Development of efficient securities markets in light of the industrial organization of the financial industry

• Project/Area Number: 18730186
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Single-year Grants
• Research Field: Economic policy
• Research Institution: Yokohama National University
• Principal Investigator: MATSUI Kenji Yokohama National University, 経営学部, 准教授 (20345474)
• Project Period (FY): 2006 – 2008
• Project Status: Completed (Fiscal Year 2008)
• Budget Amount: ¥3,500,000 (Direct Cost: ¥3,200,000、Indirect Cost: ¥300,000); Fiscal Year 2008: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000); Fiscal Year 2007: ¥900,000 (Direct Cost: ¥900,000); Fiscal Year 2006: ¥1,300,000 (Direct Cost: ¥1,300,000)
• Keywords: 証券市場 / 産業組織 / 金融 / 金融業 / 市場の効率性 / 社債

Research Abstract

本研究では金融業の産業組織と証券市場を分析することにより、次のような研究成果を得た。第1に我が国の社債発行市場において新発債価格が流通市場における実勢価格から乖離する傾向を説明する経済理論モデルを構築した。第2にその流通市場におけるアノマリーを分析し、我が国における企業の決算時期のばらつきが市場の非効率性に影響することを示した。第3に証券業の生産効率とパフォーマンスを評価し、中小証券会社でも大手証券会社と同程度の高い生産効率を見せる企業が存在することを示した。これらの成果は国際学術雑誌、国際学会において公表することができた。

Research Products

• [Journal Article] Revenue Management of Small Securities Houses: Evidence from Japanese Panel Data (2008)
  • Author(s): 松井建二・松尾順介
  • Journal Title: International Journal of Revenue Management Vol.2, No.4 Pages: 361-375
  • Peer Reviewed
• [Journal Article] Application of the Auction Theory to the Overpricing Phenomenon in a Corporate Bond Underwriting Market (2008)
  • Author(s): 松井建二
  • Journal Title: Applied Financial Economics Letters Vol.4, No.6 Pages: 457-460
  • Peer Reviewed
• [Journal Article] Emergence of Entrepreneurs without Credit Rationing due to Wage Labor Disutility (2008)
  • Author(s): 松井建二
  • Journal Title: 横浜国立大学経営学部ワーキングペーパー No.268 Pages: 1-14
• [Journal Article] Accounting Year-end Dispersion and Seasonality in the Japanese Corporate Bond Market (2008)
  • Author(s): 松井建二
  • Journal Title: 横浜国立大学経営学部ワーキングペーパー No. 262 Pages: 1-36
• [Journal Article] Emergence of Entrepreneurs without Credit Rationing due to Wane Labor Disutility (2008)
  • Author(s): 松井建二
  • Journal Title: 横浜国立大学経営学部ワーキングペーパー 268 Pages: 1-14
• [Journal Article] Accounting Year-end Dispersion and Seasonality in the Japanese Corporate Bond Market (2008)
  • Author(s): 松井建二
  • Journal Title: 横浜国立大学経営学部ワーキングペーパー 262
• [Journal Article] Overpricing of New Issues in the Japanese Straight Bond Market (2006)
  • Author(s): 松井建二
  • Journal Title: Applied Financial Economics Letters Vol.2, No.5 Pages: 323-327
  • Peer Reviewed
• [Journal Article] Application of the auction theory to the overpricing phenomenon in a corporate bond underwriting market (2006)
  • Author(s): 松井建二
  • Journal Title: 横浜国立大学経営学部ワーキングペーパー 252 Pages: 1-33
• [Journal Article] Measuring the Productivity of Small Securities Houses Using Accounting Data Disclosed under Article 50 of the Japanese Securities and Exchange Law (2006)
  • Author(s): 松井建二, 松尾順介
  • Journal Title: 横浜国立大学経営学部ワーキングペーパー 244 Pages: 1-17
• [Journal Article] Revenue management of small securities houses: Evidence from Japanese panel data
  • Author(s): 松井建二
  • Journal Title: International Journal of Revenue Management (受理済掲載決定)(印刷中)
  • Peer Reviewed
• [Journal Article] Application of the Auction Theory to the Overpricing Phenomenon in a Corporate Bond Underwriting Market
  • Author(s): 松井建二
  • Journal Title: Applied Financial Economics Letters (受理済掲載決定)(印刷中)
  • Peer Reviewed
• [Presentation] Accounting Year-end Dispersion and Seasonality in the Japanese Corporate Bond Market (2008)
  • Author(s): 松井建二
  • Organizer: 2008 American Accounting Association Annual Meeting
  • Place of Presentation: Anaheim USA
  • Year and Date: 2008-08-04
• [Presentation] Accounting Year-end Dispersion and Seasonality in the Japanese Corporate Bond Market (2008)
  • Author(s): 松井建二
  • Organizer: 2008 American Accounting Association Annual Meeting
  • Place of Presentation: Anaheim, USA
  • Year and Date: 2008-08-04
• [Presentation] Accounting-year-end Variation and Seasonality in the Japanese Corporate Bond Market (2008)
  • Author(s): 松井建二
  • Organizer: 31st Annual Congress, European Accounting Association
  • Place of Presentation: Rotterdam, Netherlands
  • Year and Date: 2008-04-24
• [Presentation] Accounting-year-end Variation and Seasonality in the Japanese Corporate Bond Market (2008)
  • Author(s): 松井建二
  • Organizer: 31st Annual Congress European Accounting Association
  • Place of Presentation: Rotterdam Netherlands
  • Year and Date: 2008-01-24
• [Presentation] A Model of Competitive Behavior by Investment Banks in Securities Underwriting Services (2007)
  • Author(s): 松井建二
  • Organizer: Singapore Economic Review Conference 2007
  • Place of Presentation: Singapore
  • Year and Date: 2007-08-03
• [Presentation] A model of competitive behavior by investment banks in securities underwriting services (2007)
  • Author(s): 松井建二
  • Organizer: Singapore Economic Review Conference 2007
  • Place of Presentation: シンガポール
  • Year and Date: 2007-08-03
• [Presentation] Overpricing of New Issues in the Japanese Straight Bond Market (2006)
  • Author(s): 松井建二
  • Organizer: 日本金融学会 関西部会
  • Place of Presentation: 神戸大学
  • Year and Date: 2006-06-17
• [Presentation] Inefficiency in the Corporate Debt Market (2006)
  • Author(s): 松井建二
  • Organizer: 6th Hawaii International Conference on Business
  • Place of Presentation: Honolulu USA
  • Year and Date: 2006-05-28
• [Book] 「社債市場における情報の非対称性と非効率性について」胥鵬編『社債市場の育成と発展:日本の経験とアジアの現状』 (2007)
  • Author(s): 松井建二
  • Total Pages: 26
  • Publisher: 法政大学出版局(所収)