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@techreport{NBERw25525,
 title = "Bank of Japan Equity Purchases: The (Non-)Effects of Extreme Quantitative Easing",
 author = "Charoenwong, Ben and Morck, Randall and Wiwattanakantang, Yupana",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "25525",
 year = "2019",
 month = "February",
 doi = {10.3386/w25525},
 URL = "http://www.nber.org/papers/w25525",
 abstract = {From January 2011 through March 2018, the Bank of Japan purchased equity index ETFs worth about 3.5% of GDP. Identification of the effect of central bank ETF purchases on stock valuations and corporate responses is via differently-weighted and changing stock indices. BOJ purchases lift valuations, increase share issuances, and increase total assets. On average, the latter increase is due to cash and short-term securities rather than capital investment. However, firms with worse corporate governance do increase capital investment. These findings suggest central bank equity purchases are a problematic tool for stimulating economic growth through high broad-based private-sector corporate investment.},
}