Professor Atsuo Fukuda

Area and Subject Taught Corporate Finance
Research Theme(s) Empirical Research on Japan's Capital Markets and Corporate Finance
Academic Degrees Master of Economics, Doshisha University
Keywords for Research Field Capital Markets, Corporate Finance, Finance
Office Phone Number 81-75-705-1705

Research Overview

We can think of an enterprise's stock price as a reflection of its future profitability. In particular, if stock markets operate efficiently, we would expect stock prices to change immediately to reflect changes in investor expectations regarding future profitability. If this was the case, we would be able to determine the meaning of events that affect the future profitability of an enterprise by examining the movement of stock prices on the days those events occurred. (This sort of empirical approach is called an event study.)
Event studies are often used to test hypotheses related to corporate finance, such the effects of corporate mergers and acquisitions, dividend increases, and the issuing of new stock (capital increases by public offering). A large amount of data has been amassed through such studies. My present research explores the effects of debt forgiveness by banks for companies that are experiencing business slumps, on the companies affected and other companies in the same industry. If debt forgiveness retards the process of industry restructuring and simply leads to the creation of so-called "zombie companies," such events should have negative effects on other companies in the same industry. I am presently studying Japanese data based on this hypothesis.

Notable Publications and Works

  1. 優先株式発行に伴う株価反応と銀行の役割(2014)『京都産業大学論集』
  2. 日本の優先株式発行企業の業績(2013)『京都産業大学論集』
  3. 第三者割当増資に関する実証分析(2010)『京都産業大学論集』
  4. 事業撤退と企業価値(2007)『京都産業大学論集』
  5. 債務免除は同業他社にとって吉報か凶報か(2005)『京都産業大学論集』
  6. 投資主体別株式保有行動の実証分析(2003)『京都産業大学論集』
  7. 株式分割と企業業績(2001)『経済学論叢』(同志社大学)
  8. Dividend Change and Earnings Performance in Japan(2000)Pacific-Basin Finance Journal
  9. 株主代表訴訟はコーポレートガバナンスの手段として有効か(2000)『現代の金融と政策』所収
  10. Main Bank Relationships and Capital Structure in Japan1(1996)Journal of Japanese and International Economies