An analysis of Japanese IPO markets: from intraday to long-run performances

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Mean stock returns are significantly positive for months during the first half of the calendar year and significantly negative for months during the second half in the Japanese stock market. This seasonal pattern affects the pricing in the Japanese IPO markets. In the short-run, initial returns during the first half of the year are significantly higher than those of the second half. We also find that investors are more aggressive in the first half of the year in the IPO markets. On the other hand, companies that go public in the first half of the year show poorer long-run performances, due to the higher prices around IPO period.