Pricing of IPOs under legally-mandated concentrated ownership and commitment period: Evidence from a natural experiment for REITs in Turkey
|
Accepted Version
(PDF 536kB)
134490.pdf. Available under License Creative Commons Attribution Non-commercial No Derivatives 2.5. |
Description
Signaling and commitment features, as embedded into the legal requirements for REIT IPOs, and a regime change in macroeconomic conditions, going from decades-long uncertainty to recent and unexpected stability, offer new insights into the pricing of REIT IPOs in Turkey. All REIT IPOs between 1996 and 2014 enter our sample. Increases beyond the legally mandated ownership percentage signal asset quality and lessen underpricing. This result differs from those for the non-REIT firms in Turkey and REITs elsewhere. Further, the regime change from macroeconomic uncertainty to stability generates a reversal from substantial underpricing to negligible underpricing/fair pricing.
Impact and interest:
Citation counts are sourced monthly from Scopus and Web of Science® citation databases.
These databases contain citations from different subsets of available publications and different time periods and thus the citation count from each is usually different. Some works are not in either database and no count is displayed. Scopus includes citations from articles published in 1996 onwards, and Web of Science® generally from 1980 onwards.
Citations counts from the Google Scholar™ indexing service can be viewed at the linked Google Scholar™ search.
Full-text downloads:
Full-text downloads displays the total number of times this work’s files (e.g., a PDF) have been downloaded from QUT ePrints as well as the number of downloads in the previous 365 days. The count includes downloads for all files if a work has more than one.
| ID Code: | 197215 |
|---|---|
| Item Type: | Contribution to Journal (Journal Article) |
| Refereed: | Yes |
| Measurements or Duration: | 15 pages |
| Keywords: | Corporate finance, IPO Pricing, REITs, concentrated ownership, Macroeconomic uncertainty, Law, Turkey, IPO pricing, REIT, Pooling equilibrium, Concentrated ownership, Natural experiment |
| DOI: | 10.1016/j.jbef.2019.100245 |
| ISSN: | 2214-6350 |
| Pure ID: | 33508391 |
| Divisions: | Past > QUT Faculties & Divisions > QUT Business School Current > Schools > School of Economics & Finance |
| Copyright Owner: | Consult author(s) regarding copyright matters |
| Copyright Statement: | This work is covered by copyright. Unless the document is being made available under a Creative Commons Licence, you must assume that re-use is limited to personal use and that permission from the copyright owner must be obtained for all other uses. If the document is available under a Creative Commons License (or other specified license) then refer to the Licence for details of permitted re-use. It is a condition of access that users recognise and abide by the legal requirements associated with these rights. If you believe that this work infringes copyright please provide details by email to qut.copyright@qut.edu.au |
| Deposited On: | 10 Mar 2020 01:37 |
| Last Modified: | 29 Feb 2024 18:55 |
Export: EndNote | Dublin Core | BibTeX
Repository Staff Only: item control page
CORE (COnnecting REpositories)
CORE (COnnecting REpositories)