Disclosure of Large Shareholdings

8 Pages Posted: 6 Feb 2006

See all articles by Sadakazu Osaki

Sadakazu Osaki

Nomura Institute of Capital Markets Research


The Murakami Fund, well known for its shareholder activism, acquired a large block of shares in the Osaka Stock Exchange, and has opposed management by demanding that it distribute its cash holdings to shareholders in the form of dividends. This paper takes a close look at Japan law as it relates to this particular issue, discussing the problems with Mr. Murakami's position as well as the nature of bourses that also operate clearinghouses.

Keywords: Disclo

JEL Classification: G28

Suggested Citation

Osaki, Sadakazu, Disclosure of Large Shareholdings. Nomura Capital Market Review, Vol. 8, No. 4, pp. 13-20, Winter 2005. Available at SSRN: https://ssrn.com/abstract=878215

Sadakazu Osaki (Contact Author)

Nomura Institute of Capital Markets Research ( email )

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

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