SPAC 상장에 있어서 주관사의 명성이 장기 초과수익률에 미치는 영향

Using 721 initial public offering (IPO) firms listed from 2010 to 2020 on Korea Exchange (KRX), we have investigated the effects of underwriters with top 5 underwriters in one group and others in the other on their long-term market returns measured by buy-and-hold abnormal return (BHAR), especially of SPAC (special purpose acquisition company (SPAC). We summarize the results as follows. First, the effect of SPAC listing compared with conventional IPO, on long-term abnormal returns, is negative for about one month after listing with statistical significance. Second, the effect of top 5 underwriters’ listing compared with that of non top 5 underwriters positive for up to three months after listing, with statistical significance. Third, irrespective of SPAC listing, the long-term performance of IPO firms is significantly worse for higher initial return firms, implying that the widely known winners’ curse is pervasively and persistently extant in the IPO markets in Korea. However, the phenomena disappear for top 5 underwriters’ listing in the long-run market. Based on the results, we find the reputation effects of IPO underwriters are prominent in IPO markets in Korea, reducing information asymmetry between the long-term investors and insiders, especially for SPAC listing, which might hurt outside investors severely due to asymmetric information.