The Decision to Not Delist Nikko Cordial Shares

8 Pages Posted: 30 Sep 2007

See all articles by Sadakazu Osaki

Sadakazu Osaki

Nomura Institute of Capital Markets Research

Abstract

The Financial Services Agency levied a huge fine on Nikko Cordial Group after uncovering accounting irregularities at the firm, one of Japan's leading securities houses. In response, the Tokyo Stock Exchange considered whether to delist the firm, ultimately deciding not to. This paper takes the position that the TSE basically made the right decision and offers recommendations regarding future self-regulation by exchanges.

Keywords: Tokyo Stock Exchange, delisting, self-regulation

JEL Classification: K22

Suggested Citation

Osaki, Sadakazu, The Decision to Not Delist Nikko Cordial Shares. Nomura Capital Market Review, Vol. 10, No. 2, 2007. Available at SSRN: https://ssrn.com/abstract=1016911

Sadakazu Osaki (Contact Author)

Nomura Institute of Capital Markets Research ( email )

Urbannet Otemachi Building
2-2-2, Otemachi, Chiyoda-ku
Tokyo, 100-8130
Japan

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