IPO anomaly and idiosyncratic risk

• Project/Area Number: 21730363
• 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 東京工業大学, 大学院・社会理工学研究科, 准教授 (10345366)
• Project Period (FY): 2009 – 2011
• Project Status: Completed (Fiscal Year 2011)
• Budget Amount: ¥4,160,000 (Direct Cost: ¥3,200,000、Indirect Cost: ¥960,000); Fiscal Year 2011: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000); Fiscal Year 2010: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000); Fiscal Year 2009: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
• Keywords: 新規株式公開 / 利益調整行動 / IPOアノマリー / 株主構成 / 株式売出 / IPO / 親子上場 / ガバナンス / 所有構造 / アンダープライシング / 利益調整 / 系列(Keiretsu) / 初期収益率 / 価値評価 / 長期株価パフォーマンス

Research Abstract

This study examines the relationship between idiosyncratic risk and IPO(initial public offerings) anomalies, focusing on the unique factors in Japanese IPO market. The results reveal indicate that pre-IPO ownership structure has a significant impact on IPO share offering and underpricing.

Research Products

• [Journal Article] What Drives Foreign Ownership in Japan? Evidence from Before and After Japan's Financial Crisis (2012)
  • Author(s): Ramirez, P. G., Hachiya, T., K. Nagata
  • Journal Title: Journal of Asia-Pacific Business Volume: Vol.3, No.2 Pages: 86-113
  • Peer Reviewed
• [Presentation] Keiretsu affiliation and IPO decisions (2011)
  • Author(s): Kyoko Nagata
  • Organizer: Asian Finance Association 2011 International Conference
  • Place of Presentation: Macao, China
  • Year and Date: 2011-07-11
• [Presentation] Keiretsu affiliation and IPO decisions (2011)
  • Author(s): Kyoko Nagata
  • Organizer: Asian Finance Association 2011 International Conference
  • Place of Presentation: Four Seasons Hotel Macao, China
  • Year and Date: 2011-07-11
• [Presentation] Ownership Structure, Earnings Management and Under pricing (2011)
  • Author(s): Kyoko Nagata, S. G. Rhee
  • Organizer: The 34thannual congress of European Accounting Association
  • Place of Presentation: Rome, Italy
  • Year and Date: 2011-04-22
• [Presentation] Ownership Structure, Earnings Management and Underpricing: Evidence from Japan (2011)
  • Author(s): Kyoko Nagata, S.G.Rhee
  • Organizer: European Accounting Association 34^<th> Annual Congress
  • Place of Presentation: LUISS Guido Carli University Rome, Italy
  • Year and Date: 2011-04-22
• [Presentation] Ownership, Control and Underpricing in Initial Public Offerings : Evidence from Japan (2010)
  • Author(s): Nagata K., S.G.Rhee
  • Organizer: The 22nd Asian-Pacific Conference on International Accounting Issues
  • Place of Presentation: Gold Coast, Australia
  • Year and Date: 2010-11-08
• [Presentation] Earnings Management and IPO Under pricing (2010)
  • Author(s): Kyoko Nagata
  • Organizer: Evidence from Japan, The 33^<rd> annual congress of European Accounting Association
  • Place of Presentation: Istanbul, Turkey
  • Year and Date: 2010-05-20
• [Presentation] Earnings Management and IPO Underpricing (2010)
  • Author(s): Nagata K., S.G.Rhee
  • Organizer: The 33rd annual congress of European Accounting Association
  • Place of Presentation: Istanbul, Turkey
  • Year and Date: 2010-05-20
• [Presentation] Ownership, Control and Under pricing in Initial Public Offerings : Evidence from Japan (2009)
  • Author(s): Kyoko Nagata, S. G. Rhee
  • Organizer: The 22nd Annual Australasian Finance and Banking Conference
  • Place of Presentation: Sydney, Australia
  • Year and Date: 2009-12-16
• [Presentation] Ownership, Control and Underpricing in Initial Public Offerings : Evidence from Japan (2009)
  • Author(s): Nagata K., S.G.Rhee
  • Organizer: The 22nd Annual Australasian Finance and Banking Conference
  • Place of Presentation: Sydney, Australia
  • Year and Date: 2009-12-16
• [Presentation] Discussion of "Reduction in bank ownership and firm performance" (2009)
  • Author(s): Nagata K.
  • Organizer: The 22^<nd> Australasian Finance and Banking Conference 2009
  • Place of Presentation: Sydney, Australia
  • Year and Date: 2009-12-16
• [Presentation] Discussion of "the Role of Financial Synergies in Corporate Diversification" (2009)
  • Author(s): Nagata K.
  • Organizer: The Asian Finance Association 2009 Conference
  • Place of Presentation: Brisbane, Australia
  • Year and Date: 2009-07-02