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2014 Fiscal Year Final Research Report

Anomalies in the Japanese stock markets --Traditional approach and behavioral approach--

Research Project

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Project/Area Number 23330103
Research Category

Grant-in-Aid for Scientific Research (B)

Allocation TypeSingle-year Grants
Section一般
Research Field Public finance/Monetary economics
Research InstitutionNagoya University

Principal Investigator

KATO Hideaki  名古屋大学, 経済学研究科(研究院), 教授 (80177435)

Co-Investigator(Kenkyū-buntansha) TSUTSUI Yoshiro  甲南大学, 経済学部, 教授 (50163845)
INOUE Kotaro  東京工業大学, 社会理工学研究科, 教授 (90381904)
YAMAMOTO Tatsushi  大阪大学, 経済学研究科, 教授 (80191419)
OKADA Katsuhiko  関西学院大学, 経済戦略研究科, 教授 (90411793)
SUZUKI Katsushi  神戸大学, 経営学研究科, 准教授 (00408692)
YAMASAKI Takashi  神戸大学, 経営学研究科, 准教授 (30403223)
Project Period (FY) 2011-04-01 – 2015-03-31
Keywords行動ファイナンス / 投資家行動 / 自社株買い / SEO / M&A / テキストマイニング
Outline of Final Research Achievements

Focusing on seasoned equity offering and share repurchases in Japan, the divergence of opinion hypothesis has been examined as a possible explanation to the puzzling stock price behavior during the issuance (or repurchase) period (Kato, Singh and Suzuki (2015), Bremer, Kato, Singh and Suzuki (2015)). Okada et al. (2015) shows the neglected stocks tend to react slowly to the new information to the market and as a result, the market underreacts to the news. Inoue et al.(2015) explore the impact of corporate cultures on cross-border acquisitions. Inoue et al. find that acquirers from countries with a high uncertainty aversion conduct less cross-border M&As. Muramiya, Yamamoto and Yamasaki (2015) show that become synchronous with the market due to investors’ limited attention after a catastrophic event, stock prices. Further, crush risk is higher for more opaque firms.

Free Research Field

ファイナンス

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Published: 2016-06-03  

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