Reform and Price Discovery at the Tokyo Stock Exchange: From 1990 to 2012
Palgrave Pivot (Verlag)
978-1-137-54038-6 (ISBN)
With daily stock return and market microstructure data, we analyze how these reforms have significantly influenced the pricing structure and price discovery process of traded stocks, as well as the trading style of institutional investors, individual investors, and high frequency traders.
The research methodology we employ is primarily standard market microstructure tests as well as methods used in conventional empirical financial economics. We simultaneously use the most relevant concepts in these fields for our empirical tests and provide a comprehensive picture of trading, price discovery, pricing structure, and public vs. private information dissemination.
Keiichi Kubota is Professor of Finance at Chuo University, Japan, and Professor Emeritus at Musashi University, Japan. He published four books in Japan and his research appears in the Journal of Business, Finanz Archiv, and others. He served as a board member for the Asian Finance Association. Hitoshi Takehara is Professor of Finance at Waseda University, Japan. He published two books in Japan and his research appears in the Journal of Business, Management Science, and others. He had been a President of Nippon Finance Association from June 2010 to May 2014.
1. Introduction to the System of Trading at the Tokyo Stock Exchange 2. Reform and Deregulation of Financial Markets in Japan: Evolution of Law and Accounting Standards 3. Market Microstructure and Information Asymmetry Variables: The Behavior of TSE Stocks 4. Risk and Return of Tokyo Stock Exchange 5. Impact of TSE Quarterly Disclosure on Information Asymmetry 6. Price Discovery Process Before and After the Introduction of the "Arrowhead" Trading System at the Tokyo Stock Exchange
| Zusatzinfo | 9 Illustrations, black and white; XVI, 111 p. 9 illus. |
|---|---|
| Verlagsort | Basingstoke |
| Sprache | englisch |
| Maße | 140 x 216 mm |
| Themenwelt | Recht / Steuern ► EU / Internationales Recht |
| Recht / Steuern ► Wirtschaftsrecht ► Bank- und Kapitalmarktrecht | |
| Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung | |
| Wirtschaft ► Volkswirtschaftslehre ► Finanzwissenschaft | |
| Wirtschaft ► Volkswirtschaftslehre ► Makroökonomie | |
| Wirtschaft ► Volkswirtschaftslehre ► Wirtschaftspolitik | |
| ISBN-10 | 1-137-54038-9 / 1137540389 |
| ISBN-13 | 978-1-137-54038-6 / 9781137540386 |
| Zustand | Neuware |
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