The Certification Role Of Pre-IPO Banking Relationships: Evidence From IPO Underpricing in Japan

IF 1.5 4区经济学 Q2 ECONOMICS

Japanese Economic Review Pub Date : 2016-03-29 DOI:10.1111/jere.12082

Yoshiaki Ogura

引用次数: 6

Abstract

We find empirical evidence that pre-initial public offering (IPO) relationships with commercial banks through lending and investment via their venture capital subsidiaries significantly reduce IPO underpricing in Japan. This findings suggest that a pre-IPO banking relationship certifies the low risk of an IPO firm. Given the fact that institutional investors are a minority in the allocation of IPO stocks in Japan, this effect is expected to come mainly from reducing either the investors' winner's curse or the signaling incentive of IPO firms, rather than from the reduction in information rent for institutional investors participating in the book-building process.

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上市前银行关系的证明作用:来自日本IPO抑价的证据

我们发现实证证据表明，在首次公开发行(IPO)前，通过风险投资子公司与商业银行的贷款和投资关系显著降低了日本IPO的抑价。研究结果表明，IPO前的银行关系证明了IPO公司的低风险。考虑到机构投资者在日本IPO股票配置中占少数的事实，预计这种影响主要来自投资者的赢家诅咒或IPO公司的信号激励的减少，而不是来自机构投资者参与簿记过程的信息租金的减少。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Japanese Economic Review ECONOMICS-

CiteScore

2.70

自引率

0.00%

发文量

期刊介绍： Started in 1950 by a group of leading Japanese economists under the title The Economic Studies Quarterly, the journal became the official publication of the Japanese Economic Association in 1959. As its successor, The Japanese Economic Review has become the Japanese counterpart of The American Economic Review, publishing substantial economic analysis of the highest quality across the whole field of economics from researchers both within and outside Japan. It also welcomes innovative and thought-provoking contributions with strong relevance to real economic issues, whether political, theoretical or policy-oriented.