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|Other Titles: ||Ownership Structure and Stock Price of Japanese Firms: An Analysis based on Accounting Valuation Model|
|Authors: ||中條, 良美|
|Issue Date: ||25-Dec-2002|
|Citation: ||経済科学. v.50, n.3, 2002, p.179-190|
|Abstract: ||This paper provides an insight into the manner in which the conventional ownership structure affects firms’ market prices. This study is motivated by the observed level of market-to-book (P/B) ratio of Japanese firms. For example, as of September 2001, the ratio for more than 50% of the firms listed at Tokyo Stock Exchange is below one. If the signals from the stock market including the threat of takeover could induce managers to run the firm in shareholders’ best interest, the P/B ratio would not get into such a slump. The focus of criticism has been laid on the closed ownership structure of Japanese firms that impedes external intervention from the stock market. Thus, the goal of this paper is to discuss whether firms’ market prices can be negatively affected by the peculiar share ownership to the extent that they are to fall below the book values of equity.|
|Appears in Collections:||経済科学 (The Economic Science)|
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