2013 Fiscal Year Final Research Report
Optimal trade and direct investment strategy in response to financial risks
| Project/Area Number |
23530310
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Applied economics
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| Research Institution | Keio University (2012-2013)
Research Institute of Economy, Trade and Industry (2011) |
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Principal Investigator |
TSURU Kotaro 慶應義塾大学, 商学研究科, 教授 (80371178)
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| Co-Investigator(Kenkyū-buntansha) |
HOSONO Kaoru 学習院大学, 経済学部, 教授 (80282945)
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| Project Period (FY) |
2011 – 2013
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| Keywords | 金融危機 / 国際伝播 / 企業業績 / 株価 / イベントスタディ / 派遣労働者 |
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| Research Abstract |
We investigate the international transmission of the financial crisis in 2008-2009 to Japanese firms by examining both the stock price responses to the crisis events and the changes in operating performance subsequent to the crisis. Both the stock price responses and ex-post operating performance consistently indicate that the crisis hit Japanese firms through the trade and liquidity channels.
We also find that firms with a higher exporting ratio, a lower liquidity to asset ratio decreased their temporary agency worker ratio to a greater extent after the crisis. The result suggests that temporary agency workers serve as a buffer to demand shocks.
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