Earticle

초록

영어

IPO underpricing is a subject of great interest for researchers. Previous studies have focused on the underpricing of private venture capital-backed IPOs, but mainstream academic researchers have left underpricing in government-backed IPOs largely uninvestigated. In this study, we fill this gap by analyzing the behavior of IPO underpricing for government-backed IPOs in Korea. For the purpose of this study, we examine 468 IPO cases on the KOSDAQ market during the period between 2009 and 2019. Empirical evidence shows that a unique structure of government sponsorship effectively reduces the level of underpricing in the IPO market. In particular, the dual sponsorship of government hybrid funding and private venture capital contributes most significantly to reducing the underpricing in the IPO market.

목차

Abstract
Ⅰ. Introduction
Ⅱ. Previous Studies and Hypothesis Development
1. Role of VCs in IPOs and underpricing
2. Role of hybrid funds in IPOs and underpricing
Ⅲ. Empirical Methodology and Data
1. Methodology
2. Data
Ⅳ. Empirical Results
Ⅴ. Conclusion
References

키워드

저자

• Geesun Lee [ Assistant Manager, Equity Investment Team, Eugene Asset Management ]
• Jinho Jeong [ Professor, College of Global Business, Korea University ] Corresponding Author

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  재무연구 [Asian Review of Financial Research]

• 간기

  계간

• pISSN

  1229-0351

• eISSN

  2713-6531

• 수록기간

  1988~2026

• 등재여부

  KCI 등재,SCOPUS

• 십진분류

  KDC 325 DDC 330