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Insiders' Pre-IPO Ownership, Underpricing, and Share-Selling Behavior: Evidence from Korean IPOs
- Issue Date
- 2015
- Publisher
- ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
- Keywords
- insider selling; IPOs; ownership; strategic behavior
- Citation
- EMERGING MARKETS FINANCE AND TRADE, v.51, pp.66 - 84
- Indexed
- SSCI
SCOPUS
- Journal Title
- EMERGING MARKETS FINANCE AND TRADE
- Volume
- 51
- Start Page
- 66
- End Page
- 84
- ISSN
- 1540-496X
- 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.
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