-opening period contributes to market quality, defined by price discovery and liquidity provision, in the opening auction. We use a … unique dataset from the Tokyo Stock Exchange (TSE) based on server-IDs and find that HFTs dynamically alter their presence in … the pre-opening period, and contribute signifi- cantly to market quality in the pre-opening period, the opening auction …

This topic is closely related to the problem of the "unipolar concentration on Tôkyô" (Tôkyô ikkyoku shûchû), i.e. the … domination of the Tôkyô Metropolitan Region not just in population or manufacturing distribution but in the geography of the … global city like Tôkyô ? The author's hypothesis on the problem "agglomeration economies" vs. "agglomeration diseconomies" is …