기업집단 내에서 IPO 공시의 정보전이효과: 대기업집단을 중심으로

초록

I examine “information transfer effects” of IPOs within Korean Large-cap business group. Using weighted-average of cumulative abnormal returns (CARs) within business group and CARs of individual group-affiliated firm, I find no statistically significant evidence of information effects. Akhigbe et al. (2003) explain the insignificant information effect by the presence of offsetting contagion effect and competitive effect. After including ownership-related, industry-related, and listed-exchange-related variables, I find that positive contagion effect generally appears intra-group when affiliated firms are listed on KOSDAQ market and that the negative competitive effect offsets the contagion effect when group-affiliated firms are listed on KOSPI market.

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