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Impact of TSE Quarterly Disclosure on Information Asymmetry

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

Author

Listed:
  • Keiichi Kubota

    (Chuo University)

  • Hitoshi Takehara

    (Waseda University)

Abstract

In Chapter 5 we detail the new quarterly reporting requirement issued by the TSE for firms listed on its First and Second Sections. We demonstrate that good firms responded by disclosing, while bad firms did not; this forms an interesting case of separating equilibrium. We also find that after this requirement was issued the liquidity and information asymmetry of listed stocks declined overall. However, it is hard to identify which factor had the greatest effect on the reduction of information asymmetry and market illiquidity, because many reforms were implemented in accounting standards and other stock exchange regulations during that time.

Suggested Citation

  • Keiichi Kubota & Hitoshi Takehara, 2015. "Impact of TSE Quarterly Disclosure on Information Asymmetry," Palgrave Macmillan Books, in: Reform and Price Discovery at the Tokyo Stock Exchange: From 1990 to 2012, chapter 5, pages 61-87, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-1-137-54039-3_5
    DOI: 10.1057/9781137540393_5
    as

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