东京证券交易所交易网络上的股票回购

IF 2.6 3区经济学 Q1 ECONOMICS

Journal of the Japanese and International Economies Pub Date : 2021-09-01 DOI:10.1016/j.jjie.2021.101148

Koji Ota , David Lau

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引用次数: 2

摘要

东京证券交易所交易网络(ToSTNeT)是日本一个独特的市场，公司可以在非拍卖时间内以固定价格在很短的时间内回购其股票。在这项研究中，我们发现了ToSTNeT的一个缺陷，这一缺陷似乎被回购公司的管理者利用，以偏袒与公司有密切经济联系的某些卖家。进一步的调查显示，散户投资者在ToSTNeT上出售股票是不切实际的。本研究对东京证券交易所的监管和政策改革提出了建议，这些建议可能有助于弥补ToSTNeT漏洞，维护日本股票回购的完整性。

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Share repurchases on the Tokyo Stock Exchange Trading Network

Tokyo Stock Exchange Trading Network (ToSTNeT) is a unique market in Japan in which firms can repurchase their shares during off-auction hours at a fixed price within a very short timeframe. In this study, we uncover a drawback in ToSTNeT which appears to have been exploited by managers of the repurchasing firms to favour certain sellers who have close economic ties with the firms. Further investigations reveal that it is impractical for retail investors to sell their shares on ToSTNeT. Our study proposes recommendations of regulatory and policy changes for the Tokyo Stock Exchange that may help tighten the loophole in ToSTNeT and safeguard the integrity of share repurchases in Japan.

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来源期刊

Journal of the Japanese and International Economies Multiple-

CiteScore

5.10

自引率

6.90%

发文量

期刊介绍： The Journal of the Japanese and International Economies publishes original reports of research devoted to academic analyses of the Japanese economy and its interdependence on other national economies. The Journal also features articles that present related theoretical, empirical, and comparative analyses with their policy implications. Book reviews are also published.