TITLE

The Value and Growth Spreads: The Recent Cases in the Japanese Stock Markets

AUTHOR(S)
Tsuji, Chikashi
PUB. DATE
December 2014
SOURCE
Business Management & Strategy (BMS);2014, Vol. 5 Issue 2, p68
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
This study explores the recent performance of growth and value stocks by using the data of the Russell-Nomura Japan value and growth indices. This research is significantly important in order to judge the effectiveness of investment management and strategy in the recent Japanese equity markets. The recent full sample period under our analyses is from January 4, 2010 to March 20, 2014. Our investigations as to the value spreads, growth spreads, and value-growth spreads in Japan derive the following evidence. First, (1) in the recent Japanese stock markets, the value spreads over Tokyo Stock Price Index (TOPIX) are statistically significantly positive in all six Russell-Nomura Japan value indices. Second, (2) in the recent stock markets in Japan, the growth spreads over TOPIX are also statistically significantly positive in all six Russell-Nomura Japan growth indices. Third, (3) in our above full sample period, growth style indices generally outperform the value style indices, and in particular, after the inauguration of the new Abe cabinet in December 2012, smaller-size growth stock indices strongly outperform the same size category value indices.
ACCESSION #
98981301

 

Related Articles

  • Unloved or misunderstood? HUTCHISON, GILL // Money Marketing;8/6/2015, Issue 1497, p37 

    The article discusses the effectiveness of economic reforms that were implemented by Japanese Prime Minister Shinzo Abe since his re-election in 2012. Topics covered include the manifestations of improving corporate governance including the creation of the JPX-Nikkei 400 stock market index and...

  • Japan Economic Insight.  // Money Marketing (Online Edition);6/11/2014, p4 

    The author comments on the 50 percent increase in Japan's stock market in yen terms in 2013. Topics discussed include the gain attributed to a one-time boost from quantitative easing (QE) and a deprecation of the yen. Also mentioned are the comments that such moves of the government of Prime...

  • Investment committee: Have Abe's three arrows worked in Japan? Strategy, Fund // Fundweb;9/30/2015, p1 

    The article reports on start of the economic policies known as Abenomics and three arrows given by Shinzo Abe, Prime minister of Japan to improve economy of the country. It discusses Abe's first two programs or arrows which include monetary easing and fiscal stimulus which helped rise of stock...

  • Japanese funds not rushing to equity. Appell, Douglas // Pensions & Investments;1/7/2013, Vol. 41 Issue 1, p2 

    The article reports that, despite stock market gains, Japanese pension fund executives may not invest in stocks due to the economic history of stocks in Japan as of January, 2013. Topics include equity allocations, government bonds, and the potential impact of a July, 2013 Japanese parliamentary...

  • The funds that made you money over 2013 so far. Jackson, Gary // Money Marketing (Online Edition);7/11/2013, p1 

    The article reports that Japanese-focused portfolios have made best returns in the first six months of 2013 as Hideo Shiozumi's 206.9 million British Pounds Legg Mason Japan Equity fund was the best performing portfolio in the six months up to 30 June 2013. It informs that the Japanese stock...

  • Japan helps investment trusts outperform FTSE All Share. Scott, Philip // Money Marketing (Online Edition);7/3/2013, p20 

    The article reports on Japan funds as the overall investment trust winners for the first six months of 2013, according to stockbroker Oriel Securities Ltd. It states that the funds were driven by the strong market of Abenomics, the country's economic policies set by Prime Minister Shinzo Abe. It...

  • Unhedged Commentary: Japan's Commitment Issues.  // AR Magazine;8/4/2014, p1 

    The author discusses the Abenomics experiment of Japanese Prime Minister Shinzo Abe. The author states that gains in the Tokyo Stock Price Index (TOPIX) have been impressive but less when adjusted for the Yen. The author notes that the country still struggles how to get reflation narrative...

  • Japan to cut corporate taxes. Investor's Business Daily // Investors Business Daily;12/31/2014, pA02 

    PM Shinzo Abe said that the gov't would trim taxes by about 2.5% in the fiscal year that begins in April, part of a push by the government to bring Japan's tax burdens in line with those of other major countries. The change may add further pressure on the U.S. to cut its corporate tax rates, the...

  • Japan's Tankan Index. Investor's Business Daily // Investors Business Daily;7/22/2015, pA02 

    The article reports that the Tankan Index in Japan has been flat in July 2015 as well as another index for Japan.

Share

Read the Article

Courtesy of THE LIBRARY OF VIRGINIA

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics