3 1
IPO IPO IPO 1 2 3 2
Initial Public Offerings Firms IPO IPO 2 IR 11 2 IPO 2 IPO 3
2004 4 2005 3 173 10 10 IPO 1 2 3 3 IPO IPO IPO 4
1. 2. 3. 4. 5. 6. 7. 8. 1. 2. 3. 4. 5
1 EDINET http://info.edinet.go.jp 2005 6 29 141 32 1 0 3 3 2 2000 6
http://telecom21.nikkei.co.jp/nt21/service/ 173 24 3 100 73 1 0 IR IR 2004 173 29 7
IR 4 0 5 2005 0 2005 0 5 3 2005 8
0 173 53 53 0 45 0 20000 7000 0 3 IPO 100 0 400 100 (1) 2 (2) 2 2 100 2 2 400 400 100 0 0 0 173 95 50 45 0 49 27 6500.0 3.0 27 9
0 0 46 2.7 0 0.1 1 0 0 58 137.8 0 1.8 5 58 5 IPO 10
1 IPO 4 1 10 6 2005 2 11
2005 2 20 3 UFJ IPO 2002 2004 12
2003 UFJ UFJ Yahoo! http://quote.yahoo.co.jp/ 2004 4 2005 3 UFJ UFJ 5 1 2 10 13
6 10 500 10 TOPIX Yahoo! 60 8 8 500 10 ( i) Var(Rm)=( Rm Rm ) Cov(Ri Rm)=(Ri Ri )(Rm Rm ) i= Cov(Ri Rm) /Var(Rm) Rm TOPIX Ri Cov Var 2000 (2003) 2007 14
2001 IPO 2004 2004 http://telecom21.nikkei.co.jp/nt21/service/ Yahoo! http://quote.yahoo.co.jp/ http://info.edinet.go.jp 2005 15