This study uses Japanese data to address an important shortcoming of most of the existing literature on credit availability by including a set of unlisted firms (which are the firms most likely to be bank dependent) in the analysis, and by investigating differences between the treatment of...

Until October 1997, firms wishing to go public in Japan were required to use a hybrid auction process where up to half of the issue (the "auction tranche") was offered to investors via a discriminatory auction. Remaining shares (the "public offer tranche") were sold a few days later by a firm...

We study the role of banking relationships in IPO underwriting. Among other issues, we consider whether banking relationships lead to increased access to public equity markets, especially for smaller, lesserknown firms. When a firm in Japan goes public, it can engage an investment bank that is...

We study the role of banking relationships in IPO underwriting. Among other issues, we consider whether banking relationships lead to increased access to public equity markets, especially for smaller, lesserknown firms. When a firm in Japan goes public, it can engage an investment bank that is...

This paper provides a comprehensive look at the first decade of U.S.-style investor activism in Japan, the second largest stock market in the world with many under-performing and cash-rich firms. Barriers to shareholder activism have historically been high but we document an unprecedented wave...

Using a dataset that enables the identification of the supply chain of small-and medium-sized enterprises (SMEs) in Japan, this paper examines the impact of business partners' initial public offerings (IPOs) on the growth of investment activity. Empirical evidence suggests that IPOs of business...