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Analysis of a firm's behavior in dynamic and stochastic models

Research Project

Project/Area Number 26350424
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Social systems engineering/Safety system
Research InstitutionOsaka University

Principal Investigator

Nishihara Michi  大阪大学, 経済学研究科, 准教授 (20456940)

Project Period (FY) 2014-04-01 – 2017-03-31
Project Status Completed (Fiscal Year 2016)
Budget Amount *help
¥4,810,000 (Direct Cost: ¥3,700,000、Indirect Cost: ¥1,110,000)
Fiscal Year 2016: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2015: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Fiscal Year 2014: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
Keywords金融工学 / ファイナンス
Outline of Final Research Achievements

I have investigated dynamic corporate finance problems taking account of uncertainty about future cash flows. To put it more precisely, by developing and analyzing dynamic and stochastic models, I have examined three types of corporate finance problems; namely, corporate investment and financing behavior, asset sales and bankruptcy of a distressed firm, and initial public offerings and trade sales of venture business. I have shown a number of novel results, which entail many economic implications as well as providing theoretical mechanisms for empirical findings related to corporate investment and financing behavior, bankruptcy procedure, and initial public offerings. Actually, I have presented the results in many conferences and published 11 papers in international refereed journals including European Journal of Operational Research, Journal of Banking and Finance, and Journal of Economic Dynamics and Control.

Report

(4 results)
  • 2016 Annual Research Report   Final Research Report ( PDF )
  • 2015 Research-status Report
  • 2014 Research-status Report

Research Products

(38 results)

All 2017 2016 2015 2014 Other

All Int'l Joint Research (2 results) Journal Article (10 results) (of which Peer Reviewed: 10 results,  Acknowledgement Compliant: 10 results) Presentation (24 results) (of which Int'l Joint Research: 17 results) Remarks (2 results)

  • [Int'l Joint Research] McMaster University(カナダ)

    • Related Report
      2016 Annual Research Report
  • [Int'l Joint Research] William Paterson University(米国)

    • Related Report
      2016 Annual Research Report
  • [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 Pages: 344-364

    • DOI

      10.1002/mde.2780

    • Related Report
      2016 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
      2016 Annual Research Report
    • Peer Reviewed / Acknowledgement Compliant
  • [Journal Article] The effects of reversible investment on capital structure and credit risks2016

    • Author(s)
      Jeon, H. and Nishihara, M.
    • Journal Title

      Financial Review

      Volume: 51 Pages: 263-293

    • DOI

      10.1111/fire.12100

    • Related Report
      2016 Annual Research Report
    • Peer Reviewed / Acknowledgement Compliant
  • [Journal Article] Asset sale, debt restructuring, and liquidation2016

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

      Journal of Economic Dynamics and Control

      Volume: 67 Pages: 73-92

    • DOI

      10.1016/j.jedc.2016.03.011

    • Related Report
      2016 Annual Research Report
    • Peer Reviewed / Acknowledgement Compliant
  • [Journal Article] The effects of business cycle and debt maturity on a firm's investment and default decisions2015

    • Author(s)
      Haejun JEON, Michi NISHIHARA
    • Journal Title

      International Review of Economics and Finance

      Volume: 38 Pages: 326-351

    • DOI

      10.1016/j.iref.2015.02.031

    • Related Report
      2015 Research-status Report
    • Peer Reviewed / Acknowledgement Compliant
  • [Journal Article] Investment timing, debt structure, and financing constraints2015

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

      European Journal of Operational Research

      Volume: 241 Pages: 513-526

    • DOI

      10.1016/j.ejor.2014.09.011

    • Related Report
      2014 Research-status Report
    • Peer Reviewed / Acknowledgement Compliant
  • [Journal Article] Investment-based financing constraints and debt renegotiation2015

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

      Journal of Banking and Finance

      Volume: 51 Pages: 79-92

    • DOI

      10.1016/j.jbankfin.2014.11.005

    • Related Report
      2014 Research-status Report
    • Peer Reviewed / Acknowledgement Compliant
  • [Journal Article] Investment timing with fixed and proportional costs of external financing2015

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

      International Journal of Management Science and Engineering Management

      Volume: 10 Pages: 73-87

    • DOI

      10.1080/17509653.2014.937836

    • Related Report
      2014 Research-status Report
    • Peer Reviewed / Acknowledgement Compliant
  • [Journal Article] Macroeconomic conditions and a firm's investment decisions2014

    • Author(s)
      Jeon, H. and Nishihara, M.
    • Journal Title

      Financial Research Letters

      Volume: 11 Pages: 398-409

    • DOI

      10.1016/j.frl.2014.08.002

    • Related Report
      2014 Research-status Report
    • Peer Reviewed / Acknowledgement Compliant
  • [Journal Article] Preemptive investment game with alternative projects2014

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

      Economic Modelling

      Volume: 43 Pages: 124-135

    • DOI

      10.1016/j.econmod.2014.07.006

    • Related Report
      2014 Research-status Report
    • Peer Reviewed / Acknowledgement Compliant
  • [Presentation] Bankruptcy decision under asymmetric information2017

    • Author(s)
      Michi NISHIHARA
    • Organizer
      Cebu International Conference on Studies in Business, Management, Education and Law
    • Place of Presentation
      Cebu(フィリピン)
    • Related Report
      2016 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Bankruptcy decision under asymmetric information2017

    • Author(s)
      Michi NISHIHARA
    • Organizer
      Winter Workshop on Operations Research, Finance and Mathematics
    • Place of Presentation
      札幌市(北海道)
    • Related Report
      2016 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Bankruptcy decision under asymmetric information2017

    • Author(s)
      西原理
    • Organizer
      日本オペレーションズ・リサーチ学会2017年春季研究発表会
    • Place of Presentation
      那覇市(沖縄県)
    • Related Report
      2016 Annual Research Report
  • [Presentation] Default and liquidation timing under asymmetric information2016

    • Author(s)
      Michi Nishihara
    • Organizer
      Real Options Day
    • Place of Presentation
      ポルト(ポルトガル)
    • Year and Date
      2016-02-25
    • Related Report
      2015 Research-status Report
    • Int'l Joint Research
  • [Presentation] Default and liquidation timing under asymmetric information2016

    • Author(s)
      Michi Nishihara
    • Organizer
      Econworld 2016
    • Place of Presentation
      バルセロナ(スペイン)
    • Year and Date
      2016-02-02
    • Related Report
      2015 Research-status Report
    • Int'l Joint Research
  • [Presentation] Default and liquidation timing under asymmetric information2016

    • Author(s)
      Michi Nishihara
    • Organizer
      The Research Colloquium of Otto-von-Guericke-University Magdeburg
    • Place of Presentation
      マグデブルグ(ドイツ)
    • Year and Date
      2016-01-20
    • Related Report
      2015 Research-status Report
    • Int'l Joint Research
  • [Presentation] Default and liquidation timing under asymmetric information2016

    • Author(s)
      Michi NISHIHARA
    • Organizer
      INFORMS International Conference
    • Place of Presentation
      Hawaii(アメリカ合衆国)
    • Related Report
      2016 Annual Research Report
    • Int'l Joint Research
  • [Presentation] The choice between selling out and going public2016

    • Author(s)
      Michi NISHIHARA
    • Organizer
      19th Czech‐Japan Seminar on Data Analysis and Decision Making under Uncertainty
    • Place of Presentation
      松本市(長野県)
    • Related Report
      2016 Annual Research Report
    • Int'l Joint Research
  • [Presentation] The choice between selling out and going public2016

    • Author(s)
      Michi NISHIHARA
    • Organizer
      20th EBES Conference
    • Place of Presentation
      Vienna(オーストリア)
    • Related Report
      2016 Annual Research Report
    • Int'l Joint Research
  • [Presentation] The choice between default and selling out2016

    • Author(s)
      Michi NISHIHARA
    • Organizer
      18th Asia Pacific Management Conference
    • Place of Presentation
      仙台市(宮城県)
    • Related Report
      2016 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Default and liquidation timing under asymmetric information2016

    • Author(s)
      Michi NISHIHARA
    • Organizer
      Auckland Finance Meeting
    • Place of Presentation
      Auckland(ニュージーランド)
    • Related Report
      2016 Annual Research Report
    • Int'l Joint Research
  • [Presentation] The choice between selling out and going public2016

    • Author(s)
      西原理
    • Organizer
      日本オペレーションズ・リサーチ学会2016年秋季研究発表会
    • Place of Presentation
      山形市(山形県)
    • Related Report
      2016 Annual Research Report
  • [Presentation] The choice between default and selling out2016

    • 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」
    • Place of Presentation
      京都市(京都府)
    • Related Report
      2016 Annual Research Report
  • [Presentation] Asset sale, debt restructuring, and liquidation2015

    • Author(s)
      Michi Nishihara
    • Organizer
      Paris Financial Management Conference
    • Place of Presentation
      パリ(フランス)
    • Year and Date
      2015-12-15
    • Related Report
      2015 Research-status Report
    • Int'l Joint Research
  • [Presentation] Asset sale, debt restructuring, and liquidation2015

    • Author(s)
      Michi Nishihara
    • Organizer
      17th EBES Conference
    • Place of Presentation
      ベネチア(イタリア)
    • Year and Date
      2015-10-17
    • Related Report
      2015 Research-status Report
    • Int'l Joint Research
  • [Presentation] Asset sale, debt restructuring, and liquidation2015

    • Author(s)
      Michi Nishihara
    • Organizer
      International Conference on Operations Research
    • Place of Presentation
      ウィーン(オーストリア)
    • Year and Date
      2015-09-03
    • Related Report
      2015 Research-status Report
    • Int'l Joint Research
  • [Presentation] Optimal decisions of debt renegotiation, asset sale, and liquidation2015

    • Author(s)
      Michi Nishihara
    • Organizer
      27th European Conference on Operational Research
    • Place of Presentation
      グラスゴー(英国)
    • Year and Date
      2015-07-13
    • Related Report
      2015 Research-status Report
    • Int'l Joint Research
  • [Presentation] Valuation of sequential R&D investment2015

    • Author(s)
      Michi Nishihara
    • Organizer
      16th ASMDA 2015 International Conference
    • Place of Presentation
      ピレウス(ギリシャ)
    • Year and Date
      2015-07-03
    • Related Report
      2015 Research-status Report
    • Int'l Joint Research
  • [Presentation] Asset sale, debt restructuring, and liquidation2015

    • Author(s)
      Michi Nishihara
    • Organizer
      The Oligo Workshop
    • Place of Presentation
      マドリード(スペイン)
    • Year and Date
      2015-06-03
    • Related Report
      2015 Research-status Report
    • Int'l Joint Research
  • [Presentation] Firm's optimal decisions of debt renegotiation, asset sale, and liquidation2015

    • Author(s)
      Michi Nishihara
    • Organizer
      13th Viennese Workshop on Optimal Control and Dynamic Games
    • Place of Presentation
      ウィーン(オーストリア)
    • Year and Date
      2015-05-16
    • Related Report
      2015 Research-status Report
    • Int'l Joint Research
  • [Presentation] Valuation of sequential R&D investment under technological, market, and rival preemption uncertainty2014

    • Author(s)
      Michi NISHIHARA
    • Organizer
      Paris Financial Management Conference
    • Place of Presentation
      Paris(フランス)
    • Year and Date
      2014-12-16
    • Related Report
      2014 Research-status Report
  • [Presentation] Valuation of sequential R&D investment2014

    • Author(s)
      Michi NISHIHARA
    • Organizer
      Euro Working Group for Commodities and Financial Modelling 54th Meeting
    • Place of Presentation
      Milan(イタリア)
    • Year and Date
      2014-12-06
    • Related Report
      2014 Research-status Report
  • [Presentation] Firm's optimal decisions of downsizing, debt restructuring, and default2014

    • Author(s)
      Michi NISHIHARA, Takshi Shibata
    • Organizer
      14th EBES Conference
    • Place of Presentation
      Barcelona(スペイン)
    • Year and Date
      2014-10-24
    • Related Report
      2014 Research-status Report
  • [Presentation] Real option valuation of sequential R&D investment2014

    • Author(s)
      Michi NISHIHARA
    • Organizer
      20th Conference of the International Federation of Operational Research Societies
    • Place of Presentation
      Barcelona(スペイン)
    • Year and Date
      2014-07-17
    • Related Report
      2014 Research-status Report
  • [Remarks] 西原理のホームページ

    • URL

      http://www2.econ.osaka-u.ac.jp/~nishihara/nishihara-study.html

    • Related Report
      2016 Annual Research Report 2015 Research-status Report 2014 Research-status Report
  • [Remarks] Michi NISHIHARA

    • URL

      http://www2.econ.osaka-u.ac.jp/~nishihara/nishihara-english.html

    • Related Report
      2016 Annual Research Report

URL: 

Published: 2014-04-04   Modified: 2022-02-16  

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