PRICE PERFORMANCE OF INITIAL PUBLIC OFFERINGS OF MASTER LIMITED PARTNERSHIP UNITS

Chris J. Muscarella

Research output: Contribution to journalArticle

9 Scopus citations

Abstract

This paper is the first to provide evidence on the pricing of initial public offerings of master limited partnerships (MLPs). A sample of fifty MLP offerings from January 1983 through July 1987 is analyzed. No significant underpricing (or overpricing) is found for the sample taken as a whole, although some slight overpricing is found for certain industry subsamples. These findings are in sharp contrast to the pervasive evidence from previous studies that document significantly positive initial returns for common stock initial offerings.

Original languageEnglish (US)
Pages (from-to)513-521
Number of pages9
JournalFinancial Review
Volume23
Issue number4
DOIs
Publication statusPublished - Nov 1988

    Fingerprint

All Science Journal Classification (ASJC) codes

  • Finance
  • Economics and Econometrics

Cite this