2010 Fiscal Year Final Research Report
An Examination on Market Efficiency with Behavioral Characteristics Across Investor Categories
| Project/Area Number |
20530274
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | Hiroshima University |
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Principal Investigator |
SUZUKI Yoshihisa 広島大学, 大学院・社会科学研究科, 准教授 (50311808)
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| Project Period (FY) |
2008 – 2010
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| Keywords | 投資主体別取引高 / 流動性制約 / 配当政策 / 株式市場 |
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| Research Abstract |
Against popular assumptions of theoretical model for a common capital market, investment behavior depends in reality their categories. Because it presents doubts on the fair price formation of securities and the hypothesis of market efficiency, that validity was examined. As a result, it has been revealed that, though the short term market price divergence from the intrinsic value caused by foreign investors buying or selling one direction, such an observation was not significantly different from market noise observed in real market given the persistent volatility and price adjustments.
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