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

Business & Finance, Finance & Investing, Investments & Securities, Economics
Cover of the book Reform and Price Discovery at the Tokyo Stock Exchange: From 1990 to 2012 by K. Kubota, H. Takehara, Palgrave Macmillan US
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Author: K. Kubota, H. Takehara ISBN: 9781137540393
Publisher: Palgrave Macmillan US Publication: April 30, 2015
Imprint: Palgrave Pivot Language: English
Author: K. Kubota, H. Takehara
ISBN: 9781137540393
Publisher: Palgrave Macmillan US
Publication: April 30, 2015
Imprint: Palgrave Pivot
Language: English

In the last two decades the Tokyo Stock Exchange implemented several important reforms in regulations, market trading mechanisms, and IT trading systems. In this book we analyze the impact of the evolution of the Tokyo Stock Exchange (TSE), at the same time discussing reforms in stock trading by related accounting standards and legal regulations. 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.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

In the last two decades the Tokyo Stock Exchange implemented several important reforms in regulations, market trading mechanisms, and IT trading systems. In this book we analyze the impact of the evolution of the Tokyo Stock Exchange (TSE), at the same time discussing reforms in stock trading by related accounting standards and legal regulations. 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.

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