| 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, 専任講師 (70791383)
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| 研究期間 (年度) |
2018-04-01 – 2022-03-31
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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. 2020 saw similar efforts to 2019 with a focus on the empirical strategy, in late FY2020. The possibility of using security prospectuses from different sources was explored further and a general strategy was conceived. Work done in an unrelated project that uses NLP methods helped develop further the techniques necessary to be able to measure complexity in securities. Additional literature review was conducted to keep the project up with new papers and methods that have come out since the start of the project.
2. Two objectives were accomplished in FY2020: in lieu of the difficulties imposed throughout most of FY2020 by Covid and as described in section 4, a general re-exploration of empirical possibilities; further data and NLP techniques were developed via a different project.
3. The project remains structured in such a way that further progress on the empirical side is a pre-requisite for further developments on the computational and theoretical sides. Thus, steps taken in that direction are of high importance.
4. As is discussed in section 4, a combination of issues affected this project. Most importantly Covid severely hampered research efforts in 2020, as well as a family bereavement of the lead researcher and unexpected administrative duties. The latter two should not play a significant role in 2021. Challenges due to Covid remain, so the empirical strategy is taking into account these problems. In addition, more possibility of remote working is being conceived.
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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 study was significantly affected by three unexpected factors: Covid and the restrictions coming from it, the family bereavement of the lead researcher and unexpected administrative duties required by the lead researcher’s university. Of these, Covid was the most important, as it impeded the potential travelling of the lead researcher to other countries throughout 2020 which was necessary for implementing the empirical strategy devised previously. The lockdowns Tokyo experienced as a consequence of Covid created significant difficulties in allowing the lead researcher continuous access to his work computer and office space. A switch to online teaching also created significant difficulties. Finally, the uncertainty created by Covid also hampered efforts to move forward with the empirical strategy.
Both the family bereavement in the first half of 2020 and the unexpected duties required by the university for the second half of 2020 significantly affected the lead researcher’s capacity to conduct research.
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| 今後の研究の推進方策 |
1. The core plan similar to the original plan, to create a measure of complexity in financial prospectuses (as opposed to general financial contracts), to further develop our model and to do computational modelling. The aim is to look into prospectuses taking into account how financial regulators focus on these presentations of financial securities. If ex-post realizations of the contracts associated with the prospectus are found, they will be used too. It is possible that the last two may not be achieved in FY2021 and may need to be done after the projected Kaken time is finished; as these parts require less research funding, it should be possible to finish the project without the final funds, if necessary.
The search of data will take place in the next couple of months. As described in previous reports one data provider has in the past explained they would likely have suitable and further possibilities remain.
2. The previous goal of finding direct evidence of use of strategic complexity by banks is likely to be difficult to achieve. This goal would require using archival data in person. Measuring complexity, as stated in the original research plan, is the goal for FY2021. It should also be possible to try to find other strategies involving matching prospectus data with securities data, with the goal of combining the outcomes of the latter with the complexity of the former.
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| 次年度使用額が生じた理由 |
In 2020, due to the Covid restrictions and the other issues discussed above, flying to collect data in person and other budgeted expenses, mostly to present our research in different conferences and institutions and to allow both authors to work in person, was not possible.
As the main methods of the project have not changed, but flying outside of Japan is extremely unlikely in 2021 due to the Covid restrictions, the biggest single expense budgeted is for buying access to a database. Flying to collect data in person and other budgeted expenses, mostly to present our research in different conferences and institutions and to allow both authors to work in person, is thus very unlikely.
Other potential expenses would mostly be for domestic travels and, if necessary, equipment for the computational analyses.
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