| Budget Amount *help |
¥17,030,000 (Direct Cost: ¥13,100,000、Indirect Cost: ¥3,930,000)
Fiscal Year 2013: ¥2,340,000 (Direct Cost: ¥1,800,000、Indirect Cost: ¥540,000)
Fiscal Year 2012: ¥3,640,000 (Direct Cost: ¥2,800,000、Indirect Cost: ¥840,000)
Fiscal Year 2011: ¥3,120,000 (Direct Cost: ¥2,400,000、Indirect Cost: ¥720,000)
Fiscal Year 2010: ¥2,340,000 (Direct Cost: ¥1,800,000、Indirect Cost: ¥540,000)
Fiscal Year 2009: ¥5,590,000 (Direct Cost: ¥4,300,000、Indirect Cost: ¥1,290,000)
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| Research Abstract |
This research undertakes an empirical analysis of Japan's share market and market for straight corporate bonds. A data base for initial public offerings (IPOs) of shares was constructed and publicly released. In relation to the puzzle that high initial returns are observed when an auction system where the underwriter has no incentive to underprice is adopted, a hypothesis explaining this outcome was suggested and verified using IPO data. Problems associated with the choice of "book building" as a mechanism to determine public prices were pointed out and some policy recommendations for reform were made. For the bond market, an empirical analysis of the impact of the past behavior of the issuing firm and underwriters on issuing volumes, prices etc was undertaken. To be concrete, the history of the relationship between the issuer and the underwriter was included in the empirical model, and the impact of this relationship was investigated.
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