研究者業績

永野 護

ナガノ マモル  (Mamoru Nagano)

基本情報

所属
成蹊大学 経済学部 教授 (リーディング・リサーチャー)
(兼任)アジア太平洋研究センター 所長
学位
博士(国際公共政策)(大阪大学)

J-GLOBAL ID
200901038365241231
researchmap会員ID
6000010558

外部リンク

論文

 16
  • MAMORU NAGANO
    The Singapore Economic Review 67(01) 511-540 2021年5月29日  査読有り
    Focusing on the sukuk market in Malaysia from 2000–2017, this study estimates the degree of each sample issuer information asymmetry and investigates how it influences sukuk issuance and how it differs by sukuk type. First, we find that a cost-plus-sales-based Murabahah sukuk is available for all sukuk issuers, even though the degree of information asymmetry is high. Second, a lease-based Ijarah sukuk can be chosen by high information asymmetric firms only when the firm has qualified collateral assets. Third, only a low information asymmetric firm can choose a profit-and-loss sharing-based Musyarakah sukuk. Therefore, we conclude that sukuk issuance also follows a financial hierarchy in accordance with the agency costs of each financial methodology required when a specific sukuk is chosen.
  • 永野 護, 牛島 辰男
    International Review of Finance 18(4) 595-635 2018年12月  査読有り筆頭著者最終著者責任著者
  • 永野 護
    International Review of Economics and Finance 56 161-177 2018年7月1日  査読有り筆頭著者最終著者責任著者
  • Mamoru Nagano
    PACIFIC-BASIN FINANCE JOURNAL 42 142-157 2017年4月  査読有り筆頭著者最終著者責任著者
    This study investigates the factors that promote a bank borrower to issue sukuk rather than conventional debt security in Malaysia and Indonesia from 2000 to 2014. First, our empirical results show that a bank borrower is likely to approach the sukuk market as the funding size grows and if the firm is valued highly. Second, we find that under high information asymmetry, a firm with a high stock price and large funding demand prefers sukuk issuance to conventional debt. We conclude that firms use the sukuk market as an intermediate funding market when the funding demand is too large to borrow from banks and the information asymmetry is too high for them to approach the conventional debt market. (C) 2016 Elsevier B.V. All rights reserved.
  • Mamoru Nagano
    Review of Financial Economics 31 45-55 2016年11月1日  査読有り筆頭著者最終著者責任著者
    Using security issuer data from Malaysia, Indonesia, Saudi Arabia, and the United Arab Emirates from the 2001–2013 period, this study investigates how Islamic bond (Sukuk) issuers differ from conventional debt and equity issuers. An international comparative analysis of these three types of security issuers yields three key insights. First, accessibility to the Sukuk market is essential in choosing Sukuk issuance other determinants will not promote the use of Sukuk, unless this requirement is first satisfied. Second, the low degree of financial constraints on a firm promotes Sukuk issuance, once the required condition of issuer accessibility to the Sukuk market is satisfied. Third, undervaluation of a firm in the pre-issuance period also encourages Sukuk issuance, once the issuer's Sukuk market accessibility condition is satisfied. Taken together, we conclude that Sukuk issuance is preferred along with market timing, once the pecking-order conditions of market accessibility are satisfied.

主要なMISC

 6

主要な書籍等出版物

 6

担当経験のある科目(授業)

 11

所属学協会

 6

共同研究・競争的資金等の研究課題

 8