Japanese Financial Market Research: A Survey

Abstract

This article provides a survey of research conducted in Japanese financial markets. Until the 1990s, the academic discipline of financial economics was almost not taught in Japanese universities. A few of the first-generation papers were simply replicating what was done in the US, but many strong papers utilizing unique institutional differences were soon published. Japan also experienced a financial and real estate bubble in the 1980s and it took close to two decades to recover from the collapse of that bubble. Some lessons from that experience are noted in this paper.

The Choice of Fiscal Year and the Earnings–Return Relationship

“…() demonstrate differences in the link between governance, competition, and firm value in the United States and China. The many unique features of the Japanese financial markets and their resulting differences from the United States are surveyed in Hamao ().…”