Cumulative Returns from the Korean IPO Market

Byung-Ju Kim, Richard J. Kish () and Geraldo M. Vasconcellos
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Byung-Ju Kim: Lehigh University, USA
Richard J. Kish: Lehigh University, 621 Taylor Street, Bethlehem, PA 18015, USA
Geraldo M. Vasconcellos: Lehigh University, USA

Review of Pacific Basin Financial Markets and Policies (RPBFMP), 2004, vol. 07, issue 01, 43-75

Abstract: Korean and US IPO markets show significant initial underpricing, accounting for dramatic initial price increases. However, unlike its US counterpart, the Korean IPO market shows considerable market adjusted long-run returns. Hypotheses influenced by Korean institutional and regulatory factors, tested to explain the IPO cumulative returns, suggest that some of the theoretical arguments and empirical regularities observed in the US IPO market also apply to the Korean IPO market. However, this is a function of the regulatory environment in the four periods investigated in this study.

Keywords: IPO; Korea; cumulative returns (search for similar items in EconPapers)
JEL-codes: G1 G2 G3 (search for similar items in EconPapers)
Date: 2004
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Citations: View citations in EconPapers (4)

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DOI: 10.1142/S0219091504000020

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