TABLE 6.

Statistics of initial public offering underpricing in various boards.

Stage	Board	Initial return
		Mean	Standard deviation
Stage 1 (2016∼2017)	Main board	33.9	48.6
	Small and medium board	44.3	56.2
	GEM	31.5	37.2
Stage 2 (2017∼2018)	Main board	54.3	8.6
	Small and medium board	53.9	1.5
	GEM	54.8	9.3