Invest Japan: the structure, performance and opportunities of Japan's stock, bond and fund markets
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Chicago, Ill.
Probus Publ.
1992
|
| Series: | An institutional investor publication
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XI, 589 S. graph. Darst. |
| ISBN: | 1557382344 |
Staff View
MARC
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Record in the Search Index
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|---|---|
| adam_text | INVEST JAPAN
Contents
Preface ix
1. The Stock Markets and How They Operate 1
The Japanese Stock Exchanges 19
The Increase in Stock Prices: 1949 1989 21
Margin Trading 29
Foreign Stockbrokers in Japan 34
Foreign Investment 41
Share Ownership in Listed Companies 43
Foreign Stocks on the TSE 45
Cross Holdings and Industrial Groupings 45
Mochiai, Inter Company Shareholding 47
American Depository Receipts 51
2. The Nikkei Stock Average and the Topix Indices 55
The Topix Value Weighted Index 65
The Over the Counter Market 84
The Relationship Across Markets 85
The Daily Correlation of the Topix Index: 1949 88 89
The Daily Correlation of the NSA and Topix Indices: 1984 89 92
Other Japanese Stock Market Indices 94
Volatility of the Nikkei and Topix Stock Averages 95
Returns, Volatilities and Serial Correlations in U.S. Funds 99
Volatilities of the NSA and Topix Indices: 1984 91 99
Are Volatilities Higher When Markets Are Open? 103
Land Prices Are Astronomical 106
Land and Stock Prices in Japan 124
Golf Course Membership Returns and Stock Returns 135
Can Professional Fund Managers Beat the Market Averages? 144
Gains from Diversification in Japanese Stocks by U.S. Investors 145
International Diversification by U.S. Investors 148
Conclusions 154
3. Day of the Week Effects in Japanese Stocks 157
Evidence from the 1970s and 1980s 157
The Correlation with the New York Stock Exchange 166
A Test of Millers Weekend Hypothesis 168
The Full Evidence: 1949 88 176
Why Do the Anomalies Occur? 182
Futures Markets Effects 184
Effects of the End of Saturday Trading after January 1989 186
vi Invest Japan
4. Monthly, Size, Turn of the Month and Year, Hobday,
and Golden Week Effects in Japanese Stocks 191
The January and Monthly Effects 191
The Monthly Effect on the NSA and Topix Market Indices: 1949 88 199
The Buy/Sell Ratio and the Monthly Effect 207
Mutual Fund Receipts by Month 210
The Turn of the Month Effect 212
Holiday Effects 216
The Golden Week Effect 220
The Turn of the Year Effect 221
Why Do the Anomalies Occur? 223
A Test with Real Yen 224
5. Valuation Techniques 245
Price Earnings Ratios 245
Price Earnings Ratios: the Non Trading Effect 266
Do Low PER Stocks Have an Edge? 268
Price to Sales as a Predictor of Stock Prices 273
Effect of Par Values on Stock Prices 277
Dividends and Yields 278
The Q Ratio 288
Taking the Land Out of the Stock for Specific Companies 297
How Much of the Value of the Stocks Is Land? 300
Summing up the PER Adjustments to Fairly Evaluate Japanese Stocks 301
A Bond and Stock Yield Differential Valuation Model for Detecting
Overpriced Markets 301
Japanese Asset Pricing Models 306
CAPMD: A Model of Risk and Return in the Japanese Equity Market 316
Cumulative Payoff to Single Factors: June 1979 to September 1989 322
Summary of Chapter What Do We Know about Valuation? 329
6. Hedging Strategies for Stocks and the Value of the Yen 351
Hedging a U.S. Stock Portfolio Against a Possible Increase
in the Value of the Yen for a Japanese Investor 352
A Partial Hedge: The Basic Idea 354
Testing out the Partial Hedge Idea: Japanese Investment in U.S. Treasury
Bonds 356
Hedging a Japanese Portfolio Against a Possible Drop in the Value of the
Yen for a U.S. Investor 369
Adjusting the Amount of the Hedge 371
Hedged and Unhedged Returns 372
7. Risks for the Stock Market 377
The Twenty Two Corrections: 1949 1990 377
Market Timing: The U.S. Lessons 379
The Decline of 1990 381
Japan s Dependence on Oil 3%
Earthquake 399
Price Limits and Crashes: Taiwan s 3% Limit 407
• .v. J
Contents vii
I 8. Suggestions for Stock Investment in Japan by Japanese and by
] Foreigners 413
¦ Sample Portfolios 413
The Experts Selections for 1991 419
Sector Performance: 1984 to April 1989 424
New Issues 424
Analysis of Particular Securities 426
9. Mutual Funds for Investment in Japan by Japanese and by
Foreigners 457
Funds Managed in the U.S. with Japanese Equities 457
Asian Equity Funds in Hong Kong 463
Trust Funds Available in Japan 465
Japanese versus American Styles of Running Mutual Funds 467
10. Favorable Seasonality Calendars for 1988 92 469
Predicting versus Timing the Market 469
Seasonality Calendars for 1988 to 1992: Rating Rules 470
The Results for 1988 and January 1989 474
The Results for February to September 1989 476
The Results for 1990 478
The Calendars for 1990 92 and Detailed Results for 1988 and 1989 479
Appendices 501
A Sources of Data in English for Japanese Securities 502
B Some Basic Data on Fiscal 1989 Financial Performance of Major Firms 506
C Japanese Economic Indicators, February 1991 516
D Land Prices 518
E Background Data on the Small Stock Portfolio 525
F NSA and Topix Data 528
G Closing Prices on January 4, 1991 of the Stocks on the First, Second and
Foreign Sections of the TSE 539
H Securities Taxation 551
I Members of the Tokyo Stock Exchange 554
References 557
Index 583
|
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| geographic | Japan (DE-588)4028495-5 gnd |
| geographic_facet | Japan |
| id | DE-604.BV005736823 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T16:33:49Z |
| institution | BVB |
| isbn | 1557382344 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-003580932 |
| oclc_num | 25264702 |
| open_access_boolean | |
| owner | DE-384 |
| owner_facet | DE-384 |
| physical | XI, 589 S. graph. Darst. |
| publishDate | 1992 |
| publishDateSearch | 1992 |
| publishDateSort | 1992 |
| publisher | Probus Publ. |
| record_format | marc |
| series2 | An institutional investor publication |
| spelling | Ziemba, William T. 1941- Verfasser (DE-588)108488713 aut Invest Japan the structure, performance and opportunities of Japan's stock, bond and fund markets William T. Ziemba ; Sandra L. Schwartz Chicago, Ill. Probus Publ. 1992 XI, 589 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier An institutional investor publication Investments Japan Investments, Foreign Japan Investments, Japanese Securities Japan Stock exchanges Japan Kapitalmarkt (DE-588)4029578-3 gnd rswk-swf Japan (DE-588)4028495-5 gnd rswk-swf Japan (DE-588)4028495-5 g Kapitalmarkt (DE-588)4029578-3 s DE-604 Schwartz, Sandra L. Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=003580932&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Ziemba, William T. 1941- Schwartz, Sandra L. Invest Japan the structure, performance and opportunities of Japan's stock, bond and fund markets Investments Japan Investments, Foreign Japan Investments, Japanese Securities Japan Stock exchanges Japan Kapitalmarkt (DE-588)4029578-3 gnd |
| subject_GND | (DE-588)4029578-3 (DE-588)4028495-5 |
| title | Invest Japan the structure, performance and opportunities of Japan's stock, bond and fund markets |
| title_auth | Invest Japan the structure, performance and opportunities of Japan's stock, bond and fund markets |
| title_exact_search | Invest Japan the structure, performance and opportunities of Japan's stock, bond and fund markets |
| title_full | Invest Japan the structure, performance and opportunities of Japan's stock, bond and fund markets William T. Ziemba ; Sandra L. Schwartz |
| title_fullStr | Invest Japan the structure, performance and opportunities of Japan's stock, bond and fund markets William T. Ziemba ; Sandra L. Schwartz |
| title_full_unstemmed | Invest Japan the structure, performance and opportunities of Japan's stock, bond and fund markets William T. Ziemba ; Sandra L. Schwartz |
| title_short | Invest Japan |
| title_sort | invest japan the structure performance and opportunities of japan s stock bond and fund markets |
| title_sub | the structure, performance and opportunities of Japan's stock, bond and fund markets |
| topic | Investments Japan Investments, Foreign Japan Investments, Japanese Securities Japan Stock exchanges Japan Kapitalmarkt (DE-588)4029578-3 gnd |
| topic_facet | Investments Japan Investments, Foreign Japan Investments, Japanese Securities Japan Stock exchanges Japan Kapitalmarkt Japan |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=003580932&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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