기업공개과정에서 보유기간과 보유기간 수익률간의 상관관계 연구

• 영문명: A Study on the Impact of Holding Period on BHAR(CAR) in IPO Process: Focus on Business Relationship
• 발행기관: 강원대학교 경영경제연구소
• 저자명: 정재웅(Jai-Woong Chung)
• 간행물 정보: 『아태비즈니스연구』제12권 제2호, 81~95쪽, 전체 15쪽
• 주제분류: 인문학 > 문학
• 파일형태: PDF
• 발행일자: 2021.06.30

영문 초록

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.

목차

Ⅰ. 서론

Ⅱ. 선행연구

Ⅲ. 실증자료와 변수설정 및 연구가설

Ⅳ. 실증분석

Ⅴ. 결론

키워드

IPO BHAR CAR Business Relationship