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2015 Fiscal Year Final Research Report

Determinants of underpricing in Japanese IPO market

Research Project

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Project/Area Number 24510182
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Social systems engineering/Safety system
Research InstitutionTokyo Institute of Technology

Principal Investigator

NAGATA KYOKO  東京工業大学, 社会理工学研究科, 准教授 (10345366)

Project Period (FY) 2012-04-01 – 2016-03-31
Keywords新規株式公開 / IPOアノマリー
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.

Free Research Field

社会科学

URL: 

Published: 2017-05-10  

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