The Underwriting Business of Major U.S. Financial Holding Companies in the Capital Market Oriented System
| Project/Area Number |
16K03920
|
|---|
| Research Category |
Grant-in-Aid for Scientific Research (C)
|
| Allocation Type | Multi-year Fund |
|---|
| Section | 一般 |
|---|
| Research Field |
Management
|
|---|
| Research Institution | Matsuyama University |
|---|
Principal Investigator |
|
|---|
| Co-Investigator(Kenkyū-buntansha) |
宿輪 純一 帝京大学, 経済学部, 教授 (50767217)
蓮井 康平 松山大学, 経済学部, 准教授 (90780619)
|
|---|
| Research Collaborator |
NISHIMURA yusaku
|
|---|
| Project Period (FY) |
2016-04-01 – 2019-03-31
|
| Project Status |
Completed (Fiscal Year 2018)
|
| Budget Amount *help |
¥3,640,000 (Direct Cost: ¥2,800,000、Indirect Cost: ¥840,000)
Fiscal Year 2018: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2017: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2016: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
|
|---|
| Keywords | 資本市場 / 金融システム / 大手銀行グループ / 引受業務 / 投資銀行 / 資本市場中心の金融システム / 大手銀行 / 収益構造 / 業務展開 / リテールバンキング / 銀行業務 / 競争力 / 金融機関 |
|---|
| Outline of Final Research Achievements |
The whole plan of the study was to make the underwriting business of U.S. financial holding companies clear. The processes are listed below.
(1) Major U.S. financial holding companies joined the underwriting business of bonds from 1996 at first. (2) The underwriting business of several kinds of ABSs(asset-backed securities), MBSs(mortgage-backed securities), etc. related to a OTD(originate to distribute) model was expanded. In particular, major U.S. financial holding companies started to underwrite bonds and ABSs/MBSs more than major investment banks in 2000's. (3) Compared with the underwriting business of traditional stocks, major U.S. financial holding companies has entered the business of bonds and ABSs/MBSs at an early time, and they occupied top one in the 2000's underwriting rankings. Those are the differences between the underwriting of stocks and the others.
|
| Academic Significance and Societal Importance of the Research Achievements |
Litan(1987)等の先行研究は銀行本体の業務展開を分析したが、大手商業銀行グループは同一グループ傘下の証券子会社や特別目的事業体を利用して、大手投資銀行による投資銀行業務の寡占状態の一角を打ち破った。それゆえ、銀行本体だけでなく、大手銀行グループの業務展開を理論的に分析する必要性がある。とくに、大手行本体、その証券子会社、グループ傘下の特別目的事業体が一体となってどのように業務展開をおこなったかである。異なってはいるが一連の業務をおこなう、複数の金融機関の考察は，世界金融危機時のシャドーバンキング等に限られている。これは業態別金融機関の分析を重視する既存理論に見直しを迫る考え方である。
|
Report
(4 results)
Research Products
(21 results)
