This paper provides an analysis of the equity-market effects of a substantial increase in individual shareholder participation in the market for a firm. The data are based on reductions in lot sizes ...or Minimum Trade Units (MTUs) on the Tokyo Stock Exchange (TSE). There is a shift in order flow from large to small trades after MTU reductions. Since small, individual investors are generally thought to be noise traders, it may be expected that greater individual investor participation creates greater liquidity, but adds noise to prices, lowering the informativeness of prices and increasing return volatility, as found in studies of stock splits. However, the influx of individual investors, while associated with the presence of more noise traders, lowers the probability of informed trades and results in greater liquidity. Results suggest that greater noise trading induces the informed to trade more aggressively and makes price more informative. Finally, given the benefits of MTU reduction, we ask why all firms do not lower their MTU. The answer appears to be that some firms have characteristics making them better off without an MTU change. For example, firms having strong cross-holdings with other firms, as in keiretsu, value strong relationships with a few suppliers and customers so that having a larger individual shareholder base is not as attractive. In addition, firms that have not experienced a significant increase in their share price have less incentive to lower their MTU.
•We examine reductions in Minimum Trade Units (MTU) on the Tokyo Stock Exchange.•MTU reductions increase liquidity and lower the probability of informed trading.•Greater noise trading after MTU reductions increases informed trading and adds price efficiency.
This paper investigates how the state of the order-book economy influences non-execution and picking-off risks. We utilize data from the limit order book and transactions in individual stocks on the ...Tokyo Stock Exchange. We demonstrate that, on the one hand, the risk of non-execution increases, while the risk of being picked off, on the other hand, decreases when: 1) the depth on the incoming investor’s side becomes thicker, 2) the bid-ask spread becomes narrower, 3) volatility declines, and 4) the depth on the opposite side to the incoming investor becomes thicker. In addition, we report asymmetric determinants of non-execution and picking-off risks between buy and sell limit orders, as well as among our sample firms. We interpret the asymmetry to be attributed to differences in transaction volume and order book thickness between buy and sell sides of the order book as well as among the firms. More transactions lead to higher quote competitions among limit order traders, increasing the thickness of the order book inside of the spread. It then decreases the rate of executions and of being picked off for limit orders existing outside of the spread. Our results suggest that real-time information on order book and transactions is highly valuable to stock investors, who trade individual securities and manage a portfolio of individual stocks, such as ETFs. Our findings assist real stock investors in reducing the monitoring cost, making more profitable order choices among market and limit orders and exposing/hiding/canceling/revising limit orders, and understanding the price formation process in an order-driven market. They are crucial for investors for better risk management in actual stock markets.
•We find determinants of non-execution and picking-off risks in individual stocks.•We use data from the limit order book and transactions on the Tokyo Stock Exchange.•We find the state of the order-book economy influences the two risks.•We report asymmetric determinants of the two risks between buy and sell limit orders.•We also report asymmetric determinants of the two risks among our sample firms.
This paper explores international transmission mechanism and its role in contagion effect in the housing markets across six major Asian cities. The analysis is based on the identification of house ...price diffusion effects through a global vector autoregressive (GVAR) model estimated using quarterly data for six major Asian cities (Hong Kong, Tokyo, Seoul, Singapore, Taipei and Bangkok) from 1991Q1 to 2011Q2. The empirical results indicate that the open economies heavily relying on international trade such as Singapore, Japan (Tokyo), Taiwan (Taipei) and Thailand (Bangkok) show positive correlations between the economy's openness and house prices, which is consistent with the Balassa–Samuelson hypothesis. Interestingly, some region‐specific conditions also appear to play important roles as determinants of house price movements, which may be driven by restrictive housing policies and demand–supply imbalances such as Singapore and Bangkok. These results are reasonably robust across several model specifications. The findings bear significant implications for formulation of investment strategy and public policies.
As the economic importance of tourism increases, it is important to consider the effects that tourism has on the environment in the affected regions of the country. In our study, we selected two ...popular tourist destinations in Japan, Tokyo and Kyoto, for our case studies on the repercussion effects induced by the economic and environmental activities of visitors. As waste generation and landfilling are two of the most important environmental loads in Japan, a regional waste input-output approach was considered to be an effective method for evaluating these issues. The estimated direct effects of visitors' consumption activities in Tokyo and Kyoto amounted to approximately 434 billion yen and 209 billion yen, respectively. The tendencies of visitor consumption in both prefectures were similar, as were the repercussion effects on the production value, which accounted for approximately 434 billion yen and approximately 260 billion yen in Tokyo and Kyoto, respectively. Value added amounted to 276 billion yen in Tokyo and approximately 108 billion yen in Kyoto. Waste generation induced by tourists in Kyoto accounted for approximately 22,690 t, which was similar to that induced in Tokyo at 20,655 t. Regarding the repercussion effect of the area of landfill consumption, Kyoto tourists consumed 1479 m2 of landfill in contrast to 7369 m2 in Tokyo. The results of our study reveal the importance of considering the regional characteristics of the target region when conducting environmentally sound campaigns directed at stimulating tourism.
This paper considers the effectiveness of the perimeter rule for managing a multiple airport system by focusing on airline’s network design behavior as well as air passenger’s route choice behavior. ...We apply a bi-level air transport market model that deals with behavior of two participants: airlines as leaders and passengers as followers. The results of numerical computations suggest that the equilibrium solution under the perimeter rule is the best for both airlines and air passengers; essentially airlines face a prisoner’s dilemma without the perimeter rule.
► The effectiveness of perimeter rule for the multiple airport system is examined. ► The bi-level model dealing with airlines and passengers simultaneously is applied. ► The solution under perimeter rule is the best for both airlines and air passengers. ► Airlines face the prisoner’s dilemma without the perimeter rule.
Tokyo vernacular Sand, Jordan
2013., 20130801, 2013, 2013-07-13
eBook
Preserved buildings and historic districts, museums and reconstructions have become an important part of the landscape of cities around the world. Beginning in the 1970s, Tokyo participated in this ...trend. However, repeated destruction and rapid redevelopment left the city with little building stock of recognized historical value. Late twentieth-century Tokyo thus presents an illuminating case of the emergence of a new sense of history in the city’s physical environment, since it required both a shift in perceptions of value and a search for history in the margins and interstices of a rapidly modernizing cityscape. Scholarship to date has tended to view historicism in the postindustrial context as either a genuine response to loss, or as a cynical commodification of the past. The historical process of Tokyo’s historicization suggests other interpretations. Moving from the politics of the public square to the invention of neighborhood community, to oddities found and appropriated in the streets, to the consecration of everyday scenes and artifacts as heritage in museums, Tokyo Vernacular traces the rediscovery of the past—sometimes in unlikely forms—in a city with few traditional landmarks. Tokyo's rediscovered past was mobilized as part of a new politics of the everyday after the failure of mass politics in the 1960s. Rather than conceiving the city as national center and claiming public space as national citizens, the post-1960s generation came to value the local places and things that embodied the vernacular language of the city, and to seek what could be claimed as common property outside the spaces of corporate capitalism and the state.
As Japan enters the new century, pending workforce shortages - a function of low birth rates and an aging population - increase the need to address gender issues in organizations. Throughout the past ...four decades, the number of female workers in Japan has been growing, although full-time female participation in the Japanese workforce remains below the levels of some other industrialized nations. Despite the growing importance that the Japanese female labor force is expected to play, relatively little is known about women's attitudes toward work motivation in Japan. Using a two-factor, Herzberg intrinsic/extrinsic approach to motivation, we examine the applicability of such a model in Japan, and compare the attitudes of female and male workers, as well as management and non-management. Our findings include: (1) support for the applicability of a Herzberg, two-factor model in Japan; (2) Japanese men in the workforce tending to value intrinsic motivators more than extrinsic factors; (3) female workers in Japan rating extrinsic factors higher than their male counterparts; and (4) managers' opinions of what motivates employees not constituting a refined match to those of female employees, especially with respect to extrinsic motivation. In multi-gender Japanese organizations, management will potentially benefit from a better understanding and functional integration of important gender nuances into their motivation strategies.
This paper proposes an air transport market model dealing with airline network design strategy using service frequency and aircraft size. The main purpose of the research was to reveal the relation ...between the runway capacity constraint at the hub airport and airline behavior. We extend the existing bi-level market model by allowing choice of aircraft size and service frequency. We apply the model to the case of runway capacity expansion at Haneda Airport. The results suggest that aircraft a downsizing strategy is not always adopted when the runway capacity is expanded. Furthermore, runway capacity expansion improves the benefit of passengers who travel between urban areas but not the benefit of local passengers. Finally, a runway capacity expansion tends to improve the affected airlines’ profitability.
emple. And only because temple architecture – as well as paintings, statues, gardens etc. – shows the presence of the Buddha in this way does it become a religious place where the Buddha is actually ...present. The final discussion of this study puts these Buddhist teachings in a dialogue with modern aesthetic architectural concepts argued by temple architects. The contrasting points of view make it clear that the explicitly Buddhist idea of Buddhist temple architecture can not be grasped by aesthetics, because its purpose is to show the invisible presence of the Buddha and not to be a sensual (i.e. aesthetic) experience of the visible object itself in the first place. However, aesthetic concepts of art have become common in Japan since the late 19th century. They are the foundation of the described new ways in which temples were built and designed since then. One indication for the impact of aesthetics are Japanese words like shimboru シンボル/shōchō 象徴 (symbol) or fun’iki 雰囲気 (atmosphere) which are used by architects to describe their temple architecture and matters of design. These words were formed around the turn of the century to express European concepts of art and aesthetics, since before that these words and ideas simply did not exist in Japan. And it is only since then, that temples were perceived as aesthetic symbols with various meanings that can be defined by an architect, and that they have a certain atmosphere which should be designed for making visitors feeling comfortable. Now it is the architect himself who gives meaning to its work and who is responsible for a nice spatial experience. But none of these architects is talking about himself becoming Buddha by building a temple. So not only the architectural appearance and construction of Buddhist temples have changed enormously throughout the last 150 years, but also the task of building itself. There has always been change in appearance and construction throughout the history of Buddhism and in the different Buddhist cultures, but the redefinition of the temple as an architectural piece of art is a very recent development in Japan and the actual new idea causing these dramatic architectural changes. "
"Viele buddhistische Tempelbauten in Japan sind heute aus Beton. Sie haben Glasfenster, Teppichböden und elektrisches Licht. Manche sehen aus wie gewöhnliche Wohnhäuser, andere imitieren das Erscheinungsbild traditioneller Bauweisen, wieder andere sind von Star-Architekten geplant. Alle diese Bauten zeigen, dass die alte und einst durch die buddhistische Religion formulierte Aufgabe, einen Tempel zu bauen, in den letzten 150 Jahren in unterschiedlicher Weise neu interpretiert wurde. Gründe dafür sind die japanische Auseinandersetzung mit westlichen Ideen von Kunst, Architektur, Religion und Ästhetik ab dem späten 19. Jahrhundert, die darauf rückführbare Annahme, Tempelbau sei eine Aufgabe für kunstschaffende Architekten, sowie das Bedürfnis, den Ansprüchen der Gegenwart neu zu begegnen. All das führte dazu, dass Jahrhunderte alte liturgische Ideen des Tempelbaus, die in buddhistischen Traditionstexten mit ritueller Wichtigkeit festgehalten sind, ihre Bedeutung zugunsten eines neuen ästhetischen Kunstdenkens eingebüßt haben. Ordnungen und Darstellungen zum Beispiel von maṇḍalas oder Buddhaländern, die fuür den Tempelbau formgebend und sinnstiftend sind, werden in einem künstlerischen Denken von Raumerlebnis und Baustil zu blassen ästhetischen Gestaltungselementen. Diese Studie zeigt zum einen anhand vieler Beispiele die angesprochene jüngere bauliche Entwicklung im Tempelbau auf und legt dabei einen Schwerpunkt auf die Frage nach dem spezifisch Religiösen der neuen Baugestalt. Zum anderen geht sie gleichzeitig der Frage nach, was seitens der buddhistischen Religion als Aufgabe für den Tempel überhaupt formuliert ist, was dies für den Tempelbau bedeutet und wo neben der veränderten neuen Baugestalt deswegen das eigentlich Neue in den jüngeren Entwicklungen des Tempelbaus liegt. Lesen Sie hier die detaillierte English Summary: http://bit.ly/2CYGITG. Jonas Gerlach hat Japanologie, Kunstgeschichte und Musikwissenschaft an der Universität zu Köln und der Sophia Universität in Tokyo studiert (2005–2011). Im Jahr 2015 erfolgte die Promotion im Fach Japanologie an der Universität zu Köln. Zuvor war er dort wissenschaftlicher Mitarbeiter (2012–2014). Jonas Gerlach ist derzeit Mitglied der Geschäftsleitung der Pausanio GmbH & Co.KG, einer Agentur für digitale Kulturkommunikation."
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