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

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 ti

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“The way we trade stocks has changed considerably over the past 20 years. While this has been a world-wide phenomenon, the changes in Japan have been especially noteworthy. I congratulate Professors Kubota and Takehara for their thorough analysis of the Japanese reforms and their effects on the microstructure and liquidity of the Japanese stock market.” —Sheridan Titman, Professor, Walter W. McAllister Centennial Chair in Financial Services, McCombs School of Business, The University of Texas at Austin, USA. “Professors Kubota and Takehara provide an in-depth and insightful analysis of how the Japanese reforms and deregulation have affected price discovery, liquidity, and risks in the stock market. This is an excellent reference book for professionals, policy makers, and students who are interested in the Japanese stock market.” —Ravi Jagannathan, Chicago Mercantile Exchange/John F. Sander Professor of Finance, Kellogg School of Management, Northwestern University, USA.

DOI: 10.1057/9781137540393.0001

10.1057/9781137540393 - Reform and Price Discovery at the Tokyo Stock Exchange, Keiichi Kubota and Hitoshi Takehara

Copyright material from www.palgraveconnect.com - licensed to New York University - Waldmann Dental Library - PalgraveConnect - 2015-05-16

“Reform and Price Discovery at the Tokyo Stock Exchange: From 1990 to 2012 is a lucid account of the price discovery, reforms, risks, and liquidity of the Tokyo Stock Exchange. Written by experts in the field, Keiichi Kubota (a former PhD student of mine) and Hitoshi Takehara, this book will enrich the perspective of any professional, policy maker, and student of the TSE.” —George M. Constantinides, Leo Melamed Professor of Finance, Booth School of Business, The University of Chicago, USA.

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