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Identifier to cite or link to this item: https://hdl.handle.net/10086/27491

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Title
Initial Public Offering and Financing of Biotechnology Start-ups: Evidence from Japan
Creator
Creator Name
HONJO, Yuji HONJO, Yuji
本庄, 裕司 本庄, 裕司
Affiliation
Affiliation Name
Chuo University
Creator Name
NAGAOKA, Sadao NAGAOKA, Sadao
長岡, 貞男 長岡, 貞男
Affiliation
Affiliation Name
Tokyo Keizai University
Key Word
Biotechnology
Initial public offering
Market value
Staged financing
Start-up
Syndication
JEL
G32
M13
L65
Abstract
This paper explores the initial public offering (IPO) and financing of biotechnology start-ups in Japan. Using a unique data set, we find that biotechnology start-ups initially backed by venture capital (VC) firms and those originating from universities are more likely to go public within a shorter period. Moreover, we examine whether two investment methods used by VC firms?staged financing and syndication?affect the market value of equity at the IPO. The results reveal that these methods do not create a higher value of biotechnology start-ups at the IPO. Furthermore, we provide evidence that the timing of IPOs does not depend on market conditions in the biotechnology industry, whereas the market value of equity tends to depend on market conditions.
Publisher
Institute of Innovation Research, Hitotsubashi University
Issued Date
2015-09
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
IIR Working Paper ; No. 15-20
Number of Pages
40
Appears in Collections
IIR Working Paper
URL
https://hdl.handle.net/10086/27491