This paper examines the effects of the intended use of proceeds on bank underwriters' certification roles in Japan following deregulation in 1999. We find that bank underwriters have a positive effect on announcement returns. However, when the issuer discloses that the intended use of proceeds...

This paper examines how complimentary ticket initiation affects stock liquidity and stock prices. Since complimentary tickets are relatively advantageous for small shareholders, it can be predicted that firms' announcements for initiating complimentary tickets increase in the number of small...

Purpose – The purpose of this paper is to empirically examine the relationship between the level of underwriter spread and ownership structure by using data from Japanese IPO firms that are issued during the years 1997‐2002. Design/methodology/approach – The paper uses regression analysis...