Kutsuna, Kenji; Dimovski, William; Brooks, Robert - In: Journal of Property Research 25 (2008) 3, pp. 221-239
This study investigates 40 Japanese REIT IPOs during 2001 to 2006 and finds evidence that higher final offer prices are reflected in higher underpricing levels by such IPOs. There is also some evidence that the engagement of one of the big three Japanese underwriting firms suggests less money is...