haku: @author Kim, J.-B. / yhteensä: 3
viite: 2 / 3
| Tekijä: | Kim, J.-B. Krinsky, I. Lee, J. |
| Otsikko: | Motives for going public and underpricing: new findings from Korea. |
| Lehti: | Journal of Business Finance and Accounting
1993 : JAN, VOL. 20:2, p. 195-211 |
| Asiasana: | MOTIVATION PORTFOLIO MANAGEMENT SHAREHOLDERS PRICING FINANCIAL MODELS KOREA, SOUTH |
| Kieli: | eng |
| Tiivistelmä: | Using sample of 177 initial public offerings listed on the Korea Stock Exchange during the July 1988-March 1990 period, this study examines the degree of underpricing and its determinants when issuers have different motives for going public as identified by Rock (1986). The results reveal that average initial return is substantially higher when entrepreneurs view the equity financing as a last resort for raising funds (68.9 percent) than it is when existing shareholders intend to diversify their portfolio holdings (40.22 percent). Regression analyses indicate that various proxies for the ex ante uncertainty in the after market have a significant impact on the degree of underpricing regardless of the issuer's motives for going public. |
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