AsianFA - Financial Conglomeration, IPO Underwriting, and Allocation in Japan

Akitoshi Ito, CFA    Akitoshi Ito, Takato Hiraki, Toshiki Honda, Ming Liu
05 Apr 2018
Category: Corporate Finance

Country or region: Japan

Financial conglomeration has created full and partial universal banking services in the industry. Using a sample of 779 Japanese IPOs over the 2002-2012 period, we find a strong retail orientation in new share allocation. The most complete universal banking form of underwriting neither advantages nor disadvantages investors in the underwriter’s ......

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