Permalink : http://hdl.handle.net/2115/5384

KEYWORDS : IPO,TokyoStock Exchange

This paper empirically examines the going public decision of 82 companies in Tokyo Stock Exchange (TSE) Market during 1997-2001 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 phenomenon in TSE particularly in 1999. This study reports that IPO listed in TSE are generally old and high-sales firms. Moreover, it is remarkable to note that most of IPOs are managed with traditional style that major shareholder and CEO are same persons. (JEL G32, G24)