Analyzing the relationship between corporate governance system and asset pricing
| Project/Area Number |
16K01256
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Social systems engineering/Safety system
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| Research Institution | Keio University |
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Principal Investigator |
TAKAHASHI Hiroshi 慶應義塾大学, 経営管理研究科(日吉), 教授 (60420478)
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| Project Period (FY) |
2016-04-01 – 2019-03-31
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| Project Status |
Completed (Fiscal Year 2018)
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| Budget Amount *help |
¥4,810,000 (Direct Cost: ¥3,700,000、Indirect Cost: ¥1,110,000)
Fiscal Year 2018: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2017: ¥2,080,000 (Direct Cost: ¥1,600,000、Indirect Cost: ¥480,000)
Fiscal Year 2016: ¥2,080,000 (Direct Cost: ¥1,600,000、Indirect Cost: ¥480,000)
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| Keywords | 企業統治 / 資産運用 / 資産価格理論 / エージェント / ファイナンス / 情報技術 |
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| Outline of Final Research Achievements |
In this research, we analyze the influence of corporate governance on asset prices through information technology and empirical analysis. As a result of intensive analysis, we made findings that companies that play a central role in the relationship between companies can be identified through data analysis. We also found the strong relationship between the foreign shareholder ratio and the outside directors through empirical analysis. Furthermore, we analyzed Reuters News, which is one of the most widely used news in asset management practices using neural language models, and found that there is a close relationship between news about corporate activities and asset prices.
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| Academic Significance and Societal Importance of the Research Achievements |
企業統治が，企業価値・資産価格にもたらす影響は，コーポレートファイナンスにおける主要な関心事の一つである．企業のステークホルダーは，株主，経営者など多様であるが，近年資産運用分野において，企業に対し多様なステークホルダーとの適切な協働を求めるコーポレートガバナンス・コードなどの仕組みが導入されている．このような動きを背景とし，企業統治への学術的な関心およびその意義は益々高まっている．本研究成果は，これら課題に対し，最先端の情報技術を活用し取り組んだものであり，今後の新たな研究の方向性の一つを示したものとなっており，その意義は大きい．
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Report
(4 results)
Research Products
(53 results)
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[Presentation] The Japanese Corporate Board Network2016
Author(s)
Matthias Raddant, Hiroshi TAKAHASHI
Organizer
The 21st annual Workshop on the Economic Science with Heterogeneous Interacting Agents (WEHIA)
Place of Presentation
The Jaume I University of Castellon, Castellon, Spain
Year and Date
2016-06-24
Related Report
Int'l Joint Research
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