Accounting choice and the pricing of initial public offerings

• Project/Area Number: 18730291
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Single-year Grants
• Research Field: Accounting
• Research Institution: Tokyo Institute of Technology
• Principal Investigator: NAGATA Kyoko Tokyo Institute of Technology, 大学院・社会理工学研究科, 准教授 (10345366)
• Project Period (FY): 2006 – 2008
• Project Status: Completed (Fiscal Year 2008)
• Budget Amount: ¥3,110,000 (Direct Cost: ¥2,900,000、Indirect Cost: ¥210,000); Fiscal Year 2008: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000); Fiscal Year 2007: ¥800,000 (Direct Cost: ¥800,000); Fiscal Year 2006: ¥1,400,000 (Direct Cost: ¥1,400,000)
• Keywords: 新規株式公開 / 利益調整行動 / IPOアノマリー / 新規株式公開(IPO) / 会計情報 / 資本市場 / アンダープライシング / 価格付け

Research Abstract

本研究ではファイナンスの理論に立脚すると同時に, 会計行動という視点からアプローチすることで, 長年, 国内外で論争点となっていたIPOアノマリーの解明に取り組んだ。所有構造をはじめとする株式公開前の詳細な情報を整理し、日本企業のIPOとしては最大規模のデータベースを構築し、実証分析を行った。その結果、所有構造と会計行動(株式公開前数期間における業績推移および利益調整)の関係ならびに会計行動と公開価格の関係が明らかになった。

Research Products

• [Journal Article] Earnings Management and the Pricing of Initial Public Offerings (2007)
  • Author(s): Nagata, K. and T. Hachiya
  • Journal Title: Review of Pacific Basin Financial Markets and Policies 10 Pages: 541-559
  • Peer Reviewed
• [Journal Article] 新規株式公開における利益調整とプライシング (2007)
  • Author(s): 永田京子
  • Journal Title: 証券アナリストジャーナル 45巻 Pages: 57-67
• [Journal Article] Earnings Management and the Pricing of Initial Public Offerings (2007)
  • Author(s): Kyoko Nagata, Toyohiko Hachiya
  • Journal Title: Review of Pacific Basin Financial Markets and Policies 10(4) Pages: 541-559
  • Peer Reviewed
• [Journal Article] 「新規株式公開における利益調整とプライシング」 (2007)
  • Author(s): 永田京子
  • Journal Title: 証券アナリストジャーナル 45(9) Pages: 57-67
• [Journal Article] Competing motives for earnings management in initial public offerings (2006)
  • Author(s): Kyoko Nagata, Toyohiko Hachiya
  • Journal Title: Proceedings of the 7th Annual Conference of the Asian Academic Accounting Association, (CD-ROM)
• [Journal Article] Competing motives for earnings management in initial public offerings (2006)
  • Author(s): Kyoko Nagata, Toyohiko Hachiya
  • Journal Title: Proceedings of the 18th Asian-Pacific Conference on International Accounting Issues (CD-ROM)
• [Journal Article] 利益調整による成長性の演出とプライシング (2006)
  • Author(s): 永田京子
  • Journal Title: 日本会計研究学会第65回全国大会予稿集 Pages: 177-177
• [Presentation] Discussion of Corporate Governance, Growth Opportunities, and Earnings Restatement : Effect of a Corporate Governance Code (2008)
  • Author(s): Nagata K.
  • Organizer: the Asia-Pacific Journal of Accounting and Economics Symposium 2008,
  • Place of Presentation: アメリカ、ハワイ
  • Year and Date: 2008-12-18
• [Presentation] 2008. Inside Blockholdings and Earnings Management in Initial Public Offerings (2008)
  • Author(s): Nagata, K., T. Hachiya, and S. G. Rhee
  • Organizer: The 20th Asian-Pacific Conference on International Accounting Issues
  • Place of Presentation: Paris, France
  • Year and Date: 2008-11-10
• [Presentation] Inside Block-holdings and Earnings Management in Initial Public Offerings (2008)
  • Author(s): Nagata K., T. Hachiya, and G.Rhee
  • Organizer: The 20th Asian-Pacific Conference on Intemational Accounting Issues
  • Place of Presentation: フランス、パリ
  • Year and Date: 2008-11-08
• [Presentation] Earnings Management and the Performance of Seasoned Equity Offerings : Evidence from Japanese Issuers (2008)
  • Author(s): Guan, L., D. He, K. Nagata, S. G. Rhee
  • Organizer: Asian Financial Association-Nippon Financial Association 2008 International Conferences
  • Place of Presentation: Kanagawa, Japan
  • Year and Date: 2008-07-08
• [Presentation] Earnings Management and the Performance of Seasoned Equity Of ferings : Evidence from Japanese Issuers (2008)
  • Author(s): Guan L, D. He, K. Nagata, and G. Rhee
  • Organizer: The Asian Financial Association-Nippon Financial Association 2008 International Conference
  • Place of Presentation: 神奈川県、横浜市
  • Year and Date: 2008-07-08
• [Presentation] Competing Motives for Earnings Management in Initial Public Offerings (2006)
  • Author(s): Nagata K., T. Hachiya
  • Organizer: The 18th Asian-Pacific Conference on International Accounting Issues
  • Place of Presentation: Hawaii, USA
  • Year and Date: 2006-10-16
• [Presentation] Competing Motives for Earnings Management in Initial Public Offerings (2006)
  • Author(s): Nagata K., T. Hachiya
  • Organizer: The 7th Annual Conference of the Asian Academic Accounting Association
  • Place of Presentation: Sydney, Australia
  • Year and Date: 2006-09-19
• [Presentation] 新規株式公開企業の利益調整行動 (2006)
  • Author(s): 永田京子
  • Organizer: 第65回日本会計研究学会
  • Place of Presentation: 東京、日本
  • Year and Date: 2006-09-08
• [Book] 無形資産会計の国際的動向-アメリカ (2006)
  • Author(s): 永田京子
  • Publisher: 中央経済社(伊藤邦雄編著, 無形資産の会計)
• [Book] 無形資産会計の国際的動向-国際会計基準- (2006)
  • Author(s): 永田京子
  • Publisher: 中央経済社(伊藤邦雄編著, 無形資産の会計)
• [Book] 無形資産会計をめぐる制度上の個別論点-無形資産と「不確実性」 (2006)
  • Author(s): 永田京子
  • Publisher: 中央経済社(伊藤邦雄編著, 無形資産の会計)
• [Book] 無形資産会計の国際的動向-アメリカ,「無形資産の会計」(伊藤邦雄編著) (2006)
  • Author(s): 永田京子
  • Total Pages: 589
  • Publisher: 中央経済社(所収)
• [Book] 無形資産会計の国際的動向-国際会計基準,「無形資産の会計」(伊藤邦雄編著) (2006)
  • Author(s): 永田京子
  • Total Pages: 589
  • Publisher: 中央経済社(所収)
• [Book] 無形資産会計の国際的動向-日本,「無形資産の会計」(伊藤邦雄編著) (2006)
  • Author(s): 永田京子
  • Total Pages: 589
  • Publisher: 中央経済社(所収)
• [Book] 無形資産会計をめぐる制度上の個別論点-無形資産と「不確実性」,「無形資産の会計」(伊藤邦雄編著) (2006)
  • Author(s): 永田京子
  • Total Pages: 589
  • Publisher: 中央経済社(所収)
• [Remarks] Nagata K., T. Hachiya, Competing Motives for Earnings Management in Initial Public Offerings, University of Hawaii, October 20, 2006,海外大学でのセミナー発表
• [Remarks] Nagata, K., T. Hachiya, and S. G. Rhee. 2008. Inside Blockholdings and Earnings Management in Initial Public Offerings, SKKU Business School, Soul, Republic of Korea, 海外大学でのセミナー発表