2013 Fiscal Year Final Research Report
Market-based Indirect Finance and Marketization of Financial Risks: An Integrated Approach to banking, insurance, and corporate finance
| Project/Area Number |
22330096
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| Research Category |
Grant-in-Aid for Scientific Research (B)
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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 | Kobe University |
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Principal Investigator |
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| Co-Investigator(Kenkyū-buntansha) |
TAKAO Atsuchi 神戸大学, 大学院・経営学研究科, 名誉教授 (20116221)
ISAGAWA Nobuyuki 神戸大学, 大学院・経営学研究科, 教授 (90273755)
UCHIDA Hirofumi 神戸大学, 大学院・経営学研究科, 教授 (60294295)
HATAKEDA Takashi 神戸大学, 大学院・経営学研究科, 准教授 (90319898)
YAMASAKI Hisashi 神戸大学, 大学院・経営学研究科, 准教授 (30403223)
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| Project Period (FY) |
2010-04-01 – 2014-03-31
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| Keywords | 市場型間接金融 / シンジケート・ローン / 企業再生 / 震災・カタストロフィ / M&A / 自社株買い / 証券化 / 融資関係 |
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| Research Abstract |
According to the rapid progress of globalization and population aging in Japan, it is required to manage the capital more efficiently. So-called market-oriented indirect financing has been found to be more effective than traditional financing, such as indirect financing through commercial banks and direct financing via the stock market, in producing the optimal allocation of risks among multiple economic agents, and helping decompose and standardize those risks.
This study theoretically and empirically examines the methods and events of market-oriented indirect financing, such as through syndicated loans, real estate reit, weather derivatives, bankruptcy events, buybacks, and catastrophes, in order to evaluate how best to marketize risks, assess the efficiency of risk pricing, determine the boundary between intermediaries and markets, and measure the effect of market-oriented indirect financing on the operating characteristics of the financial system and the real economy as a whole.
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