IPO 시장에서 공모가 결정 등에 관한 공시규제 효과 연구: 코스닥 IPO 시장에서 공모가 결정 등에 관한 공시규제는 유효한 정책수단인가

The purpose of this study was to assess the effectiveness of disclosure regulations around pricing processes in the IPO market comparing periods with and without such requirements, analyzing the bookrunners’ varying degrees of offering price adjustment considerations and the extent of underpricing. Examining the relationship between IPO pricing disclosure requirements and offering price adjustments implemented by bookrunners in KOSDAQ listed companies showed that presence of disclosure requirements magnified the degree of the adjustments reflected in offering prices. In addition, we analyzed the cumulative abnormal return (CAR) on listing day to verify the impact of disclosure regulation on underpricing. Although disclosure requirements’ influence on underpricing was evident in the regression analysis comparing disclosure regulatory periods with the remaining other periods, further investigation into the 20, 30 post listing day CAR could not verify a significant relationship between underpricing and disclosure requirement regulation. We conclude based on our analysis that although disclosure requirements of IPO price determining process and decision affect the offering price adjustments, disclosure requirement regulation does not result in a statistically significant relationship with underpricing. Our findings indicate that disclosure requirements policy did not achieve their objectives of preventing mispricing, protecting investors and demonstrating market efficiency.