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Roles of Mainbanks in Japan Revisited

Research Project

Project/Area Number 23330109
Research Category

Grant-in-Aid for Scientific Research (B)

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

Principal Investigator

HORI Keiichi  立命館大学, 経済学部, 教授 (50273561)

Co-Investigator(Kenkyū-buntansha) AKAHORI Jiro  立命館大学, 理工学部, 教授 (50309100)
FUJISAKI Masatoshi  立命館大学, 理工学部, 非常勤講師 (20047492)
OGURA Yoshiaki  早稲田大学, 政治経済学術院, 准教授 (70423043)
HARIMAYA Kozo  立命館大学, 経営学部, 教授 (90347732)
Project Period (FY) 2011-04-01 – 2015-03-31
Project Status Completed (Fiscal Year 2014)
Budget Amount *help
¥19,500,000 (Direct Cost: ¥15,000,000、Indirect Cost: ¥4,500,000)
Fiscal Year 2014: ¥3,770,000 (Direct Cost: ¥2,900,000、Indirect Cost: ¥870,000)
Fiscal Year 2013: ¥5,980,000 (Direct Cost: ¥4,600,000、Indirect Cost: ¥1,380,000)
Fiscal Year 2012: ¥3,640,000 (Direct Cost: ¥2,800,000、Indirect Cost: ¥840,000)
Fiscal Year 2011: ¥6,110,000 (Direct Cost: ¥4,700,000、Indirect Cost: ¥1,410,000)
Keywordsメインバンク / 企業統治 / 企業金融 / 確率微分方程式 / ファイナンス / 契約理論 / 確率過程
Outline of Final Research Achievements

We revisit how finacial system in Japan enhance the value of Japanese firms, in particular, focus on the role of Main Banks. To this end, we developed some mathematical methods and dynamic principal-agent models in continuous-time framework. Based on our models, some empirical implications are derived. Our empirical analyses provide us with the following results. Firstly, lending competitions among banks enhance credit availability for new firms. Secondly, a probability of borrower's default is influenced by bank efficiencies measured by indexes of profit efficiency and cost efficiency. However, those may not be specific roles of the Main Banks. Thirdly, in fact, we cannot find statistically significant evidences that main banks can enhance the firm value better than the other banks.

Report

(5 results)
  • 2014 Annual Research Report   Final Research Report ( PDF )
  • 2013 Annual Research Report
  • 2012 Annual Research Report
  • 2011 Annual Research Report
  • Research Products

    (42 results)

All 2014 2013 2012 2011 Other

All Journal Article (27 results) (of which Peer Reviewed: 16 results,  Open Access: 2 results) Presentation (14 results) (of which Invited: 2 results) Book (1 results)

  • [Journal Article] Investment Timing Decisions of Managers under Endogenous Contracts2014

    • Author(s)
      Keiichi Hori and Hiroshi Osano
    • Journal Title

      Journal of Corporate Finance

      Volume: 29 Pages: 607-627

    • DOI

      10.1016/j.jcorpfin.2013.11.013

    • NAID

      120005525706

    • Related Report
      2014 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Too big to succeed? : Banking sector consolidation and efficiency2014

    • Author(s)
      Heather Montgomery, Kozo Harimaya and Yuki Takahashi
    • Journal Title

      Journal of International Financial Markets, Institutions & Money

      Volume: 32 Pages: 86-106

    • Related Report
      2014 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Affine term structure as multi-soliton2014

    • Author(s)
      Hidemi Aihara, Jiro Akahori, and Edouard Grenier
    • Journal Title

      JSIAM Letters

      Volume: 6 Issue: 0 Pages: 17-20

    • DOI

      10.14495/jsiaml.6.17

    • NAID

      130004540626

    • ISSN
      1883-0609, 1883-0617
    • Related Report
      2014 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] A Heat Kernel Approach to Interest Rate Models2014

    • Author(s)
      Jiro Akahori, Yuji Hishida, Josef Teichmann and Takahiro Tsuchiya
    • Journal Title

      Japan Journal of Industrial and Applied Mathematics

      Volume: 31/2 Issue: 2 Pages: 419-439

    • DOI

      10.1007/s13160-014-0147-3

    • Related Report
      2014 Annual Research Report
    • Peer Reviewed
  • [Journal Article] 地域経済における地域金融機関の役割-京都府における事例の検証2014

    • Author(s)
      播磨谷浩三、吉原清嗣
    • Journal Title

      立命館ビジネスジャーナル

      Volume: 8 Pages: 1-17

    • NAID

      120005399321

    • Related Report
      2013 Annual Research Report
  • [Journal Article] Bank Consolidation and Soft Information Acquisition in Small Business Lending2014

    • Author(s)
      Yoshiaki Ogura and Hirofumi Uchida
    • Journal Title

      Journal of Financial Services Research

      Volume: 45 Issue: 2 Pages: 173-200

    • DOI

      10.1007/s10693-013-0163-5

    • Related Report
      2013 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] Managerial Incentives and the Role of Advisors in the Continuous-Time Agency Model2013

    • Author(s)
      Keiichi Hori and Hiroshi Osano
    • Journal Title

      Review of Financial Studies

      Volume: 26/ 10 Issue: 10 Pages: 2620-2647

    • DOI

      10.1093/rfs/hht027

    • Related Report
      2013 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Tau functions of KP solitons realized in Wiener space2013

    • Author(s)
      Hidemi Aihara, Jiro Akahori, Hiroko Fujii, Yasuhumi Nitta
    • Journal Title

      Bulletin of the London Mathematical Society

      Volume: 45/6 Issue: 6 Pages: 1301-1309

    • DOI

      10.1112/blms/bdt056

    • Related Report
      2013 Annual Research Report
    • Peer Reviewed
  • [Journal Article] An Algebraic Approach to the Cameron-Martin-Maruyama-Girsanov Formula2013

    • Author(s)
      Jiro Akahori, Takafumi Amaba, Sachiyo Uraguchi
    • Journal Title

      Mathematical Journal of Okayama University

      Volume: 55 Pages: 167-190

    • Related Report
      2013 Annual Research Report
  • [Journal Article] 貸出市場の競争環境と地域経済との関係についての検証-滋賀県における事例分析2013

    • Author(s)
      播磨谷浩三
    • Journal Title

      立命館経営学

      Volume: 52/ 2&3 Pages: 329-342

    • Related Report
      2013 Annual Research Report
  • [Journal Article] 地域金融機関の店舗展開が地元企業に与える影響2013

    • Author(s)
      播磨谷浩三
    • Journal Title

      月刊 金融ジャーナル

      Volume: 12月 Pages: 76-79

    • NAID

      40019880649

    • Related Report
      2013 Annual Research Report
  • [Journal Article] The Decision-Making Mechanis of Regional Financial Institutions and the Utilization of Soft Information2013

    • Author(s)
      Nemoto, T., Ogura, Y., and W. Watanabe
    • Journal Title

      Public Policy Review

      Volume: 9(1) Pages: 87-115

    • Related Report
      2012 Annual Research Report
  • [Journal Article] AN ALGEBRAIC APPROACH TO THE CAMERON-MARTIN-MARUYAMA-GIRSANOV FORMULA2013

    • Author(s)
      Jiro Akahori, Takafumi Amaba and Sachiyo Uraguchi
    • Journal Title

      Mathematical Journal of Okayama Univ

      Volume: 55 Pages: 167-190

    • Related Report
      2012 Annual Research Report
  • [Journal Article] Determinants of branch expansion by Japanese regional banks2012

    • Author(s)
      Harimaya, Kozo and Kazumine Kondo
    • Journal Title

      The IUP Journal of Bank Management

      Volume: 11/2 Pages: 7-25

    • Related Report
      2012 Annual Research Report
    • Peer Reviewed
  • [Journal Article] 地域金融市場における生保の銀行窓版解禁の影響に関する検証2012

    • Author(s)
      播磨谷浩三
    • Journal Title

      生命保険論集

      Volume: 181 Pages: 1-24

    • Related Report
      2012 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Lending Competition and Credit Availability for New Firms Empirical Study with the Price Cost Margin in Regional Loan Markets2012

    • Author(s)
      Ogura Yoshiaki
    • Journal Title

      Journal of Banking & Finance

      Volume: 36 Issue: 5 Pages: 1822-1838

    • DOI

      10.1016/j.jbankfin.2012.12.013

    • Related Report
      2012 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Heat Kernel Interest Rate Models with Time-Inhomogeneous Markov Processes2012

    • Author(s)
      Jiro Akahori, Andrea Macrina
    • Journal Title

      International Journal of Theoretical and Applied Finance

      Volume: 15/1 Issue: 01 Pages: 1-15

    • DOI

      10.1142/s0219024911006553

    • Related Report
      2012 Annual Research Report
    • Peer Reviewed
  • [Journal Article] 公的信用保証の地域間格差の検証2012

    • Author(s)
      播磨谷浩三
    • Journal Title

      国民経済雑誌

      Volume: 206/1 Pages: 17-30

    • Related Report
      2012 Annual Research Report
  • [Journal Article] Lending Competition and Credit Availability for New Firms : Empirical Study with the Price Cost Margin in Regional Loan Markets2012

    • Author(s)
      Ogura, Y.
    • Journal Title

      Journal of Banking & Finance

      Volume: (in press)

    • Related Report
      2011 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Some Simulation Results on the Computation of Delta of Path-Dependent Options Using a Discrete Version of Clark-Ocone Formula2011

    • Author(s)
      Jiro Akahori, Takafumi Amaba, Kaori Okuma
    • Journal Title

      Proceedings of the 42nd ISCIE International Symposium on Stochastic Systems Theory and Its Application

      Pages: 132-137

    • Related Report
      2011 Annual Research Report
  • [Journal Article] Heat Kernel Interest Rate Models with Time-Inhomogeneous Markoy Processes2011

    • Author(s)
      Jiro Akahori, Andrea Macrina
    • Journal Title

      International Journal of Theoretical and Applied Finance

      Volume: (to appear)

    • Related Report
      2011 Annual Research Report
    • Peer Reviewed
  • [Journal Article] An Algebraic Approach to the Cameron-Martin-Maruyama-Girsanov Formula2011

    • Author(s)
      Jiro Akahori, Takafumi Amaba, Sachiyo Uraguchi
    • Journal Title

      Mathematical Journal of Okayama University

      Volume: (to appear)

    • Related Report
      2011 Annual Research Report
  • [Journal Article] On a Type I Error of a Random Walk Hypothesis on Interest Rates2011

    • Author(s)
      Jiro Akahori, Nien-Lin Liu
    • Journal Title

      International Journal of Innovative Computing, Information and Control

      Volume: 7/1 Pages: 115-131

    • NAID

      130004604491

    • Related Report
      2011 Annual Research Report
    • Peer Reviewed
  • [Journal Article] The rolls of outside directors in cooperative financial institutions : The case of Japan2011

    • Author(s)
      Yamori, N., Harimaya, K., Tomimura, K.
    • Journal Title

      Banks and Bank Systems

      Volume: 6/4 Pages: 11-14

    • Related Report
      2011 Annual Research Report
    • Peer Reviewed
  • [Journal Article] 新保険業法施行後における生命保険業の効率性の変化2011

    • Author(s)
      播磨谷浩三
    • Journal Title

      新たな保険経営組織と事業再編スキーム

      Pages: 31-53

    • Related Report
      2011 Annual Research Report
  • [Journal Article] 地域金融機関の効率性の計測-計測方法の展望と分析上の課題-2011

    • Author(s)
      播磨谷浩三
    • Journal Title

      金融構造研究

      Volume: 33 Pages: 23-32

    • NAID

      40018819710

    • Related Report
      2011 Annual Research Report
  • [Journal Article] What kinds of credit associations favour introducing new financial technology?2011

    • Author(s)
      Nobuyoshi Yamori, Kei Tomimura, Kozo Harimaya
    • Journal Title

      Applied Economics Letters

      Volume: 18 Pages: 343-347

    • Related Report
      2011 Annual Research Report
    • Peer Reviewed
  • [Presentation] Solitons via Stochastic Areas2012

    • Author(s)
      赤堀次郎
    • Organizer
      Rough Path解析とその周辺
    • Place of Presentation
      名古屋大学(愛知県)
    • Year and Date
      2012-01-25
    • Related Report
      2011 Annual Research Report
  • [Presentation] Fourier Analysis Applied to Finance2011

    • Author(s)
      赤堀次郎
    • Organizer
      INTERNATIONAL CONFERENCE IN MATHEMATICS AND APPLICATIONS
    • Place of Presentation
      Vietnam National University(タイ)
    • Year and Date
      2011-12-18
    • Related Report
      2011 Annual Research Report
  • [Presentation] Managerial Incentives and the Role of Advisors in the Continuous-Time Agency Model2011

    • Author(s)
      堀敬一
    • Organizer
      5th Japan-Taiwan Contract Theory Conference
    • Place of Presentation
      National Central University(台湾)
    • Year and Date
      2011-12-03
    • Related Report
      2011 Annual Research Report
  • [Presentation] 離散クラーク公式(ガウス型・ポアソン型)とその応用2011

    • Author(s)
      赤堀次郎
    • Organizer
      第一回数理ファイナンス合宿型セミナー
    • Place of Presentation
      リフレフォーラム(東京都)
    • Year and Date
      2011-11-06
    • Related Report
      2011 Annual Research Report
  • [Presentation] Pricing Kernel概説2011

    • Author(s)
      赤堀次郎
    • Organizer
      第二回デリバティブ部会セミナー
    • Place of Presentation
      立命館大学東京キャンパス(東京都)
    • Year and Date
      2011-09-08
    • Related Report
      2011 Annual Research Report
  • [Presentation] Managerial Incentives and the Role of Advisors in the Continuous-Time Agency Model2011

    • Author(s)
      堀敬一
    • Organizer
      2011 Asian Meeting of the Econometric Society
    • Place of Presentation
      Korea University(韓国)
    • Year and Date
      2011-08-12
    • Related Report
      2011 Annual Research Report
  • [Presentation] A Discrete Version of Clarck-Ocone Formula2011

    • Author(s)
      赤堀次郎
    • Organizer
      Seminar on Financial Stochastic Models in Ecole Polytechnique
    • Place of Presentation
      Ecole Polytechnique(フランス)
    • Year and Date
      2011-03-07
    • Related Report
      2011 Annual Research Report
  • [Presentation] A Continuous-Time Agency Model under Loss Aversion

    • Author(s)
      Keiichi Hori
    • Organizer
      67th European Meeting of the Econometric Society
    • Place of Presentation
      University of Gothenburg(Sweden)
    • Related Report
      2013 Annual Research Report
  • [Presentation] Algebraic proof of anticipative Girsanov-Maruyama formula

    • Author(s)
      Akahori jiro
    • Organizer
      ON QUANTUM INFORMATION THEORY AND RELATED TOPICS
    • Place of Presentation
      DUY TAN UNIVERSITY(Vietnam)
    • Related Report
      2013 Annual Research Report
  • [Presentation] Certification role of pre-IPO bank relationship:Evidence from the Japanese IPO Underpricing

    • Author(s)
      小倉義明
    • Organizer
      日本金融学会関東部会
    • Place of Presentation
      中央大学(東京都)
    • Related Report
      2013 Annual Research Report
  • [Presentation] Nonlinear Filtering Problems and Related Topics

    • Author(s)
      藤崎正敏
    • Organizer
      The First International Workshop,On quantum Information Theory and Related Topics
    • Place of Presentation
      Duy Tan University(Vietnam)
    • Related Report
      2013 Annual Research Report
  • [Presentation] A Continuous-Time Agency Model under Loss Aversion

    • Author(s)
      堀 敬一
    • Organizer
      行動経済学会第6回大会
    • Place of Presentation
      青山学院大学(東京都)
    • Related Report
      2012 Annual Research Report
  • [Presentation] A Continuous-Time Agency Model under Loss Aversion

    • Author(s)
      Keiichi Hori
    • Organizer
      The Fifth Florence-Ritsumeikan Workshop on Stochastic Processes and Applications to Finance and Risk Management
    • Place of Presentation
      フィレンツェ(イタリア)
    • Related Report
      2012 Annual Research Report
    • Invited
  • [Presentation] Nonlinear Filtering Problem and Related Topics

    • Author(s)
      Masatoshi Fujisaki
    • Organizer
      The Fifth Florence-Ritsumeikan Workshop on Stochastic Processes and Applications to Finance and Risk Management
    • Place of Presentation
      フィレンツェ(イタリア)
    • Related Report
      2012 Annual Research Report
    • Invited
  • [Book] 「日本の企業統治]、『「メイン寄せ」による規律付けと実証分析』(宮島英昭編著)2011

    • Author(s)
      小佐野広・堀敬一
    • Publisher
      東洋経済新報社
    • Related Report
      2011 Annual Research Report

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Published: 2011-04-06   Modified: 2019-07-29  

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