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Comprehensive Analysis of IPO Underwriting under Financial Conglomeration

Research Project

Project/Area Number 18K01705
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Review Section Basic Section 07060:Money and finance-related
Research InstitutionInternational University of Japan

Principal Investigator

Hiraki Takato  国際大学, 国際経営学研究科, 教授(移行) (50208815)

Project Period (FY) 2018-04-01 – 2021-03-31
Project Status Completed (Fiscal Year 2020)
Budget Amount *help
¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
Fiscal Year 2020: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2019: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2018: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
KeywordsIPO市場 / 金融のコングロマリット化 / ファイアウォール規制 / アンダーライター / 長期パフォーマンス / 金融コングロマ化 / ベンチャーファイナンス / 新規株式の発行と配分
Outline of Final Research Achievements

In "Banks, IPO Underpricing, and Allocation in Japan, Journal of Economics and Business, 2021, we study how IPO issues in Japan were allocated over the period of 2002-2012 when universal banking developed. We find underwriters from the same financial group as issuers’ main banks do not favorably allocate IPO stocks to their affiliated mutual funds. In contrast, the commercial bank underwriters typically from the main banks’ rival banking groups allocate low-quality or high-risk issues to their affiliated mutual funds. The investment bank underwriters do not favorably allocate IPO stocks to their affiliated or unaffiliated mutual funds. The overall results show a case of a capital allocation defect because private information generated is not utilized under high regulatory pressure. In other studies, including the one in Journal of Behavior and Experimental Finance (2021), we report how global money managers choose stocks including IPO shares from the viewpoint of behavioral finance.

Academic Significance and Societal Importance of the Research Achievements

本研究は、投資信託へのIPO 新株配分データを構築し、金融・証券業際規制撤廃後の引受・配分行動の実態を初めて重層的に解明した日本では最初の学術論研究である。メインバンクや他の融資機関が事前融資に関わることからくる情報優位をあえて享受させない制度上の課題を明かした点が最大の学術的貢献である。また、金融のコングロマ化と同時にオークション制から新たに採用されたブックビルディング方式での公開価格の初値に対する部分調整(アンダープライシング)がIPO事後市場の下方調整を伴う長期でみた場合平均的には適度なアンダープライシングでると言えるが、真の問題はIPO銘柄間でその変動が高すぎる点にあるとした。

Report

(4 results)
  • 2020 Annual Research Report   Final Research Report ( PDF )
  • 2019 Research-status Report
  • 2018 Research-status Report
  • Research Products

    (13 results)

All 2021 2020 2018 Other

All Int'l Joint Research (3 results) Journal Article (2 results) (of which Int'l Joint Research: 2 results,  Peer Reviewed: 2 results,  Open Access: 2 results) Presentation (4 results) (of which Int'l Joint Research: 4 results) Remarks (4 results)

  • [Int'l Joint Research] University of Alberta(カナダ)

    • Related Report
      2019 Research-status Report
  • [Int'l Joint Research] Hitotsubashi University/Doshisha University(日本)

    • Related Report
      2019 Research-status Report
  • [Int'l Joint Research] University of Alberta(カナダ)

    • Related Report
      2018 Research-status Report
  • [Journal Article] Bank, IPO underwriting, and allocation in Japan2021

    • Author(s)
      Takato Hiraki, Toshiki Honda, Akitoshi Ito, and Ming Liu
    • Journal Title

      Journal of Economics and Business

      Volume: - Pages: 106005-106005

    • DOI

      10.1016/j.jeconbus.2021.106005

    • Related Report
      2020 Annual Research Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] Do global equity mutual funds exhibit home bias?2021

    • Author(s)
      Takato Hirak, Ming Liu
    • Journal Title

      Journal of Behavioral and Experimental Finance

      Volume: 51 Pages: 100508-100508

    • DOI

      10.1016/j.jbef.2021.100508

    • Related Report
      2020 Annual Research Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Presentation] ファクー合成とポートフォリオ管理2020

    • Author(s)
      平木多賀人
    • Organizer
      日本ファイナンス学会
    • Related Report
      2020 Annual Research Report
    • Int'l Joint Research
  • [Presentation] ファクター合成とポートフォリオ運用2020

    • Author(s)
      平木多賀人
    • Organizer
      日本ファイナンス学会
    • Related Report
      2019 Research-status Report
    • Int'l Joint Research
  • [Presentation] Financial Conglomeration, IPO Underpricing, and Allocation in Japan2018

    • Author(s)
      Takat Hiraki
    • Organizer
      FMA International Asian Conference in Hong Kong
    • Related Report
      2018 Research-status Report
    • Int'l Joint Research
  • [Presentation] Financial Conglomeration, IPO Underpricing, and Allocation in Japan2018

    • Author(s)
      Takato Hiraki
    • Organizer
      Asian Financial Association Annual Meeting (Tokyo, Japan)
    • Related Report
      2018 Research-status Report
    • Int'l Joint Research
  • [Remarks] ファクター合成とポートフォリオ運用

    • URL

      https://fdsol.co.jp/doc/rcv_20190912.pdf

    • Related Report
      2019 Research-status Report
  • [Remarks] IPO Underwriting and Allocation in Japan

    • URL

      https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3108499

    • Related Report
      2019 Research-status Report
  • [Remarks] 経営者収益予想と資産評価

    • URL

      https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1989986

    • Related Report
      2018 Research-status Report
  • [Remarks]

    • Related Report
      2018 Research-status Report

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Published: 2018-04-23   Modified: 2022-01-27  

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