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A Generalized User-Revenue Model of Financial Firms under Dynamic Uncertainty : An Interdisciplinary Analysis of Producer Theory, Industrial Organization, and Finance
https://doi.org/10.15099/00002090
https://doi.org/10.15099/000020901c74598a-5a58-4b77-bac8-189af0aadb47
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
271re2_homma.pdf (1.2 MB)
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| Item type | テクニカルレポート / Technical Report(1) | |||||||
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| 公開日 | 2012-06-13 | |||||||
| タイトル | ||||||||
| タイトル | A Generalized User-Revenue Model of Financial Firms under Dynamic Uncertainty : An Interdisciplinary Analysis of Producer Theory, Industrial Organization, and Finance | |||||||
| 言語 | ||||||||
| 言語 | eng | |||||||
| キーワード | ||||||||
| 主題Scheme | Other | |||||||
| 主題 | Generalized user-revenue price | |||||||
| キーワード | ||||||||
| 主題Scheme | Other | |||||||
| 主題 | Risk-adjustment effects | |||||||
| キーワード | ||||||||
| 主題Scheme | Other | |||||||
| 主題 | Extended generalized Lerner index | |||||||
| キーワード | ||||||||
| 主題Scheme | Other | |||||||
| 主題 | Empirical generalized user-revenue model | |||||||
| キーワード | ||||||||
| 主題Scheme | Other | |||||||
| 主題 | Japanese city banks | |||||||
| 資源タイプ | ||||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_18gh | |||||||
| 資源タイプ | technical report | |||||||
| ID登録 | ||||||||
| ID登録 | 10.15099/00002090 | |||||||
| ID登録タイプ | JaLC | |||||||
| 著者 |
Homma, Tetsushi
× Homma, Tetsushi
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| 抄録 | ||||||||
| 内容記述 | In the present paper, we apply the generalized user-revenue model (GURM) presented by Homma (2009) to Japan’s banking industry and perform an analysis fusing producer theory and industrial organization theory (applied microeconomics) and finance (asset pricing theory). Basically, while basing the approach on the GURM, we derived the generalized user-revenue prices (GURPs) and the extended generalized Lerner indices (EGLIs), organized their theoretical characteristics from an interdisciplinary analytical perspective, applied the GURM to Japanese city banks, and estimated the GURPs and the EGLIs. These efforts provided material for thinking about the necessity of risk-adjustment policies as part of the industrial organization policy in the banking industry. Based on the EGLI estimation results, regarding the components of the EGLIs (in terms of absolute value), the risk-adjustment effects are the largest, followed by the equity capital effects, and the market structure and conduct effects are the smallest. This is the same as the results for the GURPs, so there is pressure to review conventional competition policy, which considers primarily the market structure and conduct effects. It has been pointed out that switching from a competition policy to a risk-adjustment policy is necessary, so specific measures in risk-adjustment policy that have not yet been considered must be taken into account. Furthermore, the injection of public funds dramatically improved (decreased) the risk-adjustment effects of the EGLI for long-term loans and dramatically increased the degree of competition in the long-term loan market. | |||||||
| 引用 | ||||||||
| 内容記述 | Working Paper, No.271, 2012.6, Faculty of economics, university of toyama | |||||||
| 書誌情報 | 巻 271, 発行日 2012-06 | |||||||
| 著者版フラグ | ||||||||
| 出版タイプ | AM | |||||||
| 出版タイプResource | http://purl.org/coar/version/c_ab4af688f83e57aa | |||||||
| 出版者 | ||||||||
| 出版者 | Faculty of economics, university of toyama | |||||||
| 資源タイプ(DSpace) | ||||||||
| 内容記述タイプ | Other | |||||||
| 内容記述 | Working Paper | |||||||
| シリーズ | ||||||||
| 関連名称 | Working Paper;No.271 | |||||||
