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The Impacts of Financial Deregulation upon Trading Efficiency and the Levels of Risk and Return of Japanese Banks

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  • Pettway, Richard H
  • Tapley, T Craig
  • Yamada, Takeshi

Abstract

Japanese banks are very large and were rigidly controlled until financial deregulation began in the late 1970s. This paper measures the impact of deregulation upon the trading efficiency and the levels of risk and return of the largest twenty-seven listed Japanese banks. The authors found that, as the pace of deregulation increased, there were significant increases in trading efficiency, as well as in the levels of returns and risks. With deregulation , the Japanese banking system, which contains the largest banks in the world, has become less protected and more vulnerable to the discipline of market movements. Copyright 1988 by MIT Press.

Suggested Citation

  • Pettway, Richard H & Tapley, T Craig & Yamada, Takeshi, 1988. "The Impacts of Financial Deregulation upon Trading Efficiency and the Levels of Risk and Return of Japanese Banks," The Financial Review, Eastern Finance Association, vol. 23(3), pages 243-268, August.
    • Handle: RePEc:bla:finrev:v:23:y:1988:i:3:p:243-68
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    Cited by:

    1. Dennis, Steven A. & Jeffrey, Andrew, 2002. "Structural changes in Australian bank risk," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 12(1), pages 1-17, February.
    2. Koch, Timothy W. & Saporoschenko, Andrew, 2001. "The effect of market returns, interest rates, and exchange rates on the stock returns of Japanese horizontal keiretsu financial firms," Journal of Multinational Financial Management, Elsevier, vol. 11(2), pages 165-182, April.
    3. Amoako-Adu, Ben & Smith, Brian F., 1995. "The wealth effects of deregulation of Canadian financial institutions," Journal of Banking & Finance, Elsevier, vol. 19(7), pages 1211-1236, October.
    4. Teng, Chia-Chen & Yang, J. Jimmy, 2018. "Chinese Lunar New Year effect, investor sentiment, and market deregulation," Finance Research Letters, Elsevier, vol. 27(C), pages 175-184.
    5. Asli Demirgüč-Kunt & Edward J. Kane & Haluk Unal, 1990. "Capital positions of Japanese banks," Proceedings 293, Federal Reserve Bank of Chicago.
    6. Bremer, Marc & Pettway, Richard H., 2002. "Information and the market's perceptions of Japanese bank risk: Regulation, environment, and disclosure," Pacific-Basin Finance Journal, Elsevier, vol. 10(2), pages 119-139, April.
    7. Saporoschenko, Andrew, 2002. "The sensitivity of Japanese bank stock returns to economic factors: An examination of asset/liability differences and main bank status," Global Finance Journal, Elsevier, vol. 13(2), pages 253-270.

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