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

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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