Japanese Banking Behavior and Financial System Architecture from Behavioral Economies' Viewpoint
| Project/Area Number |
15530210
|
|---|
| Research Category |
Grant-in-Aid for Scientific Research (C)
|
| Allocation Type | Single-year Grants |
|---|
| Section | 一般 |
|---|
| Research Field |
Public finance/Monetary economics
|
|---|
| Research Institution | Hitotsubashi University |
|---|
Principal Investigator |
MISUMI Takashi Hitotsubashi University, Graduate School of Commerce and Management, Professor, 大学院・商学研究科, 教授 (00229684)
|
|---|
| Project Period (FY) |
2003 – 2004
|
| Project Status |
Completed (Fiscal Year 2004)
|
| Budget Amount *help |
¥2,400,000 (Direct Cost: ¥2,400,000)
Fiscal Year 2004: ¥1,100,000 (Direct Cost: ¥1,100,000)
Fiscal Year 2003: ¥1,300,000 (Direct Cost: ¥1,300,000)
|
|---|
| Keywords | reputation / discretionary banking regulation / information production / attribution bias / disposition effect / 自信過剰 / 銀行の情報生産 / 投資家行動 / 市場の効率性 |
|---|
| Research Abstract |
This research investigates the following three topics.
First, the inefficiency of bank regulation is analyzed by considering bank regulators' career concerns explicitly. The main difference from existing research is that I consider the situation that bank regulators take into account their own reputation as well as social welfare. The main conclusion of this research is that bank regulators' career concerns generate not only generous regulatory policy but also severe policy. Furthermore, I indicate the some untested empirical implications.
Second, I analyzed theoretically why the ability of information production by Japanese banks declined. The theoretical hypothesis is that overconfidence and self-serving attribution bias of bank management make Japanese banks reluctant to produce information.
Third, the individual investors' behavior is analyzed empirically. In this research, I reviewed previous research on the existence of disposition effect. Next, using trading records of Japanese individual investors, I show the empirical evidence that support the existence of disposition effect on Japanese individual investors.
|
Report
(3 results)
Research Products
(2 results)
