Optimal trade and direct investment strategy in response to financial risks

• Project/Area Number: 23530310
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Applied economics
• Research Institution: Keio University (2012-2013); Research Institute of Economy, Trade and Industry (2011)
• Principal Investigator: TSURU Kotaro 慶應義塾大学, 商学研究科, 教授 (80371178)
• Co-Investigator(Kenkyū-buntansha): HOSONO Kaoru 学習院大学, 経済学部, 教授 (80282945)
• Project Period (FY): 2011 – 2013
• Project Status: Completed (Fiscal Year 2013)
• Budget Amount: ¥4,290,000 (Direct Cost: ¥3,300,000、Indirect Cost: ¥990,000); Fiscal Year 2013: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000); Fiscal Year 2012: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000); Fiscal Year 2011: ¥2,080,000 (Direct Cost: ¥1,600,000、Indirect Cost: ¥480,000)
• Keywords: 金融危機 / 国際伝播 / 企業業績 / 株価 / イベントスタディ / 派遣労働者 / 需要ショック / 派遣労働 / 雇用調整 / 国際伝搬 / 流動性 / 貿易 / ミクロデータ / 累積収益率 / 累積超過収益率 / M&A

Research Abstract

We investigate the international transmission of the financial crisis in 2008-2009 to Japanese firms by examining both the stock price responses to the crisis events and the changes in operating performance subsequent to the crisis. Both the stock price responses and ex-post operating performance consistently indicate that the crisis hit Japanese firms through the trade and liquidity channels.
We also find that firms with a higher exporting ratio, a lower liquidity to asset ratio decreased their temporary agency worker ratio to a greater extent after the crisis. The result suggests that temporary agency workers serve as a buffer to demand shocks.

Research Products

• [Journal Article] 需要ショックと雇用調整-2008-09年グローバル金融危機の下での輸出企業の従業員構成変化- (2014)
  • Author(s): 滝澤美帆・鶴光太郎・細野薫
  • Journal Title: RIETI Discussion Paper Series Pages: 14-14
• [Journal Article] 需要ショックと雇用調整－2008-09年グローバル金融危機の下での輸出企業の従業員構成変化－ (2014)
  • Author(s): 滝澤美帆・鶴光太郎・細野薫
  • Journal Title: RIETI ディスカッションペーパーシリーズ Volume: 14-J-012 Pages: 1-16
• [Journal Article] International Transmission of the 2008-09 Financial Crisis : Evidence from Japan (2013)
  • Author(s): Hosono, K., M. Takizawa and K. Tsuru
  • Journal Title: RIETI Discussion Paper Series Pages: 13-13
• [Journal Article] International Transmission of the 2008-09 Financial Crisis: (2013)
  • Author(s): 細野薫・滝澤美帆・鶴光太郎
  • Journal Title: RIETI ディスカッションペーパー Volume: 13-E-010 Pages: 1-32
• [Journal Article] 企業のパフォーマンスは合併によって向上するか:非上場企業を含む企業活動基本調査を使った分析 (2012)
  • Author(s): 滝澤美帆・鶴光太郎・細野薫
  • Journal Title: 経済研究 Volume: 第63号第1巻
  • NAID: 120005373450
  • Peer Reviewed
• [Journal Article] 企業のパフォーマンスは合併によって向上するか ―非上場企業を含む企業活動基本調査を使った分析― (2012)
  • Author(s): 滝澤美帆・鶴光太郎・細野薫
  • Journal Title: 一橋大学経済研究所／経済研究 Volume: 63巻1号 Pages: 28-41
  • NAID: 120005373450
  • Peer Reviewed
• [Journal Article] International Transmission of the 2008 Crisis : Evidence from the Japanese stock market (2011)
  • Author(s): Hosono, K., M. Takizawa and K. Tsuru
  • Journal Title: RIETI Discussion Paper Series Pages: 11-11
• [Journal Article] Managerial Entrenchment and Anti-takeover Provisions in Japan (2011)
  • Author(s): Hosono, K., M. Takizawa and K. Tsuru
  • Journal Title: Seoul Journal of Economics Volume: Vol.24, No. 3 Pages: 287-331
  • Peer Reviewed
• [Journal Article] Managerial Entrenchment and Anti-takeover Provisions in Japan (2011)
  • Author(s): HOSONO Kaoru, TAKIZAWA Miho, TSURU Kotaro
  • Journal Title: Seoul Journal of Economics Volume: 24巻3号 Pages: 287-331
  • Peer Reviewed
• [Journal Article] International Transmission of the 2008 Crisis: Evidence from the Japanese stock market (2011)
  • Author(s): HOSONO Kaoru, TAKIZAWA Miho, TSURU Kotaro
  • Journal Title: 経済産業研究所/ 『RIETI Discussion Paper』 Volume: 11-E-050 Pages: 1-29
• [Presentation] International Transmission of the 2008-09 Financial Crisis : Evidence from Japan (2013)
  • Author(s): Hosono, K., M. Takizawa and K. Tsuru
  • Organizer: APEA2013 Annual Conference
  • Place of Presentation: Osaka, Japan
• [Presentation] International Transmission of the 2008-09 Financial Crisis: Evidence from Japan (2013)
  • Author(s): 細野薫
  • Organizer: APEA2013 Annual Conference
  • Place of Presentation: 大阪大学（大阪府吹田市）
• [Presentation] International Transmission of the 2008 Crisis : Evidence from the Japanese stock market (2011)
  • Author(s): Hosono, K., M. Takizawa and K. Tsuru
  • Organizer: APEA2011 Annual Conference
  • Place of Presentation: Pusan, Korea
• [Presentation] International Transmission of the 2008 Crisis: Evidence from the Japanese stock market (2011)
  • Author(s): HOSONO Kaoru, TAKIZAWA Miho, TSURU Kotaro
  • Organizer: APEA 2011 Annual Conference
  • Place of Presentation: Pusan, Korea
• [Remarks] 鶴光太郎(慶應義塾大学)ホームページ
  • URL: http://www.fbc.keio.ac.jp/teacher/staff_list/tsurukoutarou/index.html
• [Remarks] 鶴光太郎(RIETI)ホームページ
  • URL: http://www.rieti.go.jp/users/tsuru-kotaro/
• [Remarks] 細野薫(学習院大学)ホームページ
  • URL: http://www.gakushuin.ac.jp/univ/eco/professor/list/eco/hosono.html
• [Remarks] 鶴光太郎（慶應義塾大学）ホームページ
  • URL: http://www.fbc.keio.ac.jp/teacher/staff_list/tsurukoutarou/index.html
• [Remarks] 鶴光太郎（RIETI）ホームページ
  • URL: http://www.rieti.go.jp/users/tsuru-kotaro/
• [Remarks] 細野薫（学習院大学）ホームページ
  • URL: http://www.gakushuin.ac.jp/univ/eco/professor/list/eco/hosono.html