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.
Keywords: IPO Underpricing, Hybrid Fund, Information Asymmetry, Certification Role, Korea
학회소식
[2016년 제 4차] The Effects of Macroprudential Policies on House Prices: Evidence from an Event Study Using Korean Real-Transaction Data
작성자 : 관리자
조회수 : 799
게시일 :
2016-12-21
