経済学部 教員紹介

Mamoru Nagano

  (永野 護)

Profile Information

Affiliation
Professor of Finance (Leading Researcher), Faculty of Economics, Seikei University
(Concurrent)Director, Center for Asian and Pacific Studies
Degree
PhD International Public Policy(Osaka University)

J-GLOBAL ID
200901038365241231
researchmap Member ID
6000010558

External link

Papers

 16
  • MAMORU NAGANO
    The Singapore Economic Review, 67(01) 511-540, May 29, 2021  Peer-reviewed
    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.
  • NAGANO Mamoru, Tatsuo Ushijima
    International Review of Finance, 18(4) 595-635, Dec, 2018  Peer-reviewedLead authorLast authorCorresponding author
  • Mamoru Nagano
    International Review of Economics and Finance, 56 161-177, Jul 1, 2018  Peer-reviewedLead authorLast authorCorresponding author
    This study investigates the factors that promoted and prevented issue of debt securities by firms in emerging markets during 2000–2014. First, we find that borrowers in emerging economies are more likely to approach the debt security market as the funding size grows quickly. Second, we find that firm information asymmetry, a common feature of emerging markets, moderates the negative relationship between the firm's financial constraints and debt security issuance. Consequently, we conclude that a borrower with a fast-growing funding demand desires debt security issuance, but firm information asymmetry limits access to the debt security market in emerging economies.
  • Mamoru Nagano
    PACIFIC-BASIN FINANCE JOURNAL, 42 142-157, Apr, 2017  Peer-reviewedLead authorLast authorCorresponding author
    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, Nov 1, 2016  Peer-reviewedLead authorLast authorCorresponding author
    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.

Major Misc.

 6
  • NAGANO Mamoru
    International Real Estate Review, 16(3) 252-273, 2013  Peer-reviewedLead authorLast authorCorresponding author
  • Mamoru Nagano
    GLOBAL ECONOMIC REVIEW, 40(1) 1-19, 2011  Peer-reviewedLead authorLast authorCorresponding author
    This paper investigates the factors that support a funding demand increase in regional economies under easing monetary conditions. The following results were empirically obtained on the basis of individual firms and the 47 regional data in the 2000s in Japan. The first result is that funding demand regionally increases where the relative size of private capital stock is large. This result suggests that industrial agglomeration complements easing monetary policy to induce regional funding demand. The second result is that regional banking soundness in lending markets also contributes to an increase in the funding demand. This suggests that another possible requirement of the money suppliers must be fulfilled to induce the regional funding demand.
  • Mamoru Nagano
    51(4) 50-64, Dec, 2005  Peer-reviewedLead authorLast authorCorresponding author

Major Books and Other Publications

 6

Teaching Experience

 11

Professional Memberships

 6

Research Projects

 8