The Underpricing of A-REIT IPOs in Australia During 2002 to 2008
نویسندگان
چکیده
منابع مشابه
A market microstructure explanation of IPOs underpricing
In a typical IPO game with first-price auctions, we argue that risk-averse investors always underbid in equilibrium because of subjective interpretations of the firm’ communication about its actual value and resulting risk aversion about the likelihood of facing investors with higher valuations. We show that the noisier the investors’ inferences of the firm’ value (in the sense of first-order s...
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ژورنال
عنوان ژورنال: Pacific Rim Property Research Journal
سال: 2010
ISSN: 1444-5921,2201-6716
DOI: 10.1080/14445921.2010.11104294