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A Comparative Study of Japanese and the U.S.Security Markets

Research Project

Project/Area Number 05451114
Research Category

Grant-in-Aid for General Scientific Research (B)

Allocation TypeSingle-year Grants
Research Field Public finance/Monetary economics
Research InstitutionYokohama National University

Principal Investigator

KURASAWA Motonari  Yokohama National University, Faculty of Economics, Professor, 経済学部, 教授 (40018057)

Co-Investigator(Kenkyū-buntansha) MORITA Hiroshi  Faculty of Business Administration, 経営学部, 助教授 (70239664)
MURASE Hideaki  Yokohama National University, Faculty of Economics, Associate Professor, 経済学部, 助教授 (40239520)
AKIYAMA Taro  Yokohama National University, Faculty of Economics, Associate Professor, 経済学部, 助教授 (40167854)
YANO Makoto  Yokohama National University, Faculty of Economics, Professor, 経済学部, 教授 (30191175)
ASAKO Kazumi  Hitotsubashi University, Institute of Economic Research, Professor, 経済研究所, 教授 (60134194)
Project Period (FY) 1993 – 1994
Project Status Completed (Fiscal Year 1994)
Budget Amount *help
¥4,700,000 (Direct Cost: ¥4,700,000)
Fiscal Year 1994: ¥1,000,000 (Direct Cost: ¥1,000,000)
Fiscal Year 1993: ¥3,700,000 (Direct Cost: ¥3,700,000)
KeywordsSecurity Markets / Primary Markets / Corporate Finance / Mutual Stock Holding / Corporate Governance / Capital Market / Security Market / Asymmetric Information / Takeover / Finance and Control / Arbitrage / Asset Pricing
Research Abstract

In this project, we have made a comparative study on the securities markets of Japan and the U.S.Our study looks at the function of securities markets from two viewpoints.
(1) We have built a model of corporate finance that explicitly incorporates the indivisibility of security issuance. In that model, we analyzed the role of a primary securities market in capital formation. The main finding is that, if despite the indivisibility of security issuance, a primary security market can be organized in such a way that competition can contribute to the efficiency of allocation, thereby enhancing capital formation. This result is applied in order to demonstrate that the Japanese style corporate finance, which relies heavily on the exclusive and fixed relationship between firms and their "main banks, " may slow capital formation in comparison with the U.S.-European style, which relies more on open markets for primary securities.
(2) We have also built a model that highlights the incentives of managers and analyzed the role of mutual holding of securities, another important feature of the Japanese securities market, from the viewpoint of informational economics. The analysis demonstrates that mutual holdings of securities contribute to the efficiency of allocation. In particular, under the assumption that security prices are set rationally, it tends to increase the efficiency of management. If, instead, securities are over-valued due to the misperception of investors, mutual holdings may mitigate the problem of over investment by blocking the pressure from hostile takeovers.
(3) It is important to investigate empirically the conditions under which these two, somewhat opposing, conclusions may apply. So far, only partial evidence has been established supporting the second conclusion in the Japanese securities market, and further empirical studies are left for future investigations.

Report

(3 results)
  • 1994 Annual Research Report   Final Research Report Summary
  • 1993 Annual Research Report
  • Research Products

    (18 results)

All Other

All Publications (18 results)

  • [Publications] 倉澤 資成: "株式持合の財務効果" 日本経済研究. 26号. 93-121 (1993)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1994 Final Research Report Summary
  • [Publications] 倉澤 資成: "証券の規制" 経済法学会年報『金融・証券市場の規制と競争』. 81-96 (1993)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1994 Final Research Report Summary
  • [Publications] 倉澤 資成: "資本市場の機能:敵対的企業買収と株式持合" ファイナンス研究. 32号. 1-17 (1993)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1994 Final Research Report Summary
  • [Publications] 浅子 和美: "日本の株価:ノート" フィナンシャル・レビュー. 32号. 187-197 (1994)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1994 Final Research Report Summary
  • [Publications] 矢野 誠: "Pecuniary Externalities of Future Trading and constarined Optimality" Japanise Jouranal of Financial Economics. 1号. 67-87 (1994)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1994 Final Research Report Summary
  • [Publications] "CRRA型効用関数クラスの下での確率仮定の効率性について" 『横浜経営研究』 4号. 15. 87-100 (1995)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1994 Final Research Report Summary
  • [Publications] 倉澤・矢野・浅子・秋山・村瀬他: "構造変化と企業行動" 日本評論社, 393 (1995)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1994 Final Research Report Summary
  • [Publications] 倉澤資成: "株価指数先物市場維持の条件" 証券アナリストジャーナル. 32. 53-73 (1994)

    • Related Report
      1994 Annual Research Report
  • [Publications] 矢野誠: "Pecuniary Externalities of Future Trading and Constarined Optimality" Japanese Jouranal of Financial Economics. 1. 67-87 (1994)

    • Related Report
      1994 Annual Research Report
  • [Publications] 浅子和美: "日本の株価:ノート" フィナンシャル・レビュー. 32. 187-197 (1994)

    • Related Report
      1994 Annual Research Report
  • [Publications] 森田洋: "CRRA型効用関数クラスの下での確率仮定の効率性について" 横浜経営研究. (近刊).

    • Related Report
      1994 Annual Research Report
  • [Publications] 倉澤・矢野・浅子・秋山・村瀬: "構造変化と企業行動(倉澤資成、若杉隆平、浅子和美編)" 日本評論社(近刊),

    • Related Report
      1994 Annual Research Report
  • [Publications] 倉澤 資成: "株式持合の財務効果" 日本経済研究. 26. 93-126 (1993)

    • Related Report
      1993 Annual Research Report
  • [Publications] 浅子 和美: "バブルと実体経済" 日本経済研究. 26. 4-29 (1993)

    • Related Report
      1993 Annual Research Report
  • [Publications] 村瀬 英彰: "金融構造の理論的分析" 経済経営研究. (近刊). (1994)

    • Related Report
      1993 Annual Research Report
  • [Publications] 倉澤 資成: "資本市場の機能敵対的企業買収と株式持合" ファイナンス研究. 16. 1-17 (1993)

    • Related Report
      1993 Annual Research Report
  • [Publications] 倉澤 資成: "新株発行と株主の利益" 横浜国際経済法学. 2. 27-48 (1993)

    • Related Report
      1993 Annual Research Report
  • [Publications] 村瀬 英彰: "非対称情報と企業の資金調達" 三菱経済研究所(近刊), (1994)

    • Related Report
      1993 Annual Research Report

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Published: 1993-04-01   Modified: 2016-04-21  

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