KOSDAQ IPO 시장에서 투자경쟁률이 과잉주가반응에 미치는 영향: 경제위기를 중심으로

Purpose - This study investigates whether the relationship between investment competition rates (institutional investors, general investors, employee stock ownership) in the KOSDAQ IPO market and stock price overreaction after a new listing is different depending on economic conditions (economic crisis and non-economic crisis). Design/methodology/approach - I set the stock price overreaction measured by subtracting the five-day cumulative excess return from the IPO first-day return as the dependent variable, and the investment competition rate by investor type as the explanatory variable. Then, I divided the sample by economic conditions and conducted a regression analysis. Findings - Unlike other investment competition rates, I find that the positive relationship between the IPO subscription competition rate of general investors and the post-IPO stock price overreaction increases during economic crises. Research implications or Originality - The findings of this study suggest that the inflow of individual investors seeking short-term performance into the KOSDAQ IPO market increases during economic crises, and their sentimental investment behavior increases the stock price overreaction after the IPO.