Access the full text.
Sign up today, get DeepDyve free for 14 days.
W. Dimovski, R. Brooks (2006)
The Pricing of Property Trust IPOs in AustraliaThe Journal of Real Estate Finance and Economics, 32
Jay Hartzell, Crocker Liu, J. Kallberg (2004)
The Role of the Underlying Real Asset Market in REIT IposS&P Global Market Intelligence Research Paper Series
Real Estate Economics, 33
J. Ritter, I. Welch (2002)
A Review of IPO Activity, Pricing and AllocationsCapital Markets eJournal
Journal of Financial Economics, 77
K. Kutsuna, W. Dimovski, R. Brooks (2008)
The Pricing and Underwriting Costs of Japanese REIT IPOsJournal of Property Research, 25
D. Brounen, Piet Eichholtz (2001)
Initial Public Offerings Evidence from the British , French and Swedish Property Share Markets
R. Shiller (1990)
Speculative Prices and Popular ModelsJournal of Economic Perspectives, 4
I. Welch (1989)
Seasoned Offerings, Imitation Costs, and the Underpricing of Initial Public OfferingsJournal of Finance, 44
Xiaoding Liu, J. Ritter (2011)
Local Underwriter Oligopolies and IPO UnderpricingCorporate Governance & Finance eJournal
Theo Freybote, Nico Rottke, D. Schiereck (2008)
Underpricing of European property companies and the IPO cycle: a noteJournal of Property Investment & Finance, 26
Amy Edwards, K. Hanley (2010)
Short Selling in Initial Public OfferingsEntrepreneurship & Finance eJournal
W. Dimovski (2010)
The Underpricing of A-REIT IPOs in Australia During 2002 to 2008Pacific Rim Property Research Journal, 16
D. Baron (1982)
A Model of the Demand for Investment Banking Advising and Distribution Services for New IssuesJournal of Finance, 37
David Ling, Michael Ryngaert (1997)
Valuation uncertainty, institutional involvement, and the underpricing of IPOs: The case of REITsJournal of Financial Economics, 43
R. Buttimer, D. Hyland, A. Sanders (2005)
REITs, IPO Waves and Long-Run PerformanceReal Estate Economics, 33
D. Mauer, Lemma Senbet (1992)
The Effect of the Secondary Market on the Pricing of Initial Public Offerings: Theory and EvidenceJournal of Financial and Quantitative Analysis, 27
Kevin Rock (1986)
Why new issues are underpricedJournal of Financial Economics, 15
S. Tiniç (1988)
Anatomy of Initial Public Offerings of Common StockJournal of Finance, 43
D. Brounen, Piet Eichholtz (2001)
Going Public on the European Property Share Market, 18
(The Journal of Real Estate Research, 37
W. Dimovski, R. Brooks (2006)
Factors Influencing Money Left on the Table by Property Trust IPO IssuersJournal of Property Research, 23
Tim Loughran, J. Ritter (2000)
Why Don't Issuers Get Upset About Leaving Money on the Table in Ipos?Journal of Financial Abstracts eJournal
Journal of Finance, 57
Daniel Bradley, Bradford Jordan, J. Ritter (2008)
Analyst Behavior Following IPOs: The “Bubble Period” EvidenceReview of Financial Studies, 21
W. Wong, S. Ong, J. Ooi (2013)
Sponsor Backing in Asian REIT IPOsThe Journal of Real Estate Finance and Economics, 46
Sinan Gokkaya, Michael Highfield, Kenneth Roskelley, D. Steele (2013)
An Examination of Primary and Secondary Market Returns in Equity REIT IPOsJournal of Real Estate Research, 37
Ko Wang, Su Chan, George Gau (1992)
Initial public offerings of equity securities: Anomalous evidence using REITsJournal of Financial Economics, 31
R. Bairagi, W. Dimovski (2011)
The underpricing of US REIT IPOs: 1996–2010Journal of Property Research, 28
Randolph Beatty, J. Ritter (1986)
INVESTMENT BANKING, REPUTATION, AND THE UNDERPRICING OF INITIAL PUBLIC OFFERINGS*Journal of Financial Economics, 15
Journal of Financial Economics, 102
Su Chan, Jiajin Chen, Ko Wang (2013)
Are REIT IPOs Unique? The Global EvidenceThe Journal of Real Estate Finance and Economics, 47
Franklin Allen, Gerald Faulhaber (1989)
Signalling by underpricing in the IPO marketJournal of Financial Economics, 23
The Review of Financial Studies, 15
PurposeThis paper aims to investigate whether real estate investment trust (REIT) initial public offerings (IPOs) are exposed to abnormal initial-day performance. Previous studies have predominantly focused on REITs listed in the USA and Australia, only a few studies have utilised a multi-country approach and only one study has used a multi-region approach. This paper adds to the literature by, for a global sample, analysing variables proven important in explaining REIT IPO performance but never used in a global sample before by extending the investigation of initial-day return patterns for new REIT types and by offering the first insights from emerging REIT markets.Design/methodology/approachInitial-day raw and abnormal returns were calculated for a sample of 445 IPOs in 26 countries over the period from 1996 to 2014. The returns were partitioned according to a select set of themes and multiple regression analysis was used to isolate the relationship between the explanatory factors and underpricing.FindingsFor the sample as a whole, the mean initial-day raw return is 3.94 per cent and the mean market-adjusted initial-day return is 4.01 per cent. Even though the initial-day return for a REIT IPO typically is positive, negative mean returns are observed for a few countries and during certain years. Investors should note that for European markets, new property type exhibited a robust positive association with abnormal return, and underwriter reputation exhibited a robust negative relationship with abnormal return.Originality/valueThis paper fulfils the need to test important concepts on global REIT IPO markets.
Journal of European Real Estate Research – Emerald Publishing
Published: Nov 7, 2016
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.