Workshop on the Functioning of the Secondary Market for Securities


Trading methods and trends in the secondary market for securities are constantly evolving. Against this background, the Workshop on the Functioning of the Secondary Market for Securities was set up with the aim of deepening our understanding of the function of the secondary market for securities through research and surveys from an academic perspective and the publication of the findings obtained.

Research issues

The Workshop conducts research and surveys focusing on the functioning of the secondary market for securities (especially in terms of liquidity), concentrating for the time being particularly on research and surveys on the secondary market for stocks. Specific research issues include the following:

  1. The relationship between the investment horizon and diversity of investors on the one hand and liquidity and corporate value on the other
  2. The merits and demerits of short-termism
  3. The response and assessment on the management side (stock prices and liquidity)
  4. Overseas trends and actual conditions (policy response to short-termism and reaction of the market)
  5. The relationship between regulation and taxation on the one hand and stock market liquidity on the other
  6. The impact on the stock market of advances in passive investment strategies, etc.


The Study Group is chaired by CARF Director Kazuo Ueda and comprises the members listed below as well as observers. Members or observers may be added and experts, market participants, etc., may be invited to attend as necessary.

Publication of findings

hile Study Group meetings at present are held in private, we are currently considering whether to publish findings in the form of articles, working papers, etc., when appropriate.



The University of Tokyo / Kyoritsu Women’s UniversityKazuo Ueda
Hitotsubashi UniversityTokuo Iwaisako
The University of TokyoTaiga Saito
The University of TokyoSeisho Sato
National Institute of InformaticsTakayuki Mizuno
The Japan Securities Research InstituteKazutoshi Tashiro
Financial Services AgencyAtsuyuki Ohyama
The Japan Securities Research InstituteKiichirou Masui
The Japan Securities Research InstituteTadasi Omae