| Project/Area Number |
22330096
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| Research Category |
Grant-in-Aid for Scientific Research (B)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | Kobe University |
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Principal Investigator |
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| 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)
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| Project Period (FY) |
2010-04-01 – 2014-03-31
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| Project Status |
Completed (Fiscal Year 2013)
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| 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)
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| 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 |
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| 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.
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