Empirical research of equity finance in Japan

• Project/Area Number: 26380460
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Management
• Research Institution: Hitotsubashi University (2015-2016); Kobe University (2014)
• Principal Investigator: Suzuki Katsushi 一橋大学, 大学院国際企業戦略研究科, 准教授 (00408692)
• Project Period (FY): 2014-04-01 – 2017-03-31
• Project Status: Completed (Fiscal Year 2016)
• Budget Amount: ¥4,680,000 (Direct Cost: ¥3,600,000、Indirect Cost: ¥1,080,000); Fiscal Year 2016: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000); Fiscal Year 2015: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000); Fiscal Year 2014: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
• Keywords: 経営財務 / エクイティファイナンス

Outline of Final Research Achievements

The research project has 4 large findings. First, I found the characteristics of the equity finance costs through the statistical data. Second, the project examined the history of equity finance in Japan. Third, I found the determinants of the equity finance timing. Finally, I economically evaluated the regulation of the insider trading before public offerings.

Research Products

• [Int'l Joint Research] University of Washington/University of Califolnia Irvine/University of Central Florida(米国)
• [Int'l Joint Research] University of Washington(米国)
• [Int'l Joint Research] University of California(米国)
• [Int'l Joint Research] University of Central Florida(米国)
• [Journal Article] 企業の資本構成と資金調達 (2016)
  • Author(s): 佐々木寿記，鈴木健嗣，花枝英樹
  • Journal Title: 経営財務研究 Volume: 35 Pages: 2-28
  • Peer Reviewed / Open Access / Acknowledgement Compliant
• [Journal Article] 増資インサイダー事件に対する取り組みと企業の資金調達コスト (2016)
  • Author(s): 鈴木健嗣
  • Journal Title: 証券アナリストジャーナル Volume: 54 Pages: 77-87
  • Peer Reviewed / Open Access / Acknowledgement Compliant
• [Journal Article] 日本の公募増資時のディスカウント率の決定要因 (2014)
  • Author(s): 加藤政仁・鈴木健嗣
  • Journal Title: 経営財務研究 Volume: 33 Pages: 38-55
  • Peer Reviewed / Open Access / Acknowledgement Compliant
• [Journal Article] 日本のエクイティファイナンス前後の長期パフォーマンス (2014)
  • Author(s): 加藤政仁・鈴木健嗣
  • Journal Title: 國民經濟雜誌 Volume: 210 Pages: 75-90
  • Acknowledgement Compliant
• [Presentation] Do Client Knowledge and Audit Team Composition Mitigate Partner Workload? (2017)
  • Author(s): Tomomi Takada
  • Organizer: American Accounting Association 2017 Auditing Section Midyear Meeting
  • Place of Presentation: The Rosen Centre Hotel Orlando, Florida
  • Int'l Joint Research
• [Presentation] Bank Soundness and Cash Holdings: Evidence from a Bank-Centered Financial Market (2016)
  • Author(s): Toshinori Sasaki
  • Organizer: 29th Australasian Finance and Banking Conference 2016
  • Place of Presentation: Shangri-La Hotel, Sydney, Australia
  • Year and Date: 2016-12-14
  • Int'l Joint Research
• [Presentation] Do Client Knowledge and Audit Team Composition Mitigate Partner Workload? (2016)
  • Author(s): 鈴木健嗣
  • Organizer: 日本経営財務研究学会第40回全国大会
  • Place of Presentation: 武蔵大学
  • Year and Date: 2016-10-08
• [Presentation] Bank Soundness and Cash Holdings: Evidence from a Bank-Centered Financial Market (2016)
  • Author(s): 佐々木寿記
  • Organizer: 日本経営財務研究学会第40回全国大会
  • Place of Presentation: 武蔵大学
  • Year and Date: 2016-10-08
• [Presentation] Shareholder Perks, Ownership Structure, and Firm Value (2016)
  • Author(s): Katsushi Suzuki
  • Organizer: Asian Finance Association
  • Place of Presentation: Anantara Siam Bangkok Hotel, Bangkok, Thailand
  • Year and Date: 2016-06-26
  • Int'l Joint Research
• [Presentation] Shareholder Perks, Ownership Structure, and Firm Value (2016)
  • Author(s): Katsushi Suzuki
  • Organizer: The 28th Asian FA Annual Meeting
  • Place of Presentation: Anantara Siam Bangkok Hotel, Bangkok, Thailand
  • Int'l Joint Research
• [Presentation] Shareholder Perks, Ownership Structure, and Firm Value (2016)
  • Author(s): Jonathan Karpoff
  • Organizer: 2016 FMA Annual Meeting
  • Place of Presentation: Rio Suites Hotel, Las Vegas, Nevada
  • Int'l Joint Research
• [Presentation] Shareholder Perks in Japan: Price Movement and Trading Volume around Ex-Benefit Days (2016)
  • Author(s): Taeko Yasutake
  • Organizer: The 28th Asian FA Annual Meeting
  • Place of Presentation: Anantara Siam Bangkok Hotel, Bangkok, Thailand
  • Int'l Joint Research
• [Presentation] Strategic Change after Succession: The Impact of Social Ties between Prior President and New President (2016)
  • Author(s): Yoichiro Nishimura
  • Organizer: SMS 36th Annual conference
  • Place of Presentation: Berlin
  • Int'l Joint Research
• [Presentation] 経営理念と企業の財務行動 (2015)
  • Author(s): 鈴木健嗣
  • Organizer: 行動経済学会
  • Place of Presentation: 近畿大学（大阪府・東大阪市）
  • Year and Date: 2015-11-28
• [Presentation] Incumbent CEO- new CEO Candidate Social Ties, CEO Selection, and Post-succession Outcome: Evidence from Japan (2015)
  • Author(s): Nishimura Yoichiro
  • Organizer: Academy of Management Association
  • Place of Presentation: Vancouver, British Columbia, Canada
  • Year and Date: 2015-08-10
  • Int'l Joint Research
• [Presentation] Does Divergence of Opinion Affect Stock Return? Evidence from seasoned equity offerings (2014)
  • Author(s): Ajai, A. Singh
  • Organizer: European Finance Association, 41st EFA Annual Meeting
  • Place of Presentation: Lugano, Switzerland
  • Year and Date: 2014-08-27 – 2014-08-30
• [Presentation] Does Divergence of Opinion Affect Stock Return? Evidence from seasoned equity offerings (2014)
  • Author(s): Ajai, A. Singh
  • Organizer: Financial Management Association, Asian Conference
  • Place of Presentation: Tokyo, Hitotsubashi Univ
  • Year and Date: 2014-05-09 – 2014-05-11
• [Book] MBAチャレンジ 金融・財務 (2017)
  • Author(s): 佐山展生，野間幹晴，宮川大介，鈴木健嗣，中川秀敏，伊藤彰敏，横内大介，中村信弘，大橋和彦，本多俊毅
  • Total Pages: 244
  • Publisher: 中央経済社
• [Book] 日本のエクイティ・ファイナンス (2017)
  • Author(s): 鈴木健嗣
  • Total Pages: 500
  • Publisher: 中央経済社