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Japan Premium And Stock Prices

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Japan Premium And Stock Prices

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Author : Takatoshi Itō
language : en
Publisher:
Release Date : 2000

Japan Premium And Stock Prices written by Takatoshi Itō and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Bank failures categories.

This paper investigates how financial troubles among Japanese banks in the second half of the 1990s were viewed by the market. Two indicators, the Japan premium and the stock price index of the banking sector in Tokyo, were examined. Econometric tests were employed to see whether different kinds of investors saw the banking crisis differently, and what kind of news had most impacts on market pricing of Japanese banks. Our findings are as follows. (1) Factors that pushed up the Japan Premium most were the Daiwa Bank incidence in the fall of 1995, failures of large financial institutions in November 1997, and uncertainties in the resolution of banking problem in fall 1998. (2) The bank stock index declined (in relative to the general stock index) most in bank failures, in particular by the Yamaichi Securities failure in November 1997. (3) Individual failures of financial institutions may or may not have impact on other banks' stock prices. (4) The bank stock index and the general stock index historically had co-movements, but the structural changes occurred in the co-movement relationship at around the summer of 1995. (5) News that affected Japan premium and bank stocks are sometimes different. The bank stock price index Granger-causes the Japan premium, but the reverse does not hold. The result is consistent with the view that Japan premium reflects both domestic structural problems and banks' liquidity problem in the euro dollar market, while the bank stock prices reflect the former only

Market Evaluations Of Banking Fragility In Japan

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Author : Takatoshi Ito
language : en
Publisher:
Release Date : 2010

Market Evaluations Of Banking Fragility In Japan written by Takatoshi Ito and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.

This paper investigates movements of market indicators of banking fragility, namely, Japan premium, stock prices, and credit derivative spreads of Japanese banks. Although the Japan premium in the euro-dollar market seemed to have virtually disappeared since April 1999, credit and default risks of Japanese banks has not necessarily disappeared. Other indicators show varying degrees of fragility among Japanese banks in 1998-2001. Banking stock prices continue to slide compared to the market-wide stock price index. From pricing of credit derivatives, default probabilitie of banks can be etracted. Correlations among indicators were high both in the first period and in the second period; Credit default swap (CDS) premium explains Japan premium with a significant, positive coefficient. The higher the CDS is, lower go the stock prices. Before the capital injection of 1999, the markets were more sensitive to bank vulnerability and higher premiums were required.

Bubbles In Japan S Stock Market

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Author : Kazuo Satō
language : en
Publisher:
Release Date : 1995

Bubbles In Japan S Stock Market written by Kazuo Satō and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with categories.

Market Evaluation Of Banking Fragility In Japan

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Author : Takatoshi Ito
language : en
Publisher:
Release Date : 2003

Market Evaluation Of Banking Fragility In Japan written by Takatoshi Ito and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.

Unequal Equities

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Author : Robert Zielinski
language : en
Publisher: McGraw-Hill Companies
Release Date : 1992

Unequal Equities written by Robert Zielinski and has been published by McGraw-Hill Companies this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Financial institutions categories.

Despite its prominence in world finance, Japan's stock market has remained an enigma to many investors. This book aims to remove the mystery, revealing how Japanese corporations have moulded the market into a cheap source of capital; why most shares of corporations are held by other corporations; what the Keiretsu - secretive stockbroking, insurance and banking cartels - really do; and how the market's 1990 collapse affected these interlocking relationships.

Japanese Stocks

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Author : Tōru Matsumoto
language : en
Publisher: Kodansha
Release Date : 1989

Japanese Stocks written by Tōru Matsumoto and has been published by Kodansha this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Business & Economics categories.

Written for the international investor gives pertinent information on the Japanese stock market and offers a forecast for a bull market through 1992.