グローバル投資パフォーマンス(日本語版)

Size: px
Start display at page:

Download "グローバル投資パフォーマンス(日本語版)"

Transcription

1 Global Investment Performance Standards (GIPS Revised by the Investment Performance Council Adopted by the CFA Institute Board of Governors February 2005 Adopted by the Board of Directors The Security Analysts Association of Japan December 2005

2

3 GIPS The Security Analysts Association of Japan SAAJ SAAJ Investment Performance Standards SAAJ-IPS 1995 CFA CFA Institute 2004 AIMR Global Investment Performance Standards GIPS GIPS GIPS SAAJ-IPS GIPS Investment Performance Council IPC 1999 CFA SAAJ-IPS GIPS GIPS Country Version of GIPSCVG SAAJ-IPS GIPS IPC CVG GIPS Japanese Version of GIPS IPC CVG IPC GIPS GIPS CFA GIPS GIPS IPC GIPS GIPS Translation of GIPS TG CVG GIPS SAAJ-IPS SAAJ-IPS GIPS SAAJ-IPS GIPS reciprocity GIPS I E.d SAAJ-IPS GIPS GIPS GIPS IPC GIPS GIPS

4 ( (

5 GIPS CFA CFA Australia Performance Analyst Group of Australia Austria Österreichischen Verreinigung für Finanzanalyse und Asset Management und der Vereinigung Österreichischer Investmentgesellschaften Belgium Belgian Association for Pension Institutions Denmark The Danish Society of Investment Professionals, The Danish Society of Financial Analysts France Société Francaise des Analystes Financiers and Association Francaise de la Gestion Financière Germany Bundesverband Investment und Asset Management e.v., Deutsche Vereinigung für Finanzanalyse und Asset Management, and German CFA Society Hong Kong The Hong Kong Society of Financial Analysts Hungary Hungarian Society of Investment Professionals Ireland Irish Association of Investment Managers Italy Italian Investment Performance Committee Japan The Security Analysts Association of Japan Luxembourg Association Luxembourgeoise des Fonds d'investissement and Association Luxembourgeoise des gestionnaires de portefeuilles et analystes financiers Netherlands Beroepsvereniging van Beleggingsdeskundigen New Zealand CFA Society of New Zealand Norway The Norwegian Society of Financial Analysts Poland Polski Komitet Wynikow Inwestycyjnych Portugal Associação Portuguesa de Analistas Financeiros Singapore Investment Management Association of Singapore Spain CFA Spain South Africa Investment Management Association of South Africa Sweden Swedish Society of Financial Analysts Switzerland Swiss Bankers Association United Kingdom National Association of Pension Funds Ltd United States and Canada CFA Institute

6 IPC Chair James E. Hollis III, CFA Cutter Associates, Inc. United States Consultants Brian Henderson Hymans Robertson United Kingdom Ron Surz PPCA, Inc. United States Derivatives/Performance Measurement Yoshiaki Akeda Nomura Funds Research and Technologies Japan Bruce J. Feibel, CFA Eagle Investment Systems United States Europe, Middle East, and Africa (EMEA Hans-Jörg von Euw Swisscanto Asset Management Ltd. Switzerland Lesley A. Harvey Ernst & Young South Africa Jean-François Hirschel Societe Generale Asset Management France Europe Stefan Illmer Credit Suisse Asset Management Switzerland Erik Sjöberg Erik Sjöberg Finanskonsult Sweden Individual/Private Investor Terry Pavlic, CFA Pavlic Investment Advisors, Inc. United States Max Roth Banque Cantonale Vaudoise Switzerland Maria E. Smith-Breslin Smith Affiliated Capital Corp. United States Institutional Investors (1 David Gamble United Kingdom Deborah Reidy Hewitt & Becketts Ireland Institutional Investors (2 Lynn A. Clark LA Clark Consulting Canada Ehsan Rahman Washington Metropolitan Area Transit Authority United States Insurance Glenn Solomon Australia Todd A. Jankowski, CFA The Northwestern Mutual Life Company United States Japan Shinichi Kawano Merrill Lynch Investments Managers Co., Ltd. Japan Shigeo Ishigaki KPMG Japan (KPMG AZSA & Co. Japan Yoh Kuwabara ChuoAoyama PricewaterhouseCoopers Japan Mutual Funds Alain Ernewein Stratégie Investissement Performance France Neil E. Riddles, CFA Hansberger Global Investors, Inc. United States North America Karyn D. Vincent, CFA Vincent Performance Services LLC United States Iain W. McAra JP Morgan Fleming Asset Management United States David Spaulding The Spaulding Group Inc. United States Pacific Basin Louis Boulanger, CFA New Zealand Tunku Afwida Malek Commerce Asset Fund Managers Sdn Bhd Malaysia Cheng Chih Sung Government of Singapore Investment Corporation Singapore Venture Capital/Real Estate/Other Carol Anne Kennedy Pantheon Ventures Limited United Kingdom Paul S. Saint-Pierre Wall Street Realty Capital United States Verification Carl R. Bacon Statpro United Kingdom Herbert M. Chain Deloitte & Touche LLP United States Louise Spencer PricewaterhouseCoopers United Kingdom CFA Institute Staff Alecia L. Licata Cindy S. Kent Carol A. Lindsey GIPS

7 GIPS i 1 A. B. C. D. E. F. G A. B. C. GIPS GIPS GIPS 42

8 GIPS CFA Association for Investment Management and Research AIMR 1995 GIPS GIPS GIPS AIMR CFA GIPS GIPS Australia Performance Analyst Group of Luxembourg Association Australia Luxembourgeoise des Fonds Austria Österreichischen Verreinigung d'investissement and Association für Finanzanalyse und Asset Management Luxembourgeoise des gestionnaires de und der Vereinigung Österreichischer portefeuilles et analystes financiers Investmentgesellschaften Netherlands Beroepsvereniging van Belgium Belgian Association for Pension Beleggingsdeskundigen Institutions New Zealand CFA Society of New Denmark The Danish Society of Zealand Investment Professionals, The Danish Norway The Norwegian Society of Society of Financial Analysts Financial Analysts France Société Francaise des Analystes Poland Polski Komitet Wynikow Financiers and Association Francaise de la Inwestycyjnych Gestion Financiere Portugal Associação Portuguesa de Germany Bundesverband Investment Analistas Financeiros und Asset Management e.v., Deutsche Singapore Investment Management Vereinigung für Finanzanalyse und Asset Association of Singapore Management, and German CFA Society Spain CFA Spain Hong Kong The Hong Kong Society of South Africa Investment Management Financial Analysts Association of South Africa Hungary Hungarian Society of Sweden Swedish Society of Financial Investment Professionals Analysts Ireland Irish Association of Investment Switzerland Swiss Bankers Association Managers United Kingdom National Association of Italy Italian Investment Performance Pension Funds Ltd Committee United States and Canada CFA Institute Japan The Security Analysts Association of Japan GIPS i

9 1999 GIPS GIPS IPC IPC IPC IPC IPC IPC GIPS IPC GIPS GIPS integrity IPC 5 1 GIPS 2GIPS GIPS IPC GIPS translation of GIPS (TG GIPS IPC GIPS 1999 IPC GIPS Country Version of GIPS (CVG CVG GIPS CVG CVG 25 GIPS 25 9 IPC CVG IPC TG GIPS GIPS ii

10 GIPS GIPS GIPS E GIPS GIPS GIPS GIPS IPC GIPS TG GIPS IPC CVG CVG reciprocity CVG 5 GIPS GIPS GIPS iii

11 I A B. 5 (1 (2 C

12 8 9 D. 10 Global Investment Performance Standards GIPS a. GIPS b. GIPS c. GIPS 5 GIPS 5 10 d. GIPS e. GIPS integrity f. GIPS g. GIPS GIPS GIPS GIPS GIPS h. GIPS CFA GIP S 2

13 i. GIPS j GIPS GIPS GIPS k. GIPS II 6 E. 11. GIPS GIPS GIPS 12. a. GIPS b c. GIPS d. IPC Country Version of GIPSCVG GIPS reciprocitycvg GIPS CVG 10 CVG F. 13 GIPS IPC 2005 CFA GIPS 3

14 GIPS 1999 GIPS 14 GIPS GIPS GIPS GIPS a b c d e GIPS 15 GIPS GIPS 16 GIPS performance measurers GIPS GIPS 17 GIPS G. 18. IPC 1999 IPC GIPS GIPS 4

15 19. IPC GIPS GIPS IPC GIPS GIPS 20. country sponsorgips IPC IPC GIPS IPC GIPS GIPS GIPS 21. IPC GIPS translation of GIPS (TG 22. GIPS 23. GIPS TG GIPS 24. IPC GIPS GIPS ethical integrity GIPS 26. GIPS GIPS GIPS GIPS 5

16 II GIPS 8 ( GIPS GIPS A GIPS E GIPS GIPS 0 GIPS GIPS GIPS GIPS 1 GIPS GIPS negative assurance 5 GIPS GIPS GIPS 6

17 6 7 GIPS II D GIPS 0 0.A 0.A.1 GIPS 0.A.2 0.A.3 0.A.4 0.A.5 0.B 0.B.1 0.A 0.A.6 GIPS 7

18 0.A 0.A.7 GIPS GIPS GIPS 0.A.8 GIPS... 0.A.9 0.A.10 GIPS 0.A 0.A A.12 B 5 0.A.13 0.A.14 GIPS 0.A.15 CFA IPC GIPS GIPS CFA GIPS GIPS 8

19 0.B 0.B.2 0.B.3 GIPS 1 1.A xxxx xx xx xxxx xx xx [ ] 1.A.1 1.A.2 1.A.3 1.A.4 1.A.5 1.A.6 1.A B 1.B.1 1.B.2 ( 9

20 1.B A 2.A.1 2.A.2 a b A.3 2.A.4 2.A.5 2.A A.7 a. b. 2.B 2.B.1 GIPS 10

21 2.B.2 2.B A 3.A.1 3.A.2 3.A.3 3.A.4 3.A.5 3.A.6 3.A A.8 3.A.9 11

22 3.B 3.B.1 3.B.2 3.B A 4.A.1 4.A.2 4.A.3 4.A.4 4.A.5 4.A.6 4.A.7 4.A.8 4.A.9 GIPS GIPS 4.A GIPS GIPS GIPS 12

23 4.A A.12 4.A.13 4.A.14 4.A.15 4.A.16 4.A.17 4.A A.19 4.A.20 4.A.21 4.A.22 4.A.23 4.A.24 4.A A.26 4.B 4.B.1 13

24 4.B.2 4.B A 5.A.1 a. GIPS b. c. d. 5.A GIPS GIPS A.3 GIPS 14

25 5.A.4 a. ( i. ii. iii. b. c. d. 5.A.4.a 5.A.4.b 5.A A.6 5.A.7 5.B 5.B.1 a. b. c. d. GIPS 15

26 e. f. 12 g. 5.B.2 VaR 5.B.3 GIPS 10 6 GIPS II 0 II 6.A.16.A.26.B.16.B.2 GIPS CMBS GIPS II 3.A.7 6.A 6.A A.2 36 GIPS 16

27 6.B 6.B.1 6.B B.3 IRR 6.A 6.A.3 GIPS a. 1 2 b. c. DCF d. e. f. g. 6.B 6.B.4 6.A 6.A.4 6.B 6.B.5 17

28 6.B.6 6.B.7 a. b. c. GIPS GIPS II 7 7 GIPS II GIPS II 0 II 7.A.1..B.1. II 7.A.2. 7.A.3. II 7.A.4. 7.A.5. II 7.A.20 7.A 7.A.1 D GIPS 7.B 7.B.1 7.A 7.A.2 since-inception INTERNAL RATE OF RETURN, SI-IRR 7.A.3 SI-IRR 7.A.4 GIPS 18

29 7.A.5 7.A 7.A.6 7.A.7 7.A 7.A.8 7.A.9 7.A.10 7.A.11 7.A.12 7.A.13 GIPS 7.A.14 7.A.15-7.A.16 7.A.17 a. b. c. 19

30 7.A.18 SI-IRR 7.A.19 7.A 7.A.20 SI-IRR 7.A.21 a. b. c. 7.A.22 a. TVPI b. DPI c. PIC d. RVPI 7.A.23 SI-IRR 7.B 7.B.2 ( GIPS 20

31 III verification GIPS GIPS IPC IPC 2010 A. a. GIPS b. GIPS GIPS a. GIPS b. GIPS 4. GIPS 21

32 5. GIPS GIPS B B. GIPS 1. b. GIPS CFA Investment Performance Council GIPS CFA GIPS Handbook GIPS GIPS i. ii. iii. iv. v. vi. GIPS 22

33 vii. viii. ix. x. xi. xii. xiii. xiv. i. ii. iii. iv. v. GIPS 2. a. b. i. GIPS ii. iii. iv. v. vi. vii. 23

34 GIPS i. ii. iii. iv. v. vi. vii. i. ii. iii. iv. v. vi. i. GIPS GIPS 24

35 ii. g. GIPS h. C. GIPS examination B GIPS GIPS GIPS GIPS GIPS 25

36 Sample 1 Investment Firm GIPS 26

37 Sample 2 Asset Management Company 27

38 GIPS 28 Sample 3 Realty Management Firm

39 Sample 3 Realty Management Firm 29

40 Sample 4 Private Equity Partners GIPS 30

41 Sample 4Private Equity Partners Sample 4 Private Equity Partners Sample Sample 4 XYZ Sample 4 Sample 4 GIPS Sample 4 Sample 4 GP-BO QRS 500 Sample , ,025 SI-IRR 31

42 Sample Asset Management Firm Russell 2000 Growth Index Russell 1000 Growth Index 20% Lehman Brothers Aggregate Bond Index 20% Lehman Brothers Intermediate Aggregate Bond Index Lehman Brothers U.S. Corporate High Yield Bond Index 50-70% 55-65% S&P % Lehman Brothers Aggregate Bond Index 40% 500 GARP S&P 500 Index Russell 2500 Growth Index GIPS 32

43 C GIPS A. GIPS GIPS GIPS GIPS GIPS GIPS GIPS GIPS GIPS GIPS GIPS GIPS GIPS GIPS GIPS 33

44 B. GIPS GIPS GIPS 3. GIPS GIPS GIPS GIPS period-to-date a GIPS b. 5 5 GIPS GIPS GIPS GIPS GIPS 34

45 GIPS GIPS GIPS 35

46 Sample 4 Investments Sample 4 Investments Sample 4 Plc, Sample 4 Investments Sample 4 Investments GIPS John Doe ( GIPS Sample 4 Investments, 123 Main Street, Investmentville, USA jdoe@sample4investments.com.e Sample 4 Investments: US $ -3.84% % % 0.42% MSCI World Index -4.94% % % -1.76% Sample 4 Investments Sample 4 Plc, Sample 4 Investments GIPS Sample 4 Investments GIPS Jean Paul +12 ( Sample 4 Investments, One Plain Street, Resultland 12KJ4 jpaul@sample4inv.com.re.e GIPS 36

47 1 3 5 Sample 4 Investments: ( US $ -3.84% % % -8.47% 31.97% 25.87% MSCI World Index -4.94% % % % 25.34% 24.80% Sample 4 Investments Sample 4 Plc, Sample 4 Investments GIPS Sample 4 Investments GIPS Jean Paul +12 ( Sample 4 Investments, One Plain Street, Resultland 12KJ4 jpaul@sample4inv.com.re.e 37

48 D cash-to-cash returns integrity professionalism FAIR VALUE vehicles integrity professionalism GIPS 38

49 hierarchy PER EBIT EBITDA material diminution 39

50 material devaluation diligence a. b. 1 GIPS GIPS 40

51 10 41

52 E GIPS GIPS ACCRUAL ACCOUNTING ADDITIONAL INFORMATION GIPS SUPPLEMENTAL INFORMATION ADMINISTRATIVE FEES TRADING EXPENSES INVESTMENT MANAGEMENT FEE CUSTODY FEES GROSS-OF-FEES RETURN NET-OF-FEES RETURN ( BUNDLED FEE BENCHMARK BUNDLED FEE ( ADMINISTRATIVE FEES All-In Fee Wrap Fee SEC SMA SMA ( ( GIPS 42

53 ( CAPITAL EMPLOYED ( CAPITAL EMPLOYED CAPITAL RETURN / MARKET VALUE CAPITAL EMPLOYED % ( CARRIED INTEREST 20-25% carry CARVE-OUT ( CLOSED-END FUND COMMITTED CAPITAL ( COMMITTED CAPITAL 3-5 commitment COMPOSITE COMPOSITE CREATION DATE ( COMPOSITE INCEPTION DATE COMPOSITE DEFINITION criteria COMPOSITE DESCRIPTION COMPOSITE INCEPTION DATE ( COMPOSITE CREATION DATE 43

54 CUSTODY FEES TRADING EXPENSES ( DIRECT INVESTMENTS DISPERSION DISTINCT BUSINESS ENTITY unit divisiondepartment office legal entity distinct distinct ( DISTRIBUTION ( DRAWDOWN COMMITTED CAPITAL ( ENDING MARKET VALUE RESIDUAL VALUE ( EVERGREEN FUND EX-ANTE EX-POST EX-POST (EX-ANTE EXTERNAL CASH FLOW GIPS 44

55 EXTERNAL VALUATION PROFESSIONALLY DESIGNATED, CERTIFIED, OR LICENSED COMMERCIAL PROPERTY VALUER/ APPRAISER MARKET VALUE FAIR VALUE FEE SCHEDULE INVESTMENT MANAGEMENT FEES BUNDLED FEES ( FINAL REALIZATION DATE FIRM GIPS GIPS ( GENERAL PARTNER GP LP ( CARRIED INTEREST GROSS-OF-FEES RETURN TRADING EXPENSES ( GROSS-OF-FEES RETURN TRANSACTION EXPENSES INCOME RETURN ( CAPITAL EMPLOYED % INTERNAL VALUATION MARKET VALUE DCF 45

56 ( INTERNAL RATE OF RETURN IRR PAID-IN CAPITAL DISTRIBUTIONS IRR ( INVESTED CAPITAL PAID-IN CAPITAL ( INVESTMENT ADVISOR INVESTMENT MANAGEMENT FEE INVEST MANAGEMENT FEES ( INVESTMENT MULTIPLE (TVPI MULTIPLE PAID-IN CAPITAL TOTAL VALUE RESIDUAL VALUE LARGE EXTERNAL CASH FLOW % ( LIMITED PARTNER LP ( LIMITED PARTNERSHIP MARKET VALUE current price GIPS 46

57 MARKET VALUE a b c reasonable time d e sales concessions GIPS (REQUIRE MUST GROSS-OF-FEES RETURN INVESTMENT MANAGEMENT FEE NET-OF-FEES RETURN COMMITTED CAPITAL ( OPEN-END FUND EVERGREEN FUND ( OPEN MARKET VALUE a b c d e ( COMMITTED CAPITAL PAID-IN CAPITAL DRAWDOWN ( COMMITTED CAPITAL PAID-IN-CAPITAL PIC MULTIPLE PORTFOLIO 47

58 PRIVATE EQUITY ( PROFESSIONALLY DESIGNATED, CERTIFIED, OR LICENSED COMMERCIAL PROPERTY VALUER/APPRAISER RICS MAI REAL ESTATE commingled funds REIT REOC ( REALIZATION MULTIPLE DPI DISTRIBUTION PAID-IN-CAPITAL RECOMMEND/ RECOMMENDATION GIPS ( SHOULD REQUIRE/ REQUIREMENT GIPS ( MUST ( RESIDUAL VALUE ( ENDING MARKET VALUE RESIDUAL VALUE TO PAID-IN-CAPITAL (RVPI RESIDUAL VALUE PAID-IN-CAPITAL SETTLEMENT DATE ACCOUNTING : TRADE DATE SHOULD GIPS RECOMMEND GIPS 48

59 SUPPLEMENTAL INFORMATION GIPS TEMPORARY NEW ACCOUNT TIME-WEIGHTED RATE OF RETURN TOTAL FIRM ASSETS MARKET VALUE ( TOTAL RETURN CAPITAL EMPLOYED% ( RESIDUAL VALUE TOTAL VALUE TRADE DATE T+1, ACCOUNTING T+2, T+3GIPS ( SETTLEMENT DATE ACCOUNTING TRADING EXPENSES ( TRANSACTION ESPENSES ( VENTURE CAPITAL ( VINTAGE YEAR 49

グローバル投資パフォーマンス基準-日本語版-

グローバル投資パフォーマンス基準-日本語版- 2005 Translated into Japanese by: The Security Analysts Association of Japan Global Investment Performance Standards (GIPS ) were revised by the Investment Performance Council on 7 December 2004 and adopted

More information

ares_018

ares_018 THE ASSOCIATION FOR REAL ESTATE SECURITIZATION May-June. 2003 1 3 5 11 20 35 37 38 44 58 65 72 80 91 95 104 107 112 2 ARES SPECIAL ARES SYMPOSIUM 2005 November-December. 2005 3 ARES SPECIAL 4 5 November-December.

More information

6.indd

6.indd page 37 page 4 page 14 page 30 3 4 6 8 11 13 14 17 19 22 26 27 30 33 34 37 38 4 // CT * CT * * * 1 // 5 2 6 // 2 // 7 3.5 3.9 3.9 3.5 4.3 5.0 RP NP 3.5 3.5 3.0 8.5 10 11.5 13 15 18 RP 3.9 4.3 5.0 3.4

More information

4 beautiful teeth now 5 6 7 8 9 3.5 mm 3.3 mm 10 11.5 13 15 4.1 mm 3.75 mm 8.5 10 11.5 13 15 18 4 mm 8.5 10 11.5 13 15 18 5.1 mm 5 mm 8.5 10 11.5 13 15 18 10 5.5 mm 7mm 4.1 mm 5.1 mm 3.75 mm 4 mm 5 mm

More information

untitled

untitled 18 9 1 5606 1 TEL 0537-36-3112 C 1. 1 172,032,512 2 1 206 3 35,438,697,472 4 1 103 17,719,348,736 5 1 103 17,719,348,736 6 18 11 17 19 1 16 7 18 11 17 19 1 16 8 9 C 1 RHJ 42,671,723 2 56,895,631 3 7,281,553

More information

15690B_表紙1-4.pdf

15690B_表紙1-4.pdf ISO 14001 ISO 13485:2003 0086 Beautiful Teeth Now...4...5...6...7...8...9...9...10...10....11...11...12...13...14...17...18...23...24...29 1...30 2...32 3...33 4...34...35...39 3 beautiful teeth now 2

More information

2 24

2 24 J-REIT 2012/05/18 2 24 J-REIT 3 J-REIT 2001 9J-REIT10 2007 J-REIT7 42 42 33 2010 2 3 J-REIT 22012 4 IPO 4 343.5 4 J-REIT10 3000.00 2500.00 REIT TOPIX 2000.00 1500.00 1000.00 NCR(*) 2010/6 500.00 2001/9

More information

EPSON Safety Instructions Manual

EPSON Safety Instructions Manual 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 < EUROPE, MIDDLE EAST & AFRICA > ALBANIA : ITD Sh.p.k. http://www.itd-al.com AUSTRIA : Epson Deutschland GmbH http://www.epson.at BELGIUM : Epson Europe B.V. Branch

More information

担保資産としての金

担保資産としての金 1 5 : ICE 8 Ashish Bhatia ashish.bhatia@gold.org +1 212 317 385 Natalie Dempster natalie.dempster@gold.org +44 2 7826 477 211 5 Gold as a source of collateral http://www.gold.org 27 9 OTC 2 G2 CCP CCP

More information

GDP 10 10 10 TFP CRD

GDP 10 10 10 TFP CRD GDP 10 10 10 TFP CRD OECD OECD GDP 10 GDP +255 +70 2.3 8 +1.8 +64 Bureau of Economic Analysis 10 20 4.1 1.4 3.7 +0.3 +0.4 Groningen Growth and Development Centre, 60-Industry Database GDP Bureau of Economic

More information

<836D815B B E95E292D48AD BB A835E838D834F5F4D4B D8CB32E706466>

<836D815B B E95E292D48AD BB A835E838D834F5F4D4B D8CB32E706466> ノーベルエステティック補綴関連製品 カタログ & 価格表 価格改定2015.04 re.jp ンストア elbioca オンライ re.nob /sto https:/ 3 4 6 10 12 14 / 16 20 24 28 30 / 36 38 42 44 / & 46 & 49 50 58 & 59 61 62 63 64 66 74 82 & 92 94 96 4 // 3 6 12 CC

More information

困ったときのQ&A

困ったときのQ&A ii iii iv NEC Corporation 1998 v C O N T E N T S PART 1 vi vii viii ix x xi xii PART 2 xiii PART 3 xiv P A R T 1 3 1 2 PART 3 4 2 1 1 2 4 3 PART 1 4 5 5 6 PART 1 7 8 PART 1 9 1 2 3 1 2 3 10 PART 1 1 2

More information

2006

2006 2006 1 1 2. 3. 4. 4. 5. 6. 7 2 8. 9. 5 9. 9. 13. 15. 15. 16 3 20. 21. 21. 22. 23. 23. 23. 24 The Adam Room 17 1997 111 199 240 1 3 2006 1 . 3. 4. 4 1. 4 2. 4. 5 1. 5 2. 5 3. 5. 6 1. 6 2. 6 3. 6 1 6 2 6

More information

™…

™… i 1 1 1 2 3 5 5 6 7 9 10 11 13 13 14 15 15 16 17 18 20 20 20 21 22 ii CONTENTS 23 24 26 27 2 31 31 32 32 33 34 37 37 38 39 39 40 42 42 43 44 45 48 50 51 51 iii 54 57 58 60 60 62 64 64 67 69 70 iv 70 71

More information

untitled

untitled L A - 5 8 SBIC 2005 12 ERISA Employee Retirement Income Security Act of 1974 L Leverage SBA LR Leverage Ratio SBA ME Management Expense PC Private Capital PD Participating Debenture PPA Prioritized Payment

More information

M-JUSD2471b

M-JUSD2471b JUSD 2471b 2 www.pall.com 3 4 www.pall.com 5 6 www.pall.com 7 TM AllegroSystems The Single-Use Solution Visit us on the Web at www.pall.com/japan/biopharm.asp e-mail us at allegro@pall.com 163-1325 651TEL.03(6386)0995

More information

I

I I II III IV V VI VII VIII IX X XI XII XIII XIV 1. 2 3 4 5 2. 6 7 8 3. 1 2 3 9 4 5 10 6 11 4. 1 2 3 1 2 12 1 2 3 1 2 3 13 14 1 2 1 15 16 1. 20 1 21 1 22 23 1 2 3 4 24 1 2 ok 25 1 2 26 1 2 3 27 2. 28

More information

GDP 10 GDP +255 +70 2.3 8 +1.8 +64 Bureau of Economic Analysis 2

GDP 10 GDP +255 +70 2.3 8 +1.8 +64 Bureau of Economic Analysis 2 OECD OECD 1 GDP 10 GDP +255 +70 2.3 8 +1.8 +64 Bureau of Economic Analysis 2 10 20 4.1 1.4 3.7 +0.3 +0.4 Groningen Growth and Development Centre, 60-Industry Database 3 GDP Bureau of Economic Analysis

More information

国際比較からみた介護システムの役割分担

国際比較からみた介護システムの役割分担 * OECDLong-term Care for Older People E-mail: lfy@hotmail.co.jp Long-term care Long-term care for older people OECDLTC GDP. OECD WHOHealth life expectancy : HALE GDP Martins et al OECD OECD OECD Residential

More information

FINANCIAL FACT BOOK 2002 CONTENTS CONTENTS Sales Data Net Sales Sales Composition Sales by Region Profit Data Cost Composition & Operating Income/Net

FINANCIAL FACT BOOK 2002 CONTENTS CONTENTS Sales Data Net Sales Sales Composition Sales by Region Profit Data Cost Composition & Operating Income/Net FINANCIAL FACT BOOK 2002 FINANCIAL FACT BOOK 2002 CONTENTS CONTENTS Sales Data Net Sales Sales Composition Sales by Region Profit Data Cost Composition & Operating Income/Net Sales Gross Profit Margin

More information

パソコン機能ガイド

パソコン機能ガイド PART12 ii iii iv v 1 2 3 4 5 vi vii viii ix P A R T 1 x P A R T 2 xi P A R T 3 xii xiii P A R T 1 2 3 1 4 5 1 6 1 1 2 7 1 2 8 1 9 10 1 11 12 1 13 1 2 3 4 14 1 15 1 2 3 16 4 1 1 2 3 17 18 1 19 20 1 1

More information

パソコン機能ガイド

パソコン機能ガイド PART2 iii ii iv v 1 2 3 4 5 vi vii viii ix P A R T 1 x P A R T 2 xi P A R T 3 xii xiii P A R T 1 2 1 3 4 1 5 6 1 2 1 1 2 7 8 9 1 10 1 11 12 1 13 1 2 3 14 4 1 1 2 3 15 16 1 17 1 18 1 1 2 19 20 1 21 1 22

More information

7 i 7 1 2 3 4 5 6 ii 7 8 9 10 11 1 12 13 14 iii.......................................... iv................................................ 21... 1 v 3 6 7 3 vi vii viii ix x xi xii xiii xiv xv 26 27

More information

9 i 9 1 2 3 4 5 6 ii 7 8 9 10 11 12 .......................................... iii ... 1... 1........................................ 9 iv... v 3 8 9 3 vi vii viii ix x xi xii xiii xiv 34 35 22 1 2 1

More information

i ii iii iv v vi vii viii ix x xi xii xiii xiv xv xvi 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

More information

# _ qxd

# _ qxd & MkIII Groovy TM MkIII Shorty TM ISO 14001 ISO 13485:2003 0086 MkIII RP MkIII MkIII (NP RP WP) (NP RP WP) (NP, RP, WP) (NP RP WP) (NP RP WP) 3 / 2 mm / P. 6 2 mm 2.4/2.8 mm 4 1 1 2 5 NP 3.3 2 2 2 2.4/2.8

More information

サステナビリティ報告書

サステナビリティ報告書 Living and Working together for the common good. 1 Canon Sustainability Report 2003 Canon Sustainability Report 2003 2 3 Canon Sustainability Report 2003 Canon Sustainability Report 2003 4 93 94 95 96

More information

untitled

untitled BNP 2007 2 82 1400 13.4% 13.6% 3.5% PEL/CEL BNL bc 7.4% 9.4% 21.9% 24.0% 22 8200 20.0% 56% BNL 1 1 2 2006 2 2 EPS 5.22 17.9% ROE 23.6%1.4 2007 7 31 BNP 2007 2 2007 2 BNP 82 1400 13.4% 48 4800 13.1% BNL

More information

野村資本市場研究所|ASEAN投資信託市場の現状と課題(PDF)

野村資本市場研究所|ASEAN投資信託市場の現状と課題(PDF) 213 Spring ASEAN 1. 2. 5.7 ASEAN 3. 3.3 4. 2.4 5. ASEAN 76 1 ASEAN 213 ASEAN 4 ASEAN ASEAN 2 1 1 1 1 1 OECD The Emerging Middle Class in Developing Countries January 21 2 Cerulli Associates Asset Management

More information

日本の金融市場におけるファンドの活用について ~世界に大きく遅れた日本の運用業界の現状と今後の展望を考える~

日本の金融市場におけるファンドの活用について ~世界に大きく遅れた日本の運用業界の現状と今後の展望を考える~ 2008213 1 2 1 3 2005 2005 1 () 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 2 9 2 413 689 10 20063 3 3 180 13 58 Barclay Global State Street Global Fidelity Investments Vanguard Group Legg Mason Capital

More information

NRI国際年金研究シリーズ

NRI国際年金研究シリーズ NRI Vol.4 2010.9 Contents 04 10 Restructuring Sweden s AP Funds for Scale and Global Impact MALIN BJÖRKMO and STEFAN LUNDBERGH (Rotman International Journal of Pension Management Vol.3 Issue 1 Spring

More information

平成12年度 対日直接投資増加の理由と日本経済にもたらす影響に関する調査 第3章-2 各論・金融業

平成12年度 対日直接投資増加の理由と日本経済にもたらす影響に関する調査 第3章-2 各論・金融業 -- (1) 1998 5080 98 200 3- - M&A 982000 88 3-- 2000 2 OUT-IN M&A 1998-2000 98 99 2000 88 23 27 38 27 6 12 9 0 0 0 0 10 2 3 5 4 1 0 3 ( ) 47 14 12 21 MARR 44 (2) 98 88 46 3- -3 46 22 Private Equity Fund

More information

3 5 18 3 5000 1 2 7 8 120 1 9 1954 29 18 12 30 700 4km 1.5 100 50 6 13 5 99 93 34 17 2 2002 04 14 16 6000 12 57 60 1986 55 3 3 3 500 350 4 5 250 18 19 1590 1591 250 100 500 20 800 20 55 3 3 3 18 19 1590

More information

# _15683.qxd

# _15683.qxd & Groovy TM ISO 14001 ISO 13485:2003 0086 NPRP (NP, RP, WP, 6.0) (NP, RP, WP, 6.0) (NP, RP, WP) (NP, RP, WP, 6.0) (NP, RP, WP, 6.0) 3 / 2 mm / NP: 3.5 mm RP: 3.5 + 4.3 mm WP: 3.5 + 4.3 + 5 mm 6.0: 3.5

More information

1

1 1 2 3 4 5 6 7 8 9 ヒアリング 10 11 ➊ ➋ ➌ 12 13 ➊ ➋ 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 ハイエンドホテルバジェットホテル ➊ ➋ ➌ 29 30 31 32 33 34 35 36 37 38 39 40 United States : China United Kingdom Spain Thailand

More information

& Groovy TM Shorty TM

& Groovy TM Shorty TM & Groovy TM Shorty TM ISO 14001 ISO 13485:2003 0086 RP (NP RP WP) (NP RP WP) (NP, RP, WP) (NP RP WP) 3 / 2 mm / 2 mm 2.4/2.8 mm 4 1 1 2 5 NP 3.3 2 2 2 2.4/2.8 RP 4 2 ( 2.4/2.8) WP 5 2 2.4/2.8 3 WP 6 2

More information

Step2 入門

Step2 入門 ii iii iv v vi NEC Corporation 1999 vii C O N T E N T S PART 1 PART 2 PART 3 viii PART 4 ix C O N T E N T S PART 5 x PART 6 xi C O N T E N T S PART 7 xii PART 8 PART 9 xiii C O N T E N T S xiv xv PART

More information

YUHO

YUHO -1- -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-

More information

…“…C…Ydisclosure05(0902)

…“…C…Ydisclosure05(0902) 2005 1 1 3. 3. 4. 4. 5. 6. 7 2 9. 9. 5 9. 9. 11. 13. 13. 14 3 19. 19. 19. 20. 24. 25. 25. 26 17 2004 2003 3 1997 111 199 240 1 3 2005 . 3. 4. 4 1. 4 2. 4. 5 1. 5 2. 5 3. 5. 6 1. 6 2. 6 3. 6 1 6 2 6 3 6

More information

困ったときのQ&A

困ったときのQ&A ii iii iv NEC Corporation 1997 v P A R T 1 vi vii P A R T 2 viii P A R T 3 ix x xi 1P A R T 2 1 3 4 1 5 6 1 7 8 1 9 1 2 3 4 10 1 11 12 1 13 14 1 1 2 15 16 1 2 1 1 2 3 4 5 17 18 1 2 3 1 19 20 1 21 22 1

More information

VB-C50i/VB-C50iR 使用説明書

VB-C50i/VB-C50iR 使用説明書 a ii iii iv a v vi vii viii d a a d ix a a d b a a a b x a a g a g a e a a xi a a a xii a a xiii xiv 1-2 1-3 d 1-4 1-5 1-6 1-7 1-8 1-9 1-10 1-11 1-12 2-2 2-3 a 2-4 a 2-5 a 2-6 2-7 2-8 2-9 2-10 2-11 2-12

More information

untitled

untitled 1 23 17 16 15 10 8 8 8 7 6 27 34% 3,174 15% 8 23 8 16 10 8 17 34 7 6 27 493 1 0 80 4 1 5 0 79 14 13 3 5 606 2 3 51 1 1 3 5 45 66 2 2 8 500 1 1 25 5 1 1 2 19 28 16 3 39 1,012 3 0 22 6 0 3 2 21 38 26 12

More information

S&P500 S&P500 Short S&P 500 Fund ProShares UltraShort S&P500 ProShares Ultra S&P500 ProShares Direxion ProShares S&P500 SPDR S&P 500 ETF Vanguard S&P

S&P500 S&P500 Short S&P 500 Fund ProShares UltraShort S&P500 ProShares Ultra S&P500 ProShares Direxion ProShares S&P500 SPDR S&P 500 ETF Vanguard S&P S&P500 S&P500 Short S&P 500 Fund ProShares UltraShort S&P500 ProShares Ultra S&P500 ProShares Direxion ProShares S&P500 SPDR S&P 500 ETF Vanguard S&P 500 ETF ishares S&P 500 ETF SPDR S&P 500 ETF (SPY)

More information

活用ガイド (ハードウェア編)

活用ガイド (ハードウェア編) (Windows 98) 808-877675-122-A ii iii iv NEC Corporation 1999 v vi PART 1 vii viii PART 2 PART 3 ix x xi xii P A R T 1 2 1 3 4 1 5 6 1 7 8 1 9 10 11 1 12 1 1 2 3 13 1 2 3 14 4 5 1 15 1 1 16 1 17 18 1 19

More information

世界経済の見通しと政策課題

世界経済の見通しと政策課題 経済産業研究所 (RIETI) BBL セミナー プレゼンテーション資料 3 年 月 8 日 世界経済の見通しと政策課題 木下祐子 資料の引用は IMF の HP に掲載されている世界経済見通し本文及び図表から直接の引用としてください http://www.rieti.go.jp/jp/index.html 3 3 7 WEO Update 4 PMI) GDP / 5 Advanced economies

More information

AT A GLANCE INDIVIDUAL GROUP 63.72% 1, % At a Glance INSTITUTIONAL GROUP 34.26% % GLOBAL MARKETS GROUP 5.56% % 2

AT A GLANCE INDIVIDUAL GROUP 63.72% 1, % At a Glance INSTITUTIONAL GROUP 34.26% % GLOBAL MARKETS GROUP 5.56% % 2 214 At a Glance 32 36 38 4 42 43 31 AT A GLANCE INDIVIDUAL GROUP 63.72% 1,293 32.4% 226 214 At a Glance INSTITUTIONAL GROUP 34.26% 695 76.26% 532 32 GLOBAL MARKETS GROUP 5.56% 112 4.2% 28 3 1% 1,5 5 1,

More information

-February GDP GDP

-February GDP GDP -February GDP GDP - GDP. GDP GDP / GDP DI.. DI..,,. -February (2010=100) 115 110 105 100 95 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 800 350 750 700 300 650 600 250 550

More information

レーザビームプリンタ Satera ユーザーズガイド

レーザビームプリンタ Satera ユーザーズガイド JPN CD-ROM CD-ROM CD-ROM CD-ROM CD-ROM CD-ROM CD-ROM ii iii iv v vi vii viii ix x xi xii a b c d b c d a xiii xiv xv xvi xvii xviii xix xx 1 CHAPTER 1-1 1-2 1-3 1-4 b a n m l k j c d f g e i h a b c d

More information

GNH Gross National Happiness Criteria living standard cultural diversity emotional well being health education time use eco-system community vitality

GNH Gross National Happiness Criteria living standard cultural diversity emotional well being health education time use eco-system community vitality GNH Gross National Happiness Criteria living standard cultural diversity emotional well being health education time use eco-system community vitality good governance Dimensions and Indicators of GNH The

More information

IP Triple Play Copyright 2006, Allied Telesis Holdings, A rights reserved.

IP Triple Play Copyright 2006, Allied Telesis Holdings, A rights reserved. IP Triple Play . 1982 LAN LAN 1987 3 Norway Sweden Allied Telesyn Inc. United States* Mexico Canada Corporate Head Office Regional Head Office Engineering Locations Manufacturing Locations All other

More information

ITR Market View:情報漏洩対策市場2017目次

ITR Market View:情報漏洩対策市場2017目次 ITR Market View 2017... 1 1-1... 2 1-2... 3 1-2-1... 3 1-2-2... 6 1-2-3... 6 1-2-4... 6 1-3... 7... 15 2-1... 16 2-1-1... 16 2-1-2... 18 2-1-3... 21 2-2... 22... 23 3-1... 24 3-1-1... 24 3-1-2... 26 3-1-3...

More information

アニュアルレポート2017

アニュアルレポート2017 035 Management Organization 036 IT 1 IoTIT 2001 IT 300 037 2017 6 21 1981 9 1983 4 1986 2 1996 1 1996 7 2005 10 Alibaba.com CorporationAlibaba Group Holding Limited, Director 2006 4 CEO 2007 6 CEO 2013

More information

Financial Reporting Standard 17 FRS17 FAS87 87 Financial Accounting Standard 87 FAS87 International Accounting Standard Board IASB 19 Internat

Financial Reporting Standard 17 FRS17 FAS87 87 Financial Accounting Standard 87 FAS87 International Accounting Standard Board IASB 19 Internat No,25-36(2005) Two Changes in Accounting Principles of Pension Plans British, or Americanthat is the question Masaharu Usuki Nihon University, Graduate School of Social and Cultural School, and NLI Research

More information

<4D6963726F736F667420506F776572506F696E74202D208376838C835B83938365815B835683878393312E707074205B8CDD8AB78382815B83685D>

<4D6963726F736F667420506F776572506F696E74202D208376838C835B83938365815B835683878393312E707074205B8CDD8AB78382815B83685D> i i vi ii iii iv v vi vii viii ix 2 3 4 5 6 7 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 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60

More information

SC-85X2取説

SC-85X2取説 I II III IV V VI .................. VII VIII IX X 1-1 1-2 1-3 1-4 ( ) 1-5 1-6 2-1 2-2 3-1 3-2 3-3 8 3-4 3-5 3-6 3-7 ) ) - - 3-8 3-9 4-1 4-2 4-3 4-4 4-5 4-6 5-1 5-2 5-3 5-4 5-5 5-6 5-7 5-8 5-9 5-10 5-11

More information

エクセルカバー入稿用.indd

エクセルカバー入稿用.indd i 1 1 2 3 5 5 6 7 7 8 9 9 10 11 11 11 12 2 13 13 14 15 15 16 17 17 ii CONTENTS 18 18 21 22 22 24 25 26 27 27 28 29 30 31 32 36 37 40 40 42 43 44 44 46 47 48 iii 48 50 51 52 54 55 59 61 62 64 65 66 67 68

More information

1... 1 2... 1 1... 1 2... 2 3... 2 4... 4 5... 4 6... 4 7... 22 8... 22 3... 22 1... 22 2... 23 3... 23 4... 24 5... 24 6... 25 7... 31 8... 32 9... 3

1... 1 2... 1 1... 1 2... 2 3... 2 4... 4 5... 4 6... 4 7... 22 8... 22 3... 22 1... 22 2... 23 3... 23 4... 24 5... 24 6... 25 7... 31 8... 32 9... 3 3 2620149 3 6 3 2 198812 21/ 198812 21 1 3 4 5 JISJIS X 0208 : 1997 JIS 4 JIS X 0213:2004 http://www.pref.hiroshima.lg.jp/site/monjokan/ 1... 1 2... 1 1... 1 2... 2 3... 2 4... 4 5... 4 6... 4 7... 22

More information

環境報告書

環境報告書 2001 A A Canon Bretagne S.A. France Taiwan Canon Opto(Malaysia) Sdn.Bhd. Malaysia Canon Hi-Tech(Thailand) Ltd. Canon Engineering (Thailand) Ltd.

More information

業績報告|ディスクロージャー│チューリッヒ|Business Report 2008 会社概要編

業績報告|ディスクロージャー│チューリッヒ|Business Report 2008 会社概要編 V ision Statement Contents 03 04 06 08 09 10 12 13 16 19 20 23 Greeting from Our CEO - Makoto Ozeki Zurich Insurance Company, Japan Branch Profile Zurich Financial Services Group Profile Financial Highlights

More information

01_.g.r..

01_.g.r.. I II III IV V VI VII VIII IX X XI I II III IV V I I I II II II I I YS-1 I YS-2 I YS-3 I YS-4 I YS-5 I YS-6 I YS-7 II II YS-1 II YS-2 II YS-3 II YS-4 II YS-5 II YS-6 II YS-7 III III YS-1 III YS-2

More information

1 20 2 26 4 28 6 30 10 32 12 33 14 74 75 1 2 0 6,000 7,000 5,000 4,000 3,000 2,000 1,000 2015 2012 2013 500 600 700 400 300 200 100 0 10 12 14 8 6 4 2 2015 2012 2013 2014 6,016 2014 6,252 2016 7.1 8.7

More information

SMA ETF DC DBDC AccumulationRebalancing/Decumulation M&A AUM SWF JOBS 1

SMA ETF DC DBDC AccumulationRebalancing/Decumulation M&A AUM SWF JOBS 1 Connecting Markets East & West 214 1 1 SMA ETF DC DBDC AccumulationRebalancing/Decumulation M&A AUM SWF JOBS 1 AUM AUM 1: AUM 24 27 212 22) AuM 37.3 59.4 63.9 11.7 26.6 71% 37.8 59% 16.1 25.4 27. 41.2

More information

PhillipCapital Your Partner In Finance

PhillipCapital Your Partner In Finance Your Partner in Finance 2012 4 1975 13 3,200720,000 Philli p recog nition WCWB (UK) CFD King & Shaxson (UK) IFS Capital (SG) 1975 1987 1993 2001 2003 2006 2008 2010 1981 1991 1996 2002 2005 2007 2009

More information

平成 30 年 1 月中対外 対内証券投資 ( 速報 ) Portfolio Investment Assets/Liabilities, January 2018 (Preliminary) ( 付表 3 / Appendix table 3) 対外 対内証券投資 Portfolio Invest

平成 30 年 1 月中対外 対内証券投資 ( 速報 ) Portfolio Investment Assets/Liabilities, January 2018 (Preliminary) ( 付表 3 / Appendix table 3) 対外 対内証券投資 Portfolio Invest ( 付表 3 / Appendix table 3) 対外 対内証券投資 Portfolio Investment Assets/Liabilities Ⅰ. 総括表 Summary 1. 対外証券投資 ( 単位 : 億円 ) Portfolio Investment Assets 対外証券投資 Portfolio investment assets 計 取得処分ネット取得処分ネット取得処分ネットネット

More information

平成 29 年 7 月中対外 対内証券投資 ( 速報 ) Portfolio Investment Assets/Liabilities, July 2017 (Preliminary) ( 付表 3 / Appendix table 3) 対外 対内証券投資 Portfolio Investmen

平成 29 年 7 月中対外 対内証券投資 ( 速報 ) Portfolio Investment Assets/Liabilities, July 2017 (Preliminary) ( 付表 3 / Appendix table 3) 対外 対内証券投資 Portfolio Investmen ( 付表 3 / Appendix table 3) 対外 対内証券投資 Portfolio Investment Assets/Liabilities Ⅰ. 総括表 Summary 1. 対外証券投資 ( 単位 : 億円 ) Portfolio Investment Assets 対外証券投資 Portfolio investment assets 計 取得処分ネット取得処分ネット取得処分ネットネット

More information

Descartes Systems Group

Descartes Systems Group 2018 年 10 月 9 日 Descartes Systems グローバル概要および日本市場におけるコミットメント グローバルロジスティクスソリューションリーダー 18500+ 顧客世界 12+ 年連続の成長 グローバル拠点 ~$ 237m 年間売上高 1260+ ロジスティクスに特化した従業員 ~18% 売上高対研究開発費 株式会社デカルトシステムズグループは上場企業です ナスダック : DSGX

More information

平成 30 年 9 月中対外 対内証券投資 ( 速報 ) Portfolio Investment Assets/Liabilities, September 2018 (Preliminary) ( 付表 3 / Appendix table 3) 対外 対内証券投資 Portfolio Inve

平成 30 年 9 月中対外 対内証券投資 ( 速報 ) Portfolio Investment Assets/Liabilities, September 2018 (Preliminary) ( 付表 3 / Appendix table 3) 対外 対内証券投資 Portfolio Inve ( 付表 3 / Appendix table 3) 対外 対内証券投資 Portfolio Investment Assets/Liabilities Ⅰ. 総括表 Summary 1. 対外証券投資 ( 単位 : 億円 ) Portfolio Investment Assets 対外証券投資 Portfolio investment assets 中長期債 短期債 Short-term debt

More information

2: VPN Australia, Austria, Canada, China, Denmark, Finland, Germany, Hong Kong, India, Indonesia, Italy, Kenya, Korea, Republic of, Malaysia, N

2: VPN Australia, Austria, Canada, China, Denmark, Finland, Germany, Hong Kong, India, Indonesia, Italy, Kenya, Korea, Republic of, Malaysia, N VPN/ hatono@kobe-u.ac.jp 1. VPN(Virtual Private Network), VPN,, 2013 VPN VPN IP VPN 2. VPN VPN 2014 6 9 Table 1 2014 6 F5 FirePass VPN Table 1 VPN Table 2 Table 2 1: VPN 2014 09 11,898 3,958 7,940 2014

More information

1

1 1 2 3 4 5 6 D A D E - A D F J B D F K C D F K C D F K C D G K C G I K C G I L D H I L D H I L D H I L 7 8 9 No 10 TOPIX TOPIX a a TOPIX a FTSE FTSE FTSE FTSE FTSE TOPIX 11 FTSE FTSE DirectiveEUDirectiveEC

More information

untitled

untitled 2005 10 13 Dr. RGA 19602000 10 Australian Institute of of Health and and Welfare 2004 ABS Cat. Cat. No. No. 3201.0; AIHW National Population Database 1875 2 211997 8 122164 http://www.wowzone.com/calment.htm

More information

年次報告書2008年3月期

年次報告書2008年3月期 Reliability in a Challenging Environment Creating Value for Clients Creating Value for Business Partners Creating Value for Society ORIX is generating medium- and long-term growth by enabling value creation

More information

80024622 1996 Science for Open and Environmental Systems 80024622 KIKUCHI, Atsushi Optimal Asset Allocation with Real Estate The institutional investors such as life insurance companies, trust banks, and

More information

円借款案件・事後評価報告書1999(全文・上巻)

円借款案件・事後評価報告書1999(全文・上巻) 8 1999 3 199812 () 19919 19919 19981 7,854 5,335 3.0% 257 239 (1) (B) (2) 1991 1992 1993 1994 1995 JP US$ 134.71 126.65 111.20 102.21 94.06 BUS$ 025.47 025.39 025.35 025.00 025.14 CPI 105.7 110.0 113.7

More information

リファレンス

リファレンス STEP1 STEP 2 STEP 3 ii iii iv v NEC Corporation 1998 vi C O N T E N T S P A R T 1 viii ix C O N T E N T S P A R T 2 x P A R T 3 xi C O N T E N T S P A R T 4 xii P A R T 5 xiii C O N T E N T S P A R T

More information

01_SWGuide_V8.50.fm

01_SWGuide_V8.50.fm ii iii iv v 2 vi vii viii ix x xi xii xiii xiv xv xvi xvii 1 CHAPTER 1-1 1-2 1-3 2 CHAPTER 2-1 2-2 2-3 2-4 1 2 2-5 3 4 2-6 5 6 2-7 7 8 2-8 9 2-9 10 11 2-10 12 13 2-11 14 15 2-12 16 17 18 2-13 1 2 2-14

More information

2005年3月期中間事業報告書

2005年3月期中間事業報告書 2004 Vol. 4 NRI 2005 3 2004 4 1 2004 9 30 NRI Dream up the future. Dream up the future. NRI NRI 2 3 5 7 10 11 13 15 17 1 NRI 2005 3 2004 4 2004 9 IT 1,151 123 129 68 20 NRI 2004 11 2 2003 3 2004 3 2005

More information

vi アハ ート2 アハ ート3 アハ ート4 アハ ート5 アハ ート6 アハ ート7 アハ ート8 アハ ート9 アハ ート10 アハ ート11 アハ ート12 アハ ート13 アハ ート14 アハ ート15 アハ ート16 アハ ート17 アハ ート18 アハ ート19 アハ ート20 アハ

vi アハ ート2 アハ ート3 アハ ート4 アハ ート5 アハ ート6 アハ ート7 アハ ート8 アハ ート9 アハ ート10 アハ ート11 アハ ート12 アハ ート13 アハ ート14 アハ ート15 アハ ート16 アハ ート17 アハ ート18 アハ ート19 アハ ート20 アハ iii vi アハ ート2 アハ ート3 アハ ート4 アハ ート5 アハ ート6 アハ ート7 アハ ート8 アハ ート9 アハ ート10 アハ ート11 アハ ート12 アハ ート13 アハ ート14 アハ ート15 アハ ート16 アハ ート17 アハ ート18 アハ ート19 アハ ート20 アハ ート21 アハ ート22 アハ ート23 vii アハ ート 24 アハ ート 25 アハ ート26

More information

(報告書まとめ 2004/03/  )

(報告書まとめ 2004/03/  ) - i - ii iii iv v vi vii viii ix x xi 1 Shock G( Invention) (Property rule) (Liability rule) Impact flow 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 (

More information

野村資本市場研究所|SWF:行動規範の策定と最近の動向(PDF)

野村資本市場研究所|SWF:行動規範の策定と最近の動向(PDF) SWF 1. SWF SWF SWF 2. SWF SWF 26 IMF OECD 3. SWF IMF GIC SWF 4. SWF SWF SWF 5. SWF SWF CIC 6. SWF SWF SWF OECD IMF 145 2009 Winter Sovereign Wealth Fund SWF 2008 9 SWF 2007 2008 SWF 2008 SWF 2008 6 SWF

More information

活用ガイド (ソフトウェア編)

活用ガイド (ソフトウェア編) (Windows 95 ) ii iii iv NEC Corporation 1999 v P A R T 1 vi P A R T 2 vii P A R T 3 P A R T 4 viii P A R T 5 ix x P A R T 1 2 3 1 1 2 4 1 2 3 4 5 1 1 2 3 4 6 5 6 7 7 1 1 2 8 1 9 1 1 2 3 4 5 6 1 2 3 4

More information

Channel to Discovery Plan &

Channel to Discovery Plan & 2007 Channel to Discovery Plan & 3 2007 3 2008 1 1 2 6 8 2006 10 14 1 2 16 19 20 22 24 26 28 30 32 34 36 42 43 44 45 70 71 72 2000 10 1 2007 2 2007 2000 10 3 2010 M 2007 M 2010 1,000 2006 2006 M&A 102006

More information

http://www.softbank.co.jp/ The No.1 Name in Broadband ANNUAL REPORT 2003 Contents 2 4 The Reason why SOFTBANK is No.1 in the Broadband Market 12 13 54 55 21 1876 1941 1970 IT20 ADSL Yahoo! BB No.1 2003

More information

アニュアルレポート2003

アニュアルレポート2003 ..................................... 1............................. 2 6 8 10 12 14............................ 16..................... 20.............................. 21.........................................

More information

米国JOBS法による証券規制の変革

米国JOBS法による証券規制の変革 2011 1 31 Startup America Initiative 2011 3 Access to Capital Conference 2011 3 IPO Letter from Chairman Issa of House Committee on Oversight and Government Reform to Chairman Schapiro of SEC (March 22,

More information

『保守の比較政治学』

『保守の比較政治学』 v vi vii viii ix x xi xii xiii xiv 3 3 3 9 20 25 25 27 30 32 37 xvi 43 47 57 57 60 66 72 74 81 81 83 86 91 xvii 98 101 111 111 111 115 118 125 128 135 135 136 143 151 157 xviii 163 163 167 173 179 185

More information

untitled

untitled i ii iii iv v 43 43 vi 43 vii T+1 T+2 1 viii 1 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 a) ( ) b) ( ) 51

More information

III

III III 1 1 2 1 2 3 1 3 4 1 3 1 4 1 3 2 4 1 3 3 6 1 4 6 1 4 1 6 1 4 2 8 1 4 3 9 1 5 10 1 5 1 10 1 5 2 12 1 5 3 12 1 5 4 13 1 6 15 2 1 18 2 1 1 18 2 1 2 19 2 2 20 2 3 22 2 3 1 22 2 3 2 24 2 4 25 2 4 1 25 2

More information

iii iv v vi vii viii ix 1 1-1 1-2 1-3 2 2-1 3 3-1 3-2 3-3 3-4 4 4-1 4-2 5 5-1 5-2 5-3 5-4 5-5 5-6 5-7 6 6-1 6-2 6-3 6-4 6-5 6 6-1 6-2 6-3 6-4 6-5 7 7-1 7-2 7-3 7-4 7-5 7-6 7-7 7-8 7-9 7-10 7-11 8 8-1

More information