| Budget Amount *help |
¥2,990,000 (Direct Cost: ¥2,300,000、Indirect Cost: ¥690,000)
Fiscal Year 2014: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2013: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2012: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
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| Outline of Final Research Achievements |
I conduct research on asset prices from different angles, given the fact that expectations are heterogeneous. First, Japanese stock market professionals use either fundamental or trend-following strategies and they switch between them over time. This strategy switching can be key in understanding the persistent deviation of the stock prices from the fundamentals. Second, I examine the properties of house price fluctuations across eighteen advanced economies. House price synchronization is mainly determined by global interest rate shocks and uncertainty shocks. Third, I investigate the effects of cross-border capital flows in financial markets on pairwise excess stock return comovements in Emerging Asia. Increased comovements are explained not by bilateral capital flows between Asian countries but by capital flows from the G7 countries.
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