1994 Fiscal Year Final Research Report Summary
A Study on The Stock Pricing of Japanese Banking Firms : The Statistical Analysis on the Effect of Cross Holding
| Project/Area Number |
05803009
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| Research Category |
Grant-in-Aid for General Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | Toyama University |
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Principal Investigator |
TANAKA Sachiko Toyama Univ.Fac.of Economics, Prof., 経済学部, 教授 (00089004)
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| Co-Investigator(Kenkyū-buntansha) |
IINO Masayuki Toyama Univ.Fac.of Econ., Associate Prof., 経済学部, 助教授 (70202835)
TAKI Atsuhiro Toyama Univ.Fac.of Econ., Associate Prof., 経済学部, 助教授 (40216809)
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| Project Period (FY) |
1993 – 1994
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| Keywords | Japanese banking firm / stock price / cross holding / dividend / security holding gain / stock index / narrow-based stock index / structure of stock holders |
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| Research Abstract |
The research was progressing as follows.
1st, the data of stockprices and fiancied items of banking firms are collected. 2nd, the data of cross holding of stocks were collected.3rd, the data of stock index were collected.
Recently, Japanese banks made effort to came up to the BIS criteria, then, they had a policy that their structure of stock holders are stable. They keep their cross holding stock holders and more over they made borrowers their stock holders.
On that situation, our regresion models indicate some evidences.
(1)The stock prices are related to the stock dividend and the security holding gain. The calculations is based on annualy data from 1990 to 1994.
(2)The daily stock prices are related to Nikkei 225 or narrow-based stock price index.
We consider that the floating investors require high return and they are price makers.
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