The study of institutions and functions of the stock market in interwar era Japan based on the database of daily share prices

2017 Fiscal Year Final Research Report

• Project/Area Number: 15K13028
• Research Category: Grant-in-Aid for Challenging Exploratory Research
• Allocation Type: Multi-year Fund
• Research Field: Economic history
• Research Institution: Hannan University
• Principal Investigator: Imajoh Toru (今城徹) 阪南大学, 経済学部, 准教授 (20453988)
• Co-Investigator(Kenkyū-buntansha): 結城 武延 東北大学, 経済学研究科, 准教授 (80613679) ; 齊藤 直 フェリス女学院大学, 国際交流学部, 教授 (90350412)
• Research Collaborator: Suzuki Shiba 成蹊大学, 経済学部, 准教授 (60583325)
• Project Period (FY): 2015-04-01 – 2018-03-31
• Keywords: 戦前期株式市場 / 日次株価データベース / 情報効率性 / 外生的ショック / 株式分割払込制度 / M&Aによる収益変化

Outline of Final Research Achievements

The study sheds light on the institution and function of the stock market in interwar era Japan. We have two results. the first is to complete to build the database of daily share prices in inter war period, which have never constructed before, and is inevitable for this research. The second is to make clear that the share market, though it did't have enough rule to disclose informations, had kept information efficiency during the period by analyzing the evaluation for M&A, the uniqueness of paid-in capital and the response for external shock.

Free Research Field

経済史