations between 1976 and 1986 shows that the underpricing phenomenon cannot be attributed to the particular characteristics of the country's environment, contrary to the arguments of Finn and Higham. Furthermore, the long-term returns of such IPOs were not satisfactory, although such cannot also be attributed to a reaction towards the initial underpricing. There is, however, evidence of a curvilinear relationship between short-run returns and underpricing.

Australia

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Investigating the behavior and characteristics of the Madrid Stock Exchange

Article Abstract:

A study is conducted to examine the behavior of nine major indexes of Spain's Madrid Stock Exchange between 1941 and 1992. It focuses on the efficiency and characteristics of the bourse's composite General Index and the indexes of eight industries: banking, utility, construction, chemical, investments, food, communications and metal-working. Weak form market efficiency in any of these indexes is not supported by the results of autocorrelation tests.

Spain, Bolsa de Madrid

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Investment trust IPOs: issuing behaviour and price performance. Evidence from the London Stock Exchange

Article Abstract:

An average first day return of 1.91% is recorded for 105 investment trust initial public offerings (IPOs) from Jan. 1984 to Aug. 1992 in the London Stock Exchange. This research is the first documented study on the significant first day returns for closed-end fund IPOs. The initial gains are usually short-lived. Investment trust IPOs trade at discounts to their net asset value by the end of the first year.

Mutual funds, London Stock Exchange PLC

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