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명성효과와 IPO 시장 상황이 SPAC 상장과 초기 저평가에 미치는 영향
Author
김진산, 김성환
Journal Title
재무관리연구
Publication Year
2021
Topics
Summary
This study analyzes the impact of underwriter reputation and market conditions on the choice between IPO and SPAC, and how that decision affects initial underpricing. The results show that underwriter reputation does not significantly influence the choice of SPAC listing, but SPAC listing is more likely when IPO market returns are high or distribution market returns are low. While SPAC listings have lower initial returns than conventional listings, they can contribute to reducing information asymmetry and increasing investor confidence.
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