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The Cyclical Behaviour of the IPO Market in Australia

Brailsford, Tim; Heaney, R. A; Shi, Jing

Description

Initial public offerings have been examined typically in the context of short-term and long-run stock price performance of individual issues. In this paper, the aggregate market for IPOs is examined. There has been some prior suggestion that the IPO market exhibits cyclical patterns which are characterised by a high volume of new issues and substantial underpricing, such that 'hot issue periods' exist. This paper tests for the existence of such periods in the Australian market using a Markov...[Show more]

CollectionsANU Research Publications
Type: Working/Technical Paper
URI: http://hdl.handle.net/1885/40679
Source: Accounting Research Journal

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