Earticle

초록

영어

This paper examines the impact of expected skewness on IPO underpricing based on a comprehensive set of 17,051 IPOs from 23 countries between 1990 and 2013. We find that IPOs with high expected skewness have significantly higher first-day return around the world, confirming the previous results based on U.S. IPOs. Such preference for skewness remains robust to estimation method or portfolio formation and is more pronounced in countries with relatively higher gambling propensity, a larger number of non-religious populations, and more individualistic culture. Finally, IPOs with high expected skewness underperform those with low expected skewness. Our results provide additional empirical support for skewness preference and pricing of lottery type assets in an international setting.

목차

Abstract
Abstract
1. Introduction
2. Data
2.1. IPO sample selection
2.2. Stock return filters and country-level variables
2.3. Variable description
2.4. Summary statistics
3. Results
3.1. Portfolio analyses
3.2. Multivariate analysis
4. Cultural Dimensions: The Effect of Gambling Tendencies
5. Additional Evidence
5.1. Robustness tests
5.2. Long-term performance
6. Conclusion
References

키워드

저자

• Eunyoung Cho [ A deputy research fellow at National Pension Research Institute(NPS), Jeonju, Korea ]
• Woojin Kim [ Professor of Finance at Seoul National University Business School, Seoul, Korea. ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330