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Empirical studies on stock price valuation and financial behavior of Japanese firms

Research Project

Project/Area Number 23530446
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Business administration
Research InstitutionAoyama Gakuin University

Principal Investigator

SERITA Toshio  青山学院大学, 経済学部, 教授 (80226688)

Co-Investigator(Renkei-kenkyūsha) HANAEDA Hideki  中央大学, 総合政策学部, 教授 (50103693)
ZU Peng  法政大学, 経済学部, 教授 (60247111)
Project Period (FY) 2011 – 2013
Project Status Completed (Fiscal Year 2013)
Budget Amount *help
¥2,210,000 (Direct Cost: ¥1,700,000、Indirect Cost: ¥510,000)
Fiscal Year 2013: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2012: ¥520,000 (Direct Cost: ¥400,000、Indirect Cost: ¥120,000)
Fiscal Year 2011: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Keywordsコーポレート・ファイナンス / サーベイ調査 / 自社株評価 / 投資決定 / 権限移譲 / 福島原発 / 東日本大震災 / 投資決定基準 / 株価水準 / 福島第一原子力発電事故 / 企業の自信過剰
Research Abstract

(1)We conducted a survey researches to Japanese all listed firms to examine usage frequency of investment techniques(e.g. NPV, payback period), delegation of financial decision making. (2)We examined reasons for overvaluation by their own firm stock price using our past several survey research data.(3)We investigated the reaction of energy stock prices to the Fukushima Nuclear Accidents and the government responses.
Main results are in our 4 new research papers. They are unique and interesting empirical results for financial behavior of Japanese firms and Japanese stock markets by international comparison.

Report

(4 results)
  • 2013 Annual Research Report   Final Research Report ( PDF )
  • 2012 Research-status Report
  • 2011 Research-status Report
  • Research Products

    (23 results)

All 2014 2013 2012 2011 Other

All Journal Article (2 results) (of which Peer Reviewed: 2 results) Presentation (20 results) Remarks (1 results)

  • [Journal Article] 投資資金配分と財務意思決定の権限委譲―サーベイ調査による分析―2013

    • Author(s)
      芹田敏夫, 花枝英樹
    • Journal Title

      現代ファイナンス

      Volume: No.34 Pages: 53-82

    • Related Report
      2013 Final Research Report
    • Peer Reviewed
  • [Journal Article] 投資資金配分と財務意思決定の権限委譲-サーベイ調査による分析-2013

    • Author(s)
      花枝英樹、芹田敏夫
    • Journal Title

      現代ファイナンス

      Volume: 34 Pages: 53-82

    • Related Report
      2013 Annual Research Report
    • Peer Reviewed
  • [Presentation] Capital Budgeting Practices: Evidence from Japan2014

    • Author(s)
      芹田敏夫
    • Organizer
      World Finance Conference (Venice)
    • Place of Presentation
      Venice, Italy - Ca` Foscari University
    • Related Report
      2013 Annual Research Report
  • [Presentation] 日本企業が用いる投資評価手法とハードルレート2013

    • Author(s)
      芹田敏夫, 花枝英樹
    • Place of Presentation
      兵庫県立大学神戸商科キャンパス
    • Year and Date
      2013-10-06
    • Related Report
      2013 Final Research Report
  • [Presentation] Energy stock returns and the Fukushima Nuclear Accidents2012

    • Author(s)
      芹田敏夫, 胥鵬
    • Organizer
      25th Australasian Finance & Banking Conference
    • Place of Presentation
      Shangri-La Hotel in Sydney
    • Year and Date
      2012-12-17
    • Related Report
      2013 Final Research Report
  • [Presentation] 投資資金配分と財務意思決定の権限委譲―サーベイ調査による分析―(花枝英樹氏(中央大学)との共著)2012

    • Author(s)
      芹田敏夫, 花枝英樹
    • Organizer
      日本経営財務研究学会
    • Place of Presentation
      専修大学生田キャンパス
    • Year and Date
      2012-10-06
    • Related Report
      2013 Final Research Report
  • [Presentation] Energy stock returns and the Fukushima Nuclear Accidents2012

    • Author(s)
      芹田敏夫, 胥鵬
    • Organizer
      Asian Finance Association and Taiwan Finance Association 2012 Joint International Conference
    • Place of Presentation
      Grand Hotel Taipei in Tapiei
    • Year and Date
      2012-07-08
    • Related Report
      2013 Final Research Report
  • [Presentation] Managerial Attitudes and Payout Policy : Asymmetric Information versus Overconfidence2012

    • Author(s)
      芹田敏夫, 胥鵬
    • Organizer
      Asian Finance Association and Taiwan Finance Association 2012 Joint International Conference
    • Place of Presentation
      Grand Hotel Taipei in Tapiei
    • Year and Date
      2012-07-08
    • Related Report
      2013 Final Research Report
  • [Presentation] Managerial Attitudes and Payout Policy : Asymmetric Information versus Overconfidence2012

    • Author(s)
      芹田敏夫, 胥鵬
    • Organizer
      日本経済学会春季大会
    • Place of Presentation
      北海道大学札幌キャンパス
    • Year and Date
      2012-06-24
    • Related Report
      2013 Final Research Report
  • [Presentation] Energy stock returns and the Fukushima Nuclear Accidents2012

    • Author(s)
      芹田敏夫, 胥鵬
    • Organizer
      日本ファイナンス学会
    • Place of Presentation
      一橋大学大学院ICS一ツ橋キャンパス
    • Year and Date
      2012-05-27
    • Related Report
      2013 Final Research Report
  • [Presentation] 日本企業が用いる投資評価手法とハードルレート : サーベイ調査に基づく実証分析2012

    • Author(s)
      芹田敏夫, 花枝英樹
    • Organizer
      日本ファイナンス学会
    • Place of Presentation
      一橋大学大学院ICS一ツ橋キャンパス
    • Year and Date
      2012-05-26
    • Related Report
      2013 Final Research Report
  • [Presentation] Managerial Attitudes toward to Market Valuations2011

    • Author(s)
      芹田敏夫, 胥鵬
    • Organizer
      24th Australasian Finance & Banking Conference
    • Place of Presentation
      Shangri-La Hotel in Sydney
    • Year and Date
      2011-12-15
    • Related Report
      2013 Final Research Report 2011 Research-status Report
  • [Presentation] Managerial Attitudes toward to Market Valuation2011

    • Author(s)
      芹田敏夫, 胥鵬
    • Organizer
      日本ファイナンス学会
    • Place of Presentation
      早稲田大学
    • Year and Date
      2011-05-15
    • Related Report
      2013 Final Research Report
  • [Presentation] Managerial Attitudes toward to Market Valuations2011

    • Author(s)
      芹田敏夫、胥鵬(法政大学)
    • Organizer
      日本ファイナンス学会
    • Place of Presentation
      早稲田大学
    • Related Report
      2011 Research-status Report
  • [Presentation] 日本企業が用いる投資評価手法とハードルレート

    • Author(s)
      芹田敏夫
    • Organizer
      日本経済学部財務研究学会
    • Place of Presentation
      兵庫県立大学神戸商科キャンパス
    • Related Report
      2013 Annual Research Report
  • [Presentation] 日本企業が用いる投資評価手法とハードルレート:サーベイ調査に基づく実証分析(共著)

    • Author(s)
      芹田 敏夫、花枝英樹
    • Organizer
      日本ファイナンス学会
    • Place of Presentation
      一橋大学大学院ICS一ツ橋キャンパス
    • Related Report
      2012 Research-status Report
  • [Presentation] Energy stock returns and the Fukushima Nuclear Accidents(共著)

    • Author(s)
      胥 鵬、芹田敏夫
    • Organizer
      日本ファイナンス学会
    • Place of Presentation
      一橋大学大学院ICS一ツ橋キャンパス
    • Related Report
      2012 Research-status Report
  • [Presentation] Managerial Attitudes and Payout Policy: Asymmetric Information versus Overconfidence(共著)

    • Author(s)
      芹田 敏夫、胥 鵬
    • Organizer
      日本経済学会春季大会
    • Place of Presentation
      北海道大学札幌キャンパス
    • Related Report
      2012 Research-status Report
  • [Presentation] Managerial Attitudes and Payout Policy: Asymmetric Information versus Overconfidence(共著)

    • Author(s)
      芹田 敏夫、胥 鵬
    • Organizer
      Asian Finance Association and Taiwan Finance Association 2012 Joint International Conference
    • Place of Presentation
      Grand Hotel Taipei in Taipei
    • Related Report
      2012 Research-status Report
  • [Presentation] Energy stock returns and the Fukushima Nuclear Accidents(共著)

    • Author(s)
      胥 鵬、芹田敏夫
    • Organizer
      Asian Finance Association and Taiwan Finance Association 2012 Joint International Conference
    • Place of Presentation
      Grand Hotel Taipei in Taipei
    • Related Report
      2012 Research-status Report
  • [Presentation] 投資資金配分と財務意思決定の権限委譲-サーベイ調査による分析-(共著)

    • Author(s)
      花枝 英樹、芹田敏夫
    • Organizer
      日本経営財務研究学会
    • Place of Presentation
      専修大学生田キャンパス
    • Related Report
      2012 Research-status Report
  • [Presentation] Energy stock returns and the Fukushima Nuclear Accidents(共著)

    • Author(s)
      胥 鵬、芹田敏夫
    • Organizer
      25th Australasian Finance & Banking Conference
    • Place of Presentation
      Shangri-La Hotel in Sydney
    • Related Report
      2012 Research-status Report
  • [Remarks]

    • URL

      http://www.fps.chuo-u.ac.jp/~hanaeda/questionnaire.html

    • Related Report
      2013 Final Research Report

URL: 

Published: 2011-08-05   Modified: 2019-07-29  

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