search query: @author Korkie, B. / total: 12
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| Author: | Korkie, B. Nakamura, M. |
| Title: | Block holding and keiretsu in Japan: The effects of capital markets liberalization measures on the stock market |
| Journal: | Journal of International Money and Finance
1997 : FEB, VOL. 16:1, p. 113-140 |
| Index terms: | CAPITAL MARKETS STRUCTURAL CHANGE MEASUREMENT STOCK MARKETS COMPANY OWNERSHIP |
| Language: | eng |
| Abstract: | In Japan long-term block holding among large industrial corporations and financial institutions is prevalent,and not much is known about the implications of such business practice on portfolio returns. The portfolio relationships of parent firms, sub firms and specific industry portfolios are documented. It is hypothesized that these relationships have substantially changed in Japan. The hypothesis is tested by using certain measures for evaluating portfolios and mean-variance spanning. The results suggest that market efficiency and integration of the Japanese stock market may have been significantly enhanced by the Japanese government's liberalization measures of capital markets. |
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