English, Article edition: The costs of raising equity capital for closed-end fund IPOs William Dimovski; Robert Brooks; Antonie van Eekelen

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Bookmark: http://trove.nla.gov.au/version/50756
Physical Description
  • article
Language
  • English

Edition details

Title
  • The costs of raising equity capital for closed-end fund IPOs
Author
  • William Dimovski
  • Robert Brooks
  • Antonie van Eekelen
Physical Description
  • article
Notes
  • This article reports on some of the direct costs of raising equity capital by closed-end fund licensed investment company (LIC) initial public offerings (IPOs) in Australia from 1995 to 2005. The amount of underpricing by these IPOs is also identified. The average total direct costs amounted to a relatively low 3.4% of the capital raised, while fees paid to underwriters and/​or stockbrokers was around 2.3%, to legal firms around 0.25% and to accounting firms around 0.07%. The average underpricing by these LIC IPOs was 1.3%. This article also confirms that the percentage total direct capital raising costs are inversely related to the size of the IPO and underwritten closed-end fund IPOs tend to have higher percentage total capital raising costs than those not underwritten.
  • RePEc:taf:apfelt:v:3:y:2007:i:5:p:295-299
Language
  • English
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