研究者詳細

教職員基本情報
氏名
Name
BREMER,Marc ( ブレマー マーク , BREMER,Marc )
所属
Organization
経営学部経営学科
職名
Academic Title
教授
専攻分野
Area of specialization

Corporate Finance

学会活動
Academic societies

Academy of International Business
American Finance Association
American Economic Association
Asian Finance Association
Nippon Finance Association
Financial Management Association
Western Economic Association

著書・学術論文数
No. of books/academic articles
総数 total number (37)
著書数 books (1)
学術論文数 articles (36)

出身学校
学校名
Univ.
卒業年月(日)
Date of Graduation
卒業区分
Graduation
   Classification2
カリフォルニア州立大学LA校 (California State University, Los Angeles)経済学 (Economics with High Honors)経済学 (Economics) 1978年06月  卒業 
詳細表示
出身大学院
大学院名
Grad. School
修了課程
Courses
   Completed
修了年月(日)
Date of Completion
修了区分
Completion
   Classification
Ph.D.Claremont Graduate School経済学専攻博士過程 未設定  1986年05月  修了 
ロンドン大経済政治学院 (London School of Economics and Political Science[University of London])経済学 (Masters of Science)Financial economics 修士課程  1979年08月  修了 
詳細表示
取得学位
     
学位区分
Degree
   Classification
取得学位名
Degree name
学位論文名
Title of Thesis
学位授与機関
Organization
   Conferring the Degree
取得年月(日)
Date of Acquisition
博士 Ph.D.    Claremont Graduate School, Financial Economics  1986年05月 
修士 M.Sc.    London School of Economics and Political Science  1979年08月 
学士 B.A. with high honor     California State University, Los Angeles  1977年12月 
詳細表示
研究経歴
長期研究/短期研究
Long or Short
   Term research
研究課題名
Research Topic
長期研究  Financial Deregulation 

概要(Abstract) Financial deregulation is a reduction in the number of rules and procedures that must be followed by financial institutions. An important part of this is the introduction of market discipline for financial institutions. 

短期研究  Stock Market Volume 

概要(Abstract) Stock market volume refers to the number of shares of stock that are bought and sold. 

詳細表示
著書
年度
Year
著書名
Title of the books
著書形態
Form of Book
NeoCILIUS
   請求番号/資料ID
Request No
出版機関名 Publishing organization,判型 Book Size,頁数 No. of pp.,発行年月(日) Date
2006  An Introduction to Corporate Finance  共著   
白桃書房  , 未設定  , 149p.  , 2007/02   

概要(Abstract)  

備考(Remarks) Authors: Marc Bremer, Ayami Kobayashi 

詳細表示
学術論文
年度
Year
論文題目名
Title of the articles
共著区分
Collaboration
   Classification
NeoCILIUS
   請求番号/資料ID
Request No
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  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 

2013  The Next Finance Crisis: Vietnam Banks  未設定   
Nanzan Management Review  , Nanzan University  , 28/2  , pp. 311-335  , 2013/10   

概要(Abstract) The sad history of financial crisis shows that the aftermath of a financial crisis can be very severe; it may be a very long time before the crisis-effected country can bounce back. Further, other economies or even the world economy can be affected by the contagious spread of a financial crisis. Vietnam’s neighbor ASEAN member Thailand experienced some of the worst of the 1997 Asian financial crisis, and was trapped in a deep economic hole for almost a decade. The global financial crisis of 2008 devastated America, Europe and many other countries in the world. Europe’s current financial crisis threatens to lower economic performance there for a very long time. These huge economic impacts have encouraged financial experts, governments and regulators to seek ways to improve the rules for supervising and monitoring banks to improve stability. The Basel Committee for Banking Supervision is now introducing its BASEL III framework to encourage banks and regulators in many countries to change their approach to bank capitalization and liquidity. They hope to introduce a system that has less reliance on ad hoc regulatory responses to financial distress. However, for a developing country like Vietnam whose banking system is only approaching the older BASEL II capital accord standards, the BASEL III standards seem too ambitious. This is all the more unrealistic because Vietnam’s banks are simultaneously making the transition from centrally planned socialism to a market-driven economic system. What if Vietnam becomes the next victim of a contagious financial crisis or creates its own banking crisis?  

備考(Remarks) This research is written with Mrs. Thi Ha Ly DAO. 

詳細表示
学術関係受賞
年度
Year
受賞学術賞名
Name of award
受賞対象となった研究/業績/活動等
Activity for which award given
受賞年月(日)
Date
授与機関
Award presenter
2006  Best Research Paper  Research  2006年07月11日 
Asian Finance Association 

備考(Remarks)  

詳細表示
研究発表
年度
Year
題目又はセッション名
Title or Name of Session
細目
Authorship
発表年月(日)
Date
発表学会等名称 Name, etc. of the conference at which the presentation is to be given, 主催者名称 Organizer, 掲載雑誌名等 Publishing Magazine,発行所 Publisher,巻/号 Vol./no.,頁数 Page nos.
2014  Coercive Tender Offers in Japan  共同  2014/09/05 
The 22nd Annual Conference on Pacific Basin Finance, Economics, Accounting and Management  , Pacific Basin Finance, Economics, Accounting and Management Association   

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 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 show 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. These conclusions have relevance for all countries that have not fully considered the appropriate level of protection for minority shareholders. 

備考(Remarks) This conference was hosted by Aichi University. 

2014  Uncertainty Avoiding Behavior and Cross-border Acquisitions  共同  2014/06/26 
Asian Finance Association Conference  , Asian Finance Association   

概要(Abstract) The influence of managerial attitudes on corporate finance has become a topic of great interest. 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.  

備考(Remarks) This conference took place in Bali. 

2014  The Price of Control in the East Asia and Pac-Rim Regions: Law, Culture and Markets  未設定  2014/05/10 
Financial Management Association Asian Meeting  , Financial Management Association   

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) This conference took place in Tokyo and was hosted by Hitotsubashi Graduate School of International Corporate Strategy 

2013  The Next Finance Crisis: Vietnam Banks  共同  2013/11/16 
Yokohama National University/Nanzan University Finance Workshop  , Yokohama University   

概要(Abstract) See the entry for Nanzan Management Review 

備考(Remarks)  

2011  The International Financial Crisis of 2007-2009  共同  2011/11/19 
Nagoya Chapter of the Fulbright/East West Center  , Chubu Fulbright Alumni Association   

概要(Abstract) The American subprime loan crisis ignited the world’s worst financial crisis since the Great Depression of the 1930s. More than 20% of American home loans are in serious trouble and 140 U.S. banks failed in 2009. What at first seemed to be a conventional real estate bubble and bank crisis largely confined to the United States spread around the world to have a devastating impact on people and businesses with little apparent connection to the American economy. The current market prices of homes are significantly lower in many countries. Unemployment is close than 10 percent in many parts of the world. Corporate profits and stock prices are far lower too. Even the mightiest of Japan’s companies, Toyota Motor Corporation, reported the largest deficit in its history. The crisis, while similar to many of the financial panics that have troubled the world in the past, is closely related to the development of “structured finance”. Structured finance means that the cash flows from one kind of security (for example, a home loan) are separated and re-combined to create new securities. Structured finance is one of the most important innovations of the last thirty years. It has grown a great deal. By one measure, structured financial products of about $100 billion were created in first three months of 2007. Much of this was for American home loans. Yet, the market for structured financial products collapsed as the crisis exploded to be only $5 billion in the April to June period of 2008. This paper describes the crisis and how structured finance made the crisis far worse.  

備考(Remarks)  

2011  Finance in Japan  共同  2011/09/10 
Second Workshop on Finance and Accounting Research in the Asian Pacific Region  , Nagoya City University and Nagoya University   

概要(Abstract) This is an empirical investigation of the stock repurchase behavior of Nikkei 225 companies from 1995 to 2007. Companies repurchase their stock to return excess cash to investors, resolve governance issues, adjust capital structure and send signals. This paper uses a panel data methodology with accounting and 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 strong evidence that repurchase behavior in Japan is linked to the adjustment of firms to their desired degree of leverage.  

備考(Remarks)  

2011  Finance and Markets in Japan  共同  2011/06/25 
Academy of International Business Conference  , Academy of International Business   

概要(Abstract) This is an empirical investigation of the stock repurchase behavior of Nikkei 225 companies from 1995 to 2007. Companies repurchase their stock to return excess cash to investors, resolve governance issues, adjust capital structure and send signals. This paper uses a panel data methodology with accounting and 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 strong evidence that repurchase behavior in Japan is linked to the adjustment of firms to their desired degree of leverage.  

備考(Remarks)  

詳細表示
教育活動
年度
Year
タイトル
Title
内容等
Content
活動期間
Period of Activities
2013  Secretary of the Asian Finance Association 

Provided administration to this academic organization 

2012 to 2014 
2006  Secretary, Asian Finance Association 

Member of the Board and Secretary of the Asian Finance Association 

July 2006 to June 2010 
詳細表示
研究活動/社会的活動
年度
Year
活動名称
Name of activities
活動期間
Period of Activities
2014  Referee   

活動内容等(Content of Activities) Pacific-Basin Finance Journal
International Review of Finance 

詳細表示
著書・学術論文に関する統計情報
年度
Academic Year
学術研究著書の件数
No. of Academic Books
学会誌・国際会議議事録等に掲載された学術論文の件数
No. of Academic Articles in Journals/Int'l Conference Papers
学内的な紀要等に掲載された学術論文の件数
No. of Academic Articles Pub'd in University Bulletins
学会受賞等の受賞件数
No. of Academic Awards Received
国際学会でのゲストスピーカーの件数
No. of Times as Guest Speaker at Int'l Academic Conferences
国際学会での研究発表の件数
No. of Presentations of Papers at Int'l Academic Conferences
国内学会でのゲストスピーカーの件数
No. of Times as Guest Speaker at National Academic Conf.
国内学会での研究発表の件数
No. of Papers Presented at National Academic Conf.
2018 
2017 
2016 
2015 
2014 
2013 
2012 
2011 
2010 
2009 
詳細表示

2019/03/21 更新