This paper examines whether lowering listing requirements improves the innovation of IPO firms.To this end, I collect the data of IPO firms in Japan that experienced several deregulations on the IPO market around 2000. Findings can be summarized as follows. The innovation input after IPOs in the...

We examine the heterogeneous propagation of the liquidity shortage through the supply-chain network. We find an increase of accounts receivable of a firm when its customer has strong bargaining power and financial vulnerability. Using a relation-level fixed-effects model, we find that the...

This paper examines that the object function of each insider of IPO firms differs by examining the relationship between the sources of secondary shares and withdrawal decision. Findings reveal that portion of secondary share sold by the venture capitalists is positively related to the withdrawal...

We propose the substitution hypothesis of inventory investment that predicts firms use of inventory to provide liquidity for financially constraint suppliers. Using the exhaustive data set of supplier information for Japanese listed firms, we find an increase in inventory financing when a...

This research investigates how banks expand after entering the underwriting market by examining the relationship between commercial bank equity investments and underwriting fees. First, we find that not only bank underwriters with private information about issuers, but also those without private...

This paper investigates the impact of inter-firm relationships on a firm's incentive to adjust its capital structure. We predict that firms with tight business relationships with other firms have less incentive to adjust their capital structure because their information will be propagated...

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...

This paper explores the relationship between the sources of initial public offering (IPO) shares and withdrawal decision. Findings reveal that the amount of primary share does not have a direct relationship to the withdrawal decision. Furthermore, we analyze the relationship of the sources of...