기업공개 시 우리사주 청약률의 정보효과에 관한 실증연구

Employee stock ownership associations are considered corporate insiders who have private information about the company's future cash flows. This study investigates the information effect of the employee stock ownership subscription rate on the stocks assigned to the employee stock ownership association at initial public offerings. Specifically, we examine the relationship between employee stock ownership subscription rate, excess return after IPO (BHAR), and market response (CAR) at the lock-up maturity date using the employee stock ownership data deposited from 2008 to 2018. We show that the employee stock ownership subscription rate has a positive and statistically significant effect on the 3-month and 6-month BHAR after IPOs while it does not have a significant effect on the 1-year BHAR. The results suggest that the information effect of employee stock ownership subscription rates exists in a relatively short term, but is not observed after one year. We also show that the subscription rate for employee stock ownership plays a role in mitigating negative market reactions when the lock-up expires. The results are consistent in various model specifications after controlling an endogeneity. This study contribute to the literature in that we enhance the reliability of the analysis by using the population data of employee stock ownership maintained by the Korea Securities Finance corp, a trustee agency dedicated to employee stock ownership, and expand the scope of analysis to not only BHAR after IPO, but also to CAR at the expiration of lock-up.