| Project/Area Number |
07803011
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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 |
Commerce
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| Research Institution | OSAKA CITY UNIVERSITY |
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Principal Investigator |
ZHAI Linyu ASSOCIATE PROF., FACULTY OF BUSINESS, OSAKA CITY UNIV., 商学部, 助教授 (40236964)
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| Project Period (FY) |
1995 – 1997
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| Project Status |
Completed (Fiscal Year 1997)
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| Budget Amount *help |
¥1,700,000 (Direct Cost: ¥1,700,000)
Fiscal Year 1997: ¥400,000 (Direct Cost: ¥400,000)
Fiscal Year 1996: ¥600,000 (Direct Cost: ¥600,000)
Fiscal Year 1995: ¥700,000 (Direct Cost: ¥700,000)
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| Keywords | CLAIMS STUCTURE / ATTITUDE TOWARD RISKS / LAW ENVIRONMENT / DIRECT FINANCE / 絶対的リスク回避度 / リスク受容度 / 情報開示 / 説明義務 / 私権希薄化 / リスク配分の効率性 / 投資経路 / 過剰流動性 / 状態依存型利益請求権 / 事業リスク / スパンニング / リスクのプーリング |
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| Research Abstract |
This study shows that the crucial determinants of the claims structure in capital market are investor's attitude toward risks and law environment related to investor protection. The difference between Japan and U.S.in claims structure can be well explained by these two factors. Compared with Japanese investors, because American investors are less risk aversive, so that it is a rational and natural way to use more securities to raise capital in U.S.The agency costs of using such direct finance are not very expensive the law environment is more oriented to protect investors in U.S.Although the dependence on indirect finance in Japan can be well rationalized by investor's high risk aversive attitude and the contract-superior Japanese society, the direct finance tends to be more important in future due to the changes in both the attitude toward investment risks and the law environment.
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