A List Entered by Price Cannot Be Left by Filing — Not Where the Price Has Lasted Six Years
By R-Advisory, IRP-R Two exchanges have decided that one way to move corporate valuation is to publish a list. The lists ask about the same thing — whether a company's market price reflects the capital it employs — and they were updated six days apart. They are not the same instrument. The difference is in who supplies the condition for being on them. On 27 October the Tokyo Stock Exchange updated its list of companies that have disclosed "Action to Implement Management that is Conscious of Cost of Capital and Stock Price," reflecting status as of 30 September. The published file carries 2,341 companies: 2,293 marked "Disclosed" and 48 "Under consideration," 1,455 of them in the Prime Market and 886 in Standard. The document states its own purpose — it compiles companies that have disclosed information "to inform investors of who is taking action." Membership is determined by the option a company selected under "Content of Disclosure...