The Role of Individual Investors on IPO Pricing: Evidence from Japan

• Project/Area Number: 24730279
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Multi-year Fund
• Research Field: Public finance/Monetary economics
• Research Institution: Gifu Shotoku Gakuen University
• Principal Investigator: TAKAHASHI Yoji 岐阜聖徳学園大学, 経済情報学部, 准教授 (20566533)
• Project Period (FY): 2012-04-01 – 2016-03-31
• Project Status: Completed (Fiscal Year 2015)
• Budget Amount: ¥2,470,000 (Direct Cost: ¥1,900,000、Indirect Cost: ¥570,000); Fiscal Year 2014: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000); Fiscal Year 2013: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000); Fiscal Year 2012: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
• Keywords: 新規株式公開（IPO） / 価格形成 / 個人投資家 / アロケーション / センチメント / イノベーション

Outline of Final Research Achievements

We analyzed about the role of individual investors on IPO pricing. This study explores whether and how ①allocation to individual investors, ②firm location（urban versus. rural）, ③initial price formation affects IPO pricing in Japan. We can discuss the asymmetric information and behavioral finance implication on our findings.

Research Products

• [Int'l Joint Research] University of Hawaii(米国)
• [Journal Article] Why do the Underwriters Allocate Individual Investors more IPO Shares in Japan? (2016)
  • Author(s): Yoji Takahashi
  • Journal Title: Global Conference on Business and Finance Proceedings Volume: 11 Pages: 314-320
  • Peer Reviewed / Open Access
• [Journal Article] IPO Pricing and Allocation to Individual Investors: Evidence from Japan (2015)
  • Author(s): Yoji Takahashi
  • Journal Title: Proceedings of 2015 International Conference on Business and Information (BAI2015) Volume: 12
  • Peer Reviewed
• [Journal Article] 【書評】起業家と投資家の軌跡―アメリカにおけるベンチャーファイナンスの200年―（小野正人著、中央経済社、2013年） (2015)
  • Author(s): 高橋陽二
  • Journal Title: VENTURE REVIEW Volume: 26 Pages: 91-92
• [Journal Article] 新規公開（IPO）の価格形成における行動ファイナンスの研究動向 (2015)
  • Author(s): 高橋陽二
  • Journal Title: 感性工学 Volume: 13 Pages: 151-153
• [Journal Article] 新規株式公開企業の初値形成プロセスと価格形成 (2014)
  • Author(s): 高橋陽二
  • Journal Title: 証券経済学会年報 Volume: 49 Pages: 311-318
  • Acknowledgement Compliant
• [Journal Article] アントレプレナー・ファイナンスにおけるリアル・オプションの有用性 (2013)
  • Author(s): 高橋陽二
  • Journal Title: 先物・オプションレポート Volume: 25 Pages: 1-5
• [Journal Article] IPO企業の価格形成と地域性 (2012)
  • Author(s): 高橋陽二
  • Journal Title: 証券経済学会年報 Volume: 第47号 Pages: 151-156
• [Journal Article] IPO Pricing and Firm Location: Evidence from Japan (2012)
  • Author(s): Yoji Takahashi
  • Journal Title: Proceedings of 2012 International Conference on Business and Information (BAI2012) Volume: 2012
  • NAID: 40019398508
• [Presentation] Why do the Underwriters Allocate Individual Investors more IPO Shares in Japan? (2016)
  • Author(s): Yoji Takahashi
  • Organizer: 2016 Winter Global Conference on Business and Finance (GCBF)
  • Place of Presentation: Ala Moana Hotel
  • Year and Date: 2016-01-04
  • Int'l Joint Research
• [Presentation] Why do the Underwriters Allocate Individual Investors more IPO Shares in Japan? (2015)
  • Author(s): Yoji Takahashi
  • Organizer: 2015年度先端経済分析研究会
  • Place of Presentation: ダイワロイネット那覇国際通り
  • Year and Date: 2015-09-04
• [Presentation] IPO Pricing and Allocation to Individual Investors: Evidence from Japan (2015)
  • Author(s): Yoji Takahashi
  • Organizer: 2015 International Conference on Business and Information (BAI2015)
  • Place of Presentation: Sheraton Macao Hotel, Cotai Central, Macau
  • Year and Date: 2015-07-07 – 2015-07-09
• [Presentation] IPO Pricing and Allocation to Individual Investors: Evidence from Japan (2015)
  • Author(s): Yoji Takahashi
  • Organizer: 2015 International Conference on Business and Information (BAI2015)
  • Place of Presentation: Sheraton Macao Hotel, Cotai Central
  • Year and Date: 2015-07-07
  • Int'l Joint Research
• [Presentation] 新規公開時における価格形成と個人投資家への配分 (2014)
  • Author(s): 高橋陽二
  • Organizer: 証券経済学会第82回全国大会
  • Place of Presentation: 和歌山大学
  • Year and Date: 2014-11-01 – 2014-11-02
• [Presentation] 女性が役員に就任する要因とその影響 (2013)
  • Author(s): 高橋陽二
  • Organizer: 企業家研究フォーラム第11回年次大会
  • Place of Presentation: 大阪大学中之島センター
• [Presentation] 新規株式公開企業の初値形成プロセスと価格形成 (2013)
  • Author(s): 高橋陽二
  • Organizer: 証券経済学会第80回全国大会
  • Place of Presentation: 札幌学院大学
• [Presentation] IPO Pricing and Firm Location: Evidence from Japan (2012)
  • Author(s): Yoji Takahashi
  • Organizer: 先端経済分析研究会（CASE2012）
  • Place of Presentation: 下関グランドホテル
• [Presentation] IPO Pricing and Firm Location: Evidence from Japan (2012)
  • Author(s): Yoji Takahashi
  • Organizer: 2012 International Conference on Business and Information (BAI2012)
  • Place of Presentation: Renaissance Sapporo Hotel
• [Book] 「【ファイナンス】内部・外部の知識の深化・探索」『オープン・イノベーションのマネジメント』 (2015)
  • Author(s): 高橋陽二
  • Total Pages: 30
  • Publisher: 有斐閣