取引銀行の破綻が企業経営に及ぼす影響について-阪和銀行破綻の事例分析-

Size: px
Start display at page:

Download "取引銀行の破綻が企業経営に及ぼす影響について-阪和銀行破綻の事例分析-"

Transcription

1 2 JEL Classification: G21, G14 Key words: 1

2 The Effect of Bank Failure on Client Firms A Study on the Hanwa Bank s Failure By Yoshiko Murakami Abstract The financial theories on relationship banking and main bank system suggest that bank relationship has an economic value because banks can obtain private information of borrowers through their close and continued interactions with client firms. But some empirical studies on bank relationship in Japan have not supported such hypothesis. This paper examines the effect of Hanwa Bank s failure on unlisted client firms. Because no bank took over Hanwa Bank s lending business, the impact of its failure on its client firms might be more serious than that observed in other cases of bank failure. I analyze the data of unlisted firms in Wakayama Prefecture, Hanwa Bank was based in, by applying a sample selection model. I find that, in the short term after this failure, a decline in the profitability was significantly larger at firms who had Hanwa Bank as their main-bank. This result is consistent with the theoretical argument mentioned above that losing relationship with the main bank may increase cost of capital for unlisted firms at least temporarily through the loss of the information which had been gathered and accumulated within the main bank. JEL Classification: G21, G14 Key words: bank relationship, bank failure, small business finance 2

3 Hori ( ) ( )

4 Boot(2000) (1) (2) , 2 4 4

5 Boot(2000) Aoki and Patrick (1994) (1) (2) (3) (4) (5) 9 5 Dewatripont and Maskin(1995) Sharpe(1990) Rajan(1992) 6 7 [Aoki and Patrick,1994 (,1996:p2)] 8 Aoki and Patrick(1994) (1) (2) (3) nexus[aoki and Patrick,1994 (,1996:p18)]

6 (1988) (1993) (1996) (2003)

7 14 Petersen and Rajan(1994) late payment Berger and Udell (1995) (1) (2) (3) (1) (2) (3) Yamori and Murakami 1999 TOPIX Brewer et al Boot(2000) Petersen and Rajan(1994) Berger and Udell (1995) L/Cs

8 2003 Hori Yamori and Murakami 1999 Hori (2005) 3.1 8

9 (1) (2)

10 ( )

11 Hori ROE 24 Hori (2003) % HP Hori(2005) 11

12 12

13 ROE Hori 2005 ROE ROE ROE 25 Hori

14 26 = β + (1) y 1 i x 1i 1i u 1 i = β + (2) y 2 i x 2i 2i w i = u 2 i y 2i y 2i (1) ROE (2) u 1 i w i u 2i σ 1 2 x 1 i x 2i (1) β1i β 2i (1) t j ROE j=0,1,2 t 1 y 1 i 27 u 1i u 2i x 1i a. 3 ROE ( ) 28 b. c. d. ( ) 29 e Wooldridge(2002) (1992)(1997) 27 Hori(2005) ( ) 28 Hori(2005)

15 f. Hori(2005) (1) (5) ROE ROE 30 t j x 2 i (2) y 2i 31 x 1i Hori(2005) 32 x 1 i t 1 t 2 t 3 x 1i x 2i x 2i 3 6 (1) (2) ROE t ROE t+1 ROE t+2 t t+1 t+2 A B White(1980) (1) (2) (1) 3 t 3 15

16 16

17 5 ROE t 1 ROE t 2 33 t 1 B t 1 1 A ROE 1 ROE ROE ROE t t (1) 3 ROE a (2) stata atanh = ln 2 ρ 1 ρ 17

18 B A 5 ROE 34 18

19 ROE (4 ) 36 19

20 Hori 2005 (2) 2003 Hori 2005 Hori , pp

21 2000 pp , 2003 pp , , pp vol23, pp Probit, Logit, Tobit II 1997 pp , vol4, pp vol169, pp , vol3, pp , vol21(1)., 1988., 1996, pp66-87., 1985, pp , 2005., 1992, pp9-38. Aoki, M. and Patrick, H. The Japanese Main Bank System Its Relevance for Developing and Transforming Economies, Oxford University Press, (, 1996.) Berger, A.N. and Udell, G.F. Relationship Lending and Lines of Credit in Small Firm Finance, Journal of Business, 1995, 68(3), pp Boot, A.W.A. Relationship Banking: What Do We Know?, Journal of Financial Intermediation, 2000, 9, pp Brewer III, E., Genay, H., Hunter, W.C. and Kaufman, G.G. The value of banking relationships 21

22 during a financial crisis: Evidence from failures of Japanese banks, Journal of the Japanese and International Economies, 2003, 17, pp Dewatripont, M. and Maskin, E. Credit and Efficiency in Centralized and Decentralized Economies, Review of Economic Studies, 1995, 62(4), pp Hori, M. Does bank liquidation affect client firm performance? Evidence from a bank failure in Japan, Economics Letters, 2005, 88, pp Petersen, M.A. and Rajan, R.G. The Benefits of Lending Relationships: Evidence from Small Business Data, Journal of Finance, 1994, 49(1), pp Rajan, R.G. Insiders and Outsiders: The Choice between Informed and Arm s-length Debt, Journal of Finance, 1992, 47(4), pp Sharpe, S.A. Asymmetric Information, Bank Lending and Implicit Contracts: A Stylized Model of Customer Relationships, Journal of Finance, 1990, 45(4), pp White,H. A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity, Econometrica, 1980, 48(4), pp Wooldridge, J.M. Econometric Analysis of Cross Section and Panel Data, MIT Press, Yamori, N. and Murakami, A. Does bank relationship have an economic value? The effect of main bank failure on client firms, Economics Letters, 1999, 65, pp

わが国企業による資金調達方法の選択問題

わが国企業による資金調達方法の選択問題 * takeshi.shimatani@boj.or.jp ** kawai@ml.me.titech.ac.jp *** naohiko.baba@boj.or.jp No.05-J-3 2005 3 103-8660 30 No.05-J-3 2005 3 1990 * E-mailtakeshi.shimatani@boj.or.jp ** E-mailkawai@ml.me.titech.ac.jp

More information

, 3, 1999, 4,,

, 3, 1999, 4,, 1, 1992 2005,,, 10 2,, 1992 1998 1,,, 1998 2002 2,, 3,,, 2002, 2002 3 1 2 1 , 3, 1999, 4,, 3 14 11 2 I, 10,, 1992 2005, 2,, 3, 4,, II,, 1992 1998 1,, 1998 2002 2 2002 3 II-1: 1 1993 1998 90,, 1995 6850,,

More information

<96D889BA904D2E696E6464>

<96D889BA904D2E696E6464> 615 379 1 1995 10 OECD 1995 380 616 57 3 1993 4 3071 2003 1 3247 10 10 4 1 1990 2000 2003 10 617 381 2002 2 3 4 5 2 1 1990 1995 1995 12 1995 IPP Independent Power Producer 1 2004a, b 2005a, b 382 618 57

More information

Attendance Demand for J-League õ Shinsuke KAWAI* and Takeo HIRATA* Abstract The purpose of this study was to clarify the variables determining the attendance in J-league matches, using the 2,699 J-league

More information

ボーナス制度と家計貯蓄率-サーベイ・データによる再検証-

ボーナス制度と家計貯蓄率-サーベイ・データによる再検証- ESRI Discussion Paper Series No.139 by May 2005 Economic and Social Research Instute Cabinet Office Tokyo, Japan * 400 : JEL classification: D12, E21 * 186-8603 2-1 042-580-8369 FAX 042-580-8333 1 Abstract

More information

株式保有構成と企業価値 ─コーポレート・ガバナンスに関する一考察─

株式保有構成と企業価値 ─コーポレート・ガバナンスに関する一考察─ q E-mail: kenji.nishizaki@boj.or.jp E-mail: kurasawa@ynu.ac.jp OECD Vives Tirole Shleifer and Vishny q %% %% % % Allen and Gale %% % Admati, Pfreiderer and Zechner Burkart, Gromb and Panunzi Cremer 1995Pagno

More information

untitled

untitled Barro Regression Does social capital improve regional economic growth? - Investigation using prefectural cross-sectional data in Japan - Abstract The purpose of this research is to empirically examine

More information

「リストラ中高年」の行方

「リストラ中高年」の行方 ESRI Discussion Paper Series No.10 by February 2002 Economic and Social Research Institute Cabinet Office Tokyo, Japan 1 ESRI 2 ABSTRACT * In this paper, based on the Employment Trend Survey in 2000 and

More information

Y-...W

Y-...W 259 21 1 1 2003 2 1 2 1 15 22 260 56 3 2 2. 1 2. 2 2. 3 2. 4 3 3. 1 3. 2 4 2 2. 1 1965 1999 2 Brick, Frierman, and Kim 1998 Choate 1997Fischer, Heinkel, and Zechner 1989 Gilson 1997 Mauer and Triantis

More information

戦間期日本企業の資金調達、資本コスト、資本構成:最適資本構成理論からみた1930年代における企業財務

戦間期日本企業の資金調達、資本コスト、資本構成:最適資本構成理論からみた1930年代における企業財務 1930 Modigliani and Miller [1958] 170 1930 2008 7 16 I E-mail: takashi.nanjou@boj.or.jp E-mail: cc00881@srv.cc.hit-u.ac.jp //2009.7 81 1. 1 2 M&A 3 4 1965 1969 1995 1995 1993 1 2008 2008 1985 2006 10 ROA

More information

高齢化とマクロ投資比率―国際パネルデータを用いた分析―

高齢化とマクロ投資比率―国際パネルデータを用いた分析― 196 2017 * ** ** ** ** 160 2 2 JEL Classification Codes E21, E22, J11 Keywords * ESRI 28 ESRI 29 3 17 ESRI ** 115 196 Population Aging and Domestic Investment An Analysis Using International Panel Data

More information

16

16 Empirical Analysis of the Efficiency of the Broadcasting Industry: Verification of Regionalism and a Proposal ABSTRACT Reforms in the broadcasting industry have recently been discussed and proposed, and

More information

非上場企業におけるコーポレート・ガバナンス

非上場企業におけるコーポレート・ガバナンス * sfukuda@e.u-tokyo.ac.jp ** munehisa.kasuya@boj.or.jp *** No. 06-J-05 2006 3 103-8660 30 * ** *** 1 10 TFP 1 1 La Porta, Lopez-De-Silanes, and Shleifer (1999) OECD27 20 20 10 2 1 Lichtenberg and Pushner

More information

16_.....E...._.I.v2006

16_.....E...._.I.v2006 55 1 18 Bull. Nara Univ. Educ., Vol. 55, No.1 (Cult. & Soc.), 2006 165 2002 * 18 Collaboration Between a School Athletic Club and a Community Sports Club A Case Study of SOLESTRELLA NARA 2002 Rie TAKAMURA

More information

OECD Benartzi and Thaler Brown et al. Mottla and Utkus Rooiji et al. Atkinson et al. MacFarland et al. Elton et al. Tang et al. Benartzi and Thaler Br

OECD Benartzi and Thaler Brown et al. Mottla and Utkus Rooiji et al. Atkinson et al. MacFarland et al. Elton et al. Tang et al. Benartzi and Thaler Br IFRS. OECD Benartzi and Thaler Brown et al. Mottla and Utkus Rooiji et al. Atkinson et al. MacFarland et al. Elton et al. Tang et al. Benartzi and Thaler Brown et al. /n Benartzi and Thaler n /n Benartzi

More information

日本の高齢者世帯の貯蓄行動に関する実証分析

日本の高齢者世帯の貯蓄行動に関する実証分析 196 2017 * ** ** 1 2 3 JEL Classification Codes D14, D15, E21 Keywords * 28 Hyun- Hoon Lee Robert Owen Kwanho Shin ** 29 196 An Empirical Analysis of the Saving Behavior of Elderly Households in Japan

More information

An Empirical Study of the Securities Firms' Dilemma on Financial Innovation through Diffusion of Internet Deals Yasugi Satoshi Bower, J. L., 1999, Disruptive technologies: Catching the wave,

More information

840 Geographical Review of Japan 73A-12 835-854 2000 The Mechanism of Household Reproduction in the Fishing Community on Oro Island Masakazu YAMAUCHI (Graduate Student, Tokyo University) This

More information

銀行の不良債権問題と資本市場の経営監視機能 鹿野嘉昭

銀行の不良債権問題と資本市場の経営監視機能 鹿野嘉昭 509 65 1 1980 1990 2000 5 2005 66 510 58 4 1999 2002 1980 1986 3 1998 3 2 3 4 511 67 2 2. 1 1985 10 1980 1980 1989 5 1990 8 6 1990 3 1990 1991 68 512 58 4 2. 2 2002 1986 1990 1991 1994 1980 1990 513 69

More information

〈論文〉組織改革の成果に関する予備的調査--社内カンパニー制導入が財務的業績に与える影響

〈論文〉組織改革の成果に関する予備的調査--社内カンパニー制導入が財務的業績に与える影響 Abstract Under the pressure of 10-year long economic decline, Japanese firms are struggling to improve their profitability. As one of the ways to do it, Japanese large firms have begun to reorganize their

More information

........,.,.,..,.,.,.,.,.,.,.,., International Capital Market Litan et al a b c d M&A a a b E- e- Litan et al. : Table Levine World Bank Levine Greenwald et al. B R F R r R R r B R r B R r B R R Stiglitz

More information

23_02.dvi

23_02.dvi Vol. 2 No. 2 10 21 (Mar. 2009) 1 1 1 Effect of Overconfidencial Investor to Stock Market Behaviour Ryota Inaishi, 1 Fei Zhai 1 and Eisuke Kita 1 Recently, the behavioral finance theory has been interested

More information

論文08.indd

論文08.indd * 1 はじめに,, TOPIX TOPIX, TOPIX TOPIX Shelor Anderson and Cross C Japan Society of Monetary Economics 図 1 東日本大震災前後の株価 (TOPIX) の推移 1,000 950 900 850 800 750 700 図 2 阪神大震災前後の株価 (TOPIX) の推移 1,650 1,550 1,450

More information

ISSN ISBN C3033 The Institute for Economic Studies Seijo University , Seijo, Setagaya Tokyo , Japan

ISSN ISBN C3033 The Institute for Economic Studies Seijo University , Seijo, Setagaya Tokyo , Japan ISSN 2187 4182 ISBN 978 4 907635 09 1 C3033 The Institute for Economic Studies Seijo University 6 1 20, Seijo, Setagaya Tokyo 157-8511, Japan ISSN 2187 4182 ISBN 978 4 907635 09 1 C3033 The Institute

More information

大学における原価計算教育の現状と課題

大学における原価計算教育の現状と課題 1 1.1 1.2 1.3 2 2.1 2.2 3 3.1 3.2 3.3 2014a 50 ABC Activity Based Costing LCC Lifecycle Costing MFCA Material Flow Cost Accounting 2 2 2016 9 1 2 3 2014b 2005 2014b 2000 1 2 1962 5 1 3 2 3 4 5 50 2012

More information

関西における地域銀行について

関西における地域銀行について I Yasuharu Suzuki / 1990 1 23 3 2011 6 10 105 106 2011 10 3 2 1951 3 6 204 2011 winter / No.390 II 1 63 42 105 1 2011 9 105 2 2 5 2 1 1872 153 3 20 1893 1949 1954 12 6 7 9 8 4 4 1,420 1926186 1941 194561

More information

金/金

金/金 IMF IMF M&A IMF IMF Gerchenkron Gerchenkron unbalanced growth Gerchenkron Johnson development state Hirschman IMF OECD IMF IMF GDP crony capitalism Krugman IMF capital market-based financial system bank-centered

More information

Financing through Stadium Securitization \ Case Study of Professional Football Clubs in England \ õ Yoshiaki IIDA * Abstract The purpose of this study was to clarify the way in which the stadium securitization

More information

..,,...,..,...,,.,....,,,.,.,,.,.,,,.,.,.,.,,.,,,.,,,,.,,, Becker., Becker,,,,,, Becker,.,,,,.,,.,.,,

..,,...,..,...,,.,....,,,.,.,,.,.,,,.,.,.,.,,.,,,.,,,,.,,, Becker., Becker,,,,,, Becker,.,,,,.,,.,.,, J. of Population Problems. pp.,,,.,.,,. Becker,,.,,.,,.,,.,,,,.,,,.....,,. ..,,...,..,...,,.,....,,,.,.,,.,.,,,.,.,.,.,,.,,,.,,,,.,,, Becker., Becker,,,,,, Becker,.,,,,.,,.,.,, ,,, Becker,,., Becker,

More information

082_rev2_utf8.pdf

082_rev2_utf8.pdf 3 1. 2. 3. 4. 5. 1 3 3 3 2008 3 2008 2008 3 2008 2008, 1 5 Lo and MacKinlay (1990a) de Jong and Nijman (1997) Cohen et al. (1983) Lo and MacKinlay (1990a b) Cohen et al. (1983) de Jong and Nijman (1997)

More information

(1) (Karlan, 2004) (1) (1973) (1978) (1991) (1991) 1

(1) (Karlan, 2004) (1) (1973) (1978) (1991) (1991) 1 2004 1 8 2005 12 17 1 (1) (Karlan, 2004) 2 3 4 5 E-mail: aa37065@mail.ecc.u-tokyo.ac.jp (1) (1973) (1978) (1991) (1991) 1 2 2 2.1 (, 1978, 7 ) (2) (1988) 38 2 (3) (4) (2) (1986) 91 (1996) 2 1 (1993) 1

More information

;~ (Summary) The Study on the Effects of Foot Bathing on Urination Kumiko Toyoda School of Human Nursing, University of Shiga Prefecture Background Foot bathing is one of the important nursing care for

More information

ID JJF00296 Earnings management and market timing: The case of Japanese management buyouts Yasutomo Tsukioka 2-16 Japan Journal of Finance Vol.

ID JJF00296 Earnings management and market timing: The case of Japanese management buyouts Yasutomo Tsukioka 2-16 Japan Journal of Finance Vol. ID JJF00296 Earnings management and market timing: The case of Japanese management buyouts Yasutomo Tsukioka 2-16 Japan Journal of Finance 331.2 Vol.33 / No. 1.2. 201312 Dec. 2013 Japan Finance Association

More information

パナソニック技報

パナソニック技報 Panasonic Technical Journal Vol. 64 No. 2 Nov. 2018 Optical Disc Archiving System with 100 Years Lifespan of Digital Data Takuto Yamazaki Yasushi Kobayashi Blu-ray Disc 1 Archival Disc 2 3300 GB 10012

More information

Vol.57 No.4 March 2008 : () 1 () () (1 ) (2 ) ( ) 1 Takagi (1989)Hamao (1992) (1998)

Vol.57 No.4 March 2008 : () 1 () () (1 ) (2 ) ( ) 1 Takagi (1989)Hamao (1992) (1998) Title Author(s) 東京証券取引所における株式取引 : 2001 年から 2003 年 太田, 亘 Citation 大阪大学経済学. 57(4) P.242-P.262 Issue Date 2008-03 Text Version publisher URL https://doi.org/10.18910/15995 DOI 10.18910/15995 rights Vol.57

More information

NIES ASEAN4.. NIES.....EU.. ASEAN4 NIES

NIES ASEAN4.. NIES.....EU.. ASEAN4 NIES NIES ASEAN4.. NIES.....EU.. ASEAN4 NIES NIES ASEAN4 EU NIES ASEAN4 EU On-line UN Comtrade Database NIES NIES.AEAN4..EU.NIESASEAN4 NIES NIES ASEAN4. EU NIES ASEAN4. TPS: Toyota Production System.... Dunning

More information

Adams, B.N.,1979. "Mate selection in the United States:A theoretical summarization," in W.R.Burr et.al., eds., Contemporary Theories about the Family, Vol.1 Reserch - Based Theories, The Free Press, 259-265.

More information

The Institute for Economic Studies Seijo University 6 1 20, Seijo, Setagaya Tokyo 157-8511, Japan The Institute for Economic Studies Green Paper No. 59 Consumers Decision on the Choice of Small Payment

More information

Housing Purchase by Single Women in Tokyo Yoshilehl YUI* Recently some single women purchase their houses and the number of houses owned by single women are increasing in Tokyo. And their housing demands

More information

11_渡辺_紀要_2007

11_渡辺_紀要_2007 56 1 19 Bull. Nara Univ. Educ., Vol. 56, No.1 (Cult. & Soc.), 2007 115 19 Why is Kidney Dysfunction Caused by Cadmium (Cadmium Nephropathy) not Officially Recognized as a Pollution-related Disease by the

More information

駒田朋子.indd

駒田朋子.indd 2 2 44 6 6 6 6 2006 p. 5 2009 p. 6 49 12 2006 p. 6 2009 p. 9 2009 p. 6 2006 pp. 12 20 2005 2005 2 3 2005 An Integrated Approach to Intermediate Japanese 13 12 10 2005 8 p. 23 2005 2 50 p. 157 2 3 1 2010

More information

-February FRB BIS IMF BIS Spillover Spillovers BIS IMF EMEs

-February FRB BIS IMF BIS Spillover Spillovers BIS IMF EMEs BIS FRB BIS BIS FRB QE QE -February FRB BIS IMF BIS Spillover Spillovers BIS IMF EMEs GDP GDP........ GDP BIS, 83rd Annual Report, June 2013, p.14 Ibid., p.14. -February 1 1 2009 2013 2) 2009 2013 2) -7.6-4.0

More information

RIETI Highlight VOL.25

RIETI Highlight VOL.25 RIETI Highlight 2009 SUMMER 25 VOL. Research Digest RIETI 2009 SUMMER VOL. 25 Highlight 1 2 3 5 8 10 12 13 14 19 ResearchDigest 20 24 28 32 36 38 40 41 42 44 45 RIETI Topics 01 CONTENTS 02 RIETI Highlight

More information

The Japanese Journal of Experimental Social Psychology. 2003, Vol. 42, No. 2, 146-165 Discoursive Strategy for the Commitment to Adoption with Infants Who Had Been Reared at Residential

More information

tikeya[at]shoin.ac.jp The Function of Quotation Form -tte as Sentence-final Particle Tomoko IKEYA Kobe Shoin Women s University Institute of Linguisti

tikeya[at]shoin.ac.jp The Function of Quotation Form -tte as Sentence-final Particle Tomoko IKEYA Kobe Shoin Women s University Institute of Linguisti tikeya[at]shoin.ac.jp The Function of Quotation Form -tte as Sentence-final Particle Tomoko IKEYA Kobe Shoin Women s University Institute of Linguistic Sciences Abstract 1. emphasis 2. Speaker s impressions

More information

Ishi

Ishi Ishi HPhttp: // www.mof.go.jp / jouhou / syuzei / siryou /.htm.. or ERTA, TRA ERTA Economic Recovery Tax Act TRA Tax Reform Act Mroz Triest Lindsey Burtless Navrati Lindsey Burtless Navrati CPS Current

More information

先端社会研究所紀要 第11号☆/3.李

先端社会研究所紀要 第11号☆/3.李 Annual Review of the Institute for Advanced Social Research vol.11! 1960 1952 1960 80 P 2012 2013 2 27 1 1944 6 9 3 2 15 3 70 1965 1968 8 1972 1 9 1949 2009 2 8 2009 28 4 1 5 2 2014 3 8 1965 1963 644 29

More information

Studies of Foot Form for Footwear Design (Part 9) : Characteristics of the Foot Form of Young and Elder Women Based on their Sizes of Ball Joint Girth

Studies of Foot Form for Footwear Design (Part 9) : Characteristics of the Foot Form of Young and Elder Women Based on their Sizes of Ball Joint Girth Studies of Foot Form for Footwear Design (Part 9) : Characteristics of the Foot Form of Young and Elder Women Based on their Sizes of Ball Joint Girth and Foot Breadth Akiko Yamamoto Fukuoka Women's University,

More information

29 Short-time prediction of time series data for binary option trade

29 Short-time prediction of time series data for binary option trade 29 Short-time prediction of time series data for binary option trade 1180365 2018 2 28 RSI(Relative Strength Index) 3 USD/JPY 1 2001 1 2 4 10 2017 12 29 17 00 1 high low i Abstract Short-time prediction

More information

p _08森.qxd

p _08森.qxd Foster care is a system to provide a new home and family to an abused child or to a child with no parents. Most foster children are youngsters who could not deepen the sense of attachment and relationship

More information

1970). Baumol, W. J., Panzar, J. C. and R. D. Willig (1982); Contestable Markets and The Theory of Industry Structure, 1982. Caves, R. and M. E. Porter (1977); From entry barriers to mobility barriers:

More information

#10094931_信金7月号.indb

#10094931_信金7月号.indb 2006. 7 2006 7 2 4 24 41 58 84 85 97 99 2006 7 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55

More information

<95DB8C9288E397C389C88A E696E6462>

<95DB8C9288E397C389C88A E696E6462> 2011 Vol.60 No.2 p.138 147 Performance of the Japanese long-term care benefit: An International comparison based on OECD health data Mie MORIKAWA[1] Takako TSUTSUI[2] [1]National Institute of Public Health,

More information

untitled

untitled 2009 57 2 393 411 c 2009 1 1 1 2009 1 15 7 21 7 22 1 1 1 1 1 1 1 1. 1 1 1 2 3 4 12 2000 147 31 1 3,941 596 1 528 1 372 1 1 1.42 350 1197 1 13 1 394 57 2 2009 1 1 19 2002 2005 4.8 1968 5 93SNA 6 12 1 7,

More information

04長谷川英伸_様.indd

04長谷川英伸_様.indd 20 2013 pp. 37 52 1 Robinson, E. A. G. 2013 10 16 37 1 2 3 3 2 1 Robinson, E. A. G. (1931) Hobson, J. A. (1909) 3 Marshall, A. (1890) 4 Steindl, J. (1947) 5 Robinson, E. A. G. Robinson, E. A. G. 6 Robinson,

More information

149 (Newell [5]) Newell [5], [1], [1], [11] Li,Ryu, and Song [2], [11] Li,Ryu, and Song [2], [1] 1) 2) ( ) ( ) 3) T : 2 a : 3 a 1 :

149 (Newell [5]) Newell [5], [1], [1], [11] Li,Ryu, and Song [2], [11] Li,Ryu, and Song [2], [1] 1) 2) ( ) ( ) 3) T : 2 a : 3 a 1 : Transactions of the Operations Research Society of Japan Vol. 58, 215, pp. 148 165 c ( 215 1 2 ; 215 9 3 ) 1) 2) :,,,,, 1. [9] 3 12 Darroch,Newell, and Morris [1] Mcneil [3] Miller [4] Newell [5, 6], [1]

More information

untitled

untitled GCOESOFTLAW-2011-1 1 2 2 * E-mail: keiko.yamamoto@boj.or.jp COE COE ... 1... 4... 4... 4... 5... 6... 7... 10... 12... 14... 15... 17... 17... 17... 18... 20... 20... 20... 22... 23... 25... 28 1 2 2001

More information

untitled

untitled 2 book conference 1990 2003 14 Repeated Cross-Section Data 1 M1,M2 M1 Sekine(1998) Repeated Cross-Section Data 1 1. (1989), Yoshida and Rasche(1990), Rasche(1990), 19921997, Fujiki and Mulligan(1996),

More information

Title < 論文 > 公立学校における在日韓国 朝鮮人教育の位置に関する社会学的考察 : 大阪と京都における 民族学級 の事例から Author(s) 金, 兌恩 Citation 京都社会学年報 : KJS = Kyoto journal of so 14: 21-41 Issue Date 2006-12-25 URL http://hdl.handle.net/2433/192679 Right

More information

,

, , The Big Change of Life Insurance Companies in Japan Hisayoshi TAKEDA Although the most important role of the life insurance system is to secure economic life of the insureds and their

More information

人工知能学会研究会資料 SIG-FPAI-B Predicting stock returns based on the time lag in information diffusion through supply chain networks 1 1 Yukinobu HA

人工知能学会研究会資料 SIG-FPAI-B Predicting stock returns based on the time lag in information diffusion through supply chain networks 1 1 Yukinobu HA 人工知能学会研究会資料 SIG-FPAI-B508-08 - - Predicting stock returns based on the time lag in information diffusion through supply chain networks 1 1 Yukinobu HAMURO 1 Katsuhiko OKADA 1 1 1 Kwansei Gakuin University

More information

Kyushu Communication Studies 第2号

Kyushu Communication Studies 第2号 Kyushu Communication Studies. 2004. 2:1-11 2004 How College Students Use and Perceive Pictographs in Cell Phone E-mail Messages IGARASHI Noriko (Niigata University of Health and Welfare) ITOI Emi (Bunkyo

More information

- March IMF IMF IMF ITO The General Agreement on Tariffs and Trade

- March IMF IMF IMF ITO The General Agreement on Tariffs and Trade M&A IMF IMF gold tranche - March IMF IMF IMF ITO The General Agreement on Tariffs and Trade IMF IMF IMF GATT OECD OECD BITs. - March. U I = I (r m, i, Z * r m i Z * (= Z / Z) I / r m > I / i < I / Z *

More information

yasi10.dvi

yasi10.dvi 2002 50 2 259 278 c 2002 1 2 2002 2 14 2002 6 17 73 PML 1. 1997 1998 Swiss Re 2001 Canabarro et al. 1998 2001 1 : 651 0073 1 5 1 IHD 3 2 110 0015 3 3 3 260 50 2 2002, 2. 1 1 2 10 1 1. 261 1. 3. 3.1 2 1

More information

Virtual Window System Virtual Window System Virtual Window System Virtual Window System Virtual Window System Virtual Window System Social Networking

Virtual Window System Virtual Window System Virtual Window System Virtual Window System Virtual Window System Virtual Window System Social Networking 23 An attribute expression of the virtual window system communicators 1120265 2012 3 1 Virtual Window System Virtual Window System Virtual Window System Virtual Window System Virtual Window System Virtual

More information

041-057_’¼Œì

041-057_’¼Œì 542012 4157 Nishino Toshiaki The purpose of this paper is to analyze the present conditions of the mountain villages of Japan in the early 21 st century. The revolution of fuel sources from a predominance

More information

2

2 Programming of Terrestrial Broadcasters and BS Digital Broadcasters by Genre ABSTRACT This study examined the programming of terrestrial and BS digital broadcasters by genre from the viewpoint of economics,

More information

24 Depth scaling of binocular stereopsis by observer s own movements

24 Depth scaling of binocular stereopsis by observer s own movements 24 Depth scaling of binocular stereopsis by observer s own movements 1130313 2013 3 1 3D 3D 3D 2 2 i Abstract Depth scaling of binocular stereopsis by observer s own movements It will become more usual

More information

SUMMARY There might be no other business that has high uncertainty like Live Entertainment Business. This is because the success and failure of this business depend a great deal on the unscientific element

More information

3 * *

3 * * 3 * 199090 1999122000 18927.5 2000 *739 85291 5 1 E-mail: kinbara@hiroshima-u.ac.jp 4 19801990 1960 R. Vernon, 1971 1985 62 1985 5 1989 19851221986 22319873361988470 19896751990 360560 1992 1990 1990 198661

More information

<303288C991BD946797C797592E696E6464>

<303288C991BD946797C797592E696E6464> 175 71 5 19 / 100 20 20 309 133 72 176 62 3 8 2009 2002 1 2 3 1 8 1 20 1 2 + 0.4952 1 2 http://www.mtwa.or.jp/ h19mokuji.html 20 100 146 0 6,365 359 111 0 38,997 11,689 133,960 36,830 76,177 155,684 18,068

More information

) ,

) , Vol. 2, 1 17, 2013 1986 A study about the development of the basic policy in the field of reform of China s sports system 1986 HaoWen Wu Abstract: This study focuses on the development of the basic policy

More information

7,, i

7,, i 23 Research of the authentication method on the two dimensional code 1145111 2012 2 13 7,, i Abstract Research of the authentication method on the two dimensional code Karita Koichiro Recently, the two

More information

untitled

untitled () No.4 2006 pp.50-61 1 1 ( 020-0193 152-52) 2004 2004 11 737 364 Yahoo! 35%2004 10% 39% 12%2003 15% 21% 2004 : Victoria(2001) 1989 Loma Prieta ( 2004) (disaster subculture)( 19972000 ) (2004)1997 7 10

More information

:- Ofer Feldman,Feldman : -

:- Ofer Feldman,Feldman : - - -- E-mail: nkawano@hiroshima-u.ac.jp : - :- Ofer Feldman,Feldman : - : : : Mueller : - Mueller :.. : ... :........ .. : : : - : Kawano & Matsuo: - : - : - : : No. Feldman, Ofer (), The Political

More information

,, 2024 2024 Web ,, ID ID. ID. ID. ID. must ID. ID. . ... BETWEENNo., - ESPNo. Works Impact of the Recruitment System of New Graduates as Temporary Staff on Transition from College to Work Naoyuki

More information

Law and Economics Review vol.4,no.1(february 2009) 1998

Law and Economics Review vol.4,no.1(february 2009) 1998 Law and Economics Review vol.4,no.1(february 2009) 1998 1 500 No.93 1999114 2 195072119885021 19901991 3 Foreign Investment and National Security Act of 200720071024effective 1986 CFIUS2008831CFIUS web

More information

Oda

Oda No.53 pp.2334, 2017 Komazawa Journal of Geography Distribution of Christianity and the Division of the Region in Prewar Japan ODA Masayasu Oda1999 1. 18991939 1 2. 18991939 1918 3. 190019391939 4. 5. 6.

More information

Powered by TCPDF ( Title 金利現実化措置以後の韓国における企業金融 : 年 Sub Title Korean corporate finance between 1965 and 1971 Author 李, 明輝 (Lee,

Powered by TCPDF (  Title 金利現実化措置以後の韓国における企業金融 : 年 Sub Title Korean corporate finance between 1965 and 1971 Author 李, 明輝 (Lee, Powered by TCPDF (www.tcpdf.org) Title 金利現実化措置以後の韓国における企業金融 : 1965 1971 年 Sub Title Korean corporate finance between 1965 and 1971 Author 李, 明輝 (Lee, Myunghwi) Publisher 慶應義塾経済学会 Publication year 2016

More information

/ p p

/ p p http://alce.jp/journal/ 14 2016 pp. 33-54 ISSN 2188-9600 * 3 Copyright 2016 by Association for Language and Cultural Education 1 2012 1 1 * E-mail: mannami.eri@gmail.com 33 1980 1990 2012 1998 1991/1993

More information

Kyoto University * Filipino Students in Japan and International Relations in the 1930s: An Aspect of Soft Power Policies in Imperial Japan

Kyoto University * Filipino Students in Japan and International Relations in the 1930s: An Aspect of Soft Power Policies in Imperial Japan 47 2 2009 9 * Filipino Students in Japan and International Relations in the 1930s: An Aspect of Soft Power Policies in Imperial Japan KINOSHITA Akira* Abstract The purpose of this paper is to look into

More information

評論・社会科学 98号(P)☆/1.鰺坂

評論・社会科学 98号(P)☆/1.鰺坂 1 1 1 1 2 2 2 1 2 2 3 3 1 3 2 3 3 4 4 1 4 2 4 3 5 2011 5 17 2011 10 19 1 1 1 2011 2010 2008 α 100 125 230 1 2 2 2 1 2008 92 1 2 3 93 1 2 1 2 1 2 2 1992, p.40 1960 1992, p.40 3 2008, p.32 3 3 1 4 4 3 2

More information

2 ( ) i

2 ( ) i 25 Study on Rating System in Multi-player Games with Imperfect Information 1165069 2014 2 28 2 ( ) i ii Abstract Study on Rating System in Multi-player Games with Imperfect Information Shigehiko MORITA

More information

...v.q.....r .C

...v.q.....r          .C March Cooper Medical College Sacrament Webster March March March March Kuakini Medical Center Young Men s Buddhist Association YMCA March March March March Eriko Yamamoto, THE EVOLUTION OF AN ETHNIC

More information

220 28;29) 30 35) 26;27) % 8.0% 9 36) 8) 14) 37) O O 13 2 E S % % 2 6 1fl 2fl 3fl 3 4

220 28;29) 30 35) 26;27) % 8.0% 9 36) 8) 14) 37) O O 13 2 E S % % 2 6 1fl 2fl 3fl 3 4 Vol. 12 No. 2 2002 219 239 Λ1 Λ1 729 1 2 29 4 3 4 5 1) 2) 3) 4 6) 7 27) Λ1 701-0193 288 219 220 28;29) 30 35) 26;27) 0 6 7 12 13 18 59.9% 8.0% 9 36) 8) 14) 37) 1 1 1 13 6 7 O O 13 2 E S 1 1 17 0 6 1 585

More information

未婚者の恋愛行動分析 : なぜ適当な相手にめぐり会わないのか

未婚者の恋愛行動分析 : なぜ適当な相手にめぐり会わないのか Kwansei Gakuin University Rep Title 未 婚 者 の 恋 愛 行 動 分 析 : なぜ 適 当 な 相 手 にめぐり 会 わないのか Author(s) Nishimura, Tomo, 西 村, 智 Citation 経 済 学 論 究, 68(3): 493-515 Issue Date 2014-12-20 URL http://hdl.handle.net/10236/13428

More information

0701073‐立命‐社会システム15号/15‐9-招待-横井

0701073‐立命‐社会システム15号/15‐9-招待-横井 E-mailxiangzhijp@yahoo.co.jp p p Understanding of Asia by Students of Commercial College under the Old System ACaseStudyofTaihoku Commercial College Kaori Yokoi Abstract Using the Taihoku

More information

II A LexisNexis JP 80, /03/

II A LexisNexis JP 80, /03/ 1 20 I II III 1 2 3 4 IV I Makiko Noto / 1 1933 8 2 2004 16 3 1 1963 101 118 11 1965 291 332 2 4 1985 247 262 3 446 2 3 465 2 465 5 2004 16= 2005 2005 004 2012 summer / No.392 3 4 5 80 6 7 5 20 8 II A

More information

橡同居選択における所得の影響(DP原稿).PDF

橡同居選択における所得の影響(DP原稿).PDF ** *** * 2000 13 ** *** (1) (2) (1986) - 1 - - 2 - (1986) Ohtake (1991) (1993) (1994) (1996) (1997) (1997) Hayashi (1997) (1999) 60 Ohtake (1991) 86 (1996) 89 (1997) 92 (1999) 95 (1993) 86 89 74 79 (1986)

More information

II

II No. 19 January 19 2013 19 Regionalism at the 19 th National Assembly Elections Focusing on the Yeongnam and Honam Region Yasurou Mori As the biggest issue of contemporary politics at South Korea, there

More information

昭和恐慌期における長野県下農業・農村と産業組合の展開過程

昭和恐慌期における長野県下農業・農村と産業組合の展開過程 No. 3, 169-180 (2002) The Family in Modern Japan: its Past, Present and Future An Essay at Restoring Love as the Basis of Family Ties YAMANE Naoko Nihon University, Graduate School of Social and Cultural

More information

8y4...l

8y4...l 3 607 67 1 2 3 20 17 68 4 17 17 16101695 5 6 69 1645 1653 8 3 1663 5 7 70 8 9 10 71 1662 1010 13 11 72 12 13 73 1678 16611722 14250 70 90 14 168071 15 1685 16 74 168980 2 17 18 19 20 21 75 22 4 1658 23

More information

日本看護管理学会誌15-2

日本看護管理学会誌15-2 The Journal of the Japan Academy of Nursing Administration and Policies Vol. 15, No. 2, PP 135-146, 2011 Differences between Expectations and Experiences of Experienced Nurses Entering a New Work Environment

More information

Phonetic Perception and Phonemic Percepition

Phonetic Perception and Phonemic Percepition No.7, 587-598 (2006) The Historical and Social Significance of Foreign Brides in the Uonuma Region of Niigata Prefecture (1) TAKEDA Satoko Nihon University, Graduate School of Social and Cultural Studies

More information

行動経済学 第5巻 (2012) 92-102

行動経済学 第5巻 (2012) 92-102 92 5 (2012) 92 102 * a b c d 要 旨 Web 2 1) 2) 2012 1 30 2012 6 11 キーワード: JEL Classification Numbers: H55, D89 1. はじめに 23 15,020 29 2017 16,900 1 * a e-mail: masato.shikata@gmail.com b e-mail: Komamura@econ.keio.ac.jp

More information

OECD INVEST JAPAN jp/ij/index.htm

OECD INVEST JAPAN   jp/ij/index.htm Powered by TCPDF (www.tcpdf.org) Title OECD 諸国における経営資源の収益率の推計 Sub Title Rates of return on managerial resources : the case of OECD countries Author 遠藤, 正寛 (Endoh, Masahiro) Publisher 慶應義塾大学出版会 Publication

More information

わが国のコモディティ投資信託とETF

わが国のコモディティ投資信託とETF I ETF Nobuyoshi Yamori / 1990 IT 15 55% 1990 1 1 2 1 1 1 2007 5 034 2011 winter / No.390 2 19992007 7 50802008 1 122010 3 8 2011 [2009] 1 20 12.5 8.9 78.6 1290 7.9 4.3 87.8 815 5.2 4.2 90.5 537 21 2 2007

More information

_念3)医療2009_夏.indd

_念3)医療2009_夏.indd Evaluation of the Social Benefits of the Regional Medical System Based on Land Price Information -A Hedonic Valuation of the Sense of Relief Provided by Health Care Facilities- Takuma Sugahara Ph.D. Abstract

More information