| Budget Amount *help |
¥3,900,000 (Direct Cost: ¥3,000,000、Indirect Cost: ¥900,000)
Fiscal Year 2020: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2019: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2018: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2017: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
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| Outline of Final Research Achievements |
This research project focused on sell-side analysts belonging to financial conglomerates. It aimed to examine whether they can produce fair analyst reports for firms with which they have lending relationships.
The main findings are that (1) when there is a lending relationship between a financial conglomerate and a firm, there exists an optimism bias in analyst reports for the firm, (2) this optimism bias is more significant when the firm is in financial distress, and (3) the optimism bias is controlled by regulations.
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