We use a sample of JASDAQ IPOs to study the effects of public information on offer price formation, initial returns, and long-run returns. Underwriters begin reporting anticipated offer prices of Japanese IPOs at an earlier point than in the US. The observable portion of the price formation...

The price formation process of JASDAQ IPOs is more transparent than in the United States. The transparency facilitates analysis of important issues in the IPO literature-why offer prices only partially adjust to public information and adjust more fully to negative information, and why...

In 1997, Japan introduced book building an alternative to an auction method of IPO pricing that had been required since 1989. Shortly after its authorization, all IPOs in Japan were priced by book building. The shift occurred despite economic arguments and evidence suggesting that the auction...

Using an original data set of start-up firms in Japan, this paper investigates whether post-entry performance differs between start-up firms, according to the source of finance. In particular, the difference among firms that used entrepreneur' s own savings (insider finance), bank borrowing, and...

This study investigates 40 Japanese REIT IPOs during 2001 to 2006 and finds evidence that higher final offer prices are reflected in higher underpricing levels by such IPOs. There is also some evidence that suggests the engagement of one of the big 3 Japanese underwriting firms suggests less...

This paper investigates whether post-entry performance differs between start-up firms, according to the source of finance. In particular, the relationship between the use of external equity and performance is focused upon. Using an original data set of start-up firms in Japan, we examine the...

Using an original data set of start-up firms in Japan, this paper investigates whether post-entry performance differs between start-up firms, according to the source of finance. In particular, the difference among firms that used entrepreneur' s own savings (insider finance), bank borrowing, and...