リゾート開発に狂奔した"投資銀行"のリスク増幅的行動 : 平松銀行頭取平松甚四郎のリスク選好を中心に (特集ファイナンス、経済経営リスクの諸問題 : 有馬敏則教授の退職を記念して)

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The HIRAMATSU Bank was unique in that it provided both banking and securities services in 1880s Japan. In this respect, you could call it our country’s first investment bank. The owner of the bank, Jinshiro Hiramatsu, was also in control of a national bank (privately-owned but established under the national bank law of Japan). The wealthy Hiramatsu was among the first Japanese to own a vacation villa which he built in Hakone, west of Tokyo. Being interested in tourism, too, he hit upon the idea of developing a deeper part of the Hakone mountain area for vacation homes. He was also financially involved in Tokyo’s Asakusa Hanayashiki, the oldest amusement park in Japan. It would be safe to say that Hiramatsu was a trailblazer for tourism investment in Japan anda classic example of a man who loved taking risks. With such a distinctive character, not onlydid he run a bank that also traded in securities, a product that most bankers at that time thought were too risky to handle, he also managed to build the villa in Hakone and venture into the development of the mountain resort in a short period of time in the 1880s. After his death, Japan was hit by a recession that made it impossible for his successors to avail themselves of the funds to keep the businesses going; consequently, the HIRAMATSU Bank went bankrupt, the national bank was transferred and the properties in Hakone were sold. The business empire that Jinshiro Hiramatsu had created ended up being very shortlived.

リゾート開発に狂奔した"投資銀行"のリスク増幅的行動 : 平松銀行頭取平松甚四郎のリスク選好を中心に (特集ファイナンス、経済経営リスクの諸問題 : 有馬敏則教授の退職を記念して)

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リゾート開発に狂奔した"投資銀行"のリスク増幅的行動 : 平松銀行頭取平松甚四郎のリスク選好を中心に (特集 ファイナンス、経済経営リスクの諸問題 : 有馬敏則教授の退職を記念して)

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リゾート開発に狂奔した"投資銀行"のリスク増幅的行動 : 平松銀行頭取平松甚四郎のリスク選好を中心に (特集ファイナンス、経済経営リスクの諸問題 : 有馬敏則教授の退職を記念して)