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Reform and Price Discovery at the Tokyo Stock Exchange: From 1990 to 2012

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In the last two decades the Tokyo Stock Exchange implemented several important reforms in regulations, market trading mechanisms, and IT trading systems. This book analyzes the impact of the evolution of the Tokyo Stock Exchange, at the same time discussing reforms in stock trading by related accounting standards and legal regulations. With daily stock return and market microstructure data, it examines 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 Kubota and Takahara employ is primarily standard market microstructure tests, as well as methods used in conventional empirical financial economics. The authors 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.  

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Titel: Reform and Price Discovery at the Tokyo Stock Exchange: From 1990 to 2012
Autoren/Herausgeber: K. Kubota, H. Takehara
Ausgabe: 2015

ISBN/EAN: 9781137540386

Seitenzahl: 111
Format: 21,6 x 14 cm
Produktform: Hardcover/Gebunden
Gewicht: 314 g
Sprache: Englisch

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.

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