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Insiders' Pre-IPO Ownership, Underpricing, and Share-Selling Behavior: Evidence from Korean IPOs

Title
Insiders' Pre-IPO Ownership, Underpricing, and Share-Selling Behavior: Evidence from Korean IPOs
Author
김누리
Keywords
insider selling; IPOs; ownership; strategic behavior; SECURITIES; LOCKUP; FIRM
Issue Date
2015-06
Publisher
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
Citation
EMERGING MARKETS FINANCE AND TRADE, v. 51, Page. 66-84
Abstract
We examine the effects of insiders' ownership type and their pre-IPO ownership changes as well as levels on IPO pricing and insiders' share-selling behaviors in the Korean IPO market. We find that insiders' direct ownership level is positively associated with underpricing. We also find that when insiders increase their direct ownership in pre-IPO periods, the probability of insiders' selling shares after lockup expirations and the amount sold both increase. However, these results do not hold when insiders hold indirect ownership, implying that the role of insiders' ownership in IPO is limited to the case of direct ownership in the Korean market.
URI
http://www.tandfonline.com/doi/abs/10.1080/1540496X.2015.1039902http://hdl.handle.net/20.500.11754/36375
ISSN
1540-496X; 1558-0938
DOI
10.1080/1540496X.2015.1039902
Appears in Collections:
COLLEGE OF BUSINESS AND ECONOMICS[E](경상대학) > BUSINESS ADMINISTRATION(경영학부) > Articles
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