| Budget Amount *help |
¥15,990,000 (Direct Cost: ¥12,300,000、Indirect Cost: ¥3,690,000)
Fiscal Year 2015: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
Fiscal Year 2014: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
Fiscal Year 2013: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
Fiscal Year 2012: ¥10,140,000 (Direct Cost: ¥7,800,000、Indirect Cost: ¥2,340,000)
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| Outline of Final Research Achievements |
First, I found that there is no clear relationship between the certification effects of venture capital firm’s reputation and IPO firm’s performance. Second, I used the IPOs of supply-chain partners as precipitating events and tested for positive spillovers on private firms. I found that private suppliers and customers experience significantly higher rates of growth in revenue, cash balance, and PP&E than do other private firms. Third, I provided evidence that overallotment option provisions benefit both issuers and underwriters. I estimated that OAO provisions lead to lower underwriting fees, less underpricing, less negative post-IPO performance, lower post-IPO volatility and larger IPOs. Forth, I found that the market maker method was mainly attractive to the least liquid firms. Two-thirds of IPO firms initially choose the auction method and many others switched to auction later on. Paradoxically, abnormal returns for firms switching to auction are significantly positive.
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