The influence of firm-bank relationship on post-IPO performance

• Project/Area Number: 25780256
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Multi-year Fund
• Research Field: Management
• Research Institution: Nagasaki University (2015); Ritsumeikan University (2013-2014)
• Principal Investigator: YAMADA Kazuo 長崎大学, 経済学部, 准教授 (90633404)
• Project Period (FY): 2013-04-01 – 2016-03-31
• Project Status: Completed (Fiscal Year 2015)
• Budget Amount: ¥2,990,000 (Direct Cost: ¥2,300,000、Indirect Cost: ¥690,000); Fiscal Year 2015: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000); Fiscal Year 2014: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000); Fiscal Year 2013: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
• Keywords: ベンチャーキャピタル / 銀行 / 銀行系ベンチャーキャピタル / 主幹事引受手数料 / データセット作成 / データ分析 / 新規株式公開

Outline of Final Research Achievements

This project focuses on the firm-bank relationship and the influence of several aspects at the IPOs. First we focus on whether the bank's financial health and find that IPOs the worse performance main banks raise more fund and use the proceeds for repaying the debt.
Second, we focus on the bank-affiliated VCs and underwriters. Findings show that the investment by the bank VCs positively influence the underwriter choice. Additionally we find the underwriting fee declines when the underwriter is the affiliated security company of the main banks. Result shows that the underwriting fee declines when both the main VC and underwriter are the main bank's affiliated ones. This implies that the main bank use its private information for underwriting service.

Research Products

• [Journal Article] IPOs, growth, and the impact of relaxing listing requirements (2015)
  • Author(s): Takahashi, Hidenori and Yamada, Kazuo
  • Journal Title: Journal of Banking & Finance Volume: 59 Pages: 505-519
  • DOI: 10.1016/j.jbankfin.2015.04.029
  • NAID: 120006986953
  • Peer Reviewed / Acknowledgement Compliant
• [Presentation] Role of banks in venture financing (2015)
  • Author(s): Kazuo Yamada
  • Organizer: 日本経営財務研究学会
  • Place of Presentation: 九州大学箱崎キャンパス(福岡県・福岡市)
  • Year and Date: 2015-10-06
• [Presentation] What Causes zombie Lending? Impact of the Supply-Chain Network and Firm's Liquidity Shocks on Bank's Lending Contracts (2015)
  • Author(s): Kazuo Yamada
  • Organizer: ICAFM 2015
  • Place of Presentation: 東京証券取引所（東京都）
  • Year and Date: 2015-01-08
• [Presentation] Role of Banks in venture financing (2014)
  • Author(s): Kazuo Yamada
  • Organizer: World Finance &Banking Conference
  • Place of Presentation: シンガポール（シンガポール）
  • Year and Date: 2014-12-18
• [Presentation] Blockholders and firm performance: Quasi-experiment from Japanese bank mergers (2014)
  • Author(s): Kazuo Yamada
  • Organizer: Asian Finance Association
  • Place of Presentation: バリ（インドネシア)
  • Year and Date: 2014-06-23
• [Presentation] Role of Banks in venture financing (2014)
  • Author(s): Kazuo Yamada
  • Organizer: International Finance, Accounting and Banking Society
  • Place of Presentation: リスボン（ポルトガル）
  • Year and Date: 2014-06-19
• [Presentation] Blockholders and firm performance: Quasi-experiment from Japanese bank mergers
  • Author(s): Kazuo Yamada
  • Organizer: Southwestern Finance Association
  • Place of Presentation: Dallas, Texas, US
• [Book] How bank health affects debt financing and performance of IPO firms? Evidence from Japanese financial crisis" Ch. 24 of Handbook of Research of IPOs (2013)
  • Author(s): Kazuo Yamada
  • Publisher: Edward Edgar
• [Remarks] Lower restrictions for start-ups to list on stoc
  • URL: http://blogs.lse.ac.uk/businessreview/2015/11/26/lower-restrictions-for-start-ups-to-list-on-stock-exchanges-have-mixed-results/