Welcome To Kosala Wickramage's Web Page
"The Relevance of Accounting Fundamentals In The Valuation of Australian IPOs"
By Kosala Wickramage
University of Sydney
Accounting and Finance Honours, 2000
Key Words: value relevance, valuation, initial public offerings
This web page was primarily created to make available my thesis to the general (internet) public. What I found most frustrating during my year of research was the inability to gain ready access to past Honours theses – whether it be in electronic or hard copy format.
My thesis is by no means of the highest quality academic research, but having said this, it is still in its draft phase. Nevertheless, I am truly satisfied with the research I have embarked in (having dismissed some personal queries in the process). At the same time however, I hope that it may have contributed (at least in a small way), to the existing body of acedemic research.
Without further ado, here is the Abstract to my paper:
"This study adopts a value relevance perspective to identify the role of summary accounting measures in a valuation model used to predict the offer and first-day listing prices of Australian Initial Public Offerings (IPOs).
The Edward-Bell-Feltham-Ohlson model is used as the basis to formulate a theoretically sound model, which explains firm value and simultaneously mitigates the scale effects inherent in such tests. Using this model, there is strong support for the role of book value in determining an IPO’s offer and first-day listing prices. The model is robust to non-linearity and is relatively accurate in estimating offer and first-day listing prices for a randomly selected holdout sample."
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I have provided a link to the introduction to the paper below, however, if you do wish to obtain the full version, please feel to email me. Upon receipt of your request, I will provide you with a PDF version of the paper, as soon as I can. The two subsequent links lead you to the web pages of my co-supervisors, Prof. Stephen Taylor and Mr. Philip Lee
Comments/opinions/advice are most welcome.
 Introduction to Thesis Draft 2 |
| Co-supervisor 1: Professor Stephen Taylor |
| Co-supervisor 2: Philip Lee |
| Discussion Board |
Send E-Mail to: kwickram@hotmail.comCopyright © 2000 Kosala Wickramage. All Rights Reserved