INITIAL PUBLIC OFFERINGS OF EQUITY SECURITIES - ANOMALOUS EVIDENCE USING REITS
成果类型：
Article
署名作者：
WANG, K; CHAN, SH; GAU, GW
署名单位：
University of Texas System; University of Texas Austin
刊物名称：
JOURNAL OF FINANCIAL ECONOMICS
ISSN/ISSBN：
0304-405X
DOI：
10.1016/0304-405X(92)90039-Z
发表日期：
1992
页码：
381-410
关键词：
摘要：
In contrast with numerous studies that find significant underpricing for initial public offerings of industrial firms, we document a statistically significant average return of - 2.82% on the first trading day for a sample of 87 initial public offerings of real estate investment trusts during the 1971-1988 period. Our overpricing result is invariant to offer price, issue size, distribution method, offer period, and underwriter reputation. Newly issued REITs, on average, substantially underperform a matching sample of seasoned REITs during the first 190 trading days. Interestingly, buyers of overpriced REITs are predominantly individual or non-13(f) institutional investors.