| Budget Amount *help |
¥4,550,000 (Direct Cost: ¥3,500,000、Indirect Cost: ¥1,050,000)
Fiscal Year 2015: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2014: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2013: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
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| Outline of Final Research Achievements |
The purpose of this study is to examine whether the relationship between the target company held by the mutual fund and the financial group having the mutual fund affects portfolio holdings and performance of the mutual fund. Our primary findings indicate that there is no systematic relationship between fund holdings and financial group membership. However, when we focus on the IPO firms, several interesting findings emerge. Regarding underwriting of IPO stocks, our empirical results are consistent with the conflict of interest hypothesis - main banks in financial group use their private information obtained from previous lending relations to underwrite low-quality IPOs. As for allocation of IPO stocks, when the conflicts of interests are concerned, financial groups are extremely careful not to allocate IPO stocks to mutual funds, possibly fearing the government’s intervention.
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