| Budget Amount *help |
¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
Fiscal Year 2019: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2018: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2017: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
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| Outline of Final Research Achievements |
Two major payouts are dividends and share repurchase. This study analyzes empirically the effect of those payouts on both implied expected rate of return (r) and implied expected rate of growth (g) by applying the method for simultaneously estimating both r and g. I found evidence that both r and g increased in reaction to the increase in dividends, on the other hand, both decreased in reaction to share repurchase.
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