최초공모주의 장기성과의 상장 후 영업성과에 관한 연구 = A Study on the Long-Run Performance and the Post-Listing Operating Performance of IPO

다국어 초록 (Multilingual Abstract)

For this prupose, two hypotheses were made concerning the long-run performance of IPO stocks. IPO stocks employed here were from 267 firms(219 firms in the case of measuring IPO firm's earnings management), open to the market from 1988. 6. through 1994. 12.
The main results of the tests can be summanized as follows.
First, The long-run performance wasn't consistent with worldwide poor aftermarket evidence. On the contary, the long-run performance produced better return compared with the average market return. Also, In the analysis of the cumulative abnomal returns for 36 months by way of the wealth relative, once used by Ritter, the Korean IPO stocks obtained superior long-run performance unlike in the previous research concerned. But In the analysis of the buy-and-hold abnomal returns, IPO stocks existed underperformance and statistically insignificant.
Second, This study find that discretionary current accruals (DCA) - which are under the control of management and proxy for earnings management-are high around the IPO relative to those of nonissuers. Issuers with higher discretionary accruals have poorer stock return perfornance in the subequent three years. A firm classified to be in the most aggressive quartile of IPO earnings managers experiences worse three-year performance after its earnings report than a firm classified to be in the most conservative quartile.

목차 (Table of Contents)

• Ⅰ. 서 론
• Ⅱ. 선행연구
• Ⅲ. 자료의 선정 및 연구방법
• 1. 표본자료
• 2. 검증모형
• 1) CAR의 추정
• 2) BHAR의 추정
• 3) WR의 추정
• 4) 이익관리에 대한 추정
• Ⅳ. 실증분석결과
• 1. CAR의 추정결과
• 2. BHAR의 추정결과
• 3. WR의 추정결과
• 4. 이익관리에 대한 추정결과
• Ⅴ. 결 론
• 참고문헌
• Abstract