The Impact on Stock Returns of Introducing MaaS (Japanese)

In Japan, MaaS demonstration experiments are underway in various regions in order to improve the convenience of transportation. This system is expected to lead to increased tourism demand and the revitalization of local economies. However, there are few quantitative evaluations of the impact that the introduction of the system had on local companies. This paper conducts an event study using stock price data from the start of the introduction of MaaS in Japan to the present (2018-2021) and considers how the introduction of the new transportation system affected each industry. Results of this study indicate that MaaS introduction activities did not have a significant impact on the stock price performances of transportation service providers such as land and air transportation. In the transportation equipment industry, the introduction of the system caused a negative stock price reaction. On the other hand, a significantly positive stock price reaction was confirmed for electronics manufacturers.