2016 Fiscal Year Final Research Report
Determinants of risk-taking by banks and firms
| Project/Area Number |
25380407
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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 |
Money/ Finance
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| Research Institution | Hitotsubashi University (2015-2016)
Tokyo Keizai University (2013-2014) |
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Principal Investigator |
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| Project Period (FY) |
2013-04-01 – 2017-03-31
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| Keywords | リスク・テイク / デリバティブ利用 / リスク情報開示 / ストック・オプション |
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| Outline of Final Research Achievements |
I empirically examined the determinants of risk-taking by banks and firms. First, I empirically examined the effects of derivative usage on the risk level of Japanese banks using the most recent data available. I find that the use of derivatives under hedging accounting has nonlinear effects on bank risk and the longer term Japanese government bonds are the determinant of demand for derivatives such as interest rate swaps. Regarding non-financial firms, I empirically examined the economic effects of disclosure by focusing on mandatory textual business risk disclosures in Japan. I find that here is a positive association between the number of items within business risk disclosures and information risk. In addition, I investigated the adoption of stock option plans and their effects on firm performance in Japan, and find that the adoption of stock option plans was more likely at firms in an industry where many firms had already introduced stock option plans.
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| Free Research Field |
金融論、コーポレートファイナンス
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