Developing capital markets generally lack the regulatory safeguards and rich informational sources that assist investors in judging new equity issues in modern markets. Focusing on the early stage capital market in interwar Australia, we calculate the success (underpricing and percentage raised) of 786 new equity issues, comparing initial public offerings, seasoned equity offerings, and rights issues. We examine whether the use of underwriters and the choice of security (ordinary or preference shares) affected the success of the equity issue. We find that certification by underwriters had no effect on capital-raising success once we controlled for firm-specific factors in the multivariate regressions, while underpricing and percentage raised varied by type of shares offered to investors.

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发展中资本市场的抑价：澳大利亚股票发行，1920-39†

发展中的资本市场普遍缺乏监管保障和丰富的信息来源，无法帮助投资者判断现代市场中的新股票发行。专注于两次世界大战期间澳大利亚的早期资本市场，我们计算了 786 次新股发行的成功率（抑价和提高百分比），比较了首次公开募股、经验丰富的股票发行和配股。我们研究了承销商的使用和证券（普通股或优先股）的选择是否影响了股权发行的成功。我们发现，一旦我们在多元回归中控制了公司特定的因素，承销商的认证就对融资成功没有影响，而抑价和融资百分比因提供给投资者的股票类型而异。