Share repurchases on the Tokyo Stock Exchange Trading Network

Koji Ota*, David Lau


研究成果: Article査読

1 被引用数 (Scopus)


Tokyo Stock Exchange Trading Network (ToSTNeT) is a unique market in Japan in which firms can repurchase their shares during off-auction hours at a fixed price within a very short timeframe. In this study, we uncover a drawback in ToSTNeT which appears to have been exploited by managers of the repurchasing firms to favour certain sellers who have close economic ties with the firms. Further investigations reveal that it is impractical for retail investors to sell their shares on ToSTNeT. Our study proposes recommendations of regulatory and policy changes for the Tokyo Stock Exchange that may help tighten the loophole in ToSTNeT and safeguard the integrity of share repurchases in Japan.

ジャーナルJournal of The Japanese and International Economies
出版ステータスPublished - 2021 9月

ASJC Scopus subject areas

  • 財務
  • 経済学、計量経済学
  • 政治学と国際関係論


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