This paper examines how the informational efficiency of the Japanese stock markets changed with the introduction of ETFs(Exchange-Traded Funds) by looking at the arbitrage relationships between cash and futures of the Nikkei225. This paper is unique in that it uses tick data, which enable me to...

This paper examines the institutional aspects of the Dojima rice exchange market. Especially, the role of governance mechanism was focused on. It is well known that the Dojima rice exchange market was established in 1730 in Osaka, and closed in 1869 due to the collapse of Tokugawa Shogunate. In...

The English version of this paper can be found at "http://ssrn.com/abstract=2710457" http://ssrn.com/abstract=2710457.Japanese Abstract:...

Japanese Abstract:...

This paper examines how the corporate governance of the Japanese cotton spinning enterprise was formed in 20th century beginning. The establishment of the corporate governance which makes long-term growth possible has been thought to be reached by the rise of the professional manager who pursued...

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Japanese Abstract:Erickson et al. (2019)...

This paper examines the efficiency of the Dojima Rice Market established in 1730 in Osaka, and closed in 1869 due to the collapse of Tokugawa Shogunate. It had already been shown that there existed the price mechanism in Dojima. However, the most significant question: Whether the world first...