• The Korean Journal of Financial Management
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• v.8 no.2
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• pp.31-45
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• 1991

일반적으로 신규공모주식(新規公募株式)(initial public offering : 이하 IPO라 약칭함)은 실제가치보다 저가발행(低價發行)되는데 이것은 투자은행(投資銀行)의 명성(名聲)과 어떤 관련이 있을 것으로 생각된다. 본 논문에서는 1988년부터 1989년 사이에 우리나라의 기업공개에 있어서 IPO의 가격형성(價格形成)에 주간사회사(主幹事會社)의 명성(名聲)이 어떤 영향을 미치는지를 실증분석을 통하여 검토하였다. 실증분석의 결과에서는 IPO의 저평가율(低評價率), 위험도(危險度), 공모규모(公募規模)면에서 주간사회사의 명성에 따른 차이를 밝힐 수 없었다. 그러나 이름 있는 주간사회사는 보다 일관되게 IPO를 저가발행하며, 상장후의 주가수준도 더 높게 유지하는 것으로 나타났다. 이러한 현상은 주간사회사의 공모주 매출능력이나 인수기능보다는 상장후 일정기간 동안 주간사회사의 주가 관리 능력을 더 중요시하게 하는 제도상의 특징에 기인될 것이므로 주간사회사(主幹事會社)의 명성(名聲)이 나름대로 IPO의 가격형성에 중요한 역할을 한다고 판단된다.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.13 no.1
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• pp.156-163
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• 2012

The price stabilization policies which require the underwriters to maintain post-IPO prices at some level (stabilization duty) or give put-back options to investors, have survived for eight years until June, 2006. The purpose of this study is to analyze the effect of price stabilization policies upon IPO underpricing in KOSDAQ. The study decomposes the influence of the price stabilization policies on IPO underpricing into ex-ante and ex-post effect. The price stabilization policies have shown to increase the IPO underpricing both at ex-ante and ex post bases. And the ex-ante effect is greater than ex-post effect. Among policies, the price stabilization duty magnifies the underpricing more than put-back option. This study differentiate from the precedented studies by including the whole period in which those policies are in act and by decomposing the IPO underpricing effects into ex-ante and ex-post bases.

• The Journal of Korean Institute of Electromagnetic Engineering and Science
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• v.20 no.8
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• pp.791-796
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• 2009

A hybrid iterative physical optics-method of moments(IPO-MoM) technique is presented for the analysis of jet engine structures which are both electrically large and complex. In this technique, the IPO method is used to analyze smooth inlet region and the MoM method is used to analyze electrically complex region inclusive of blades and hub. It is efficient and accurate by virtue of combining the respective merits of both methods. Numerical results are presented and validated through comparison with Mode-FDTD and measured results.

• 한국벤처창업학회:학술대회논문집
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• 2019.11a
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• pp.165-170
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• 2019

본 논문은 매출액대비연구개발비비중과 배당성향이라는 두 지표를 사용하여 IPO 전후 기업 경영의 변화를 관측하고, 이 같은 변화가 장기적인 기업 발전을 위한 창업자의 지배권 보장이라는 차등의결권 주식 발행의 필요성을 입증하는지 검토한다. 매출액대비연구개발비와 배당성향은 각각 장기적인 목적과 단기적 목적의 현금흐름 사용의 대표적 지표로서, 두 지표는 현금흐름의 처분에 대한 주주의 압력을 간접적으로 측정하는 지표이다. 두 지표가 IPO를 전후하여 크게 차이를 보이며, 또 그 차이가 단기적 이익보다 장기적 성과를 중시하는 방향으로 나타난다면 장기적 기업 가치 제고를 위해 차등의결권의 유용성을 방증할 수 있으나, 반대의 경우에는 차등의결권 도입의 실증적 근거가 미약하다고 할 수 있다. 본 논문의 분석 결과는 다음과 같다. 첫째, 2000년부터 2016년까지 유가증권시장과 코스닥시장, 코넥스시장에 상장한 기업 중 IPO 전후 3년 간, 즉 t-3년 ~ t+3년에 각각 연구개발비비중과 배당성향을 공시하고 있는 278개 기업과 37개 기업을 조사한 결과, 매출액대비연구개발비 비중이 IPO 이후 반드시 감소하였다고 판단할 수 없었다. 둘째, 배당성향은 일관되게 IPO 이전 수준이 IPO 이후 수준보다 높았다. 이 같은 결과는 기업의 장기적 발전을 위하여 창업자의 지배권을 보장하기 위해 차등의결권이 필요하다는 주장의 실증적 근거가 명확하지 않음을 의미한다. 단기적 시각의 주주에 대항하여 현금흐름과 지배권이 분리된 주식을 발행할 필요가 있다는 주장보다는 차등의결권이 지배주주의 경영권 영속화의 수단으로 활용될 수 있다는 비판이 보다 설득력이 있을 수 있다.

• Proceedings of the Korea Technology Innovation Society Conference
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• 2017.11a
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• pp.819-831
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• 2017

기업공개(Initial Public Offering, IPO)는 기업의 중요한 전략 중 하나로 IPO를 통해 가치를 평가받고 보상받으며 다음 단계로의 성장을 위한 자본을 조달할 수 있다. 본 연구에서는 CEO의 개인적 특성이 IPO까지의 소요기간에 미치는 영향을 분석하였다. CEO의 나이, 관련 전공 여부, 최종학력, 이전 업무경험이 IPO까지의 소요기간을 단축할 것이라고 가설을 제시하였다. 코스닥 벤처기업부, 신성장기업부에 상장한 318개 기업을 대상으로 분석한 결과, 기업 공개까지의 소요기간에는 CEO의 나이, 전공(의학계열), 최종 학력 등이 부(-)의 영향을 미치는 것으로 나타났다.

• Korean Business Review
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• v.11
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• pp.217-239
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• 1998

The intial public offerings(IPO) issued by going public must be decided duly and seriously. In these sense, this paper reviewed and analysed synthetically the theories and the empirical studies on the IPO. The implications about the empirical studies on the IPO in korea stock exchanges(KSE) are as follows: First, evaluating the IPO's intrinsic value, the issued firm's characteristics(style, scale, age, reevaluation and goodwill etc.) and business environments(industry, economic states, regulations and the relation with government etc.) will be considered. Evaluating the IPO's relative value, the stock price of firms registered in KOSDAQ market will be appreciated. Second, the income smoothing of an IPO listed in KSE accrued in the first and second years. Accordingly if auditors audit the accounting reports of firms to list in KSE by going public, they should more concern to the income smoothing on the accounting reports. Third, the information accuracy of investment banks and the qualities of auditors negatively correlated with the underpricing of an IPO. It is need to promote the information accuracy of investment banks and the qualities of auditors. Regulatory organizations support to promote the information accuracy of investment banks and the qualities of auditors. Forth, the investors interested in the IPO are to recognize the follows. (1) Relations between the underpricing of an IPO and the ratio of public participation, the issue price, the offer size, the insider ownership, the net asset value per share, the price decision system of an IPO. (2) An entrepreneurs who decided to bring his firm public would like to issue the IPO when company's operating conditions are good.

• Journal of Korea Technology Innovation Society
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• v.9 no.4
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• pp.842-864
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• 2006

This paper deals with an empirical study to statistically analyse various financial performances of the selected IPO firms using their investments on research and development(R&D) as an independent variables. The major results of statistical analyses have come up with the followings: 1) The regression analyses for change in average annual total market stock value/total assets over that of R&D expenditures showed the positive relationship, However, those of sales volume and net assets per share showed negative without statistical significances. 2) The statistical analyses in effect of the 3-year average total market stock value/total assets over the 3-year average R&D expenditures resulted in the positive coefficients what are statistically significant at 95% level. 3) Another statistical analysis showed that the financial performances of the IPO finns with deferred assets were better than those of the firms without them. In sum, the degree of investment on R&D by the IPO firms are expected to positively affect their financial performances except the Finns without having proper original technologies.

• Journal of Contemporary Eastern Asia
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• v.21 no.1
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• pp.43-52
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• 2022

This study examines the impacts of a mandatory lockup ratio and lockup period, together with voluntary lockup, on the initial public offering (IPO) subscription rate in Malaysia. A sample of 390 IPOs launched from 2000 to 2016 was collected for analysis. The findings show that firms that adopt a lower lockup ratio and a shorter lockup period signal uncertainty about their prospects. Issuers would then show the tendency to underprice to increase investors' intention to subscribe to firms' IPO shares. This study concludes that as long as investors are aware of pertinent information about IPO firms, they should continue participating in the IPO market rather than behaving irrationally. Finally, policymakers could use the findings to improve the existing lockup provisions regulation.

• Asia-Pacific Journal of Business
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• v.12 no.2
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• pp.81-95
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• 2021

Purpose - The purpose of this paper is to examine the impact of holding period of IPOs on BHAR(CAR) of IPOs in IPO process, especially focused on business relationship of underwriters and institutional investors. Design/methodology/approach - This paper collected monthly IPO fund data in KOSDAQ during 2004 to 2012 and OLS(Ordinary Least Square) was hired to analyze the data. Findings - Underwriters do allocate IPOs with high BHAR(CAR) to business-related institutional investors holding IPOs longer to make the price of IPOs stable (market-making) for underewriters. Research implications or Originality - This paper finds the impact of holding period of IPOs on BHAR(CAR) of IPOs in IPO process, especially focused on business relationship of underwriters and institutional investors in Korea.

• Communications for Statistical Applications and Methods
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• v.30 no.3
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• pp.273-289
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• 2023

In this paper, we develop a new time series model for predicting IPO (initial public offering) data with non-negative integer value. The proposed model is based on integer-valued autoregressive (INAR) model with a Poisson thinning operator. Just as the heterogeneous autoregressive (HAR) model with daily, weekly and monthly averages in a form of cascade, the integer-valued heterogeneous autoregressive (INHAR) model is considered to reflect efficiently the long memory. The parameters of the INHAR model are estimated using the conditional least squares estimate and Yule-Walker estimate. Through simulations, bias and standard error are calculated to compare the performance of the estimates. Effects of model fitting to the Korea's IPO are evaluated using performance measures such as mean square error (MAE), root mean square error (RMSE), mean absolute percentage error (MAPE) etc. The results show that INHAR model provides better performance than traditional INAR model. The empirical analysis of the Korea's IPO indicates that our proposed model is efficient in forecasting monthly IPO volumes.