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掲載誌名 Journal name,出版機関名 Publishing organization,巻/号 Vol./no.,頁数 Page nos.,発行年月(日) Date
2019  Short Sales Constraints and Stock Returns: How Do the Regulations Fare?  共著   
Journal of the Japanese and International Economies  , 51  , 1-15  , 2019/12   

概要(Abstract) This study examines the effect of regulations on the return behavior of short sales constrained stocks in the Japanese stock market. Since legal restrictions hinder short selling, the subsequent underperformance of highly shorted stocks is hypothesized to be more pronounced during periods when these regulations are stronger. On the basis of actual rules on short sales, the period from January 2012 to October 2013 is defined as a high regulation period and the period from November 2013 to July 2016 is defined as a low regulation period. Using all stocks listed on the Tokyo Stock Exchange and the JASDAQ Securities Exchange, this research finds evidence that short sales constrained stocks are generally overvalued but also that the subsequent underperformance of maximally shorted stocks compared to minimally shorted stocks does not differ significantly across regulatory regimes. This study concludes that the underperformance of short sales constrained stocks is linked to market-oriented restrictions such as the inability to borrow stock to sell short. Legal restrictions on short sales do not appear to create additional distortions in stock prices. 

備考(Remarks)  

2019  Canadian Dollars, Mouthwash and Forward Foreign Currency Contracts  共著   
Nanzan Management Journal  , Nanzan University  , 33/3  , 647-671  , 2019/03   

概要(Abstract) This teaching note describes how to hedge the risk that the Yen value of a Canadian Dollar payable will change in an unexpected way using forward contracts. It also discusses covered interest parity and foreign exchange risk management by banks. 

備考(Remarks)  

2018  The Implications of the Toshiba Accounting Scandal for Auditors in Japan  共著   
Nanzan Management Review  , Nanzan University  , 33/2  , 137-161  , 2018/11   

概要(Abstract) We examine the enormous accounting fraud committed by Toshiba Corporation to which its auditor, Ernst & Young ShinNihon, contributed through a combination of negligence and incompetence. The auditor enabled a large portion of the fraud. The liability of Ernst & Young ShinNihon is analyzed. Although the auditor contributed to the loss of billions of yen and what might be criminal deceit of stock owners, bankers, bond owners and other stake holders, it has faced mild sanctions. The monetary punishment was large relative to previous accounting penalties, yet quite small compared to the value destroyed. The scale and several aspects of the Toshiba scandal are similar to that of the American company Enron in 2001. Arthur Andersen, Enron’s auditor, was effectively destroyed by the Enron scandal. Kanebo, a large Japanese cosmetics maker, also experienced a huge accounting scandal in 2004. Its auditor, ChuoAoyama was held partially responsible, punished and eventually forced out of business as its participation in yet another accounting fraud at Nikko Cordial was revealed. Yet, Ernst & Young ShinNihon does not face an existential liability for its involvement in the Toshiba fraud. This failure to enforce consistent, proportionate and deterring liabilities means that there is little incentive to improve governance, accounting and auditing standards in Japan.  

備考(Remarks)  

2018  Are Short-Sales Constraints Binding When There is a Centralized Lendable Securities Market" Evidence from Japan  共著   
Journal of the Japanese and International Economies  , 48  , 85-96  , 2018/06   

概要(Abstract) This study examines the significance of short-sales constraints in the presence of a centralized lendable securities market in Japan. We find evidence that a centralized lendable securities market reduces constraints on short sales. The cost of borrowing stock is found to be lower in Japan’s centralized lendable securities market compared with a non-centralized lendable securities market. We also find evidence that the centralized lendable securities market reduces recall risk. Additionally, there is evidence that stocks are not systematically overvalued in the presence of the centralized lendable securities market. These results are robust when alternative measures of short-sales constraints are considered. 

備考(Remarks)  

2018  Euros, Eclairs and Foreign Currency Put Options  共著   
Nanzan Management Review  , Nanzan University  , 33/1  , 89-112  , 2018/06   

概要(Abstract) This teaching note describes the use of foreign currency options to hedge the risk that the Yen value of a Euro receivable will change in an unexpected way. 

備考(Remarks)  

2017  Uncertainty Avoiding Behavior and Cross-Border Acquisitions in the Asia-Pacific Region  共著   
Japan and the World Economy  , 41  , 99-112  , 2017/02   

概要(Abstract) This research explores the impact of national culture on cross-border acquisitions. National culture can influence the ways managers cope with uncertainty, and their subsequent business decisions, as was described in seminal research by Hofstede (1991). By their very nature, cross-border acquisitions require that managers deal with different cultures and higher levels of uncertainty. We seek to understand how national culture affects value in cross-border acquisitions using data from the Asia-Pacific Rim region over the period between 2000 and 2009. The countries of this region have large cultural differences and the potential gains from acquisitions are very substantial, so these data are an excellent population for analysis. Our results show that different national cultures have an important influence on financial decisions by firms in ways consistent with classic research by Knight (2006), and also that different national cultures cope with uncertainty in different ways. We find that acquirers from countries with a high aversion to uncertainty conduct fewer cross-border acquisitions. Further, these high uncertainty aversion firms pay a higher price for control in cross-border deals.  

備考(Remarks)  

2017  Empirical Evidence of Coercive Tender Offers in Japan  共著   
Japan and the World Economy  , 41  , 71-86  , 2017/01   

概要(Abstract) This is an empirical investigation of the degree to which legal rules impact the welfare of minority shareholders in acquisitions. While an efficient market for corporate control is vital for an economy’s growth and development, insufficient legal standards may permit coercive takeovers that have negative implications for capital markets. This research focuses on tender offers in Japan, which provides the ideal conditions to examine the link between takeovers and coercion. Japan’s legal system changed in 2006 to introduce cash mergers to freeze-out remaining shareholders after successful takeovers, and in 2007 to require bidders making tender offers that seek more than two-thirds of the voting securities of a target to offer to buy the remaining securities. However, acquirers with the stated aim of securing less than two-thirds of voting securities have no such obligation. We find evidence that these acquirers tend to make coercive two-tier offers that expropriate the interests of minority shareowners. Our results suggest that avoiding coercive takeovers requires that laws force acquirers to provide full information concerning the clean-up merger conditions as well as to pay an equivalent amount in the clean-up to minority shareowners as was offered in the initial tender offer without ambiguity. These conclusions have relevance for all countries that have not fully considered the appropriate level of protection for minority shareholders.  

備考(Remarks)  

2016  Effective Corporate Governance and Financial Reporting in Japan  共著   
Asian Academy of Management Journal of Accounting and Finance  , Asian Academy of Management  , Volume 12, Supplement 1  , 93-122  , 2016/12   

概要(Abstract) This paper examines corporate governance in Japan since the 1990s. Its focus includes financial reporting, a key part of good governance. It offers an overview of various legal, institutional, and stakeholder aspects of governance, followed by an investigation of Japanese accounting, disclosure, and reporting. The paper presumes that accurate financial reporting is a prerequisite for good corporate governance. Bad governance often follows from fraudulent financial reporting. The paper also considers the status of international financial reporting standards, the nature of fraudulent financial reporting, the all-too-common practice of window dressing in Japan, the liabilities of corporate audit board members and financial auditors. Our findings suggest that the existing high quality laws, codes, guidelines, and institutional arrangements do improve corporate governance. Yet in practice, the quality of corporate governance in Japan has not matched the quality of its codes and regulations. The paper discusses Japan’s new corporate governance code. It concludes that this code is excellent, but that more needs to be done to improve financial reporting. Finally, a number of suggestions are offered to enhance corporate governance and reduce fraudulent reporting. 

備考(Remarks)  

2016  Stock Repurchases in Japan: A Solution to Excessive Corporate Savings?  共著   
Journal of the Japanese and International Economies  , Elsevier  , Volume 41  , 41-56  , 2016/06   

概要(Abstract) Since the 1990s profitable Japanese companies have faced lower domestic growth opportunities; they have invested less, yet most have not increased their payout. This has resulted in a substantial deleveraging of their balance sheets. The popular term for this phenomenon is “corporate saving.” Corporate saving by Japanese companies is now at the highest level in history. Dividends and stock repurchases are two potential ways to resolve excessive corporate saving. Stock repurchases in particular offer a fast, flexible and very public method to solve the problem of excessive corporate savings. This research is an investigation of stock repurchases by Japanese companies from 2000 to 2009. Companies repurchase their stock to return excess cash to investors, resolve governance issues, adjust capital structure and send signals. This paper uses accounting and stock market information to explain this behavior. Contrary to recent research on American firms, we find that replacement of dividends does not appear to explain stock repurchase behavior in Japan. We find evidence that repurchase behavior in Japan is linked to excessive corporate savings. However, repurchases are also closely linked to the ownership structure of the firm. Firms whose dominant owners are other members of the firm’s industrial group are less likely to repurchase. Bank ownership has mixed implications for repurchases. Firms having foreign and individual ownership are more likely to repurchase stock. Foreign and individual ownership appears to improve governance and thus may be a partial solution to excessive corporate savings. 

備考(Remarks)  

2015  Uncertainty Avoiding Behavior and Cross-border Acquisitions  共著   
RIETI Discussion Paper Series  , Research Institute of Economy, Trade and Industry  , 15-E-033  , 2015/03   

概要(Abstract) The influence of managerial attitudes on corporate finance has become a topic of great interest. For example, Malmendier and Tate (2008) show that overconfident managers are more likely to conduct acquisitions. This research explores the impact of national business culture on cross-border acquisitions. Business culture can influence the ways managers cope with uncertainty, and their subsequent business decisions, as was described in seminal research by Hofstede (1991). By their very nature, cross-border acquisitions require that managers deal with different cultures and higher levels of uncertainty. We seek to understand how business culture affects value in cross-border acquisitions using data from the Asia-Pacific Rim region over the period between 2000 and 2009. The countries of this region have large cultural differences and the potential gains from acquisitions are very substantial, so these data are an excellent population for analysis. Our results show that different business cultures have an important influence on financial decisions by firms in ways consistent with classic research by Knight (2006), and also that different business cultures cope with uncertainty in different ways. We find that acquirers from countries with a high aversion to uncertainty conduct fewer cross-border acquisitions. Further, these high uncertainty aversion firms pay a higher price for control in cross-border deals. 

備考(Remarks) http://www.rieti.go.jp/jp/publications/summary/15030016.html 

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