Using a sample of 260 initial public offerings (IPOs) listed on the Korea Stock Exchange during the January 1985 – March 1990 period, this paper investigates the role of information disclosed through the prospectus in the new issues market. The evidence indicates that the market price is...

In this paper, we empirically investigate Korean initial public offerings (IPOs) to provide one case of the international evidence on the long-run performance of IPOs. Our sample consists of 169 firms listed on the Korea Stock Exchange during the period 1985–1989. Unlike previous international...