Does market discipline work in Japan?

• Project/Area Number: 19730222
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Single-year Grants
• Research Field: Public finance/Monetary economics
• Research Institution: Josai University
• Principal Investigator: ASAI Yoshihiro Josai University, 現代政策学部・社会経済システム学科, 助教 (60433645)
• Project Period (FY): 2007 – 2009
• Project Status: Completed (Fiscal Year 2009)
• Budget Amount: ¥3,080,000 (Direct Cost: ¥2,600,000、Indirect Cost: ¥480,000); Fiscal Year 2009: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000); Fiscal Year 2008: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000); Fiscal Year 2007: ¥1,000,000 (Direct Cost: ¥1,000,000)
• Keywords: 市場規律 / 買収防衛策 / 株主提案 / 敵対的買収 / 相互会社 / 格付け / 郵政民営化 / コーポレートガバナンス / 国営銀行

Research Abstract

This study investigates how market discipline works in the Japanese financial systems. We obtain the following results. First, the developments of disclosure system enable outsiders to evaluate firms. Second, mutual life insurers are less efficient than stock life insurers. Third, postal saving bank privatization improves their efficiency. Fourth, shareholder proposals by institutional investors discipline corporate managers. Fifth, antitakeover amendments are evaluated as positive when Keiretsu companies adopt them.

Research Products

• [Journal Article] Did Market Refbrm make Risk Evaluation on Japanese Firms Easier? : An Evidence from Credit Ratings (2010)
  • Author(s): Yamori, Nobuyoshi, Yoshihiro Asai
  • Journal Title: Journal of Applied Research in Finance 1(3)(forthcoming)
  • Peer Reviewed
• [Journal Article] 政策金融の役割-海外の事例をもとにした一考察 (2009)
  • Author(s): 浅井義裕・大浜賢一朗
  • Journal Title: 城西大学国際教育センター紀要 第14号 Pages: 41-56
• [Journal Article] 政府系金融機関の効率性・生産性の実証的な検討-効率性・生産性に変化はあったのか? (2009)
  • Author(s): 大浜賢一朗・浅井義裕
  • Journal Title: 生活経済学研究 第29号 Pages: 85-98
  • NAID: 110007162277
• [Journal Article] 政策金融機関の効率性-市場規律は重要なのか? (2009)
  • Author(s): 浅井義裕・大浜賢一朗
  • Journal Title: 城西大学国際教育センター紀要 第14巻 Pages: 42-55
  • NAID: 40016576782
• [Journal Article] 政府系金融機関の効率性・生産性の実証的な検討-効率性・生産性に変化はあったのか- (2009)
  • Author(s): 大浜賢一朗・浅井義裕
  • Journal Title: 生活経済学研究 第29巻 Pages: 87-100
  • NAID: 110007162277
  • Peer Reviewed
• [Journal Article] 保険業法改正でわが国損害保険業の生産性はどのように変化したのか? (2008)
  • Author(s): 浅井義裕・柳瀬典由・富村圭
  • Journal Title: 城西大学現代政策研究 第2巻 Pages: 35-42
• [Journal Article] 「保険業法改正でわが国生命保険業の生産性はどのように変化したのか?」 (2008)
  • Author(s): 浅井義裕・柳瀬典由・富村圭
  • Journal Title: 城西現代政策研究 第1巻第2号(近日公刊)
  • Peer Reviewed
• [Journal Article] 企業買収防衛は株主価値にどのように影響するのか? (2007)
  • Author(s): 浅井義裕
  • Journal Title: 城西大学現代政策研究』創刊号 Pages: 401-415
• [Journal Article] 規制緩和後のわが国損害保険業の再編と効率性・生産性への影響- 一連の合併現象は生産性の改善に貢献したか? (2007)
  • Author(s): 柳瀬典由・浅井義裕・富村圭
  • Journal Title: 損害保険研究 第163号 Pages: 193-219
  • NAID: 40015720548
• [Journal Article] 「企業買収防衛は株主価値にどのように影響するのか?」 (2007)
  • Author(s): 浅井義裕
  • Journal Title: 城西現代政策研究 第1巻第1号 Pages: 47-61
  • Peer Reviewed
• [Journal Article] Did Market Reform make Risk Evaluation on Japanese Firms Easier?
  • Author(s): Nobuyoshi Yamori, Yoshihiro Asai
  • Journal Title: An Evidence from Credit Ratings Journal of Applied Research in Finance 第1巻3号(Forthcoming)
• [Presentation] Deregulation, Insurers Group, and Efficiency-Evidence from the Japanese Life Insurance Industry- (2009)
  • Author(s): Yanase, Noriyoshi, Kozo Harimaya, Yoshihiro Asai
  • Organizer: Asia-Pacific Risk and lnsurance Association
  • Place of Presentation: Peking University
  • Year and Date: 2009-07-21
• [Presentation] Deregulation, Insurers Group, andEfficiency-Evidence from the Japanese LifeInsurance Industry (2009)
  • Organizer: Asia-Pacific Risk andInsurance Association,
  • Place of Presentation: Beijing University,China
• [Presentation] The impact of organizational structure on productivity of Japanese life insurance companiese (2008)
  • Author(s): Yoshihiro Asai
  • Organizer: Western Risk and Insurance Association
  • Place of Presentation: Sheraton, Kauai Island
  • Year and Date: 2008-01-03
• [Presentation] (6)The Impact of Organizational Structure onEfficiency in the Japanese Life InsuranceIndustry (2008)
  • Organizer: Western Risk and InsuranceAssociation
  • Place of Presentation: Kauai Sheraton Hotel, U.S.A.
• [Presentation] (7)Organizational Structure and Risk Taking:Evidence from the Life Insurance Industry inJapan (2008)
  • Place of Presentation: Kauai Sheraton Hotel, U.S.A.
• [Presentation] 政府系金融機関の効率性 (2008)
  • Organizer: 生活経済学会全国大会
  • Place of Presentation: 於関西学院大学
• [Presentation] Organizational Structure and Risk Taking:Evidence from the Life Insurance Industry inJapan (2008)
  • Organizer: Asia-Pacific Risk and InsuranceAssociation
  • Place of Presentation: University of New South Wales,Australia
• [Presentation] 政府系金融機関の生産性-金融の自由化は生産性に影響したのか- (2008)
  • Author(s): 大浜賢一朗・浅井義裕
  • Organizer: 生活経済学会全国大会
  • Place of Presentation: 関西学院大学
• [Presentation] Organizational Structure and Risk Taking : Evidence from the Life Insurance Industry in Japan (2008)
  • Author(s): Yanase, Noriyoshi, Yoshihiro Asai and Gene Lai
  • Organizer: AsiaPacific Risk and Insurance Association
  • Place of Presentation: University of New South Wales, Sydney, Australia
• [Presentation] Organizational Structure and Risk Taking : Evidence from the Life Insurance Industry in Japan (2008)
  • Author(s): Yanase, Noriyoshi, Yoshihiro Asai
  • Organizer: 日本金融学会秋季全国大会
  • Place of Presentation: 広島大学東広島キャンパス
• [Presentation] The Efficiency of Life Insurance Industry inJapan (2007)
  • Organizer: Asia-Pacific Risk and InsuranceAssociation,
  • Place of Presentation: National Chengchi University,Taiwan
• [Presentation] Investigating Productive Efficiency andChanges of Japanese Non-Life Insurancecompanies after the Deregulation usingNonparametric Frontier Approach(DEA), (2007)
  • Organizer: Asia-Pacific Risk and Insurance Association
  • Place of Presentation: National Chengchi University, Taiwan
• [Presentation] (3)Is agency problem really serious in mutual lifeinsurance companies? (2007)
  • Organizer: 日本保険・年金リスク学会
  • Place of Presentation: 於早稲田大学
• [Presentation] Does M&A improved efficiency in theNon-Japanese life insurance industry? (2007)
  • Organizer: 日本保険・年金リスク学会
  • Place of Presentation: 於早稲田大学
• [Presentation] 政府系金融機関の効率性-ノンパラメトリック手法による考察 (2007)
  • Organizer: 生活経済学会中部部会
• [Presentation] Organizational Structure and Risk Taking:Evidence from the Life Insurance Industry inJapan
  • Organizer: American Risk and InsuranceAssociation
  • Place of Presentation: University of Rhode Island, U.S.A