A Study on The Stock Pricing of Japanese Banking Firms : The Statistical Analysis on the Effect of Cross Holding

日本银行公司股票定价研究：交叉持股效应的统计分析

• 批准号: 05803009
• 负责人: TANAKA Sachiko
• 金额: $ 0.9万
• 依托单位: Toyama University
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for General Scientific Research (C)
• 财政年份: 1993
• 资助国家: 日本
• 起止时间: 1993 至 1994
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/en/grant/KAKENHI-PROJECT-05803009/
• 关键词: Japanese banking firm; stock price; cross holding; dividend; security holding gain; stock index; narrow-based stock index; structure of stock holders; 有価証券含み損益; BIS規制; 株式所有構造; 銀行の株価; 資本コスト; メインバンク

The research was progressing as follows.1st, the data of stockprices and fiancied items of banking firms are collected. 2nd, the data of cross holding of stocks were collected.3rd, the data of stock index were collected.Recently, Japanese banks made effort to came up to the BIS criteria, then, they had a policy that their structure of stock holders are stable. They keep their cross holding stock holders and more over they made borrowers their stock holders.On that situation, our regresion models indicate some evidences.(1)The stock prices are related to the stock dividend and the security holding gain. The calculations is based on annualy data from 1990 to 1994.(2)The daily stock prices are related to Nikkei 225 or narrow-based stock price index.We consider that the floating investors require high return and they are price makers.

这项研究的进展如下。1ST，收集了银行公司的股票数据和未婚妻的数据。第二，收集了交叉持有的数据。第3期，收集了股票指数的数据。绝对，日本银行努力符合BIS标准，然后，他们有一项政策，认为股票持有人的结构是稳定的。他们将交叉持有的股票持有人和更多的股票持有，使借款人的股票持有人。该计算基于1990年至1994年的年度数据。（2）每日股票价格与Nikkei 225或基于狭窄的股票价格指数有关。我们认为浮动投资者需要高回报，并且是价格制造商。