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許正壽,吳起賢 호남대학교 1997 호남대학교 학술논문집 Vol.18 No.3
The issuing value of the Initial Public Offerings(IPO) to the public has been thought to be relatively low compared to the actual value of the affected companies. Generally investors are aware of the underpricing of the IPO and this has been supported by previously empirical studies. However, investors can obtain only a limited amount of information regarding the firm's value, because firm's prospectus contains data that are mostly past-oriented accounting numbers and does not reveal much on the more value-relevant information such as growth potential of the firm. In this study, underpricing is defined as the difference between offering price and the market price of intraday. First, the purpose of this study is twofold : IPO's underpricing effect, exist in the Korean stock market. Second, if underpricing does exist in the Korean stock market, this study is to examine what components have an influence on this phenomenon. Data for this empirical study consist of 100 companies that are newly listed on the Korean Stock Exchange from the fiscal year of 1994-1997, with exception of the financial and insurance companies in order to determine which factors influence underpricing and its existence. And financial data of these companies are collected from Ssangyong Investment Securities Co. The statistical methods used in this study were correlation analysis and multiple regression analysis. The results of this study showed that from 1994-1997 underpricing occured in 43%, 57%, 59% and 68% of newly listed companies. These findings suggest that constraining initial offering price may not be a good idea when determining initial offering price. And the result of regression analysis showed that among the eight variables only three variables (relative value, underwriter's reputation and ex-year capital stock) were significant determinants of underpricing.