Impact of TSE Quarterly Disclosure on Information Asymmetry

Keiichi Kubota and Hitoshi Takehara
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Keiichi Kubota: Chuo University
Hitoshi Takehara: Waseda University

Chapter 5 in Reform and Price Discovery at the Tokyo Stock Exchange: From 1990 to 2012, 2015, pp 61-87 from Palgrave Macmillan

Abstract: 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.

Keywords: Information Asymmetry; Price Discovery; Fourth Quarter; Corporate Bond; Informed Trading (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-54039-3_5

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DOI: 10.1057/9781137540393_5

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