Rationale behind IPO Underpricing: Evidence from Asian REIT IPOs
研究了亚洲房地产投资信托基金IPO的抑价现象，发现发行者通过选择在现有REIT股票溢价交易时上市，即使抑价也能获得净收益，但净收益与长期表现负相关。
Abstract This article examines the rationale behind IPO underpricing using a sample of REIT IPOs in Asia. Although the IPOs registered an average initial return of 3.08%, the issuers were able to sell the IPO shares above their fundamental values by timing the listings in periods when existing REIT stocks are traded at a premium to their net asset values (NAV). An IPO could therefore be underpriced and yet produce a net gain for the issuer. The issuers’ net gain from IPO is, however, negatively related to long‐run performance of REIT IPOs.