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Reform and Price Discovery at the Tokyo Stock Exchange: From 1990 to 2012 (Hardcover)
Loot Price: R1,741
Discovery Miles 17 410
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Reform and Price Discovery at the Tokyo Stock Exchange: From 1990 to 2012 (Hardcover)
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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. 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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