Reform and Price Discovery at the Tokyo Stock Exchange: From 1990 to 2012
K. KubotaH. Takehara
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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. 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 ...