Earticle

초록

영어

This study addresses two puzzles in the IPO markets in Korea: whether underpricing in the IPO market is affected by earlier market information, especially the volume and number of IPOs in the prior period, and whether underpricing in the previous period leads to a subsequent hot period in the IPO markets in Korea. Multivariate regressions are conducted using all the IPOs of firms listed on the KOSDAQ and KOSPI exchanges from 2005 to 2016. We also introduce some unique methodologies and models. Most importantly, we apply herding models developed for this study. Our findings can be summarized as follows: First, while that the herding behaviors of IPO firms in the past have a positive effect on the magnitude of IPO returns in the future, the IPO volume itself has a negative effect on the magnitude of IPO returns in the future, consistent with the expectations based on the theoretical viewpoint of the herding theory. Second, the magnitude of weighted herding in IPO markets in the past has a positive effect on the magnitude of IPO returns, while simultaneously reflecting the effects of both time-span and magnitude in returns and volume for most of the information used in Lowry and Schwert (2002)

목차

Abstract
 Ⅰ. Introduction
 Ⅱ. Related Literature
  2.1 IPO Underpricing
  2.2 Herding in the IPO Market
  2.3 Post-IPO Stock Performance
 Ⅲ. Hypotheses and Test Models
  3.1. Hypotheses
  3.2. Empirical Models
 Ⅳ. Data and Descriptive Statistics
  4.1. Data
 Ⅴ. Regression Analysis
  5.1 Effects of Market Returns on Initial Returns
  5.2 Effects of IPO Volume on Initial Returns
  5.3 Determinants of Provisions on Number and volume of IPOs
  5.4 Long term Effects of IPO Underpricing
 Ⅵ. Conclusion
 References

키워드

저자

• Sunghwan Kim [ School of Business Administration, Kyungpook National University ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330