원문정보
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
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