This study investigates whether patents can be a useful signaling tool for the IPO performances among high- and low-tech firms. Literature has provided a wealth of evidence confirming a significant relationship between patent signal and capital-raising success for US and EU venture...

Shareholder perks (SP) are additional benefits companies provide to strengthen investor relationships and increase retail shareholders. Using the Japanese listed companies that conduct SP programs, we examine the management intention of retail shareholder-increasing strategy given the real...

Research Question/Issue: The study compares corporate governance and its impact on cash holdings (CH) between shareholder-perk (SHP) and non-shareholder-perk (NON-SHP) firms in Japan. We use the t-test, fixed effects, and generalized method of moments (GMM) to examine 3522 firms from 2005 to...

The negative average realized returns, specially in Tokyo Stock Exchange during early 90s and 2000s, has triggered the arguments on the controversial use of realized return in asset pricing tests further. Recently many researchers are arguing on the alternative measure of the expected return....

Recently tests of the CAPM are on the alternative proxies for the expected return as researchers believe that average realized return is an extremely poor proxy for the expected return. Like other researchers, we also believe on the failure of average realized return as an estimate for expected...

The development of the residual income model (RIM) has potential implications for the empirical researchers as the model specifies relationship between earnings and book values as proxies for equity values and accounting variables. Although researchers have supported RIM as an alternative to the...

If realized return is not the ex-post realization of the ex-ante expectation, can we use average realized return to estimate the expected return? In text books, the authors treat realized return as a sample of return. In this paper, we redefine realized return and the ex-post return, and we...