Earticle

초록

영어

IPO underpricing has been a subject of great interest for researchers. Previous studies have focused on the underpricing of private venture capital-backed IPOs. However, underpricing in government-backed IPOs has been largely ignored by mainstream academic researchers. In this study, we aim to help fill this gap by investigating the pattern of IPO underpricing for government-backed IPOs in Korea. We analyzed the IPO price behavior of 278 newly listed firms on Korea Securities Dealers Automated Quotations during the period of 2009 through 2014. Empirical evidence shows that government sponsorship reduces the degree of asymmetric information in the IPO market by providing a certification role. In particular, the dual sponsorship of government and private VCs contributes most significantly to the reduction of information uncertainty in the IPO market.

목차

Abstract
 1. Introduction
 2. Previous Studies
  2.1. VCs’ role in IPOs and underpricing
  2.2. The role of government hybrid funds
 3. Structure of hybrid funds in Korea
 4. Hypotheses
 5. Empirical Models and data
  5.1 Empirical models
  5.2 DATA
 6. Empirical results
 7. Conclusion
 References

키워드

저자

• Hyunjoo Lee [ Korea University, Korea ]
• Jinho Jeong [ Korea University, Korea ] Corresponding author

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330