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

被引：3
|
作者：
Ogura, Yoshiaki [1 ]
机构：
[1] Waseda Univ, Tokyo, Japan
来源：
JAPANESE ECONOMIC REVIEW | 2017年 / 68卷 / 02期
关键词：
CONFLICT-OF-INTEREST; INITIAL PUBLIC OFFERINGS; LENDING RELATIONSHIPS; UNIVERSAL BANKING; COMMERCIAL-BANKS; ALLOCATION; REPUTATION;
D O I：
10.1111/jere.12082
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
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.
引用
收藏
页码：257 / 278
页数：22
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