Determinants of underpricing in Japanese IPO market
| Project/Area Number |
24510182
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Social systems engineering/Safety system
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| Research Institution | Tokyo Institute of Technology |
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Principal Investigator |
NAGATA KYOKO 東京工業大学, 社会理工学研究科, 准教授 (10345366)
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| Project Period (FY) |
2012-04-01 – 2016-03-31
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| Project Status |
Completed (Fiscal Year 2015)
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| Budget Amount *help |
¥5,590,000 (Direct Cost: ¥4,300,000、Indirect Cost: ¥1,290,000)
Fiscal Year 2014: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
Fiscal Year 2013: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
Fiscal Year 2012: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
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| Keywords | 新規株式公開 / IPOアノマリー / ファンダメンタル・バリュー / ミスプライシング / IPO / アンダープライシング / 初期収益率 / 企業価値 |
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| Outline of Final Research Achievements |
This study explored the determinants of underpricing anomaly in IPOs (initial public offerings), using estimated fair value of IPOs. The results suggest that pre-IPO earnings management is one of the causes of underpricing, and limited institutional investors’ participation in primary market are related with and overpricing of IPOs.
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Report
(5 results)
Research Products
(13 results)
