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

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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.