Theme 4 · March 2023–present

Reforms related to capital efficiency

Let's decipher the March 31, 2023 TSE request, “Response to realize management that is conscious of cost of capital and stock prices.” It covers basic terminology such as WACC, ROIC, and equity spread, a list of companies that disclose monthly information, examples of disclosures that do not meet investors' expectations, and updates to requests in April 2026.

Articles: 5Period: March 2023–present

Articles in this theme

4.1How to read PBR below 1: The real aim of the TSE requestRead article →4.2WACC, ROIC, equity spread - basic terminology for cost of capital managementRead article →4.3TSE’s disclosure list: The discipline created by public visibilityRead article →4.47 pitfalls to avoid when disclosing cost of capitalRead article →4.5From disclosure to implementation - April 2026 request updateRead article →