Priced on the note: the case of Japanese IPOs

References

• Aitken, M., P. Brown, C. Buckland, H. Y. Izan, and T. Walter. 1996. “Price Clustering on the Australian Stock Exchange.” Pacific-Basin Finance Journal 4: 297–314.
   Google Scholar
• Akyol, A. C., T. Cooper, M. Meoli, and S. Vismara. 2014. “Do Regulatory Changes Affect the Underpricing of European IPOs?” Journal of Banking & Finance 45: 43–58.
   Web of Science ®Google Scholar
• Asçioglu, A., C. Comerton Forde, and T. H. McInish. 2007. “Price Clustering on the Tokyo Stock Exchange.” Financial Review 42: 289–301.
   Google Scholar
• Bradley, D. J., J. W. Cooney, B. D. Jordan, and A. K. Singh. 2004. “Negotiation and the IPO Offer Price: A Comparison of Integer Vs. Non-integer IPOs.” Journal of Financial and Quantitative Analysis 39: 517–540.
   Web of Science ®Google Scholar
• Carter, R., and S. Manaster. 1990. “Initial Public Offerings and Underwriter Reputation.” The Journal of Finance 45: 1045–1067.
   Web of Science ®Google Scholar
• Chen, H., and J. R. Ritter. 2000. “The Seven Percent Solution.” The Journal of Finance 55: 1105–1131.
   Web of Science ®Google Scholar
• Colombo, M. G., M. Meoli, and S. Vismara. 2019. “Signaling in Science-based IPOs: The Combined Effect of Affiliation with Prestigious Universities, Underwriters, and Venture Capitalists.” Journal of Business Venturing 34: 141–177.
   Web of Science ®Google Scholar
• Dambra, M., L. C. Field, and M. T. Gustafson. 2015. “The JOBS Act and IPO Volume: Evidence that Disclosure Costs Affect the IPO Decision.” Journal of Financial Economics 116: 121–143.
   Web of Science ®Google Scholar
• Dambra, M., L. C. Field, M. T. Gustafson, and K. Pisciotta. 2018. “The Consequences to Analyst Involvement in the IPO Process: Evidence Surrounding the JOBS Act.” Journal of Accounting and Economics 65: 302–330.
   Web of Science ®Google Scholar
• Derrien, F., and K. L. Womack. 2003. “Auctions Vs. Bookbuilding and the Control of Underpricing in Hot IPO Markets.” Review of Financial Studies 16: 31–61.
   Web of Science ®Google Scholar
• Harris, L. 1991. “Stock Price Clustering and Discreteness.” Review of Financial Studies 4: 389–415.
   Web of Science ®Google Scholar
• Hoberg, G. 2007. “The Underwriter Persistence Phenomenon.” The Journal of Finance 62: 1169–1206.
   Web of Science ®Google Scholar
• Hu, B., C. Jiang, T. McInish, and Y. Ning. 2019. “Price Clustering of Chinese IPOs: The Impact of Regulation, Cultural Factors, and Negotiation.” Applied Economics 51: 3995–4007.
   Web of Science ®Google Scholar
• Hwang, C.-Y., S. Titman, and Y. Wang. 2018. “Is It Who You Know or What You Know? Evidence from IPO Allocations and Mutual Fund Performance.” Journal of Financial and Quantitative Analysis 53: 2491–2523.
   Web of Science ®Google Scholar
• Ikenberry, D. L., and J. P. Weston. 2008. “Clustering in US Stock Prices after Decimalisation.” European Financial Management 14: 30–54.
   Web of Science ®Google Scholar
• Jenkinson, T., H. Jones, and F. Suntheim. 2018. “Quid Pro Quo? What Factors Influence IPO Allocations to Investors?” The Journal of Finance 73: 2303–2341.
   Web of Science ®Google Scholar
• Kandel, S., O. Sarig, and A. Wohl. 2001. “Do Investors Prefer Round Stock Prices? Evidence from Israeli IPO Auctions.” Journal of Banking & Finance 25: 1543–1551.
   Web of Science ®Google Scholar
• Kaneko, T., and R. H. Pettway. 2003. “Auctions versus Book Building of Japanese IPOs.” Pacific-Basin Finance Journal 11: 439–462.
   Google Scholar
• Kirkulak, B., and C. Davis. 2005. “Underwriter Reputation and Underpricing: Evidence from the Japanese IPO Market.” Pacific-Basin Finance Journal 13: 451–470.
   Google Scholar
• Liu, X., and J. R. Ritter. 2011. “Local Underwriter Oligopolies and IPO Underpricing.” Journal of Financial Economics 102: 579–601.
   Web of Science ®Google Scholar
• Loughran, T., and J. R. Ritter. 2002. “Why Don’t Issuers Get Upset about Leaving Money on the Table in IPOs?” Review of Financial Studies 15: 413–444.
   Web of Science ®Google Scholar
• Meoli, M., A. Signori, and S. Vismara. 2015. “Are IPO Underwriters Paid for the Services They Provide?” International Journal of Managerial Finance 11: 414–437.
   Web of Science ®Google Scholar
• Migliorati, K., and S. Vismara. 2014. “Ranking Underwriters of European Ipos.” European Financial Management 20: 891–925.
   Web of Science ®Google Scholar
• Mola, S., and T. Loughran. 2004. “Discounting and Clustering in Seasoned Equity Offering Prices.” Journal of Financial and Quantitative Analysis 39: 1–23.
   Web of Science ®Google Scholar
• Vismara, S., S. Paleari, and J. R. Ritter. 2012. “Europe’s Second Markets for Small Companies.” European Financial Management 18: 352–388.
   Web of Science ®Google Scholar