We investigate the impact of relaxing listing requirements on firms' growth around initial public offerings (IPOs). Japan experienced several deregulations of listing requirements in the late 1990s. We use a dataset that covers both public and private firms for more than 30 years, which enables...

We show that IPOs have non-trivial positive spillover effects on local labor markets, business environments, consumer spending, real estate, and migration. We mitigate endogeneity concerns about unobserved heterogeneity with restrictive geographic fixed effects coupled with a matching procedure....

We find that several factors explain an individual investor's style, i.e., the value versus growth orientation of the investor's stock portfolio. First, we find that an investor's style has a biological basis and is partially ingrained in an investor from birth. Second, we show that an...