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Empirical Analysis on Japanese Individual Investors' Decision-Making Biases

Research Project

Project/Area Number 23530393
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Public finance/Monetary economics
Research InstitutionKansai University

Principal Investigator

KOZU Takashi  関西大学, ソシオネットワーク戦略研究機構, 研究員 (40598942)

Co-Investigator(Kenkyū-buntansha) TAKEDA Koichi  法政大学, 経済学部, 教授 (40328919)
TAKEMURA Toshihiko  佐賀大学, 経済学部, 准教授 (00411504)
Project Period (FY) 2011 – 2013
Project Status Completed (Fiscal Year 2013)
Budget Amount *help
¥4,940,000 (Direct Cost: ¥3,800,000、Indirect Cost: ¥1,140,000)
Fiscal Year 2013: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2012: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
Fiscal Year 2011: ¥2,080,000 (Direct Cost: ¥1,600,000、Indirect Cost: ¥480,000)
Keywords意思決定バイアス / 行動ファイナンス / 個人投資家 / 金融リテラシー / インフレ期待 / 金融知識 / 預金引出行動 / Webアンケート調査 / インターネット調査 / 金融政策 / 投資リテラシー / 制度設計
Research Abstract

We have collected around 1,500 individual samples through Web-based surveys asking not only i) basic attributes such as age, income, academic career and living area, ii) their investment decisions on financial products, but also iii) decision making on bank deposit withdrawal and iv) expectations on future price level change. We have conducted 3 surveys and obtained through the analysis statistically valid results like; a) basic characteristics of Japanese individual investors, b) the relationships between investment literacy and over self-confidence/risk aversion, c) the relationship between bank deposit withdrawal decision and understanding of the pay-off system, and d) changes in the expectations of future price level before and after the second Abe administration started.

Report

(4 results)
  • 2013 Annual Research Report   Final Research Report ( PDF )
  • 2012 Research-status Report
  • 2011 Research-status Report
  • Research Products

    (14 results)

All 2014 2013 2012 2011 Other

All Journal Article (10 results) (of which Peer Reviewed: 1 results) Presentation (2 results) Remarks (2 results)

  • [Journal Article] Webアンケート調査で見た将来の物価変動率予想II-第二次安倍政権発足前後における個人投資家の見方の変化-2014

    • Author(s)
      神津多可思・竹村敏彦・武田浩一
    • Journal Title

      RISS Discussion Paper Series

      Volume: 32号 Pages: 1-20

    • Related Report
      2013 Final Research Report
  • [Journal Article] Webアンケート調査で見た将来の物価変動率予想2014

    • Author(s)
      神津多可思・竹村敏彦・武田浩一
    • Journal Title

      RISS Discussion Paper Series

      Volume: 31号 Pages: 1-17

    • Related Report
      2013 Final Research Report 2012 Research-status Report
  • [Journal Article] 「RISS金融行動調査IV」を用いた預金引出行動の統計分析2014

    • Author(s)
      竹村敏彦・神津多可思・武田浩一
    • Journal Title

      RISS Discussion Paper Series

      Volume: 28号 Pages: 1-16

    • Related Report
      2013 Final Research Report
  • [Journal Article] Webアンケート調査で見た将来の物価変動率予想 II - 第二次安倍政権発足前後における個人投資家の見方の変化 -2014

    • Author(s)
      神津多可思・竹村敏彦・武田浩一
    • Journal Title

      RISS Discussion Paper Series

      Volume: 32 Pages: 1-20

    • Related Report
      2013 Annual Research Report
  • [Journal Article] Investment Literacy and Individual Investor Biases: Survey Evidence in the Japanese Stock Market2013

    • Author(s)
      Takeda, K., Takemura, T., Kozu, T.
    • Journal Title

      The Review of Socionetwork Strategies

      Volume: 7 (1) Issue: 1 Pages: 31-42

    • DOI

      10.1007/s12626-012-0031-z

    • Related Report
      2013 Annual Research Report 2013 Final Research Report
    • Peer Reviewed
  • [Journal Article] 日本の個人株式投資家の投資リテラシーと意思決定バイアス2012

    • Author(s)
      武田浩一・竹村敏彦・神津多可思
    • Journal Title

      RISS Discussion Paper Series

      Volume: 21号 Pages: 1-18

    • Related Report
      2013 Final Research Report 2011 Research-status Report
  • [Journal Article] 絶対的危険回避度は時間に関して安定的か?-金融行動調査を用いた短期・中期比較-2012

    • Author(s)
      升屋優花子・西田有輝・村上雅俊・竹村敏彦
    • Journal Title

      RISS Discussion Paper Series

      Volume: 20号 Pages: 1-9

    • Related Report
      2013 Final Research Report
  • [Journal Article] 個人投資家の意識等に関するWebアンケート調査の属性分析2012

    • Author(s)
      神津多可思・竹村敏彦・武田浩一
    • Journal Title

      RISS Discussion Paper Series

      Volume: 17号 Pages: 1-16

    • Related Report
      2013 Final Research Report 2011 Research-status Report
  • [Journal Article] RISS金融行動調査IV」を用いた預金引出行動の統計分析2012

    • Author(s)
      竹村敏彦・神津多可思・武田浩一
    • Journal Title

      RISS Discussion Paper Series

      Volume: 28 Pages: 1-16

    • Related Report
      2012 Research-status Report
  • [Journal Article] 構造方程式モデリングを用いた預金引出行動の分析2011

    • Author(s)
      竹村敏彦・武田浩一・神津多可思
    • Journal Title

      RISS Discussion Paper Series

      Volume: 13号 Pages: 1-15

    • Related Report
      2013 Final Research Report 2011 Research-status Report
  • [Presentation] Investment Literacy and Individual Investor Biases : Survey Evidence in the Japan Stock Market2012

    • Author(s)
      Takeda, K., Takemura, T., Kozu, T
    • Organizer
      Celebration for 10th Anniversary International Symposium of Research Project for Socionetwork Strategies
    • Place of Presentation
      関西大学
    • Related Report
      2013 Final Research Report
  • [Presentation] Financial Literacy and Individual Investor Behavior: Survey Evidence in Japanese Stock Market2012

    • Author(s)
      Takeda, K., Takemura, T., Kozu, T.
    • Organizer
      Celebration for 10th Anniversary International Symposium of Research Project for Socionetwork Strategies
    • Place of Presentation
      関西大学
    • Related Report
      2012 Research-status Report
  • [Remarks]

    • URL

      http://www.kansai-u.ac.jp/riss/

    • Related Report
      2013 Final Research Report
  • [Remarks]

    • URL

      http://ecolab.eco.saga-u.ac.jp/

    • Related Report
      2013 Final Research Report

URL: 

Published: 2011-08-05   Modified: 2019-07-29  

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