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This paper presents empirical evidence for a sample of 48 UK property company initial public offerings over the period 1986 to 1995. From which a number of conclusions can be drawn. First, property companies in general show positive average first day returns. Second, the average first day return by property trading companies is significantly higher than that for property investment companiesdoi:10.1108/14635780110383677 fatcat:uxjoersgi5gubgfqkecr2bzese