고평가 신규공모에 관한 연구: 국내 신규공모주 가격 분석

Initial public offering (IPO) has been well known to be underpriced initially and underperformedin the long run. However, whether an IPO is underpriced or not strongly dependson how to measure the fair value. This paper hand collects data of IPOs newly listed in Koreamarket when whether IPO is overpriced or not is clearly distinguishable. The overpriced IPOrefers to as the one the underwriters buy back after the listing. With the data, the paperexamines that IPOs are overpriced and that the characteristics are related to the underpricingat the aftermarket dates and the performance in the long run. The data of clearly overpricedIPOs are little available from other IPO markets like US IPO market. From the data of IPOs listed under the underwriting rule of market stabilization, the resultsobtainable are the followings. First of all, the average initial return 70% of the underpricedIPO at the aftermarket dates is greater than the one 40% of the overpriced one. Theoverpriced IPOs are priced highly over the mid prices of the price bands at the pricing datesand then supported by relatively higher subscription rates of individual investors. The probitanalyses moreover report that individual investors do not distinguish the overpricing of IPOsfrom the underpricing. These imply that the overpricing is strongly affected by theunderwriting rule on the initial pricing.