| 研究課題/領域番号 |
18K12817
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| 研究機関 | 武蔵大学 |
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研究代表者 |
Franco Pedro 武蔵大学, PDP教育センター, 助教 (70791383)
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| 研究期間 (年度) |
2018-04-01 – 2021-03-31
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| キーワード | Financial Regulation / Financial Complexity / Optimal Contracts |
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| 研究実績の概要 |
1. The focus of FY2019 was in fomenting the empirical strategy. The possibility of using security prospectuses was explored and may be a viable and cheaper way forward. The authors did not have a chance to meet in person, but communicated through the year.
2. We further discussed how to progress the empirical part of the project and how to revise our models and computational results once we have empirical parts ready. The overall goal is clearer than before. Several possible empirical strategies are now available.
3. Some of the steps taken in FY2019 are necessary to be able to implement the empirical strategy. Without further progress in this empirical part, advancing the theory and computational parts will be difficult, hence these advances in the empirics are important.
4. As is discussed below in further detail, the lead investigator, who is the principal driver of the empirical part of this project, had unexpected family issues that severely hampered his research time in FY2019. In the absence of further similar issues, progress in FY2020 should be much smoother and faster. In addition, the Covid-19 situation has affected the plans set forth in the FY2019 report, as collecting data in person at archives is no longer likely to be possible. Hence, we shall we switch to using data from online sources.
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| 現在までの達成度 (区分) |
現在までの達成度 (区分)
3: やや遅れている
理由
The biggest issue in FY2019 was that the lead investigator, Franco, had his firstborn son born in July 2019, and had an unexpected family bereavement in early 2020, for which he travelled to Brazil; returning to Japan from this trip was difficult. As the lead investigator is the main driver of the empirical portion of the paper, both events severally affected research time and are the single largest factors that affected progress in the project.
Two other smaller issues that affected this project were: other projects saw unexpected quick progress, which ended up taking more time than expected; the Covid-19 situation, at the end of FY2019, also affected our plans, mostly by imposing quarantine conditions, making research harder without access to important office equipment and creating difficulty in contacting people to get access to data.
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| 今後の研究の推進方策 |
1. The plan remains the same: empirical analyses of complexity of contracts/prospectuses (with prices of contracts and their ex-post realizations), developing our model and doing quantitative computational analyses. The last two may not be done in FY2020, but they require less funding, if necessary.
There will be a deadline for finding data sources, likely 20-09. After that, our empirics follow the original plan. Per FY2019 report, a data provider may have suitable data and using prospectuses is possible.
2. Per FY2019 report, finding direct evidence of strategic complexity is unlikely due to Covid: that needs archival data from banks in US/EU. Measuring complexity is possible and we may use other options: comparing prospectuses used by banks for similar products under different regulators.
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| 次年度使用額が生じた理由 |
The biggest expense budgeted remains buying access to data; this previously included flying to archives. As progress with finding the right database provider and/or archives was hampered (per section 4), these expenses were not executed. Other expenses, mostly to present our research and to allow both authors to work in person, were postponed for the same reasons.
The main goals and methods have not changed, but flying outside of Japan is unlikely in 2020 due to Covid-19, so most likely research funds will be used for databases, domestic travels and equipment for the computational analyses.
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