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

  • Keiichi Kubota
  • Hitoshi Takehara

Table of contents

  1. Front Matter
    Pages i-xvi
  2. Keiichi Kubota, Hitoshi Takehara
    Pages 1-12
  3. Keiichi Kubota, Hitoshi Takehara
    Pages 42-60
  4. Keiichi Kubota, Hitoshi Takehara
    Pages 61-87
  5. Keiichi Kubota, Hitoshi Takehara
    Pages 108-108
  6. Back Matter
    Pages 109-111

About this book


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.


accounting deregulation discovery financial market financial markets information reforms regulation trading trading systems

Authors and affiliations

  • Keiichi Kubota
    • 1
  • Hitoshi Takehara
    • 2
  1. 1.Chuo UniversityJapan
  2. 2.Waseda UniversityJapan

Bibliographic information

Industry Sectors
Finance, Business & Banking