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Participation of Ordinary Investors and Stock Market Quality: A Comparison between Japanese and US Markets

Makoto Yano and Takashi Komatsubara

Pacific Economic Review, 2014, vol. 19, issue 5, 537-558

Abstract: This study investigates the quality of Japanese and US stock markets from the viewpoints of efficiency and fairness. We design a new Internet survey and develop a simple model that can quantitatively explain stock market quality by those data. Our estimation shows that the Japanese stock market is of lower quality with respect both to efficiency and fairness than the US stock market. This suggests that the quarter-century-long stagnation of the Japanese economy since the early 1990s might be attributable to the lack of high quality stock markets in Japan.

Date: 2014
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