Graduation Year


Date of Submission


Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Darren Filson

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© 2014 Nikki Yea


This paper presents a seminal analysis of firms withdrawn from the IPO market (post security regulation filings) that return later for a subsequent IPO. This study contributes to the existing literature in four ways. First, by using IPO data from 1997 to 2012 in the Japanese market, the study extends the analysis on key determinants of a firm’s returning decision after an IPO withdrawal to the Japanese market. Secondly, it identifies VC ownership percentage and market run-up value 20 ~ 40 days prior to the withdrawn IPO as the key determinants of the probability a firm will return. Thirdly, using the duration model, the paper finds that an increase in VC ownership percentage and market run-up value 0 ~ 20 days prior to the withdrawn IPO allow the subsequent IPO to take place sooner. Finally, this paper attempts to find a correlation between macroeconomic indicators and the number of withdrawals at a given time. These findings can help find the factors that influence a firm’s decision in pursuing the public market option even after a failed attempt. However, censoring issues and the use of non-stationary variables remain as limitations to my findings.

This thesis is restricted to the Claremont Colleges current faculty, students, and staff.