We test whether there are liquidity-related spillovers of IPOs on supply-chain partners (the IPO spillover hypothesis). We find that private suppliers and customers of IPO firms achieve higher growth rates of revenue, cash, and PP&E than do comparison or matched firms. The transmission mechanism...

We identify factors affecting the Japanese stock market during the COVID-19 pandemic period. First, we focus on the ownership structure. We find that indirect ownership through the exchange-traded fund purchasing program by the Bank of Japan has a positive impact on abnormal returns. Foreign...

Using the large-scale index-linked exchange-traded fund (ETF) purchase program of the Bank of Japan (BOJ), we examine the role of unconventional equity-based monetary policies in the market liquidity of the underlying securities. Using a large sample of Japanese stocks, we document a significant...