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首页> 外文期刊>Business and Economic Research >Exploring the Existence of Short-run Initial Public Offering (IPO) Underpricing at Three Different Stock Exchange Markets in Japan
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Exploring the Existence of Short-run Initial Public Offering (IPO) Underpricing at Three Different Stock Exchange Markets in Japan

机译：探索日本三个不同证券市场上的短期首次公开发行（IPO）抑价的情况

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摘要

This study conducted the examination of the short-run performance of IPO stocks in the Japanese market by measuring daily AAR/CAAR of sample IPO stocks.. The study did so, in order to detect the positive initial abnormal return of sample IPO stocks as well as the short-run IPO underpricing that was observed by Ibbotson (1975) and McDonald and Fisher (1972) in the US market, and Chang (2011) in the Taiwanese market. The finding was that unlike findings in prior research, this study did not discover the positive initial abnormal returns for sample IPO firms in the Japanese market on the event day with statistical significance. Thereby, the short-run IPO underpricing did not occur in the Japanese market and it is inferred that offer prices of IPOs in the Japanese market are priced rationally, reflecting all available pieces of information at the time of offering. The implication of this finding for Efficient Market Hypothesis is that in the short-run, market efficiency holds well for the Japanese market. Findings from the examination on short-run performance of IPO stocks in the Japanese market has enabled this study to answer the research question: Does short-run IPO underpricing exist at stock exchange markets in Japan? The answer is, the short-run IPO underpricing did not exist.
机译：本研究通过测量样本IPO股票的每日AAR / CAAR进行了对日本市场IPO股票的短期表现的研究。这项研究是为了检测样本IPO股票的正初始异常收益。 Ibbotson（1975）和McDonald and Fisher（1972）在美国市场以及Chang（2011）在台湾市场观察到的IPO定价偏低。该发现与以往的研究不同，该研究未发现事件当天日本市场上样本IPO公司的初始初始正收益为正，具有统计学意义。因此，在日本市场上并未出现短期IPO定价过低的情况，可以推断出日本市场上IPO的发行价格是合理定价的，反映了发行时的所有可用信息。这一发现对有效市场假说的暗示是，从短期来看，日本市场的市场效率非常好。通过对日本市场上IPO股票的短期表现的研究发现，该研究能够回答以下研究问题：日本证券市场上是否存在IPO定价偏低的现象？答案是，短期IPO定价不足。

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