• Search Research Projects
  • Search Researchers
  • How to Use
  1. Back to previous page

Market-based Indirect Finance and Marketization of Financial Risks: An Integrated Approach to banking, insurance, and corporate finance

Research Project

Project/Area Number 22330096
Research Category

Grant-in-Aid for Scientific Research (B)

Allocation TypeSingle-year Grants
Section一般
Research Field Public finance/Monetary economics
Research InstitutionKobe University

Principal Investigator

FUJIWARA Kenya  神戸大学, 経営学研究科, 教授 (30229067)

Co-Investigator(Kenkyū-buntansha) TAKAO Atsuchi  神戸大学, 大学院・経営学研究科, 名誉教授 (20116221)
ISAGAWA Nobuyuki  神戸大学, 大学院・経営学研究科, 教授 (90273755)
UCHIDA Hirofumi  神戸大学, 大学院・経営学研究科, 教授 (60294295)
HATAKEDA Takashi  神戸大学, 大学院・経営学研究科, 准教授 (90319898)
YAMASAKI Hisashi  神戸大学, 大学院・経営学研究科, 准教授 (30403223)
Project Period (FY) 2010-04-01 – 2014-03-31
Project Status Completed (Fiscal Year 2013)
Budget Amount *help
¥17,290,000 (Direct Cost: ¥13,300,000、Indirect Cost: ¥3,990,000)
Fiscal Year 2013: ¥2,600,000 (Direct Cost: ¥2,000,000、Indirect Cost: ¥600,000)
Fiscal Year 2012: ¥2,990,000 (Direct Cost: ¥2,300,000、Indirect Cost: ¥690,000)
Fiscal Year 2011: ¥4,680,000 (Direct Cost: ¥3,600,000、Indirect Cost: ¥1,080,000)
Fiscal Year 2010: ¥7,020,000 (Direct Cost: ¥5,400,000、Indirect Cost: ¥1,620,000)
Keywords市場型間接金融 / シンジケート・ローン / 企業再生 / 震災・カタストロフィ / M&A / 自社株買い / 証券化 / 融資関係 / 保険・リスクマネジメント / 震災 / カタストロフィ / カントリー・リスク / クロスボーダー・バリエーション / 信用循環 / アナリスト独立性 / 融資関係交渉力 / 振り子現象 / 自然災害 / empty creditor / カースト均衡 / ネガティブな情報開示 / 担保 / 政策協調 / 東日本大震災 / 利益マネジメント / 行動保険学 / 債務免除の合理性 / リスク・インセンティブ / パラダイム・シフト / 横並び / 債権売買市場
Research Abstract

According to the rapid progress of globalization and population aging in Japan, it is required to manage the capital more efficiently. So-called market-oriented indirect financing has been found to be more effective than traditional financing, such as indirect financing through commercial banks and direct financing via the stock market, in producing the optimal allocation of risks among multiple economic agents, and helping decompose and standardize those risks.
This study theoretically and empirically examines the methods and events of market-oriented indirect financing, such as through syndicated loans, real estate reit, weather derivatives, bankruptcy events, buybacks, and catastrophes, in order to evaluate how best to marketize risks, assess the efficiency of risk pricing, determine the boundary between intermediaries and markets, and measure the effect of market-oriented indirect financing on the operating characteristics of the financial system and the real economy as a whole.

Report

(5 results)
  • 2013 Annual Research Report   Final Research Report ( PDF )
  • 2012 Annual Research Report
  • 2011 Annual Research Report
  • 2010 Annual Research Report
  • Research Products

    (38 results)

All 2014 2013 2012 2011 2010 Other

All Journal Article (31 results) (of which Peer Reviewed: 14 results) Presentation (4 results) Book (3 results)

  • [Journal Article] シンジケート・ローンの組成と株価に関する研究2014

    • Author(s)
      藤原 賢哉
    • Journal Title

      国民経済雑誌

      Volume: 209(4) Pages: 31-44

    • NAID

      110009770292

    • Related Report
      2013 Final Research Report
  • [Journal Article] ファイナンスと成長戦略2014

    • Author(s)
      砂川伸幸
    • Journal Title

      商学論究

      Volume: 61(4) Pages: 67-86

    • Related Report
      2013 Annual Research Report 2013 Final Research Report
  • [Journal Article] シンジケート・ローンの組成と株価に関する研究2014

    • Author(s)
      藤原賢哉
    • Journal Title

      国民経済雑誌

      Volume: 209 Pages: 31-44

    • NAID

      110009770292

    • Related Report
      2013 Annual Research Report
  • [Journal Article] The Effect of Great East Japan Earthquake on the Stock Prices of Non-life Insurance Companies2013

    • Author(s)
      Takao, Atsushi, Takuya Yoshizawa, Shuofen Hsu, and Takashi Yamasaki
    • Journal Title

      Geneva Papers on RiskandInsurance-Issues andPractice

      Volume: 38(3) Pages: 449-468

    • Related Report
      2013 Final Research Report
    • Peer Reviewed
  • [Journal Article] The Calendar Structure of the Japanese Stock Market : The "Sell in May Effect2013

    • Author(s)
      Sakakibara, Shigeki, Takashi Yamasaki, and Katsuhiko Okada
    • Journal Title

      International Review of Finance

      Volume: 13(2) Issue: 2 Pages: 161-185

    • DOI

      10.1111/irfi.12003

    • Related Report
      2013 Final Research Report
    • Peer Reviewed
  • [Journal Article] 株価変動の季節性と投資家心理-新聞記事に見る将来見通しとデカ ンショ節効果2013

    • Author(s)
      岡田克彦, 山崎高弘, 榊原茂樹, 山崎尚志
    • Journal Title

      証券アナリストジャーナル

      Volume: 51(2) Pages: 96-105

    • URL

      http://www.saa.or.jp/journal/eachtitle/pdf/ronbun_131201_1.pdf

    • Related Report
      2013 Final Research Report
    • Peer Reviewed
  • [Journal Article] The Calendar Structure of the Japanese Stock Market: The "Sell in May Effect" versus the "Dekansho-bushi Effect"2013

    • Author(s)
      Sakakibara, Shigeki, Takashi Yamasaki, and Katsuhiko Okada
    • Journal Title

      International Review of Finance

      Volume: 13(2) Pages: 161-185

    • Related Report
      2013 Annual Research Report
    • Peer Reviewed
  • [Journal Article] The Effect of the Great East Japan Earthquake on the Stock Prices of Non-life Insurance Companies2013

    • Author(s)
      Takao, Atsushi, Takuya Yoshizawa, Shuofen Hsu, and Takashi Yamasaki
    • Journal Title

      Geneva Papers on Risk and Insurance-Issues and Practice

      Volume: 38(3) Pages: 449-468

    • Related Report
      2013 Annual Research Report
    • Peer Reviewed
  • [Journal Article] 株価変動の季節性と投資家心理-新聞記事に見る将来見通しとデカンショ節効果2013

    • Author(s)
      岡田克彦、山崎高弘、榊原茂樹、山崎尚
    • Journal Title

      証券アナリストジャーナル

      Volume: 51(2) Pages: 96-105

    • Related Report
      2013 Annual Research Report
    • Peer Reviewed
  • [Journal Article] The Effect of the Great East Japan Earthquake on the Stock Prices of Non-life Insurance Companies2013

    • Author(s)
      Atsushi Takao, Takuya Yoshizawa, Shuofen Hsu and Takashi Yamasaki
    • Journal Title

      Geneva Papers on Risk and Insurance - Issues and Practice

      Volume: forthcoming Issue: 3 Pages: 449-468

    • DOI

      10.1057/gpp.2012.34

    • Related Report
      2012 Annual Research Report
    • Peer Reviewed
  • [Journal Article] 貸借関係における交渉力の決定要因2012

    • Author(s)
      内田浩史
    • Journal Title

      国民経済雑誌

      Volume: 206(1) Pages: 47-59

    • Related Report
      2013 Final Research Report 2012 Annual Research Report
  • [Journal Article] 生命保険企業の「条件適合理論」-相互会社から株式会社へ2012

    • Author(s)
      高尾厚
    • Journal Title

      そして株式会社, 生命保険論集

      Volume: 180 Pages: 1-12

    • URL

      http://www.jili.or.jp/research/search/pdf/D_180_1.pdf

    • Related Report
      2013 Final Research Report
  • [Journal Article] わが国株式市場における長期パフォーマンスの測定方法の評価-BHAR法とCTP法の検証2012

    • Author(s)
      山崎尚志, 山口 聖
    • Journal Title

      国民経済雑誌

      Volume: 206(3) Pages: 35-56

    • Related Report
      2013 Final Research Report
  • [Journal Article] 金融危機と証券化-シンジケート・ローンと信用循環2012

    • Author(s)
      藤原賢哉
    • Journal Title

      国民経済雑誌

      Volume: 206(1) Pages: 73-88

    • Related Report
      2012 Annual Research Report
  • [Journal Article] 生命保険企業の「条件適合理論」-相互会社から株式会社へ、そして株式会社へ-2012

    • Author(s)
      高尾厚
    • Journal Title

      生命保険論集

      Volume: 180 Pages: 1-12

    • Related Report
      2012 Annual Research Report
  • [Journal Article] わが国株式市場における株価の長期パフォーマンスの測定方法の評価―BHAR法とCTP法の検証―2012

    • Author(s)
      山﨑尚志, 山口聖
    • Journal Title

      国民経済雑誌

      Volume: 206(3) Pages: 35-56

    • Related Report
      2012 Annual Research Report
  • [Journal Article] 担保の経済分析 : 展望2011

    • Author(s)
      内田浩史
    • Journal Title

      国民経済雑誌

      Volume: 204(6) Pages: 5-60

    • NAID

      110008731007

    • Related Report
      2013 Final Research Report
  • [Journal Article] 日本における自社株買いに伴う利益マネジメントおよび収益性の推移2011

    • Author(s)
      畠田敬
    • Journal Title

      国民経済雑誌

      Volume: 203(6) Pages: 67-84

    • NAID

      110008461067

    • Related Report
      2013 Final Research Report
  • [Journal Article] Herd Behavior by Japanese Banks after Financial Deregulation in the 1980s2011

    • Author(s)
      Nakagawa, R., and H. Uchida
    • Journal Title

      Economica

      Volume: 78(312) Issue: 312 Pages: 618-636

    • DOI

      10.1111/j.1468-0335.2010.00870.x

    • Related Report
      2013 Final Research Report
    • Peer Reviewed
  • [Journal Article] Inflation Target and Debt Management of Local Government Bond2011

    • Author(s)
      Fujiki, H. and H. Uchida
    • Journal Title

      Japan and the World Economy

      Volume: 23(3) Issue: 3 Pages: 178-189

    • DOI

      10.1016/j.japwor.2011.07.001

    • Related Report
      2013 Final Research Report
    • Peer Reviewed
  • [Journal Article] Inflation Target and Debt Management of Local Government Bonds2011

    • Author(s)
      Fujiki, H., H.Uchida
    • Journal Title

      Japan and the World Economy

      Volume: 23(3) Pages: 178-189

    • Related Report
      2011 Annual Research Report
    • Peer Reviewed
  • [Journal Article] 担保の経済分析:展望2011

    • Author(s)
      内田浩史
    • Journal Title

      国民経済雑誌

      Volume: 204(6) Pages: 5-60

    • NAID

      110008731007

    • Related Report
      2011 Annual Research Report
  • [Journal Article] 優れたIR活動と継続的な評価:評価項目分析と住友商事の事例2011

    • Author(s)
      佐藤淑子・砂川伸幸
    • Journal Title

      国民経済雑誌

      Volume: 203(5) Pages: 35-48

    • NAID

      110008436596

    • Related Report
      2011 Annual Research Report
  • [Journal Article] 日本における自社株買いに伴う利益マネジメントおよび収益絵師の推移2011

    • Author(s)
      畠田敬
    • Journal Title

      国民経済雑誌

      Volume: 203(6) Pages: 67-84

    • Related Report
      2011 Annual Research Report
  • [Journal Article] 東日本大震災による損保株への影響2011

    • Author(s)
      高尾厚
    • Journal Title

      国民経済雑誌

      Volume: 204(2) Pages: 35-49

    • NAID

      110008605624

    • Related Report
      2011 Annual Research Report
  • [Journal Article] A Proposal to Construct a Behavioral Insurance Theory2010

    • Author(s)
      Takao, Atsushi, and Takashi, Yamasaki
    • Journal Title

      The IUP Journal of Risk & Finance

      Volume: 7(3) Pages: 267-287

    • Related Report
      2013 Final Research Report
    • Peer Reviewed
  • [Journal Article] Debt Forgiveness and Stock Price Reaction of Lending Banks : Theory and Evidence from Japan2010

    • Author(s)
      Isagawa, N., S., Yamaguchi, T. Yamashita
    • Journal Title

      Journal of Financial Research

      Volume: 33 Issue: 3 Pages: 267-287

    • DOI

      10.1111/j.1475-6803.2010.01271.x

    • Related Report
      2013 Final Research Report 2010 Annual Research Report
    • Peer Reviewed
  • [Journal Article] 金融危機とCDS2010

    • Author(s)
      藤原 賢哉
    • Journal Title

      ビジネスインサイト

      Volume: 19(3) Pages: 51-64

    • Related Report
      2013 Final Research Report
  • [Journal Article] 本邦シンジケート・ローン市場の現状について2010

    • Author(s)
      藤原 賢哉
    • Journal Title

      国民経済雑誌

      Volume: 第206(1) Pages: 73-88

    • NAID

      110007578328

    • Related Report
      2013 Final Research Report
  • [Journal Article] A Proposal to Construct a Behavioral Insurance Theory2010

    • Author(s)
      Takao, Atushii, Takashi, Yamazaki
    • Journal Title

      The IUP Journal of Risk & Insurance

      Volume: VII, No.3 Pages: 50-58

    • Related Report
      2010 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Herd Behavior by Japanese Banks after the Financial Deregulation in the 1980s

    • Author(s)
      Nakagawa, R., H.Uchida
    • Journal Title

      Economica

      Volume: (掲載確定 forthcoming 印刷中)

    • Related Report
      2010 Annual Research Report
    • Peer Reviewed
  • [Presentation] Natural Disaster and Natural Selection2014

    • Author(s)
      Hiroshi, Uchida, D. Miyakawa, K. Hosono, A. Ono, T. Uchino, and I. Uesugi
    • Organizer
      International Workshop on Economic Recovery from the Great East-Japan Earthquake
    • Place of Presentation
      経済産業研究所
    • Year and Date
      2014-03-17
    • Related Report
      2013 Final Research Report
  • [Presentation] Natural Disaster and Natural Selection2014

    • Author(s)
      Hiroshi, Uchida, D Miyakawa, K. Hosono, A. Ono, T. Uchino, and I. Uesugi
    • Organizer
      International Workshop on "Economic Recovery from the Great East-Japan Earthquake"
    • Place of Presentation
      経済産業研究所
    • Related Report
      2013 Annual Research Report
  • [Presentation] Managerial Overconfidence : Evidence from Japanese CEOs2013

    • Author(s)
      Yamasaki, Takashi, Kotaro Inoue, and Hideaki Kato
    • Place of Presentation
      Chicago
    • Year and Date
      2013-03-14
    • Related Report
      2013 Final Research Report
  • [Presentation] 企業不動産と企業価値2012

    • Author(s)
      山口聖, 福島隆則, 砂川伸幸, 山崎尚志, 前智彦
    • Organizer
      日本ファイナンス学会
    • Place of Presentation
      専修大学
    • Year and Date
      2012-05-26
    • Related Report
      2013 Final Research Report 2012 Annual Research Report
  • [Book] 経営戦略とコーポレートファイナンス2013

    • Author(s)
      砂川伸幸・ 川北英隆・ 杉浦秀典・ 佐藤淑子
    • Total Pages
      290
    • Publisher
      日本経済新聞社
    • Related Report
      2013 Final Research Report
  • [Book] 経営戦略とコーポレートファイナンス2013

    • Author(s)
      砂川伸幸・川北英隆・杉浦秀典・佐藤淑子
    • Publisher
      日本経済新聞出版社
    • Related Report
      2013 Annual Research Report
  • [Book] 保険学保険法学の課題2011

    • Author(s)
      高尾厚
    • Total Pages
      18
    • Publisher
      成文堂
    • Related Report
      2013 Final Research Report 2011 Annual Research Report

URL: 

Published: 2010-08-23   Modified: 2019-07-29  

Information User Guide FAQ News Terms of Use Attribution of KAKENHI

Powered by NII kakenhi