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The regulatory and procedural effect...

Kim, Byungju.

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The regulatory and procedural effects on the underpricing of initial public offerings in Korea.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	The regulatory and procedural effects on the underpricing of initial public offerings in Korea./
作者:	Kim, Byungju.
面頁冊數:	241 p.
附註:	Source: Dissertation Abstracts International, Volume: 61-09, Section: A, page: 3695.
Contained By:	Dissertation Abstracts International61-09A.
標題:	Economics, Finance. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=9988260
ISBN:	0599950153

The regulatory and procedural effects on the underpricing of initial public offerings in Korea.
Kim, Byungju.

The regulatory and procedural effects on the underpricing of initial public offerings in Korea. - 241 p.

Source: Dissertation Abstracts International, Volume: 61-09, Section: A, page: 3695.

Thesis (Ph.D.)--Lehigh University, 2000.

The stock price of initial public offerings (IPOs) changes drastically over a short period of time even though the intrinsic value of the firm does not change. As the offering prices of IPOs are set low in the primary market while being driven up in the after-market, the investors can earn high excess returns by buying the IPO in the primary market and selling it in the after-market. If both markets are efficient, investors should not receive any excess returns. Therefore, many researchers have reported the high initial returns of IPOs are one of the stock market anomalies.

ISBN: 0599950153Subjects--Topical Terms:

626650
Economics, Finance.

The regulatory and procedural effects on the underpricing of initial public offerings in Korea.
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245 1 4 $a The regulatory and procedural effects on the underpricing of initial public offerings in Korea.
300 $a 241 p.
500 $a Source: Dissertation Abstracts International, Volume: 61-09, Section: A, page: 3695.
500 $a Adviser: Richard J. Kish.
502 $a Thesis (Ph.D.)--Lehigh University, 2000.
520 $a The stock price of initial public offerings (IPOs) changes drastically over a short period of time even though the intrinsic value of the firm does not change. As the offering prices of IPOs are set low in the primary market while being driven up in the after-market, the investors can earn high excess returns by buying the IPO in the primary market and selling it in the after-market. If both markets are efficient, investors should not receive any excess returns. Therefore, many researchers have reported the high initial returns of IPOs are one of the stock market anomalies.
520 $a This study emphasizes the importance of regulatory and procedural factors related to underpricing of the Korean IPOs during four periods in which the Korean IPO market applied different mechanisms in setting the offer price. The study examines whether or not the regulatory changes in the Korean IPO market over four periods, during which offering pricing and initial market pricing had been fully regulated, totally unregulated, and partially regulated, have contributed to the improvement in the Korean IPO market efficiency of the after-market IPO price formation process. This study also examines, if any, how much and what kind of explanatory variables best explains the initial and short-term excess returns in each period and whether the power of these explanatory variables has increased over the time period or not. This study extends IPO research into the area of testing the efficiency of the Korean IPO market and the existence of fads.
520 $a The study examines new factors that have not been investigated previously which can be very important in explaining underpricing of the IPOs in the Korean market.
520 $a By doing theoretical and empirical research in the Korean IPO market, this study demonstrates that some of the theoretical arguments and empirical regularities observed in the US market may hold in the Korean IPO market depending on the regulatory environment of the four period.
520 $a As of July 1, 1999, there has been some improvement in pricing IPOs in the Korean market introducing a partial sealed-bid auction. Therefore, future studies can be focused on the effect of this regulation change. And the effect of the regulation changes throughout the entire period to the long-term returns of the Korean IPOs can be analyzed. (Abstract shortened by UMI.)
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792 $a 2000
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