인터넷 소액공모와 최초공모주 시장의 가격결정 = 모형과 검증

다국어 초록 (Multilingual Abstract)

The purpose of this study is to explain why and how the public offerings through internet are related with the size of underpricing in the Korean IPO market. The theoretical model based on the Carter-Manaster (1990) argues that the funding process is a kind of information production regarding the distribution of future stock prices of the firms in the secondary market, thus the firms having experienced this process may have less ex-ante uncertainty and expect to have less underpricing than the other firms. The empirical results show that the underpricing of the firms experienced the public offerings through internet is significantly smaller than the control group for the third market in Korea, but the same results were not obtained for the KOSDAQ market. In the cross-sectional regression analysis for explaining the underpricing, the dummy variables for the internet financing was significant at 5%, after controlling for the market return, the size of offering amount and premium rate, etc.