• Journal of Contemporary Eastern Asia
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• v.21 no.1
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• pp.43-52
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• 2022

This study examines the impacts of a mandatory lockup ratio and lockup period, together with voluntary lockup, on the initial public offering (IPO) subscription rate in Malaysia. A sample of 390 IPOs launched from 2000 to 2016 was collected for analysis. The findings show that firms that adopt a lower lockup ratio and a shorter lockup period signal uncertainty about their prospects. Issuers would then show the tendency to underprice to increase investors' intention to subscribe to firms' IPO shares. This study concludes that as long as investors are aware of pertinent information about IPO firms, they should continue participating in the IPO market rather than behaving irrationally. Finally, policymakers could use the findings to improve the existing lockup provisions regulation.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.4
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• pp.55-67
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• 2024

This study aims to identify signals that can predict the quality of startups aiming to be listed on Korea's KOSDAQ market. The startups are divided into two groups: those backed by venture capital, where a third party has addressed information asymmetry, and those not backed by venture capital. The study seeks to identify signals to help select good companies for each group. The study primarily focuses on underpricing, which strongly correlates with company quality. It aims to investigate the causal relationship between underpricing and independent variables such as underwriter reputation, institutional investor competition rate, locked-up share ratio, and extended lockup period. The empirical analysis shows that IPOs with high institutional investor subscription competition, IPOs of start-ups without VC backing matched with reputable lead managers, and IPOs with high lockup shares of start-ups with VC backing are significantly underpriced. This study provides a theoretical and logical basis for strategically choosing the level of underpricing, considering the circumstances of the firm going public, mainly whether it is VC-backed or not, and considering the effectiveness of other signals mentioned above. It also opens the door for further research by researchers in other regions to study institutional investors' subscription ratio as the pre-listing signal that can help address information asymmetry. From a policymaker's perspective, the disclosure of the above information can be considered to reduce information asymmetry for investors.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.10
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• pp.319-330
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• 2016

Recently, 3D printing technology has been applied to make a concept model and working mockup of an industrial application. On the other hand, this technology has limited applications in industrial products due to the materials and reliability of the 3D printed product. In this study, the components of a full cord switch module are proposed as a case of a 3D printed component that can be used as a substitute for a short period. These are hub-driven and lever lockup components that have the structural characteristics of breaking down frequently in the emergency operating status. To ensure the structural strength for a substitute period, research of structure optimization was performed because 3D printing technology has a limitation in the materials used. After optimizing the structure variables of the hub-driven component, reasonable results can be drawn in that the safety factors of the left and right switching mode are 1.243 (${\Delta}153.67%$) and 3.156 (${\Delta}404.96%$). The lever lockup component has a structural weak point that can break down easily on the lockup-part because of a cantilever shape and bending moment. The rib structure was applied to decrease the deflection. In addition, optimization of the structural variables was performed, showing a safety factor of 7.52(${\Delta}26%$).