2009 Fiscal Year Final Research Report

Impact of Liquidity Shocks to Stock Markets

Research Project

Project/Area Number	19730226
Research Category	Grant-in-Aid for Young Scientists (B)
Allocation Type	Single-year Grants
Research Field	Public finance/Monetary economics
Research Institution	Senshu University (2008-2009) Daito Bunka University (2007)
Principal Investigator	SASAKI Koji Senshu University, 経営学部, 准教授 (80381440)
Project Period (FY)	2007 – 2009
Keywords	金融論 / 経済統計学 / 経営学
Research Abstract	This research considers the survival rate of public firms, listed at the Tokyo Stock Exchange, placing shares privately. The empirical analysis shows that the survival rate of firms is related to the section, issuing market, and subscription yield for firms issuing MSCB, and to the section, number of times issuing shares, number of investors, degree of dilution, and discount of issuing share price for firms issuing shares to a third party. The results suggest that the section of firms listed, history of their finance, and design of their securities may be valuable information about estimating their survival rates.

(4 results)