The Certification Role Of Pre-IPO Banking Relationships: Evidence From IPO Underpricing in Japan

Yoshiaki Ogura*

*この研究の対応する著者

研究成果: Article査読

2 被引用数 (Scopus)

抄録

We find empirical evidence that pre-initial public offering (IPO) relationships with commercial banks through lending and investment via their venture capital subsidiaries significantly reduce IPO underpricing in Japan. This findings suggest that a pre-IPO banking relationship certifies the low risk of an IPO firm. Given the fact that institutional investors are a minority in the allocation of IPO stocks in Japan, this effect is expected to come mainly from reducing either the investors' winner's curse or the signaling incentive of IPO firms, rather than from the reduction in information rent for institutional investors participating in the book-building process.

本文言語English
ページ(範囲)257-278
ページ数22
ジャーナルJapanese Economic Review
68
2
DOI
出版ステータスPublished - 2017 6月

ASJC Scopus subject areas

  • 経済学、計量経済学

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