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- W90653705 abstract "a This paper empirically examines the going public decision of82 companies in Tokyo Stock Exchange(TSE)Market during1997-2001 periods. In contrast to Jasdaq OTC market, most retail & wholesale and service companies, rather than IT companies prefer TSE. The empirical evidence of this paper shows that there is also bubble- underpricing phenomeno ni n TSE particularly in1999. 1) This study reports that IPOs listed in TSE ar eg enerally old and high-sales firms. Moreover, it is remarkable to note that most of IPOs are man- aged with traditional style that major shareholder and CEO are same persons. An umber of papers show underpricing phenomenon. Extended literatures document characteristics of IPO firm sa nd thei ra ccounting information. Due to boom in IT sector, initial returns of IPOs show tremendous performance. Re- cent study by Ljungqvist and William(2002)documenteddot. comunder- pricing in the United States. Their papers showed that the initial return is very high during the boom of technology IPOs. The increase in initial return is attributed going public decision of IT particularly communication companies. In Japan many IT companies prefer going public in OTC(Jasdaq).In addition, hard listing conditions of TSE make many small sized firms go public in Moth- ers and Nasdaq Japan that are recently established. The Japanese IPO mar- ket is comparable to the US market in terms of size, depth, yet possesses a few distinctive features such as management style of companies. Unlike OTC mar- ket, old and traditionally managed companies prefer TSE. While previous empirical studies have examined the underpricing in Japanese stock markets, this study will contribute to the extant literature by examining both the price adjustment and management style of IPO company." @default.
- W90653705 created "2016-06-24" @default.
- W90653705 creator A5065008997 @default.
- W90653705 date "2003-07-01" @default.
- W90653705 modified "2023-09-28" @default.
- W90653705 title "Realities in Tokyo Stock Exchange" @default.
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