This study addresses 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 listed and unlisted firms...

We test whether there are liquidity-related spillovers of IPOs on supply-chain partners (the IPO spillover hypothesis). We find that private suppliers and customers of IPO firms achieve higher growth rates of revenue, cash, and PP&E than do comparison or matched firms. The transmission mechanism...

The price formation process of JASDAQ IPOs is more transparent than in the United States. The transparency facilitates analysis of important issues in the IPO literature — why offer prices only partially adjust to public information and adjust more fully to negative information, and why...

We use a sample of JASDAQ IPOs to study the effects of public information on offer price formation, initial returns, and long-run returns. Underwriters begin reporting anticipated offer prices of Japanese IPOs at an earlier point than in the US. The observable portion of the price formation...

We provide evidence that bears on the impact of deregulation that removes impediments to integration of investment banking and commercial banking functions. At issue is whether close relationships between commercial banks and investment banks give rise to conflicts of interest and enhanced...

This study analyses the influence of political connections on firms' access to capital markets and the ensuing effect on the cost of raising capital. Using a dataset of 413 initial public offering issuances on ChiNext from 2009 to 2012, we exploit a research setting where government is still...

This study investigates how the performance of venture capital-backed companies is influenced by institutional factors and venture capital (VC) strategies in China. We conducted empirical analysis using national-level data and data obtained from companies listed on China’s Growth Enterprise...

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 underperforming and cash-rich firms. Barriers to shareholder activism have historically been high but we document an unprecedented wave of...

In contrast to prior studies suggesting that overallotment option (OAO) provisions reflect underwriters' exploitation of IPO firms, we provide evidence that they benefit both issuers and underwriters. We estimate that OAO provisions lead to lower underwriting fees, less underpricing, less...

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 quot;auction tranchequot;) was offered to investors via a discriminatory auction. Remaining shares (the quot;public offer tranchequot;) were sold a few days...