민영화기업의 최초공모주 가격결정과 주가변동 분석

This paper examines the pricing of initial public offerings(IPOs) of privatised Korean companies and also the change of share price after listing on the stock market. Observing the short-run change of privatised IPOs(PIPOs), they were underpriced compared to the market price. The market-unadjusted return of PIPOs shows 43.97% and the market-adjusted return exhibits 52.1%. This evidence suggests that the PIPOs were issued at the low price compared to the price traded on the stock market. The new issues of KT(Korea telecom) that utilised auction method were less underpriced. Then, the PIPOs showed underperformance in the long-run. This is consistent with Ritter(1991) which examined the long-run performance of IPOs in the USA.