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Optimal financing and investment strategies under incomplete financial market

Research Project

Project/Area Number 17H02547
Research Category

Grant-in-Aid for Scientific Research (B)

Allocation TypeSingle-year Grants
Section一般
Research Field Money/ Finance
Research InstitutionTokyo Metropolitan University

Principal Investigator

Shibata Takashi  東京都立大学, 経営学研究科, 教授 (70372597)

Co-Investigator(Kenkyū-buntansha) 木島 正明  広島大学, 情報科学部, 教授 (00186222)
西原 理  大阪大学, 経済学研究科, 准教授 (20456940)
Project Period (FY) 2017-04-01 – 2021-03-31
Project Status Completed (Fiscal Year 2021)
Budget Amount *help
¥16,120,000 (Direct Cost: ¥12,400,000、Indirect Cost: ¥3,720,000)
Fiscal Year 2020: ¥3,900,000 (Direct Cost: ¥3,000,000、Indirect Cost: ¥900,000)
Fiscal Year 2019: ¥4,160,000 (Direct Cost: ¥3,200,000、Indirect Cost: ¥960,000)
Fiscal Year 2018: ¥3,900,000 (Direct Cost: ¥3,000,000、Indirect Cost: ¥900,000)
Fiscal Year 2017: ¥4,160,000 (Direct Cost: ¥3,200,000、Indirect Cost: ¥960,000)
Keywordsファイナンス / クレジットリスク / 資金制約 / 非対称情報 / 企業金融 / 最適資本構成 / オプション理論 / 連鎖倒産 / 負債の再交渉 / 投資タイミング戦略 / リアルオプション
Outline of Final Research Achievements

This research developed the real options model to estimate the corporate equity and debt under incomplete financial market (in particular, financial constraint and asymmetric information). We showed how financial constraint and asymmetric information affect the interaction between financing and investment strategies. We organized the research workshop twice in Tokyo to exchange new ideas in corporate finance.

Academic Significance and Societal Importance of the Research Achievements

本研究における学術的意義は,新しい数理モデルを開発した点にある.具体的には,既存の数理モデルでの仮定(条件)を再考し,もしある仮定が実務と合致しないならば,その仮定を実務に合致するように条件を変更(緩和)して新しい数理モデルを開発した.本研究における社会的意義としては,新しく開発した数理モデルを,実務へ適応しようと試みている点にある.本研究では,新しく開発した数理モデルを実務に適用できるように,さらに研究を進めている.

Report

(5 results)
  • 2021 Final Research Report ( PDF )
  • 2020 Annual Research Report
  • 2019 Annual Research Report
  • 2018 Annual Research Report
  • 2017 Annual Research Report
  • Research Products

    (82 results)

All 2021 2020 2019 2018 2017 Other

All Int'l Joint Research (5 results) Journal Article (27 results) (of which Int'l Joint Research: 6 results,  Peer Reviewed: 26 results,  Open Access: 8 results,  Acknowledgement Compliant: 2 results) Presentation (46 results) (of which Int'l Joint Research: 29 results,  Invited: 3 results) Book (1 results) Remarks (1 results) Funded Workshop (2 results)

  • [Int'l Joint Research] Singapore Management University(シンガポール)

    • Related Report
      2019 Annual Research Report
  • [Int'l Joint Research] University of Cambridge(英国)

    • Related Report
      2018 Annual Research Report
  • [Int'l Joint Research] University of Hong Kong/University of Shenzhen(中国)

    • Related Report
      2018 Annual Research Report
  • [Int'l Joint Research] University of Cambridge(英国)

    • Related Report
      2017 Annual Research Report
  • [Int'l Joint Research] University of Hong Kong/University of Shenzhen(China)

    • Related Report
      2017 Annual Research Report
  • [Journal Article] Optimal capital structure and simultaneous bankruptcy of firms in corporate networks2021

    • Author(s)
      Nishihara, M. and Shibata, T.
    • Journal Title

      Journal of Economic Dynamics and Control

      Volume: 133 Pages: 104264-104264

    • DOI

      10.1016/j.jedc.2021.104264

    • Related Report
      2020 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] Financing and investment strategies under creditor-maximized liquidation2021

    • Author(s)
      Shibata, T. and Nishihara, M.
    • Journal Title

      International Journal of Theoretical and Applied Finance

      Volume: 24 Issue: 03 Pages: 2150013-2150013

    • DOI

      10.1142/s0219024921500138

    • Related Report
      2020 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] Preemptive competition between two firms with different discount rates2021

    • Author(s)
      Nishihara, M.
    • Journal Title

      Managerial and Decision Economics

      Volume: 42 Issue: 3 Pages: 675-687

    • DOI

      10.1002/mde.3264

    • Related Report
      2020 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] R&D competition and cooperation with asymmetric spillovers in an oligopoly market2021

    • Author(s)
      Ishikawa, N. and Shibata, T.
    • Journal Title

      International Review of Economics and Finance

      Volume: 72 Pages: 624-642

    • DOI

      10.1016/j.iref.2020.12.016

    • Related Report
      2020 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] The effects of asset liquidity on dynamic sell-out and bankruptcy decisions2021

    • Author(s)
      Nishihara Michi、Shibata Takashi
    • Journal Title

      European Journal of Operational Research

      Volume: 288 Issue: 3 Pages: 1017-1035

    • DOI

      10.1016/j.ejor.2020.06.031

    • Related Report
      2020 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] Closed-form solution to a real option problem with regime switching2020

    • Author(s)
      Nishihara Michi
    • Journal Title

      Operations Research Letters

      Volume: 48 Issue: 6 Pages: 703-707

    • DOI

      10.1016/j.orl.2020.08.013

    • Related Report
      2020 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] Market competition, R&D spillovers, and firms' cost asymmetry2020

    • Author(s)
      Ishikawa, N. and Shibata, T.
    • Journal Title

      Economics of Innovation and New Technology

      Volume: forthcoming Issue: 8 Pages: 847-865

    • DOI

      10.1080/10438599.2019.1673564

    • Related Report
      2020 Annual Research Report 2019 Annual Research Report
    • Peer Reviewed
  • [Journal Article] オプション価格式を用いたコーポレートファイナンス理論モデル2020

    • Author(s)
      芝田隆志
    • Journal Title

      オペレーションズ・リサーチ

      Volume: 65 (7) Pages: 389-395

    • Related Report
      2020 Annual Research Report
    • Open Access
  • [Journal Article] Liquidation, fire sales, and acquirers' private information2019

    • Author(s)
      Nishihara, M. and Shibata, T.
    • Journal Title

      Journal of Economic Dynamics and Control

      Volume: 108 Pages: 103769-103769

    • DOI

      10.1016/j.jedc.2019.103769

    • Related Report
      2019 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Credit spread and liquidation-based debt financing constraint2019

    • Author(s)
      Shibata, T. and Nishihara, M.
    • Journal Title

      International Journal of Theoretical and Applied Finance

      Volume: 22 Issue: 05 Pages: 1950021-1950021

    • DOI

      10.1142/s0219024919500213

    • Related Report
      2019 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Operating leverage and underinvestment2019

    • Author(s)
      Jiao, F., Nishihara, M., and Zhang, C.
    • Journal Title

      Journal of Financial Research

      Volume: 42 Issue: 3 Pages: 553-587

    • DOI

      10.1111/jfir.12188

    • Related Report
      2019 Annual Research Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] Market price of trading liquidity risk and market depth2019

    • Author(s)
      Kijima, Masaaki and Ting, Christopher
    • Journal Title

      International Journal of Theoretical and Applied Finance

      Volume: 22 (8) Issue: 08 Pages: 1-36

    • DOI

      10.1142/s0219024919500456

    • Related Report
      2019 Annual Research Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] Investment under uncertainty with variable costly reversibility2019

    • Author(s)
      Shibata, T. and Wong, K. P.
    • Journal Title

      International Review of Economics and Finance

      Volume: 59 Pages: 14-28

    • DOI

      10.1016/j.iref.2018.08.001

    • Related Report
      2018 Annual Research Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] Agency cost of debt overhang with optimal investment timing and size2019

    • Author(s)
      Zhang, C., Sarkar, S. and Nishihara, M.
    • Journal Title

      Journal of Business Finance and Accounting

      Volume: forthcoming Issue: 5-6 Pages: 784-809

    • DOI

      10.1111/jbfa.12379

    • Related Report
      2018 Annual Research Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] Random shock uncertainty and investment reversibility: Real option framework2018

    • Author(s)
      Cui, X. and Shibata, T.
    • Journal Title

      Bulletin of Economic Research

      Volume: 70 Issue: 2 Pages: 150-164

    • DOI

      10.1111/boer.12133

    • Related Report
      2018 Annual Research Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] Dynamic bankruptcy procedure with asymmetric information between insiders and outsiders2018

    • Author(s)
      Nishihara, M. and Shibata, T.
    • Journal Title

      Journal of Economic Dynamics and Control

      Volume: 90 Pages: 118-137

    • DOI

      10.1016/j.jedc.2018.02.006

    • Related Report
      2017 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Investment timing, reversibility, and financing constraints2018

    • Author(s)
      Shibata Takashi、Nishihara Michi
    • Journal Title

      Journal of Corporate Finance

      Volume: 48 Pages: 771-796

    • DOI

      10.1016/j.jcorpfin.2017.12.024

    • Related Report
      2017 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Valuation of R&D investment under technological, market, and rival preemption uncertainty2017

    • Author(s)
      Nishihara Michi
    • Journal Title

      Managerial and Decision Economics

      Volume: 39 Issue: 2 Pages: 200-212

    • DOI

      10.1002/mde.2896

    • Related Report
      2017 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Investment strategies, reversibility, and asymmetric information2017

    • Author(s)
      Cui, X. and Shibata, T.
    • Journal Title

      European Journal of Operational Research

      Volume: 263 Issue: 3 Pages: 1109-1122

    • DOI

      10.1016/j.ejor.2017.06.032

    • Related Report
      2017 Annual Research Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] Default and liquidation timing under asymmetric information2017

    • Author(s)
      Nishihara, M. and Shibata, T.
    • Journal Title

      European Journal of Operational Research

      Volume: 263 Issue: 1 Pages: 321-336

    • DOI

      10.1016/j.ejor.2017.05.038

    • Related Report
      2017 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Effects of temporary regulation of asymmetric access charges in telecommunications2017

    • Author(s)
      Shibata, T. and Nishihara, M.
    • Journal Title

      Managerial and Decision Economics

      Volume: 38 Issue: 3 Pages: 344-364

    • DOI

      10.1002/mde.2780

    • Related Report
      2017 Annual Research Report
    • Peer Reviewed / Acknowledgement Compliant
  • [Journal Article] Investment timing and quantity strategies under asymmetric information2017

    • Author(s)
      Cui, X. and Shibata, T.
    • Journal Title

      Theory of Probability and Its Applications

      Volume: 61 Issue: 1 Pages: 151-159

    • DOI

      10.1137/s0040585x97t988046

    • Related Report
      2017 Annual Research Report
    • Peer Reviewed / Acknowledgement Compliant
  • [Journal Article] Selling out or going public? A real options signaling approach2017

    • Author(s)
      Nishihara, M.
    • Journal Title

      Finance Research Letters

      Volume: 印刷中 Pages: 146-152

    • DOI

      10.1016/j.frl.2017.04.003

    • Related Report
      2017 Annual Research Report
    • Peer Reviewed
  • [Journal Article] A solution to the time-scale fractional puzzle in the implied volatility2017

    • Author(s)
      Funahashi, H. and Kijima, M.
    • Journal Title

      Fractal and Fractional

      Volume: 1 Issue: 1 Pages: 1-17

    • DOI

      10.3390/fractalfract1010014

    • Related Report
      2017 Annual Research Report
    • Peer Reviewed
  • [Journal Article] A unified approach tor the pricing of options relating to averages2017

    • Author(s)
      Funahashi, H. and Kijima, M.
    • Journal Title

      Review of Derivatives Research

      Volume: 印刷中 Issue: 3 Pages: 203-229

    • DOI

      10.1007/s11147-017-9128-4

    • Related Report
      2017 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Does the Hurst index matter for option prices under fractional volatility?2017

    • Author(s)
      Funahashi, H. and Kijima, M.
    • Journal Title

      Annals of Finance

      Volume: 13 Issue: 1 Pages: 55-74

    • DOI

      10.1007/s10436-016-0289-1

    • Related Report
      2017 Annual Research Report
    • Peer Reviewed
  • [Journal Article] An analytical approximation for pricing VWAP options2017

    • Author(s)
      Funahashi, H. and Kijima, M.
    • Journal Title

      Quantitative Finance

      Volume: 印刷中 Issue: 7 Pages: 1119-1133

    • DOI

      10.1080/14697688.2016.1260758

    • Related Report
      2017 Annual Research Report
    • Peer Reviewed
  • [Presentation] Investment, strategic debt service, and liquidation2021

    • Author(s)
      Shibata, T.
    • Organizer
      22nd Conference of the International Federation of Operational Research Societies
    • Related Report
      2020 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Investment, strategic debt service, and liquidation2021

    • Author(s)
      Shibata, T.
    • Organizer
      31st European Conference on Operational Research
    • Related Report
      2020 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Investment under an earnings-based borrowing constraint2021

    • Author(s)
      Nishihara, M.
    • Organizer
      Real Options Seminar, Osaka University
    • Related Report
      2020 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Investment, financing, strategic debt service, and formal bankruptcy2021

    • Author(s)
      芝田隆志
    • Organizer
      2021年度日本OR学会関西支部シンポジウム「確率モデルの躍動」
    • Related Report
      2020 Annual Research Report
  • [Presentation] Corporate investment, financing, and exit decisions with an earnings-based borrowing constraint2021

    • Author(s)
      西原理
    • Organizer
      日本オペレーションズ・リサーチ学会2021年秋季研究発表会
    • Related Report
      2020 Annual Research Report
  • [Presentation] Project sustainability from a real options perspective2021

    • Author(s)
      西原理
    • Organizer
      RIMS Workshop on Financial Modeling and Analysis 2021 (FMA 2021)
    • Related Report
      2020 Annual Research Report
  • [Presentation] Investment, financing, strategic debt service, and liquidation2021

    • Author(s)
      芝田隆志
    • Organizer
      RIMS Workshop on Financial Modeling and Analysis 2021 (FMA 2021)
    • Related Report
      2020 Annual Research Report
  • [Presentation] Investment, strategic debt service, and liquidation2020

    • Author(s)
      Shibata, T.
    • Organizer
      Real Options Seminar, Osaka University
    • Related Report
      2020 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Optimal financing strategy under asymmetric information on collateral2020

    • Author(s)
      Shibata, T.
    • Organizer
      令和2年 (2020) 日本オペレーションズ・リサーチ学会 春季大会
    • Related Report
      2019 Annual Research Report
  • [Presentation] Financing, investment, liquidation, and costly reversibility2020

    • Author(s)
      Shibata, T.
    • Organizer
      令和元年 (2019) 日本オペレーションズ・リサーチ学会 秋季大会
    • Related Report
      2019 Annual Research Report
  • [Presentation] Capital structure and contagious bankruptcy2020

    • Author(s)
      Nishihara, M.
    • Organizer
      16th RSEP International Economics and Social Sciences Conference
    • Related Report
      2019 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Financing, investment, liquidation, and costly reversibility2019

    • Author(s)
      Shibata, T.
    • Organizer
      Operations Research 2019
    • Related Report
      2019 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Interaction of investment and financing decisions with costly reversibility in liquidation2019

    • Author(s)
      Shibata, T.
    • Organizer
      23rd International Conference on Real Options 2019
    • Related Report
      2019 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Financing, investment, liquidation, and costly reversibility2019

    • Author(s)
      Shibata, T.
    • Organizer
      29th European Conference on Operational Research
    • Related Report
      2019 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Financing, investment, liquidity, and asymmetric information2019

    • Author(s)
      Shibata, T.
    • Organizer
      第47回青山ファイナンス研究会
    • Related Report
      2019 Annual Research Report
  • [Presentation] クレジットリスクを考慮した企業の投資行動と資金調達についての最適戦略2019

    • Author(s)
      Shibata, T.
    • Organizer
      日本リアルオプション学会 (JAROS) 「イノベーション創出のための機動的マネジメント」研究部会
    • Related Report
      2019 Annual Research Report
  • [Presentation] The effects of asset liquidity on bankruptcy decisions2019

    • Author(s)
      Nishihara, M.
    • Organizer
      World Finance and Banking Symposium
    • Related Report
      2019 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Preemptive competition between two firms with different time discounts2019

    • Author(s)
      Nishihara, M.
    • Organizer
      Operations Research 2019
    • Related Report
      2019 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Preemptive competition between two firms with different time discounts and investment costs2019

    • Author(s)
      Nishihara, M.
    • Organizer
      INFORMS ALIO International Conference
    • Related Report
      2019 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Liquidation, fire sales, and acquirers' private information2019

    • Author(s)
      Nishihara, M.
    • Organizer
      Forum for Economists International 11th Global Conference
    • Related Report
      2019 Annual Research Report
    • Int'l Joint Research
  • [Presentation] The effects of asset liquidity on dynamic bankruptcy decisions2019

    • Author(s)
      Nishihara, M.
    • Organizer
      27th EBES Conference
    • Related Report
      2018 Annual Research Report
    • Int'l Joint Research
  • [Presentation] The effects of asset liquidity on dynamic bankruptcy decisions2019

    • Author(s)
      西原理
    • Organizer
      日本オペレーションズ・リサーチ学会2019年春季研究発表会
    • Related Report
      2018 Annual Research Report
  • [Presentation] Financing and investment strategies under endogenous liquidation value2018

    • Author(s)
      Shibata, T.
    • Organizer
      Workshop on Dynamic Models of Strategic Investment under Uncertainty
    • Related Report
      2018 Annual Research Report
    • Int'l Joint Research / Invited
  • [Presentation] Financing and investment strategies under asymmetric information about liquidation value2018

    • Author(s)
      Shibata, T.
    • Organizer
      Cambridge Finance Lunch Seminar
    • Related Report
      2018 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Optimal financing and investment strategies under asymmetric information about collateral value2018

    • Author(s)
      Shibata, T.
    • Organizer
      Advanced Methods of Mathematical Finance 2018
    • Related Report
      2018 Annual Research Report
    • Int'l Joint Research / Invited
  • [Presentation] Financing and investment strategies under information asymmetry2018

    • Author(s)
      Shibata, T.
    • Organizer
      29th European Conference on Operational Research
    • Related Report
      2018 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Financing and investment strategies under information asymmetry2018

    • Author(s)
      Shibata, T.
    • Organizer
      24th International Conference on Computing in Economics and Finance
    • Related Report
      2018 Annual Research Report
    • Int'l Joint Research
  • [Presentation] The effects of asset liquidity on dynamic bankruptcy decisions2018

    • Author(s)
      Nishihara, M.
    • Organizer
      9th Global Business Research Conference
    • Related Report
      2018 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Bankruptcy, liquidation, and fire sales under asymmetric information2018

    • Author(s)
      Nishihara, M.
    • Organizer
      29th European Conference on Operational Research
    • Related Report
      2018 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Bankruptcy, liquidation, and fire sales under asymmetric information2018

    • Author(s)
      Nishihara, M.
    • Organizer
      9th International Research Meeting in Business and Management
    • Related Report
      2018 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Investment timing when investment opportunities arrive in a random sequence2018

    • Author(s)
      Nishihara, M.
    • Organizer
      5th Stochastic Modeling Techniques and Data Analysis International Conference
    • Related Report
      2018 Annual Research Report
    • Int'l Joint Research
  • [Presentation] The effects of asset liquidity on dynamic bankruptcy decisions2018

    • Author(s)
      西原理
    • Organizer
      ファイナンスの数理解析とその応用
    • Related Report
      2018 Annual Research Report
  • [Presentation] Operating leverage and underinvestment2018

    • Author(s)
      西原理
    • Organizer
      日本オペレーションズ・リサーチ学会2018年秋季研究発表会
    • Related Report
      2018 Annual Research Report
  • [Presentation] Liquidity, investment timing, and value of waiting2018

    • Author(s)
      西原理
    • Organizer
      日本オペレーションズ・リサーチ学会「数理的発想とその実践」研究グループ
    • Related Report
      2018 Annual Research Report
  • [Presentation] Investment timing when investment opportunities arrive in a random sequence2018

    • Author(s)
      Nishihara, M.
    • Organizer
      ISERD 335th International Conference on Accounting and Finance
    • Related Report
      2017 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Investment timing when investment opportunities arrive in a random sequence2018

    • Author(s)
      西原理
    • Organizer
      日本オペレーションズ・リサーチ学会2018年春季研究発表会
    • Related Report
      2017 Annual Research Report
  • [Presentation] Financing and investment strategies under information asymmetry2017

    • Author(s)
      Shibata, T.
    • Organizer
      Mathematics of Risk 2017
    • Related Report
      2017 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Investment timing, collateral, and financing constraints2017

    • Author(s)
      Shibata, T.
    • Organizer
      23rd International Conference on Computing in Economics and Finance (CEF 2017)
    • Related Report
      2017 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Financing and investment strategies under information asymmetry2017

    • Author(s)
      芝田隆志
    • Organizer
      京都大学数理解析研究所研究集会「ファイナンスの数理解析とその応用」
    • Related Report
      2017 Annual Research Report
  • [Presentation] Bankruptcy, liquidation, and fire sales under asymmetric information2017

    • Author(s)
      Nishihara, M.
    • Organizer
      Dynamic Corporate Finance Workshop
    • Related Report
      2017 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Bankruptcy, liquidation, and fire sales under asymmetric information2017

    • Author(s)
      Nishihara, M.
    • Organizer
      23rd EBES Conference
    • Related Report
      2017 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Bankruptcy decision under asymmetric information2017

    • Author(s)
      Nishihara, M.
    • Organizer
      5th Asian Quantitative Finance Conference
    • Related Report
      2017 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Bankruptcy, liquidation, and fire sales under asymmetric information2017

    • Author(s)
      西原理
    • Organizer
      京都大学数理解析研究所研究集会「ファイナンスの数理解析とその応用」
    • Related Report
      2017 Annual Research Report
  • [Presentation] Bankruptcy decision under asymmetric information2017

    • Author(s)
      西原理
    • Organizer
      日本ファイナンス学会 2017年度大会
    • Related Report
      2017 Annual Research Report
  • [Presentation] Default and liquidation decisions under asymmetric information between insiders and outsiders2017

    • Author(s)
      西原理
    • Organizer
      首都大学東京第19回丸の内QFセミナー
    • Related Report
      2017 Annual Research Report
  • [Presentation] A model of price impact function2017

    • Author(s)
      Kijima, M.
    • Organizer
      Quantitative Methods in Finance 2017
    • Related Report
      2017 Annual Research Report
    • Int'l Joint Research / Invited
  • [Book] リーマンショック後の金融工学2019

    • Author(s)
      木島正明,藤原哉
    • Total Pages
      191
    • Publisher
      https://www.credit-pricing.com/2019/12/21/2082/
    • Related Report
      2019 Annual Research Report
  • [Remarks] TMU Workshop on Finance 2019

    • URL

      https://www.biz.tmu.ac.jp/quantitative-finance/workshop/tmu2019/

    • Related Report
      2019 Annual Research Report
  • [Funded Workshop] TMU Workshop on Finance 20192019

    • Related Report
      2019 Annual Research Report
  • [Funded Workshop] TMU Workshop on Finance 20172017

    • Related Report
      2017 Annual Research Report

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Published: 2017-04-28   Modified: 2023-01-30  

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