氏名

チェン ミンヤン ウィリアム

チェン ミンヤン ウィリアム

職名

准教授(任期付)

所属

(大学院経営管理研究科)

学歴・学位

学位

博士

外部研究資金

科学研究費採択状況

研究種別:

On Costs and Benefits of Trading activities of Financial Derivatives on Under lying Risky Assets

2019年-0月-2022年-0月

配分額:¥4290000

学内研究制度

特定課題研究

Hedging, Signaling and Price Discovery in International Real Estate Markets

2017年度共同研究者:James D. Shilling, Scott S. Fung

研究成果概要:Finance theory suggests that an increase in dividend payout serves as an unambiguous signal to the marketplace that...Finance theory suggests that an increase in dividend payout serves as an unambiguous signal to the marketplace that the firm anticipates higher future earnings.  Yet, it is often unclear just what an increase in dividend payout signals and how it does so, testing the theory using a sample of ordinary firms proves difficult in general.  In this paper, we focus on the application of dividend signaling theory to the case of Real Estate Investment Trusts (REITs).  REIT managers have valuable information about the firm’s re-leasing spread profit, and will, in the presence of asymmetric information, choose to convey this insider’s information to outside investors in periods of when the market lease rate is high or is expected to increase through dividend changes. Consistent with our theoretical predictions, we find substantial evidence of a positive relation between dividend changes and future earnings changes for REITs with high investment spending in periods when current lease rates are expected to increase in the future.  Further, we find very little evidence of dividend signaling in all other cases, even when we do a detailed analysis of REITs with low investment spending in periods when current lease rates are expected to increase in the future. 

現在担当している科目

科目名開講学部・研究科開講年度学期
Advanced Risk Management大学院経営管理研究科2020秋学期
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Seminar on Risk Management(Research Guidance)[MSc in Finance]大学院経営管理研究科2020秋学期