International developments: Tokyo
Article Abstract:
The Commercial Code of Japan was amended in June 1997 to permit Japanese firms to have director/employee stock option plans. A new stock subscription right type plan and a treasury stock type plan were introduced. Under the first plan, Japanese companies are allowed to grant options to its directors and/or employees to subscribe for new shares. Under the other plan, as long as stockholders gave their approval at an ordinary general shareholders' meeting, stock options may be granted by a Japanese company to its directors and/or employees and buy back its own shares for the purpose of reissuance of those shares to said directors/employees upon excercise of said options.
Publication Name: Journal of Banking & Finance
Subject: Business
ISSN: 0378-4266
Year: 1997
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A note on market efficiency, institutional practice, and economic constraints in the experience of the Canadian bond market
Article Abstract:
The study examined whether market inefficiency or barriers on economic behaviour contributed to the substantial observed yield spreads between high and low coupon Government of Canada (GoC) bonds. The GoC bonds with high coupons were said to trade steadily at yields 20 to 40 basis points higher than the yields of low coupon bonds for a number of years, but the observed spread declined to less than 10 basis points during May 1993. The study disclosed the consistency of the earlier yield spread with restrictions on the trading of strip bonds, but it encountered difficulty in supporting that the greater yield spread reflected unutilized profit opportunities.
Publication Name: Journal of Banking & Finance
Subject: Business
ISSN: 0378-4266
Year: 1997
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Diversification and the value of internal capital markets: The case of tracking stock
Article Abstract:
Links between firm value and value of internal capital markets were examined based on tracking stock.
Publication Name: Journal of Banking & Finance
Subject: Business
ISSN: 0378-4266
Year: 2000
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