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The Effect of Government Hybrid Funds on IPO Underpricing in Emerging Markets : Evidence from the Korean Stock Market

  • Hyunjoo Lee Korea University, Korea
  • Jinho Jeong Korea University, Korea
IPO underpricing has been a subject of great interest for researchers. Previous studies have focused on the underpricing of private venture capital-backed IPOs. However, underpricing in government-backed IPOs has been largely ignored by mainstream academic researchers. In this study, we aim to help fill this gap by investigating the pattern of IPO underpricing for government-backed IPOs in Korea. We analyzed the IPO price behavior of 278 newly listed firms on Korea Securities Dealers Automated Quotations during the period of 2009 through 2014. Empirical evidence shows that government sponsorship reduces the degree of asymmetric information in the IPO market by providing a certification role. In particular, the dual sponsorship of government and private VCs contributes most significantly to the reduction of information uncertainty in the IPO market.

  • Hyunjoo Lee
  • Jinho Jeong
IPO underpricing has been a subject of great interest for researchers. Previous studies have focused on the underpricing of private venture capital-backed IPOs. However, underpricing in government-backed IPOs has been largely ignored by mainstream academic researchers. In this study, we aim to help fill this gap by investigating the pattern of IPO underpricing for government-backed IPOs in Korea. We analyzed the IPO price behavior of 278 newly listed firms on Korea Securities Dealers Automated Quotations during the period of 2009 through 2014. Empirical evidence shows that government sponsorship reduces the degree of asymmetric information in the IPO market by providing a certification role. In particular, the dual sponsorship of government and private VCs contributes most significantly to the reduction of information uncertainty in the IPO market.
IPO Underpricing,Hybrid Fund,Information Asymmetry,Certification Role,Korea