항공산업의 자산 유동화 -부동산투자회사 기업공개-

국내 부동산투자회사의 기업공개 수익률을 분석했다.

We investigate the return on initial public offerings (IPOs) issued by Korean REITs (KREITs), dating to 2002. Although there have been many studies of initial IPO returns in the corporate finance literature, it is difficult to find either theoretical studies or empirical approaches, especially regarding K-REITs. Differing from findings in the corporate finance literature, the empirical evidence pertaining to the underpricing and overpricing of U.S. REIT IPO returns is contradictory. This empirical study, using 15 REIT IPOs from 2002 to 2011, finds that the offer prices of K-REIT IPOs are partly underpriced and differing from the experience in U.S.

REITs market the degree of underpricing is getting larger. We conjecture that the K-REIT IPO market is not improving its efficiency from year to year. On the contrary it is still in the developing stage.