Graduation of initial public offering firms from junior stock markets: evidence from the Tokyo Stock Exchange
研究了东京证券交易所两个初级市场（MOTHERS和JASDAQ）的IPO公司毕业到主板的影响因素，发现年轻和高研发投入的公司毕业可能性更低，而仅针对MOTHERS的上市规则加速了毕业，且毕业公司业绩更好。
Abstract This study explores the graduation of initial public offering (IPO) firms and regulatory reforms in junior stock markets. Using firms listed on the two junior stock markets of the Tokyo Stock Exchange (TSE), the Market of the high-growth and emerging stocks (MOTHERS) and JASDAQ Securities Exchange (JASDAQ), we examine the factors that affect the time to graduation to the TSE main markets. We find that young IPO firms and those with high research and development (R&D) intensity are less likely to graduate from the TSE junior markets (MOTHERS and JASDAQ). The results also reveal that listing regulations on graduation to the TSE main market, which were introduced only to the MOTHERS, but not to the JASDAQ, accelerate the graduation of IPO firms. Furthermore, we provide evidence that IPO firms that ultimately graduate to the TSE main markets exhibit better performance.