An international study on the investment and consumption behavior of firms and households under the fewer children and aging society

少儿化和老龄化社会下企业和家庭投资和消费行为的国际研究

基本信息

批准号：
13303009
负责人：
SAKAKIBARA Shigeki
金额：
$ 20.97万
依托单位：
Kobe University
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (A)
财政年份：
2001
资助国家：
日本
起止时间：
2001 至 2004
项目状态：
已结题

项目摘要

It is important to investigate the effects of the fewer children and aging society as well as the global ization on the money flow and the savings/investment process in order to consider the Japanese economy in the 21^<st> century.In this project we made a comprehensive study on the investment and consumption behavior of firms and households both theoretically and empirically. Summary of results of this project is as follows.1.Pension and Insurance markets and the investment-consumption behavior of firms and householdsNew methods such as the weather derivatives and the CAT bond as well as the real option approach are examined. Also we investigated the performance of investment trusts in Japan. In addition, we found the fact that corporate finance instruments such as the treasury stock repurchase and the callable convertible bond including the dissolution of the cross-shareholdings in Japan had significant effects on firms' value2.Regal protection for investors (creditors) and the inves … More tment-consumption behavior of firms and householdsIn order to cope with both the protection of investors and the incentives of developntent of new financial products by financial institution, a general selling principle, i.e., the suitable principle, which affects the allocation of the burden of proof in case is very important. As for the protection of creditors, we focused the bankruptcy laws and found the difficulty in restructuring the bankrupt firms efficiently. Last, we examined the origin and role of the business kyosei which is a kind of business ethics or social norm in Japan.3.Price Formation, Liquidity effect, and Anomaly in Securities market and the investment-consumption behavior of firms and householdsWe examined the existence of the rational bubble or the discount puzzle in the international financial markets and evaluated the liquidity effects on price formation. Furthermore, we analyzed and found the market anomaly by focusing on the event of the replacement of the Nikkei 225 index, the half year effect (calendar effect), the winner-looser effect, the divergence of the ETF share price and its per share portfolio value. Less

为了考虑 21 世纪的日本经济，少儿化和老龄化社会以及全球化对资金流动和储蓄/投资过程的影响非常重要。在这个项目中，我们做了一个对企业和家庭的投资和消费行为进行了理论和实证的综合研究，本项目的研究成果总结如下：1、养老金和保险市场与企业和家庭的投资消费行为新方法，如天气衍生品和金融工具。 CAT 债券为此外，我们还研究了日本投资信托的表现，发现库存股回购和可赎回可转换债券等企业融资工具包括交叉持股的解散。日本的财政政策对企业价值有显着影响2。对投资者（债权人）和投资者的政府保护以及企业和家庭的消费行为为了兼顾对投资者的保护和对投资者的激励金融机构开发新的金融产品时，一个普遍的销售原则，即适用原则，影响着案件中举证责任的分配，对于债权人的保护，我们着眼于破产法，找到了适用原则。最后，我们探讨了日本商业道德或社会规范的起源和作用。3.证券市场和投资中的价格形成、流动性效应和异常现象。消费行为我们考察了国际金融市场是否存在理性泡沫或贴现难题，评估了流动性对价格形成的影响。此外，我们还重点关注日经225指数替换事件，分析并发现了市场异常现象。指数、半年效应（日历效应）、输家效应、ETF 股价与其每股投资组合价值的背离。