1. TOP
  2. Research Activities

Research Activities


JSRI sponsors numerous seminars to advance research on financial and capital markets. These seminars, which include JSRI full-time researchers as well as outside researchers and experts, cover topics such as the Financial Instruments and Exchange Act; securities taxation; management of securities companies; stocks, bonds, and other financial instruments; and capital markets in Europe, Asia, and other regions. Research results are disseminated broadly in written publications as well as on JSRI’s website.
In addition, JSRI hosts seminars addressing the concerns of individual securities organizations and summarizes the research results in reports to those organizations.

Research Exchange

JSRI’s seminars are attended by many researchers from universities and other research institutions as well as professionals working in financial and capital markets who use the seminars as avenue for a lively discussion.
JSRI also invites external researchers studying financial and capital markets to collaborate with and support JSRI’s research activities as visiting researchers.

Academic Society Support

JSRI serves as secretariat for the Society for the Economic Studies of Securities (SESS), a society of researchers focused on the theory, history, and policy of securities. In this role, JSRI actively supports SESS’s activities.

Cultivating Young Researchers

JSRI engages in a variety of efforts to cultivate and partner with young researchers, including inviting them to participate in seminars, providing a venue for lectures and presentations, and engaging them as visiting researchers.

Principal Publications

JSRI issues a variety of publications compiling the results of its research activities.
JSRI’s “IllustratedGuide to Securities Markets” Series provides overviews of securities markets in Japan, the U.S., Europe, and Asia. Another multi-volume series, “Historical Materials on the Securities Market in Japan” is currently in progress, with Pre-War and Post-War volumes already published and a second Post-War volume forthcoming that will cover the period from the late 1960s to the bubble economy. JSRI also occasionally issues stand-alone publications summarizing the results of its research seminars.

Opinion Paper by the Study Group on International Financial Regulation (May,2019)
 “Recommendations for the G20 Osaka Summit”

Download full text

Download materials

Opinion Paper by the Study Group on International Financial Regulation (July,2017)

Download full text

Download full text

Global Investment Funds : Change in the Last 30Years and Future Challenges

Download full text

Activities of researchers

Our researcher Nguyen Thi Phuong Thanh has recently published the below paper in an international journal.

Does country sustainability improve firm ESG reporting transparency? The moderating role of firm industry and CSR engagement(Free until July 15, 2023)

How to design Japan’s DC Pension Plan (iDeCo) and the NISA?: A Comparison with the U.S. and the UK

Eiji Tajika / Tadao Yamada
Shoken Keizai Kenkyu No. 122, June 2023

Download full text

On 13th December 2023, Nguyen Thi Phuong Thanh, researcher of our Institute presented the results of her research paper titled “Employment litigations and ESG report transparency” at the 36th Australasian Finance and Banking Conference (AFBC) held in Sydney, Australia. Presentation slides can be found at the following link.

Download full text

The JSRI Journal of Financial and Securities Markets

We, the Japan Securities Research Institute publishes “The JSRI Journal of Financial and Securities Markets,” on a regular basis.
This academic journal is published four times a year and publishes papers mainly analyze Japanese capital markets.
All academic papers can be downloaded for free in Japanese from the address below.
English summaries are available starting from Vol.125.

Vol.125, March 2024

Vol.125 includes the following four academic papers.

1. Tax Effects on Location Decisions of Japanese Multinationals: Evidence from Company Count Data
Hiroyasu Nomura and Tadao Yamada

This paper analyses count data for subsidiaries by country in Europe with the aim of understanding the effects of taxation on the location of Japanese multinationals in recent years by industry sector.

2.Pay Disparity between Directors and Employees and Firm Performance
Nakako Zushi

Regarding the impact of intra-company remuneration disparities on company performance, both positive and negative impacts have been reported for overseas companies, and it is an empirical question as to which impact is more dominant. In addition, as the labor market situation differs from country to country, it is not known whether the results of studies targeting overseas firms are applicable to Japanese firms.
This paper investigates the relationship between the remuneration gap between directors and employees and corporate performance in Japanese firms, breaking it down into the part explained by economic factors and the part not explained by economic factors.

3. Wholesaler Activities in the U.S. Options Market – The progress of zerocommissions and the sources of wholesaler profits –
Yoshinori Shima

The scale of equity options trading in the US has increased over the past few years. This is due to the popularity of meme stocks, no brokerage fees and active trading in the stock market. Under these circumstances, a trading practice known as payment for order flow (PFOF), in which retail brokers receive a rebate when they forward orders to other brokers (wholesalers, etc.) for execution of investors’ orders, has been attracting attention. This paper focuses on the zero-commission practice of retail brokers waiving brokerage commissions for customers as a factor in the expansion of the stock options market, and examines the possibility that market conditions, such as investor behavior, have changed as a result of the expansion of this practice.

4. Acquisition Premiums and Minority Holders’ Interest in Complete Acquisitions of Publicly-listed Subsidiaries in Japan: An Empirical Analysis
Ryotaro Kawashima

This study analyses the determinants of the takeover premium and the fairness of the terms of the transaction in a wholly-owned subsidiary conversion, focusing on the information asymmetry between the parent company and the ordinary shareholders of the subsidiary and the bargaining power of the parent company in a wholly-owned subsidiary conversion to dissolve the parent-subsidiary listing.