Japanese Banking Behavior and Financial System Architecture from Behavioral Economies' Viewpoint

行为经济学视角下的日本银行行为与金融体系架构

• 批准号: 15530210
• 负责人: MISUMI Takashi
• 金额: $ 1.54万
• 依托单位: Hitotsubashi University
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Scientific Research (C)
• 财政年份: 2003
• 资助国家: 日本
• 起止时间: 2003 至 2004
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/en/grant/KAKENHI-PROJECT-15530210/
• 关键词: reputation; discretionary banking regulation; information production; attribution bias; disposition effect; 自信過剰; 銀行の情報生産; 投資家行動; 市場の効率性

This research investigates the following three topics.First, the inefficiency of bank regulation is analyzed by considering bank regulators' career concerns explicitly. The main difference from existing research is that I consider the situation that bank regulators take into account their own reputation as well as social welfare. The main conclusion of this research is that bank regulators' career concerns generate not only generous regulatory policy but also severe policy. Furthermore, I indicate the some untested empirical implications.Second, I analyzed theoretically why the ability of information production by Japanese banks declined. The theoretical hypothesis is that overconfidence and self-serving attribution bias of bank management make Japanese banks reluctant to produce information.Third, the individual investors' behavior is analyzed empirically. In this research, I reviewed previous research on the existence of disposition effect. Next, using trading records of Japanese individual investors, I show the empirical evidence that support the existence of disposition effect on Japanese individual investors.

这项研究调查了以下三个主题。首先，通过明确考虑银行监管机构的职业问题来分析银行监管的效率低下。与现有研究的主要区别在于，我认为银行监管机构认为自己的声誉和社会福利的情况。这项研究的主要结论是，银行监管机构的职业问题不仅产生了慷慨的监管政策，而且还产生了严格的政策。此外，我表明了一些未经测试的经验含义。第二，我从理论上分析了为什么日本银行的信息生产能力降低了。理论上的假设是，银行管理的过度自信和自我服务的归因偏见使日本银行不愿产生信息。三分之二，单个投资者的行为经验进行了分析。在这项研究中，我回顾了先前关于处置效应的研究的研究。接下来，使用日本个人投资者的贸易记录，我展示了支持对日本个人投资者的处置效应的经验证据。

项目成果

Cut Loss and Let profit Run : A Review on Disposition Effect Literature

止损让利润奔跑:处置效应文献综述

• 发表时间: 2005
• 期刊: Seimeihokenronjyuu Vol.150
• 作者: 三隅隆司;Takashi MISUMI
• 通讯作者: Takashi MISUMI

損は切って利を伸ばせ:Disposition Effect研究の展望

减损增利：处置效应研究展望

• 发表时间: 2005
• 期刊: 生命保険論集 150号
• 作者: 三隅隆司