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

2015 Fiscal Year Final Research Report

• 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
• 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

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.

Free Research Field

ファイナンス