| Budget Amount *help |
¥4,810,000 (Direct Cost: ¥3,700,000、Indirect Cost: ¥1,110,000)
Fiscal Year 2016: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2015: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Fiscal Year 2014: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
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| Outline of Final Research Achievements |
I have investigated dynamic corporate finance problems taking account of uncertainty about future cash flows. To put it more precisely, by developing and analyzing dynamic and stochastic models, I have examined three types of corporate finance problems; namely, corporate investment and financing behavior, asset sales and bankruptcy of a distressed firm, and initial public offerings and trade sales of venture business. I have shown a number of novel results, which entail many economic implications as well as providing theoretical mechanisms for empirical findings related to corporate investment and financing behavior, bankruptcy procedure, and initial public offerings. Actually, I have presented the results in many conferences and published 11 papers in international refereed journals including European Journal of Operational Research, Journal of Banking and Finance, and Journal of Economic Dynamics and Control.
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