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An analysis of real options theory in the presence of strategic consideration, opportunism, and perceptive bias

Research Project

Project/Area Number 16K03811
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Management
Research InstitutionTohoku University (2020-2021)
Kagawa University (2016-2019)

Principal Investigator

Kamoto Shinsuke  東北大学, 経済学研究科, 准教授 (20511463)

Project Period (FY) 2016-04-01 – 2022-03-31
Project Status Completed (Fiscal Year 2021)
Budget Amount *help
¥4,550,000 (Direct Cost: ¥3,500,000、Indirect Cost: ¥1,050,000)
Fiscal Year 2020: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2019: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2018: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2017: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2016: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Keywordsリアルオプション / 企業財務 / 戦略的思考 / 機会主義 / 心理バイアス
Outline of Final Research Achievements

The study examines investment and financing decisions in the presence of a potential entry threat. It demonstrates that high leverage induces a potential competitor to enter the market in a down turn in order to force the high leverage firm to go bankrupt, apart from expediting the investment decision in an upturn. In addition, it demonstrates that the risk of the forced bankruptcy discourages the firm from financing the investment with debt issuance, and thus agency conflict between shareholders and bondholders is mitigated by a potential entry threat.
It also examines an investment decision for innovation activity by an opportunistic manager. It demonstrates that the intensity of the innovation activity is affected by the decision for going private through management buyouts.

Academic Significance and Societal Importance of the Research Achievements

競合企業の行動に対する戦略的思考と経営者の機会主義や心理バイアスが投資と株式・負債の資金調達に関する意思決定への影響をリアルオプション理論の動学モデルを応用して明らかにした研究成果は、コーポレートファイナンス研究の発展に寄与する学術的意義があると思われる。さらに、それらの要因が企業の投資と資金調達の意思決定に及ぼす影響を通して株式や負債の価値や株主と債権者の利害対立に及ぼす影響を考察した研究成果は、企業の財務政策や事業投資の価値評価などの現代企業の事業・財務戦略に関する実務への貢献があり社会的意義があると思われる。

Report

(7 results)
  • 2021 Annual Research Report   Final Research Report ( PDF )
  • 2020 Research-status Report
  • 2019 Research-status Report
  • 2018 Research-status Report
  • 2017 Research-status Report
  • 2016 Research-status Report
  • Research Products

    (6 results)

All 2020 2019 2018 2017

All Journal Article (1 results) (of which Peer Reviewed: 1 results,  Acknowledgement Compliant: 1 results) Presentation (5 results) (of which Int'l Joint Research: 4 results,  Invited: 1 results)

  • [Journal Article] Managerial innovation incentives, management buyouts, and shareholders' intolerance of failure2017

    • Author(s)
      Shinsuke Kamoto
    • Journal Title

      Journal of Corporate Finance

      Volume: 42 Pages: 55-74

    • DOI

      10.1016/j.jcorpfin.2016.11.002

    • Related Report
      2016 Research-status Report
    • Peer Reviewed / Acknowledgement Compliant
  • [Presentation] 投資と資金調達の意思決定と潜在的な市場参入の脅威2020

    • Author(s)
      嘉本慎介
    • Organizer
      2020年度中之島ワークショップ金融工学・数理計量ファイナンスの諸問題
    • Related Report
      2020 Research-status Report
    • Invited
  • [Presentation] Capacity expansion and financial leverage under a potential entry threat2019

    • Author(s)
      Shinsuke Kamoto
    • Organizer
      International Society of Business and Industrial Statics
    • Related Report
      2019 Research-status Report
    • Int'l Joint Research
  • [Presentation] Investment Decisions and Financial Leverage under a Potential Entry Threat2018

    • Author(s)
      Shinsuke Kamoto
    • Organizer
      8th Business & Management Conference
    • Related Report
      2018 Research-status Report
    • Int'l Joint Research
  • [Presentation] Investment Decisions and Financial Leverage under a Potential Entry Threat2018

    • Author(s)
      Shinsuke Kamoto
    • Organizer
      7th Global Business and Finance Research Conference
    • Related Report
      2017 Research-status Report
    • Int'l Joint Research
  • [Presentation] Capacity expansion and financial leverage under a potential entry threat2017

    • Author(s)
      Shinsuke Kamoto
    • Organizer
      2017 ENGII International Symposium on Economics
    • Place of Presentation
      Xi'an, China
    • Year and Date
      2017-03-18
    • Related Report
      2016 Research-status Report
    • Int'l Joint Research

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Published: 2016-04-21   Modified: 2023-01-30  

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