22 records from EconBiz based on author Name

1. Informed traders, beauty contest and stock price volatility : evidence from laboratory markets

Hirota, Shin'ichi; Kusakawa, Takao; Saijō, Tatsuyoshi; Tanigawa, Yasuhiko;
2024
Type: Aufsatz in Zeitschrift; Article in journal;
Availability: Link Link

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2. Money supply, opinion dispersion, and stock prices

Hirota, Shin'ichi;
2023
Type: Aufsatz in Zeitschrift; Article in journal;
Availability: Link

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3. Speculation, money supply and price indeterminacy in financial markets : an experimental study

Hirota, Shin'ichi; Huber, Jürgen; Stöckl, Thomas; Sunder, Shyam;
2022
Type: Aufsatz in Zeitschrift; Article in journal;
Availability: Link
Citations: 7 (based on OpenCitations) Cited By

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4. Speculation and price indeterminacy in financial markets : an experimental study

Hirota, Shin'ichi; Huber, Jürgen; Stöckl, Thomas; Sunder, Shyam;
2018
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link

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5. Investment horizons and price indeterminacy in financial markets

Hirota, Shin'ichi; Huber, Jürgen; Stöckl, Thomas; Sunder, Shyam;
2015
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability:

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6. Does the free-rider problem occur in corporate takeovers?

Hirota, Shin'ichi;
2000
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability:

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7. Corporate finance and governance in stakeholder society : beyond shareholder capitalism

abstract

"This book develops a new framework (stakeholder model) that helps understand corporate finance and governance in modern society, where (especially in developed countries) the sources of people's happiness have shifted from monetary to non-monetary factors. The book takes a more comprehensive approach by explicitly incorporating the (monetary and non-monetary) interests of stakeholders and by examining the value creation of corporations from a much broader perspective. Specifically, the book addresses contemporary issues concerning corporate finance and governance all over the world, including: How should we define firm value in stakeholder society? What is the role of modern corporations? What are the principles of corporate financing decisions? To what extent should shareholder rights be enhanced? What determines the effectiveness of the board of directors? How can we understand the diversity of financial and governance systems among different countries? The book will answer these questions theoretically and empirically. "--

Hirota, Shin'ichi;
2015

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8. Corporate finance and governance in stakeholder society : beyond shareholder capitalism

abstract

ch. 1. Corporations in modern society -- ch. 2. For whom are contemporary companies managed? -- ch. 3. Corporate value in stakeholder society -- ch. 4. Are strong shareholder rights desirable? -- ch. 5. Is governance by shareholders necessary? Employees' quiet exit -- ch. 6. The board of directors in stakeholder society -- ch. 7. Corporate finance and its objectives -- ch. 8. The bank-centered financial system in stakeholder capitalism -- ch. 9. Is the mission statement important? -- ch. 10. How should we evaluate Japanese firms?

Hirota, Shin'ichi;
2015
Availability: Link Link
Citations: 6 (based on OpenCitations) Cited By

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9. Price Bubbles Sans Dividend Anchors : Evidence from Laboratory Stock Markets

abstract

We experimentally explore how investor decision horizons influence the formation of stock prices. We find that in long-horizon sessions, where investors collect dividends till maturity, prices converge to the fundamental levels derived from dividends through backward induction. In short-horizon sessions, where investors exit the market by receiving the price (not dividends), prices levels and paths become indeterminate and lose dividend anchors; investors tend to form their expectations of future prices by forward, not backward, induction. These laboratory results suggest that investors' short horizons and the consequent difficulty of backward induction are important contributors to the emergence of price bubbles

Hirota, Shin'ichi; Sunder, Shyam;
2007
Availability: Link Link
Citations: 9 (based on OpenCitations) Cited By

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10. Managerial control inside the firm

abstract

This paper proposes an implicit control mechanism of managers inside the firm. We argue that the need to motivate workers may make it beneficial for a self-interested, short-sighted manager to pursue long-run viability of the firm. When the firm is in a stable environment, this implicit control mechanism may not contradict shareholder value maximization. However, when the firm needs restructuring, this mechanism damages firm value. We discuss when external governance is desirable, and when it is not. Our model also offers economic explanations for some related issues in managerial behavior such as restructuring aversion, survival motive, and excessive risk aversion. -- corporate governance ; worker incentives ; autonomous management ; restructuring ; corporate survival ; managerial risk aversion

Hirota, Shin'ichi; Kawamura, Kohei;
2005
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link

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