The Bank of Japan’s equity purchases and stock price crash risk

Izidin El Kalak, Onur Kemal Tosun and Kazuo Yamada

Economics Letters, 2023, vol. 229, issue C

Abstract: This paper documents a negative relationship between the Bank of Japan’s indirect ownership, through ETFs, in a firm and the firm’s stock price crash risk. This relationship strengthens further after the introduction of the Stewardship Code due to improved corporate governance.

Keywords: Bank of Japan; Monetary policy; ETF; Crash risk (search for similar items in EconPapers)
JEL-codes: G11 G14 G23 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:229:y:2023:i:c:s0165176523002392

DOI: 10.1016/j.econlet.2023.111214

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