The initial return performance of UK property company IPOs

Journal of Property Investment & Finance

Volumn 19, Issue 2, 2001, Pages 127-139

  Sahi, Winston ^a   Lee, Stephen L ^a  

^a UNIVERSITY OF READING   (United Kingdom)

Author keywords

Going public; Investment; Property; Trading companies

Indexed keywords

EID: 84986043627     PISSN: 1463578X     EISSN: None     Source Type: Journal    
DOI: 10.1108/14635780110383677     Document Type: Article

References (34)

1. Adams, A.T. and Venmore-Rowland, P. (1989), “Property share valuation”, Journal of Valuation, Vol. 8 No. 2, Winter, pp. 127-42.
2. Allen, F. and Faulhaber, G.R. (1989), “Signalling by underpricing in the IPO market”, Journal of Financial Economics, Vol. 23 No. 2, pp. 303-23.
3. Barkham, R.J. (1997), “The financial structure and ethos of property companies: an empirical analysis”, Construction Management and Economics, Vol. 15, pp. 441-56.
4. Barkham, R.J. and Purdy, D.E. (1992), “Property company financial reporting: potential weaknesses”, Journal of Property Valuation and Investment, Vol. 11 No. 2, pp. 133-44.
5. Baron, D.P. (1982), “A model of the demand for investment bank advising and distribution services for new issues”, Journal of Finance, Vol. 37, pp. 955-76.
6. Beatty, R.P. and Ritter, J.R. (1986), “Investment banking, reputation, and the underpricing of initial public offerings”, Journal of Financial Economics, Vol. 15, pp. 213-32.
7. Below, S., Zaman, M.A. and Mcintosh, W. (1995), “The pricing of real estate investment trust initial public offerings”, Journal of Real Estate Finance and Economics, Vol. 11, pp. 55-64.
8. Benveniste, L.M. and Spindt, P.A. (1989), “How investment bankers determine the offer price and allocation of new issues”, Journal of Financial Economics, Vol. 24 No. 2, pp. 343-61.
9. Bera, A.K. and Jarque, C.M. (1981), “Efficient tests for normality, homoscedasticity and serial independence of regression residuals: Monte Carlo evidence”, Economic Letters, Vol. 7, pp. 313-18.
10. Bera, A.K. and Jarque, C.M. (1982), “Model specification tests”, Journal of Econometrics, Vol. 20, pp. 59-82.
11. Canon, S.E. and Vogt, S. (1995), “REITs and their management: an analysis of organisational structure, performance and management compensation”, Journal of Real Estate Research, Vol. 10 No. 3, pp. 297-317.
12. Gerbich, M., Levis, M. and Venmore-Rowland, P. (1995), “Property initial public offerings: regulations, costs and price reactions”, Journal of Property Finance, Vol. 6 No. 1, pp. 38-54.
13. Grinblatt, M. and Hwang, C. Y. (1989), “Signalling and the pricing of new issues”, Journal of Finance, Vol. 44 No. 2, June, pp. 393-420.
14. Hughes, P.J. and Thakor, A.V. (1992), “Litigation risk, intermediation, and the underpricing of initial public offerings”, Review of Financial Studies, Vol. 5 No. 4, pp. 709-42.
15. Ibbotson, R.G. (1975), “Price performance of common stock new issues”, Journal of Financial Economics, Vol. 12, pp. 235-72.
16. Ibbotson, R.G. and Ritter, J.R. (1995), “Initial public offerings”, in Jarrow, R.A., Maksimovic, V. and Ziemba, W.T. (Eds), Handbooks in Operations Research and Management Science, Volume 9: Finance, 1st ed., North Holland/Elsevier Science, Amsterdam, pp. 993-1016.
17. Ibbotson, R.G., Sindelar, J.L. and Ritter, J.R. (1988), “Initial public offerings”, Journal of Applied Corporate Finance, Vol. 1, Summer, pp. 37-45.
18. Investment Property Databank/Drivers Jonas (1994), The Variations in Valuations – Fourth Report December 1994, Drivers Jonas, London.
19. Jarque, C.M. and Bera, A.K. (1980), “Efficient tests for normality, homoscedasiticty and serial independence of regression residuals”, Economic Letters, Vol. 6, pp. 255-9.
20. Jarque, C.M. and Bera, A.K. (1987), “A test for normality of observations and regression residuals”, International Statistical Review, Vol. 55 No. 2, pp. 163-72.
21. Levis, M. (1993). “The long run performance of initial public offerings: the UK experience 1980-1988”, Financial Management, Vol. 22 No. 1, pp. 28-41.
22. Levis, M. and Thomas, D.C. (1995), “New investment trusts offerings: behaviour and price performance”, Professional Investor, March, pp. 28-30.
23. Loughran, T., Ritter, J.R. and Rydqvist, K. (1994), “Initial public offerings: international insights”, Pacific-Basin Finance Journal, Vol. 2, pp. 165-99.
24. Matysiak, G. and Wang, P. (1995), “Commercial property market prices and valuation: analysing the correspondence”, Journal of Property Research, Vol. 12 No. 3, pp. 181-202.
25. Michaely, R. and Shaw, W.H. (1994), “The pricing of initial public offering: tests of adverse selection and signalling theories”, Review of Financial Studies, Vol. 7 No. 2, Summer, pp. 279-319.
26. Peavy, J.W. III (1990), “Returns on initial public offerings of closed-end funds”, Review of Financial Studies, Vol. 4 No. 4, pp. 694-709.
27. Rock, K. (1986), “Why new issues are underpriced'’, Journal of Financial Economics, Vol. 15, pp. 187-212.
28. Ruud, J.R. (1993), “Underwriter price support and the IPO underpricing puzzle’’, Journal of Financial Economics, Vol. 34, pp. 135-51.
29. Tinic, S.M. (1988), “Anatomy of initial public offerings of common stock’’, Journal of Finance, Vol. 43 No 4, pp. 789-823.
30. Wang, K., Chan, S.H. and Gau, G.W. (1992), “Initial public offerings of equity securities: anomalous evidence using REITs”, Journal of Financial Economics, Vol. 31, pp. 381-410.
31. Warburg Securities, S.G. (various), Property Review and Prospects, London.
32. Weiss, K. (1989), “The post-offering price performance of closed-end funds”, Financial Management, Vol. 18 No. 3, pp. 57-67.
33. Welch, I. (1989), “Seasoned offerings, imitation costs, and the underpricing of initial public offerings”, Journal of Finance, Vol. 44 No. 2, June, pp. 421-49.
34. Welch, I. (1992), “Sequential sales, learning and cascades”, Journal of Finance, Vol. 47 No. 2, pp. 695-732.