| Budget Amount *help |
¥3,120,000 (Direct Cost: ¥2,400,000、Indirect Cost: ¥720,000)
Fiscal Year 2013: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2012: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Fiscal Year 2011: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
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| Research Abstract |
I have done empirical analysis of equity financing in the Japanese market to understand the type of transactions that the stock market would welcome. First, I did event study of stock price movement of private placement and secondary offering around the announcement days. Second, I have done empirical analysis of long term stock price performance and operating performance after the equity financing. The major findings from these analysis are the followings. Stock market likes those transactions whose use of proceeds are other than debt repayment. Especially for private placement transactions, the relationship between the issuer and the underwriting shareholder is also very important. Both the short time stock price reaction and long term stock price performance are well off where there is a strategic synergy between those two stakeholders.
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