Disclosure of Large Shareholdings
8 Pages Posted: 6 Feb 2006
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.
JEL Classification: G28
Suggested Citation: Suggested Citation