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

为了考虑21世纪的日本经济，研究人口减少和社会老龄化以及全球化对货币流动和储蓄/投资过程的影响是很重要的。在这个项目中，我们从理论和实证两个方面对企业和家庭的投资和消费行为进行了全面的研究。本项目的研究成果总结如下：1.养老金和保险市场与企业和家庭的投资-消费行为考察了天气衍生品、CAT债券以及实物期权等新方法。我们还调查了日本投资信托基金的表现。此外，我们还发现，日本的库藏股回购和可赎回可转换债券等公司融资工具(包括解散交叉持股)对公司价值有显著影响。2.投资者(债权人)的区域保护和投资…为了兼顾投资者保护和金融机构开发新金融产品的激励，一个影响案件举证责任分配的一般销售原则，即适用原则是非常重要的。在债权人保护方面，我们重点研究了破产法，发现了破产企业有效重组的难点。最后，我们考察了日本商业伦理或社会规范的起源和作用。3.证券市场的价格形成、流动性效应、异常现象以及企业和家庭的投资消费行为。我们考察了国际金融市场中理性泡沫或贴现谜题的存在，并评估了流动性对价格形成的影响。进一步，通过对日经225指数置换事件、半年效应(日历效应)、赢家-输家效应、ETF股价分化及其每股投资组合价值的研究，分析发现了市场异常现象。较少

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