Introduction -- Institutional description of the venture capital industry and the IPO market -- Literature review and formulation of hypotheses -- Data and methodology -- The characteristics of IPO firms on KOSDAQ 1999-2001 -- Underpricing -- Long-term performance -- Conclusion

The Korean government has made fostering a “creative economy” a top priority. The goal is to shift Korea's economic paradigm to one based on innovation in which new start-ups and venture businesses play a key role. However, the venture capital market is still at an early stage of...