When Du Pont listed its shares on the Tokyo Stock Exchange on October 2, it brought the number of foreign listings there to 34, more than three times the number listed just 15 months earlier. The rush to list in Tokyo, which began with Walt Disney Enterprises in June 1985, reflects interest in global, 24-hour trading, interest in thc Japanese market – companies hoping to penetrate markets there want the prestige a listing brings them – and interest in tapping the enormous pool of capital in ‘Japanesc hands.
Sceptics think that the ideas held by many of these firms about listing are not much more realistic than Disney’s amusement parks, but the rush has continued, despite the formidable costs.
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