| Budget Amount *help |
¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
Fiscal Year 2010: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2009: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Fiscal Year 2008: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
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| Research Abstract |
I use a market microstructure approach to empirically examine investor behavior in the situation that the Companies Act and the Financial Instruments and Exchange Act became effective, and that financial reporting and corporate governance structure in Japan have been changed drastically. I then obtain many valuable results about trading behavior of different groups of investors such as (i) ones who submit market orders, (ii) ones who submit limit orders, (iii) large stockholders, and (iv) short sellers.
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