The Bank of Japan's equity purchases and stock price crash risk

El Kalak, Izidin ORCID: https://orcid.org/0000-0002-2992-4042, Tosun, Onur Kemal ORCID: https://orcid.org/0000-0003-2551-1408 and Yamada, Kazuo 2023. The Bank of Japan's equity purchases and stock price crash risk. Economics Letters 229 , 111214. 10.1016/j.econlet.2023.111214 Item availability restricted.

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Abstract

This paper documents a negative relationship between the Bank of Japan’s indirect ownership, through ETFs, in a firm and the firm’s stock price crash risk. This relationship strengthens further after the introduction of the Stewardship Code due to improved corporate governance.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Business (Including Economics)
Publisher:	Elsevier
ISSN:	0165-1765
Date of First Compliant Deposit:	24 June 2023
Date of Acceptance:	1 June 2023
Last Modified:	06 Dec 2023 04:03
URI:	https://orca.cardiff.ac.uk/id/eprint/160573

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