2015 Fiscal Year Final Research Report
The influence of firm-bank relationship on post-IPO performance
| Project/Area Number |
25780256
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Multi-year Fund |
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| Research Field |
Management
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| Research Institution | Nagasaki University (2015)
Ritsumeikan University (2013-2014) |
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Principal Investigator |
YAMADA Kazuo 長崎大学, 経済学部, 准教授 (90633404)
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| Project Period (FY) |
2013-04-01 – 2016-03-31
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| Keywords | ベンチャーキャピタル / 銀行 |
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| 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.
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| Free Research Field |
社会科学
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