{"id":82065,"date":"2025-09-16T14:50:11","date_gmt":"2025-09-16T05:50:11","guid":{"rendered":"https:\/\/www.waseda.jp\/inst\/research\/?p=82065"},"modified":"2025-09-16T14:50:11","modified_gmt":"2025-09-16T05:50:11","slug":"to-lend-or-not-to-lend-the-bank-of-japans-etf-purchase-program-and-securities-lending%ef%bc%88published-in-review-of-asset-pricing-studies-september-2025%ef%bc%89","status":"publish","type":"post","link":"https:\/\/www.waseda.jp\/inst\/research\/news\/82065","title":{"rendered":"To Lend or Not to Lend: The Bank of Japan\u2019s ETF Purchase Program and Securities Lending\uff08Published in Review of Asset Pricing Studies, September, 2025\uff09"},"content":{"rendered":"<table class=\"table table-bordered table-colored-tbhd\" style=\"height: 636px; width: 100%; border-collapse: collapse; border-style: solid;\" border=\"1\">\n<tbody>\n<tr style=\"height: 78px;\">\n<td style=\"width: 19.0523%; height: 78px;\">Journal Title<br \/>\n\/\u63b2\u8f09\u30b8\u30e3\u30fc\u30ca\u30eb\u540d<\/td>\n<td style=\"width: 80.849%; height: 78px;\">Review of Asset Pricing Studies<\/td>\n<\/tr>\n<tr style=\"height: 65px;\">\n<td style=\"width: 19.0523%; height: 80px;\">Publication Year and Month<br \/>\n\/\u63b2\u8f09\u5e74\u6708<\/td>\n<td style=\"width: 80.849%; height: 80px;\">September, 2025<\/td>\n<\/tr>\n<tr style=\"height: 55px;\">\n<td style=\"width: 19.0523%; height: 79px;\">Paper Title<br \/>\n\/\u8ad6\u6587\u30bf\u30a4\u30c8\u30eb<\/td>\n<td style=\"width: 80.849%; height: 79px;\">To Lend or Not to Lend: The Bank of Japan\u2019s ETF Purchase Program and Securities Lending<\/td>\n<\/tr>\n<tr style=\"height: 85px;\">\n<td style=\"width: 19.0523%; height: 85px;\">DOI<br \/>\n\/\u8ad6\u6587DOI<\/td>\n<td style=\"width: 80.849%; height: 85px;\"><a href=\"https:\/\/doi.org\/10.1093\/rapstu\/raaf008\">10.1093\/rapstu\/raaf008<\/a><\/td>\n<\/tr>\n<tr style=\"height: 59px;\">\n<td style=\"width: 19.0523%; height: 80px;\">\u00a0Author of Waseda University<br \/>\n\/\u672c\u5b66\u306e\u8457\u8005<\/td>\n<td style=\"width: 80.849%; height: 80px;\"><span style=\"font-family: inherit; font-size: inherit;\">SHINO, Junnosuke(Associate Professor, Faculty of International Research and Education, School of International Liberal Studies):Correspoinding Author<\/span><\/td>\n<\/tr>\n<tr style=\"height: 68px;\">\n<td style=\"width: 19.0523%; height: 86px;\">Related Websites<br \/>\n\/\u95a2\u9023Web<\/td>\n<td style=\"width: 80.849%; height: 86px;\">&#8211;<\/td>\n<\/tr>\n<tr style=\"height: 138px;\">\n<td style=\"width: 19.0523%; height: 148px;\">Abstract<br \/>\n\/\u6284\u9332<\/td>\n<td style=\"width: 80.849%; height: 148px;\">\n<div id=\"abstractBox\" class=\"article_abstract-content hlFld-Abstract\">\n<p class=\"articleBody_abstractText\">This study investigates the role of passive investors in the equity lending market by utilizing the expansion of exchange-traded fund (ETF) markets due to the Bank of Japan\u2019s (BOJ) ETF purchasing program. We find that the BOJ\u2019s purchases increase equity prices particularly for stocks with limited availability in the equity lending market. However, over the longer term, the BOJ\u2019s cumulative purchases reduce lending fees, thus weakening the program\u2019s effects. These findings suggest that ETF managers supply stocks that constitute ETFs to the equity lending market, and the lending behavior of ETFs, influenced by the BOJ\u2019s program, alleviates short-selling constraints.\u00a0<em>JEL<\/em>\u00a0E52, E58, G12, G14<\/p>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Journal Title \/\u63b2\u8f09\u30b8\u30e3\u30fc\u30ca\u30eb\u540d Review of Asset Pricing Studies Publication Year and Month \/\u63b2\u8f09\u5e74\u6708 September, 2025 Paper [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[218,217],"class_list":["post-82065","post","type-post","status-publish","format-standard","hentry","tag-impact-en","tag-impact"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.waseda.jp\/inst\/research\/wp-json\/wp\/v2\/posts\/82065","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.waseda.jp\/inst\/research\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.waseda.jp\/inst\/research\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/research\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/research\/wp-json\/wp\/v2\/comments?post=82065"}],"version-history":[{"count":1,"href":"https:\/\/www.waseda.jp\/inst\/research\/wp-json\/wp\/v2\/posts\/82065\/revisions"}],"predecessor-version":[{"id":82066,"href":"https:\/\/www.waseda.jp\/inst\/research\/wp-json\/wp\/v2\/posts\/82065\/revisions\/82066"}],"wp:attachment":[{"href":"https:\/\/www.waseda.jp\/inst\/research\/wp-json\/wp\/v2\/media?parent=82065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/research\/wp-json\/wp\/v2\/categories?post=82065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/research\/wp-json\/wp\/v2\/tags?post=82065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}