기업공개과정에서 보유기간과 보유기간 수익률간의 상관관계 연구: 주간사와 거래관계 기관투자자를 중심으로
A Study on the Impact of Holding Period on BHAR(CAR) in IPO Process: Focus on Business Relationship
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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.
Abstract
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.
참고문헌 (10)
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