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- そうすけ いさし
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1 THE ASSOCIATION FOR REAL ESTATE SECURITIZATION July-August
2
3 ARES SPECIAL ARES July-August
4 4 ARES July-August 2009 ARES SPECIAL
5 5 ARES July-August 2009 ARES SPECIAL
6 6 ARES July-August 2009 ARES SPECIAL
7 7 ARES July-August 2009 ARES SPECIAL
8 8 ARES July-August 2009 ARES SPECIAL
9 ARES SPECIAL ARES July-August
10 A RESNEWS 10 ARES July-August 2009
11 11 ARES July-August 2009 A NEWS RES
12 A NEWS RES 12 ARES July-August 2009
13 13 ARES July-August 2009 A NEWS RES
14 A RESNEWS 14 ARES July-August 2009
15 A RESNEWS = = ARES July-August
16 16 ARES July-August 2009 A NEWS RES
17 ARES REPORT ARES July-August
18 18 ARES July-August 2009 ARES REPORT
19 19 ARES July-August 2009 ARES REPORT
20 20 ARES July-August 2009 ARES REPORT
21 21 ARES July-August 2009 ARES REPORT
22 22 ARES July-August 2009 ARES REPORT
23 23 ARES July-August 2009 ARES REPORT
24 ARES REPORT 24 ARES July-August 2009
25 ARES REPORT ARES July-August
26 26 ARES July-August 2009 ARES REPORT
27 27 ARES July-August 2009 ARES REPORT
28 28 ARES July-August 2009 ARES REPORT
29 29 ARES July-August 2009 ARES REPORT
30 ARES REPORT 30 ARES July-August 2009
31 ARES REPORT ARES July-August
32 ARES REPORT 32 ARES July-August 2009
33 33 ARES July-August 2009 ARES REPORT
34 ARES REPORT 34 ARES July-August 2009
35 ARES REPORT ARES REPORT ARES July-August
36 ARES REPORT 36 ARES July-August 2009
37 ARES REPORT ARES July-August
38 ARES REPORT 38 ARES July-August 2009
39 ARES REPORT ARES July-August
40 ARES REPORT 40 ARES July-August 2009
41 ARES REPORT ARES July-August
42 ARES REPORT 42 ARES July-August 2009
43 ARES July-August
44 44 ARES July-August 2009
45 ARES July-August
46 46 ARES July-August 2009
47 ARES July-August
48 48 ARES July-August 2009
49 ARES July-August
50 50 ARES July-August 2009
51 ARES July-August
52 52 ARES July-August 2009
53 ARES July-August
54 54 ARES July-August 2009
55 ARES July-August
56 56 ARES July-August 2009
57 ARES July-August
58 58 ARES July-August 2009
59 Vol July-August
60 60 July-August 2009
61 July-August
62 62 July-August 2009
63 July-August
64 64 July-August 2009
65 July-August
66 66 July-August 2009
67 67 July-August 2009
68 68 July-August 2009
69 July-August
70 70 July-August 2009
71 71 July-August 2009
72 E T A T D T E T E t = max( A DT D, 0) A t D t E t A0 D 0 E 0 t t AT A T D T 72 July-August 2009
73 D T A T A T D T A T D T PrA T D T A t tt E 0 E D T r f TE O E D T r f T A 0 A A 0 A A 0 D 0 µ A A 0 A A ~ T D T E 0 σ D r E T f T A 0 σ A A 0 σ A D r T f T T E 0 σ E D T r T f A σ 0 A July-August
74 E σ 0 d d A 1 2 Pr( A A N( d ) T 0 d ln A / D 1 σ σ A T D T T σ A e ( r r f T A 0 A E 0 e h h 1 2 a = A rf T f T E N( d ) σ 0 E Ω N( d1) A0 0 D T ) 1 N d 2 2 A 2 / 2) T σ 2a ( N( d1) ( A0 / DT ) N( h1 )) 2a N( d ) ( A / D ) N( h D T ln ln r F E ( )) ( A / D ) ( r ( σ / 2) ) 0 2 ( A / D ) + ( r ( σ / 2) ) 0 2 A 2 A ( σ σ T T / 2) σ σ A A F T F T T A A 2 T T σ A = N( d a A 1 ) ( E0 / A0) ( A / D ) 2a 0 E 0 E D T r f T E 0 E D T T N( h ) 1 σ E 2a ( A / D ) N( ) Pr( A < D ) = N( h1 ) + 0 h2 T T µ = a 2 ( / 2) A rf σ A r F 2 σ A 2 ( σ / 2) σ A 2 A µ σ A 2 A T 74 July-August 2009
75 75 July-August 2009 r f T
76 E E D T A T D T E T A T D T A T 76 July-August 2009
77 E E r f r f A July-August
78 E 78 July-August 2009
79 July-August
80 80 July-August 2009
81 81 July-August 2009
82 82 July-August 2009
83 83 July-August 2009
84 84 July-August 2009
85 Cap base Cap=aCap base +b+ July-August
86 86 July-August 2009
87 July-August
88 88 July-August 2009
89 89 July-August 2009
90 90 July-August 2009
91 91 July-August 2009
92 92 July-August 2009
93 93 July-August 2009
94 94 July-August 2009
95 July-August
96 96 July-August 2009
97 97 July-August 2009
98 98 July-August 2009
99 99 July-August 2009
100 100 July-August 2009
101 101 July-August 2009
102 102 July-August 2009
103 July-August
104
39...\1-4
THE ASSOCIATION FOR REAL ESTATE SECURITIZATION 39 2009May-June 3 19 24 30 35 40 46 53 2 ARES SPECIAL ARES May-June 2009 3 ARES SPECIAL 4 ARES May-June 2009 5 ARES May-June 2009 ARES SPECIAL ARES SPECIAL
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