| Abstract: | Abstract. This paper reviews the development of IPO markets for emerging companies in Japan, especially after an entry of NASDAQ in Japan in 2000 with a view to assess whether they have provided markets for the growth firms and whether venture capital investments have shown an increase. Using the publicly available data, it examines the features of the three IPO markets and confirmed that JASDAQ is a market for traditional industries with relatively large size of emerging companies, whereas both Mothers and Hercules offer markets for new industries with young companies. It also discusses possible measures to further enhance market development. |
