KOSDAQ IPO 시장에서 투자경쟁률이 과잉주가반응에 미치는 영향: 경제위기를 중심으로

• 영문명: The Impact of Investment Competition Rate on Overreaction in the KOSDAQ IPO Market: Focusing on the Economic Crisis
• 발행기관: 강원대학교 경영경제연구소
• 저자명: 김경순(Kyung-Soon Kim)
• 간행물 정보: 『아태비즈니스연구』제15권 제3호, 233~251쪽, 전체 19쪽
• 주제분류: 인문학 > 문학
• 파일형태: PDF
• 발행일자: 2024.09.30

국문 초록

Purpose - This study investigates whether the relationship between investment competition rates (institutional investors, general investors, employee stock ownership) in the KOSDAQ IPO market and stock price overreaction after a new listing is different depending on economic conditions (economic crisis and non-economic crisis). Design/methodology/approach - I set the stock price overreaction measured by subtracting the five-day cumulative excess return from the IPO first-day return as the dependent variable, and the investment competition rate by investor type as the explanatory variable. Then, I divided the sample by economic conditions and conducted a regression analysis. Findings - Unlike other investment competition rates, I find that the positive relationship between the IPO subscription competition rate of general investors and the post-IPO stock price overreaction increases during economic crises. Research implications or Originality - The findings of this study suggest that the inflow of individual investors seeking short-term performance into the KOSDAQ IPO market increases during economic crises, and their sentimental investment behavior increases the stock price overreaction after the IPO.

목차

Ⅰ. 서론

Ⅱ. 이론적 배경

Ⅲ. 실증분석결과

Ⅳ. 결론

References

키워드

IPOs Overreaction Economic Crisis Book-building IPO Subscription