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Listing Policy and Development of the Tokyo Stock Exchange in the Pre-War Period
http://hdl.handle.net/2261/7234
http://hdl.handle.net/2261/723477ad57f4-8d05-44fb-a8f1-eb1f8ba7262b
| Item type | テクニカルレポート / Technical Report(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2013-06-03 | |||||
| タイトル | ||||||
| タイトル | Listing Policy and Development of the Tokyo Stock Exchange in the Pre-War Period | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| 資源タイプ | ||||||
| 資源 | http://purl.org/coar/resource_type/c_18gh | |||||
| タイプ | technical report | |||||
| アクセス権 | ||||||
| アクセス権 | metadata only access | |||||
| アクセス権URI | http://purl.org/coar/access_right/c_14cb | |||||
| 著者 |
Hamao, Yasushi
× Hamao, Yasushi× Hoshi, Takeo× Okazaki, Tetsuji |
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| 著者所属 | ||||||
| 著者所属 | University of Southern California | |||||
| 著者所属 | ||||||
| 著者所属 | University of California | |||||
| 著者所属 | ||||||
| 著者所属 | The University of Tokyo | |||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | Recent studies have established that the Japanese stock market was quite large in the pre-war period, and played an important role in financing the economic development. The pre-war stock market in Japan, however, did not achieve its size and status quickly. Indeed, the market capitalization stayed relatively small during the early years of the stock market development in Japan. This paper studies the pre-war development of the Tokyo Stock Exchange, which eventually grew to be one of the two largest stock exchanges in the pre-war Japan, and examines why the development was rather stagnant since its establishment in 1878 to the 1910s and what led to its take-off in the late 1910s. The paper argues that the TSE stayed small because the low liquidity discouraged the new companies from listing their stocks. The lack of growth in new listed stocks meant the liquidity continued to be low until 1918, when the TSE changed its listing policy to start listing companies without waiting for their listing applications. The provides empirical evidence from listing behavior of cotton spinning firms that shows the size of the market indeed mattered for their listing decision before 1918. | |||||
| 内容記述 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | 本文フィルはリンク先を参照のこと | |||||
| 書誌情報 |
Discussion paper series. CIRJE-F 巻 CIRJE-F-495, 発行日 2007-05 |
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| 書誌レコードID | ||||||
| 収録物識別子タイプ | NCID | |||||
| 収録物識別子 | AA11450569 | |||||
| フォーマット | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | application/pdf | |||||
| 日本十進分類法 | ||||||
| 主題Scheme | NDC | |||||
| 主題 | 330 | |||||
| 出版者 | ||||||
| 出版者 | 日本経済国際共同センター | |||||
| 出版者別名 | ||||||
| Center for International Research on the Japanese Economy | ||||||
| 関係URI | ||||||
| 識別子タイプ | URI | |||||
| 関連識別子 | http://www.cirje.e.u-tokyo.ac.jp/research/dp/2007/2007cf495ab.html | |||||
