"Cross-shareholdings and Equity Valuation in Japan "(in Japanese)

Seiji Ogishima and Takao Kobayashi ()
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Seiji Ogishima: Nomura Research Institute

No CIRJE-J-36, CIRJE J-Series from CIRJE, Faculty of Economics, University of Tokyo

Abstract: This paper reports our extensive study on the cross-shareholdings among Japanese companies and their impact on share prices. We use three alternative indexes to measure the extent of stable ownership of individual companies. To investigate the impact of cross-shareholdings on share prices we combine an EVA-type valuation model and analysts' earning forecasts of Nomura Research Institute. We find a significant positive relation between share price and one of the three indexes of stable ownership, but not the other two. We give an interpretation of this result from the perspective of managerial incentives in relation to the ownership structure of Japanese companies.

Pages: 32 pages
Date: 2000-12
New Economics Papers: this item is included in nep-cfn, nep-fin and nep-fmk
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Persistent link: https://EconPapers.repec.org/RePEc:tky:jseres:2000cj36

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