IPO Underpricing and Accruals Quality: The experience of KONEX

• 발행기관: 한국회계정보학회
• 저자명: Jaeyon Chu Kyongsun Heo Jennifer Jae-young Kim Jinhan Pae
• 간행물 정보: 『한국회계정보학회 학술대회발표집』2017년 추계학술대회 발표집, 439~459쪽, 전체 21쪽
• 주제분류: 경제경영 > 회계학
• 파일형태: PDF
• 발행일자: 2017.11.18

영문 초록

We investigate the experience of KONEX Market, Korea’s alternative exchange market, influences IPO underpricing when they transfer to KOSDAQ Market. As KONEX requires firms to provide public information through Nominated Advisors, potential investors can acquire firms’ financial or business information more easily. Therefore, KONEX has the potential to reduce the level of information asymmetry between current and potential investors, thus reducing IPO underpricing. We find that KONEX Market experience reduces the magnitude of IPO underpricing. Furthermore, the effect of KONEX Market experience on IPO underpricing is larger when the firms have high accruals quality than the firms with low accruals quality.

목차

I. INTRODUCTION

II. BACKGROUND

III. LITERATURE REVIEW AND HYPOTHESES DEVELOPMENT

IV. VARIABLES AND RESEARCH DESIGN

V. SAMPLE AND DESCRIPTIVE STATISTICS

VI. EMPIRICAL RESULTS

VII. CONCLUSION

References

키워드

Korea New Exchange Initial Public Offerings Underpricing Accruals Quality KOSDAQ Market.