• Asia-Pacific Journal of Business
• /
• v.11 no.2
• /
• pp.173-188
• /
• 2020

Purpose - This study examines the determinants of offer price and short-term and long-term performance of small and medium-sized enterprise(SME) IPO stocks listed on the KOSDAQ during the period from July 2007 to December 2016. Design/methodology/approach - The SME IPO samples are classified into three categories of regular listing, technology-based special listing, and listing by merger with special purpose acquisition company(SPAC), whose results are compared each other and compared to the result for the KOSDAQ listing of large firms. Findings - From the point of SME management which attempts to list its company on the KOSDAQ, the listing by merger with SPAC is the most unfavorable, and the underpricing phenomenon of the technology-based special listing is severe in the second place. By contrast, IPO stock investors can earn the largest abnormal return by purchasing the SPAC which succeeds the merger with unlisted firm, and the next abnormal returns are obtained in the order of the IPO stocks of technology-based special listing, regular listing of SMEs, and regular listing of large firms. However, it is interesting to observe that the net buying ratio of individual investors is relatively large for the IPO stocks of regular listing of SMEs and large firms, which exhibit the long-term under-performance. Research implications or Originality - This result implies that the exceptional listing system such as the technology-based special listing or the listing by merger with SPAC cost the SMEs which bypass the complicated procedure of the regular listing.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.17 no.6
• /
• pp.13-24
• /
• 2022

The purpose of this study is to examine whether the existence of related personnel in KOSDAQ technology special listed firms has a signal effect on the market and affects performance when listed. The KOSDAQ technology special listing system is a system introduced to enable future growth by securing financing through corporate public offering based on the technology and marketability of technology-based startups and venture companies. As a result of analyzing 135 special technology companies listed from 2005 to 21 (excluding SPAC mergers and foreign companies) whether or not related personnel affect corporate value and listing period when they are listed, it was analyzed that the presence of related personnel did not significantly affect corporate value or listing period. The same was found in the results of the verification by reducing the scope to related personnel such as public officials and related agencies. However, under certain conditions, significant results were derived from the presence of related personnel on the listing of companies listed in special technology cases. It was found that the presence of related personnel and VC investment had a significant effect on corporate value, and in the case of bio-industry, there was a slight significant effect on the duration of listing. This study is significant in that it systematically analyzed the signal effect of the existence of related personnel for the first time for all 135 companies. In addition, as a result of the analysis, the results suggest that internalized efforts to secure technology and marketability are more important, such as parallel to VC investment, rather than simply recruiting related personnel.

• Journal of Computing Science and Engineering
• /
• v.1 no.1
• /
• pp.1-30
• /
• 2007

In this paper we have provided an extensive survey of the databases and other resources related to the current research in bioinformatics and the issues that confront the database researcher in helping the biologists. Initially we give an overview of the concepts and principles that are fundamental in understanding the basis of the data that has been captured in these databases. We briefly trace the evolution of biological advances and point out the importance of capturing data about genes, the fundamental building blocks that encode the characteristics of life and proteins that are the essential ingredients for sustaining life. The study of genes and proteins is becoming extremely important and is being known as genomics and proteomics, respectively. Whereas there are numerous databases related to various subfields of biology, we have maintained a focus on genomic and proteomic databases which are the crucial stepping stones for other fields and are expected to play an important role in the future applications of biology and medicine. A detailed listing of these databases with information about their sizes, formats and current status is presented. Related databases like molecular pathways and interconnection network databases are mentioned, but their full coverage would be beyond the scope of a single paper. We comment on the peculiar nature of the data in biology that presents special problems in organizing and accessing these databases. We also discuss the capabilities needed for database development and information management in the bioinformatics arena with particular attention to ontology development. Two research case studies based on our own research are summarized dealing with the development of a new genome database called Mitomap and the creation of a framework for discovery of relationships among genes from the biomedical literature. The paper concludes with an overview of the applications that will be driven from these databases in medicine and healthcare. A glossary of important terms is provided at the end of the paper.