Traditional insurance economics derives some definite conclusions using the neoclassical economics method. However, those conclusions are too abstract to explain phenomena in the real insurance market. In other words, a number of anomalies remain that are not explained by traditional insurance...

We report the Japanese stock market seasonality persisting for more than thirty years. The average return for stocks is significantly positive for months during the first half of calendar year, and significantly negative for months during the last half of calendar year. This `Dekansho-bushi...

We report on a seasonal pattern that has persisted in the Japanese stock market for more than half a century: mean stock returns are significantly positive for months during the first half of the calendar year and significantly negative for months during the second half. Dubbed the...

The Great East Japan Earthquake of March 11, 2011, incurred huge damages to Japan. This paper investigates how this earthquake influenced the value of Japanese insurance companies, especially non-life insurance companies. Our findings are as follows. (1) The stock prices of insurance companies...

This paper aims to introduce new evidence of consistently negative impacts on enterprise value when corporations increase real estate holdings. Adopting a different approach from previous studies, our data analysis shows that corporate real estate portfolios and enterprise value share an inverse...