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Korean Journal of Financial Studies 2015;44(1):189-219.
Published online February 28, 2015.
The Effect of IPO Syndicates on Underwriting Services: Focusing on Multiple Lead Underwriters and Co-Managers
Ki Jin Park, Jin Q Jeon
IPO 신디케이트 구성이 인수주선 서비스에 미치는 영향
박기진, 전진규
This study examines the effects of IPO syndicates on underwriting services using 748 Korean IPOs from January 2000 to December 2013. We report that the numbers of MLU (multiple lead underwriter) IPOs and co-managed IPOs have increased after the middle of 2000. Our empirical results show that MLUs and co-managers do not enhance underwriting services while they charge the higher issuance costs. Moreover, the abnormal buy-and-holding returns are lower for MLU IPOs and return volatility is greater for co-managed IPOs in the KOSPI market. Overall, our evidence suggests that hiring MLUs or co-managers is less beneficial to issuers and might result from the reciprocal relationship among investment banks or the prior relationship between issuers and underwriters.
Key Words: 공동주관,복수대표주관,인수주선 서비스,Co-Managers,IPO 발행비용,IPO 신디케이트,IPO Syndicate,Issuance Costs,Multiple Lead Underwriters,Underwriting Services
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