Curse of IPO Underpricing: Stock Price Behavior of IPO Shares

?????? ??????????????? ?????? ????????? IPO ????????? ?????? ??????????????? ?????? ????????? ??????????????? ??? ?????????. ??????????????? ???????????? ?????????????????? ??????????????? ?????? ?????????????????? ?????? ???????????? ???????????? ????????? ????????? ????????? ?????????????????? ????????? ??????????????? ?????? ????????? ????????????. ?????? ???????????? ???????????? ?????? IPO????????? ???????????? ?????? ???????????? ????????? ???????????? ?????? ????????? ?????? ???????????? ??????????????? ??? ?????????. ????????? IPO ????????? ????????? ?????? ????????? ???????????? ?????? ??????????????? ????????????, ????????? ????????? ?????? ?????????????????? ?????? ??????????????? ????????? ???????????????, IPO ????????? ????????? ?????? ????????? ????????? ???????????? ??????????????? ???????????? ????????? ????????? ??? ?????? ?????????. ??? ????????? IPO ????????? ?????? ?????? ????????? ????????? ?????? ????????? ???????????? ????????????, ????????? ?????? ????????? ???????????? ??????????????? ???????????????. ??? ????????? ????????? ?????? ????????? ????????? ??????. ?????? IPO ???????????? ??????????????? ?????? ???????????? ????????????, ?????? ???????????? ??????????????? ???????????? ?????? IPO ????????? ??? ????????? ?????? ??? ??? ??? ????????? ????????? ???????????? ???????????????. ?????? ?????????????????? ????????? ???????????? ????????? ???????????? ???????????? ?????? ??? ??? ??? ???????????? ????????? ????????? ?????????. ?????? IPO ????????? ?????? ????????? ?????? ?????????????????? ????????? ?????? ????????? ?????? ????????? ???????????? ??? ???????????? ????????? ?????? ?????? ???????????? ????????? ????????????. ?????? ????????? ?????? ?????? ???????????? ????????? ???????????? ?????? ?????? ?????? ?????? ??? ??? ????????? ???????????? ????????? ????????? ????????? ????????? ???????????? ????????? ????????? ???????????????. ?????? ???????????? ?????? ????????? ???????????? ?????? ????????? ????????? ???????????? ???????????? ?????? ???????????? ????????? ?????? ?????????????????? ?????? ??????????????? ????????? ?????????????????? ???????????? ?????? ????????? ???????????? ????????? ????????? ??? ????????? ???????????? ????????????.Compared with developed capital markets, Korean IPO markets are operating under relatively stronger financial regulations of public authorities. Policy-makers have the incentive to set the IPO offer price lower, so that the stock price after listing remains higher than the offer price. We have examined the negative effect of IPO underpricing by examining the stock price behavior of IPO shares after listing. If excessive underpricing of an IPO share offers investors the opportunity of realizing short-term gains, then it would serve as a mechanism for preventing from maintaining a stable share price after listing. The main results of this study are as follows. First, around 48% of IPO firms have their share prices below their offer prices in a month after listing, even though their average initial return is 33%. Second, the allotment ratio of IPO shares does not have any relationship with the share price in a month: it has the strong relationship only with the initial return. Third, the high volatility of IPO shares is mainly due to the price fluctuation in the initial trading. Fourth, firms wth excessive initial returns are more likely to suffer from price declines in a month after listing. Theses findings support the view that the excessive underpricing of IPO shares can work as a mechanism for preventing from maintaining a stable share price after listing??? ????????? ??????????????? ??????????????? ???????????? ???????????????(HY-2014-G)