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Quantitative analysis on integration and price formation of Tokyo and Osaka stock markets before the Second World War

Research Project

Project/Area Number 18K01734
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Review Section Basic Section 07070:Economic history-related
Research InstitutionWaseda University

Principal Investigator

Hanai Shunsuke  早稲田大学, 商学学術院, 教授 (70212149)

Co-Investigator(Kenkyū-buntansha) 野田 顕彦  京都産業大学, 経済学部, 准教授 (80610112)
前田 廉孝  慶應義塾大学, 文学部(三田), 准教授 (90708398)
Project Period (FY) 2018-04-01 – 2021-03-31
Project Status Completed (Fiscal Year 2020)
Budget Amount *help
¥4,290,000 (Direct Cost: ¥3,300,000、Indirect Cost: ¥990,000)
Fiscal Year 2020: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2019: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2018: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Keywords日本経済史 / 計量ファイナンス / 時変計量経済モデル / 東京株式取引所 / 大阪株式取引所 / 情報効率性 / 営業報告書 / 朝鮮 / 取引所経営 / 株式取引所 / 市場統合速度
Outline of Final Research Achievements

We analyze trade in the Japanese empire conducted on exchanges with a focus on stock exchanges through data on trading before the Second World War and draw three conclusions. First, market efficiency in stock futures markets varied over time from 1878 to 1943. Second, an asymmetric structure between the Tokyo Stock Exchange, which dealt mainly in long-term trading, and the Osaka Stock Exchange, which dealt mainly in short-term trading, was formed from the 1920s. Third, rice futures trading in Korea was enlarged after the late 1930s due to the strengthening of the metropole’s controlled economy.

Academic Significance and Societal Importance of the Research Achievements

近代日本経済で取引所は中枢的な社会資本たる役割を果たし,なかでも株式取引所は明治中期以降における株式会社制度の普及で重要性を増した。しかし,既往研究は企業による資金調達活動と地方資産家による投資活動の分析に傾注し,双方を媒介した取引所の機能に関する研究は進展してこなかった。そこで,本研究は取引データから株式取引所を中心に取引所における取引の実態を定量的に分析し,取引所取引の変容を指摘した点に意義を有する。

Report

(4 results)
  • 2020 Annual Research Report   Final Research Report ( PDF )
  • 2019 Research-status Report
  • 2018 Research-status Report
  • Research Products

    (21 results)

All 2021 2020 2019 2018 2017

All Journal Article (9 results) (of which Peer Reviewed: 3 results) Presentation (12 results) (of which Int'l Joint Research: 6 results)

  • [Journal Article] 日露戦後日本の政府介入と超過需要:VAR・VECモデルによる専売制度下食塩市場の分析2021

    • Author(s)
      前田廉孝
    • Journal Title

      史学

      Volume: 89 Pages: 83-136

    • NAID

      40022498268

    • Related Report
      2020 Annual Research Report
  • [Journal Article] 講座 「財政専売」の時代:近代日本の食塩・塩専売制度と経済学2021

    • Author(s)
      前田廉孝
    • Journal Title

      日本海水学会誌

      Volume: 75 Pages: 46-48

    • Related Report
      2020 Annual Research Report
  • [Journal Article] Market-based financing for small corporations during early industrialisation: The case of salt corporations in Japan, 1880s-1910s2020

    • Author(s)
      Maeda Kiyotaka
    • Journal Title

      Business History

      Volume: - Issue: 3 Pages: 1-23

    • DOI

      10.1080/00076791.2020.1825689

    • Related Report
      2020 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Evaluating the Financial Market Function in Prewar Japan using a Time-Varying Parameter Model2020

    • Author(s)
      Kenichi Hirayama and Akihiko Noda
    • Journal Title

      Quantitative Finance Papers [arXiv:2008.00860]

      Volume: - Pages: 1-29

    • Related Report
      2020 Annual Research Report
  • [Journal Article] 帝国日本の台湾・関東州塩需給と流通主体:1890-1910年代を中心に2020

    • Author(s)
      前田廉孝
    • Journal Title

      史学

      Volume: 89 Pages: 83-136

    • Related Report
      2020 Annual Research Report
  • [Journal Article] Market-Based for Small Corporations during Early Industrialisation: The Case of Salt Corporations in Japan, 1880s-1910s2019

    • Author(s)
      Kiyotaka Maeda
    • Journal Title

      Keio-IES Discussion Paper Series

      Volume: 19 Pages: 1-44

    • Related Report
      2019 Research-status Report
  • [Journal Article] Measuring the Time-Varying Market Efficiency in Prewar Japanese Stock Markets2019

    • Author(s)
      Akihiko Noda
    • Journal Title

      Quantitative Finance Papers

      Volume: arXiv: 1911.04059 Pages: 1-22

    • Related Report
      2019 Research-status Report
    • Peer Reviewed
  • [Journal Article] 明治・大正期日本の食塩市場と塩専売制度をめぐる経済史研究の意義と課題2018

    • Author(s)
      前田廉孝
    • Journal Title

      史学

      Volume: 88 Pages: 27-69

    • NAID

      120006774869

    • Related Report
      2018 Research-status Report
  • [Journal Article] The Futures Premium and Rice Market Efficiency in Prewar Japan2017

    • Author(s)
      Ito, M., Maeda, K., and Noda, A.
    • Journal Title

      Economic History Review

      Volume: forthcoming Issue: 3 Pages: 909-937

    • DOI

      10.1111/ehr.12608

    • Related Report
      2018 Research-status Report
    • Peer Reviewed
  • [Presentation] 帝国日本の台湾・関東州塩供給:1890-1910年代を中心に2020

    • Author(s)
      前田廉孝
    • Organizer
      大阪経済大学日本経済史研究所第99回経済史研究会
    • Related Report
      2020 Annual Research Report
  • [Presentation] 帝国日本の台湾・関東州塩供給:1890-1910年代を中心に2020

    • Author(s)
      前田廉孝
    • Organizer
      三田史学会
    • Related Report
      2020 Annual Research Report
  • [Presentation] Evaluating the Financial Market Function in Prewar Japan using a Time-Varying Parameter Model2020

    • Author(s)
      Kenichi Hirayama and Akihiko Noda
    • Organizer
      日本金融学会2020年度秋季大会(オンライン)
    • Related Report
      2020 Annual Research Report
  • [Presentation] 大正期塩専売法違反の認知と処分:1916年度坂出専売支局管内を事例に2019

    • Author(s)
      前田廉孝
    • Organizer
      日本塩業研究会2019年度第1回例会
    • Related Report
      2019 Research-status Report
  • [Presentation] 日露戦時・戦後の課税強化と監視・取締:塩専売法違反を事例に2019

    • Author(s)
      前田廉孝
    • Organizer
      香川大学経済学部現代社会研究会
    • Related Report
      2019 Research-status Report
  • [Presentation] On the Evolution of Cryptocurrency Market Efficiency2019

    • Author(s)
      Akihiko Noda
    • Organizer
      Western Economic Association International 94th Annual Conference
    • Related Report
      2019 Research-status Report
    • Int'l Joint Research
  • [Presentation] Financial Arrangements of Small and Medium Enterprises and Regional Capital Market in Prewar Japan2018

    • Author(s)
      Kiyotaka Maeda
    • Organizer
      18th World Economic History Congress in Boston (Boston, US)
    • Related Report
      2018 Research-status Report
    • Int'l Joint Research
  • [Presentation] Discretion versus Policy Rules in Futures Markets: A Case of the Osaka-Dojima Rice Exchange, 1914-19392018

    • Author(s)
      Mikio Ito, Kiyotaka Maeda, and Akihiko Noda
    • Organizer
      18th World Economic History Congress in Boston (Boston, US)
    • Related Report
      2018 Research-status Report
    • Int'l Joint Research
  • [Presentation] Discretion versus Policy Rules in Futures Markets: A Case of the Osaka-Dojima Rice Exchange, 1914-19392018

    • Author(s)
      Mikio Ito, Kiyotaka Maeda, and Akihiko Noda
    • Organizer
      Western Economic Association International 93rd Annual Conference (Vancouver, Canada)
    • Related Report
      2018 Research-status Report
    • Int'l Joint Research
  • [Presentation] 明治・大正期日本の食塩市場と塩専売制度をめぐる経済史研究の意義と課題2018

    • Author(s)
      前田廉孝
    • Organizer
      2018年度三田史学会大会
    • Related Report
      2018 Research-status Report
  • [Presentation] Financial Arrangements of Small and Medium Enterprises and Regional Capital Market in Prewar Japan2018

    • Author(s)
      Kiyotaka Maeda
    • Organizer
      The 4th International Conference on Economic History “Crossroads of Globalization: Market-Making in Modern East Asia” (Tokyo, Japan)
    • Related Report
      2018 Research-status Report
    • Int'l Joint Research
  • [Presentation] Discretion versus Policy Rules in Futures Markets: A Case of the Osaka-Dojima Rice Exchange, 1914-19392018

    • Author(s)
      Mikio Ito, Kiyotaka Maeda, and Akihiko Noda
    • Organizer
      The 4th International Conference on Economic History “Crossroads of Globalization: Market-Making in Modern East Asia” (Tokyo, Japan)
    • Related Report
      2018 Research-status Report
    • Int'l Joint Research

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Published: 2018-04-23   Modified: 2022-01-27  

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