We examine Japan's 1997 introduction of book building as an alternative to an auction method of IPO issuance that had been required since 1989. Despite its higher total issue cost for some issuers, all issuers in Japan now select book building. In contrast to auctioning, book building enables...

In 1997, Japan introduced a US-style book-building method of IPO pricing as an alternative to an open-market auction method that had been required since 1989. Shortly after its authorization, all IPOs in Japan were priced by book-building. The shift occurred despite economic arguments and...

This book discusses the concepts, types, models, and patterns of crowdfunding to provide a comprehensive portrait of this newly developed market-based financial tool. In addition, it examines a number of economic theories to help readers understand the proliferation of crowdfunding, reviews...

In 1997, Japan introduced book building an alternative to an auction method of IPO pricing that had been required since 1989. Shortly after its authorization, all IPOs in Japan were priced by book building. The shift occurred despite economic arguments and evidence suggesting that the auction...

In 1997, Japan introduced book building an alternative to an auction method of IPO pricing that had been required since 1989. Shortly after its authorization, all IPOs in Japan were priced by book building. The shift occurred despite economic arguments and evidence suggesting that the auction...