3 papers
econ.GN2026
Wartime Controls, Political Connections, and the Pricing of Zaibatsu Rents in Japan, 1930-1943
Keiichi Morimoto, Akihiko Noda, Takenobu Yuki
This paper examines how wartime economic controls shaped stock-price formation in Japan from 1930 to 1943. We develop a four-portfolio asset-pricing model in which zaibatsu affilia…
q-fin.ST2021
Examining the Dynamic Asset Market Linkages under the COVID-19 Global Pandemic
Akihiko Noda
This study examines the dynamic asset market linkages under the COVID-19 global pandemic based on market efficiency, in the sense of Fama (1970). Particularly, we estimate the join…
q-fin.ST2019
On the Evolution of Cryptocurrency Market Efficiency
Akihiko Noda
This study examines whether the efficiency of cryptocurrency markets (Bitcoin and Ethereum) evolve over time based on Lo's (2004) adaptive market hypothesis (AMH). In particular, w…