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Market Definition of Long Distance Transportation Market in Japan: An Event Study Approach


  • Mizuno Tomomichi

    (University of Nagasaki)

  • Hanabusa Kunihiro

    (Doshisha University)


After the September 11th attacks, passengers avoided air travel. Hence, companies competing with air carriers may have benefited from the terrorist attacks. Using the market model with a dummy variable and generalized autoregressive conditional heteroskedasticity (GARCH) for an event study, we examine the impact of the attacks on Japanese airline and high-speed railway industries. We show that terrorist attacks negatively impacted the stock prices of the airline industry but increased those of the high-speed railway industry. Thus, because of the competition between air carriers and railway companies, terrorist attacks benefited the high-speed railway industry. We conclude that the Japanese transportation market can be defined as a market containing both air carriers and railway companies.

Suggested Citation

  • Mizuno Tomomichi & Hanabusa Kunihiro, 2011. "Market Definition of Long Distance Transportation Market in Japan: An Event Study Approach," Asian Journal of Law and Economics, De Gruyter, vol. 2(2), pages 1-19, July.
  • Handle: RePEc:bpj:ajlecn:v:2:y:2011:i:2:n:3
    DOI: 10.2202/2154-4611.1032

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