Do Japanese Stock Prices Reflect Macro Fundamentals?
Do Japanese Stock Prices Reflect Macro Fundamentals?
The U.S. reform initiative addresses the fundamental problems arising from the use of proportionate property interests in fungible bulks, and proposes the introduction of a new concept: the securities entitlement or SE. The SE is a sui generis property interest that would replace the proportionate property interest in situations where an intermediary holds a fungible bulk of securities on behalf of others. The SE would be defined by a comprehensive set of rules stating the obligations of the int