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─

Size: px
Start display at page:

Download "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─"

Transcription

1 q

2 OECD Vives Tirole Shleifer and Vishny

3 q

4 %% %% % % Allen and Gale

5 %%

6 %

7

8 Admati, Pfreiderer and Zechner Burkart, Gromb and Panunzi Cremer 1995Pagno and Röell 1998Rajan 1992

9 1 0 1 e r e r e r e r (e)> 0, r (e) < 0. e c e c(e) c (e)> 0, c (e) > 0. e

10 ec e e r (e) r (e) (0 1) (1 ) r (e) r (e) r (e) ( ) r (e) ( ( ))r(e) ( ) ( )> 0, ( ) < 0, (0) = 0, (0) = 1, (1) = 0. 0 < 1 0 < ( ) < 1 e r (e) ( ) r (e) ( ) r (e) (0 < 1) h (, ) h (0, )= 0, h (, )> 0, h (, )> 0, h (, )< 0, h (, )< 0. h h Burkart, Gromb and Panunzi

11 (1 ) r (e) (1 ) r (e) 1 e α ( )< 0 α ( )= 0Burkart, Gromb and Panunzi

12 er (e) { ( )(1 )+ (1 ) ( )}r (e) c (e), e max ( )(1 )+ (1 ) ( ). [0, 1] {(1 ( ))(1 )+ ( ) h(, )}r (e), e r (e) r (e) max (1 ( ))(1 )+( ) h(, ). [0, 1] 1 1 = 0 0 < 1 (1 ) ( )= ( ), {(1 ( ))(1 )+( )} h(, ) h(, )/h(, )

13 h (0, )= 0 ( )=h (, ), h (0, )= 0 0 < <1 0 < <1 M S S A M O

14 A h MM h h (, )< 0 M S S M B A D C O

15 S S A C M SM S D h h D e e e max (, ) r (e) c(e). e (, ) (1 ) +(1 ) ( ), (, ) r (e) =c (e). e

16 r (e) = c (e) e e (, ) e e c e r e r e O e e e e = (1 ) ( ), <0 >0 <0de d <0dr (e) d <0 e r (e) e e=e = 0 = 0 (, ) (1 )+ (1 ) ( )<1. (1 )+1. = 1

17 v F v F v F F (, ) r (e). F (, ) (1 )+( ) v F v F v F F r = r + F. r v F r v F F (, ) r r v F F (, ) rv F r v F F (, ) v F r v F F (, ) F (, ) = ( ) (1 ( )). v F ch

18 h F (, ) v F v S v T v s s (, ) r (e), v T T ( ) r (e). e r v F +?? / 0 / > 0 Fluck Fluck

19 s (, ) (1 )(1 )+( ) T ( ) (1 )+ ( ) v s v T v T hc v F v T v F v S v S v F v > > T. q v F q v S v S > 0 > v F v S v F v S v F

20

21 %

22 q McConnell and Servaes q Nickell, Nicolitsas and Dryden

23 Lichtenberg and Pushner q q

24 q q < 10,10 < q q it = 1 i,t + 2 i,t 1 +. Timedum +. Share i, t 1 + c + i, t. qq TimedumSharec, Timedum,, Share, c q q

25 Timedum Share KinyuHoujin KaigaiKojin Kinyu HoujinKojin Kinyu Houjin Kaigai Blockholder Kinyu Kaigai KojinHoujin KaigaiKojin c q % Kinyu HoujinKojin

26 q Blockholder Kinyu Houjin Kaigai Kojin q t 1 Blockholder t 1 Kinyu t 1 Houjin t 1 Kaigai t 1 Kojin t 1 q t 1 Blockholder t 1 Kinyu t 1 Houjin t 1 Kaigai t 1 Kojin t 1 random effect fixed effect % FGLS feasible generalized least squares Baltagi Swamy and Arora

27 % Lichtenberg and Pushner Lichtenberg and Pushner

28 p p p p p p 1 2 Blockholder Kinyu Houjin Kaigai Kojin c Adj-R 2 p p p p p p 1 2 Blockholder Kinyu Houjin Kaigai Kojin c Adj-R 2 p p p p p p p 1 2 Blockholder Kinyu Houjin Kaigai Kojin c Adj-R 2

29

30

31

32 M&A MBO

33 1 1 = 0 0 <1 (1 ) ( )= ( ). = 0 = 1 ( ) < 1 M h (0, ) = 0 ( )= h (, ), = 0 = SM S0 < <1 0 < <1 ( ) S A M 1 O 1

34 (1 ) ( ) d ( ) d = ( ) d, ( ) d h d = h d. ( ) h ( ) h = +, ( ) ( ) (1 ) ( ) h = +, = (1 ) ( ) h + ( ) 2 > 0, ABAC ABAC

35 q q q + + %% %% %

36 + + + q q q q q

37 q q q q

38 Admati, A. R., P. Pfreiderer, and J. Zechner, Large Shareholder Activism, Risk Sharing, and Financial Market Equilibrium, Journal of Political Economy, 102, 1994, pp Allen, F., and D. Gale, Corporate Governance and Competition, in X. Vives ed. Corporate Governance: Theoretical and Empirical Perspectives, Cambridge University Press, 2000, pp Baltagi, B. H., Econometric Analysis of Panel Data: Second Edition, John Wiley & Sons, Burkart, M., D. Gromb, and F. Panunzi, Large Shareholders Monitoring, and the Value of the Firm, Quarterly Journal of Economics, 102, 1997, pp ,, and, Why Higher Takeover Premia Protect Minority Shareholders, Journal of Political Economy, 106, 1998, pp Cremer, J., Arm's Length Relationship, Quarterly Journal of Economics, 110, 1995, pp

39 Fluck, Z., Optimal Financial Contracting: Debt versus Outside Equity, Review of Financial Studies, 11, 1998, pp Lichtenberg, F. R., and G. M. Pushner, Ownership Structure and Corporate Performance in Japan, Japan and the World Economy, 6, 1994, pp McConnell, J. J., and H. Servaes, Additional Evidence on Equity Ownership and Corporate Value, Journal Financial Economics, 27, 1990, pp Nickell, S., D. Nicolitsas, and N. Dryden, Additional Evidence on Equity Ownership and Corporate Value, European Economic Review, 41, 1997, pp OECD, OECD Principles of Corporate Governance, Pagno, M., and A. Röell, The Choice of Stock Ownership Structure: Agency Costs, Monitoring, and the Decision to Go Public, Quarterly Journal of Economics, 113, 1998, pp Rajan, R.G., Insiders and Outsiders: The Choice between Informed and Arm s-length Debt, Journal of Finance, 47, 1992, pp Shleifer, A., and R. Vishny, A Survey of Corporate Governance, Journal of Finance, 52, 1997, pp Tirole, J., Corporate Governance, Econometrica, 69, 2001, pp Vives, X., Corporate Governance: Does it Matter? in X. Vives ed. Corporate Governance: Theoretical and Empirical Perspectives, Cambridge University Press, 2000, pp

40

季刊 企業と法創造 第1巻第4号(通巻第4号)

季刊 企業と法創造 第1巻第4号(通巻第4号) Aoki and Patrick Hoshi and Kashyap ROE 125 ROA Aoki Odagiri Frankl Fruin 126 NEEDS ROE ROA ROE ROEROA ROE ROEIQ ROE ROE ROE 127 128 IQ ROE ROE ROE ROE ROA ROE 129 Miyajima 130 Okazaki Teranishi GHQ % Prowse,

More information

濱田弘潤 : 多角化企業の利潤分析 77 多角化企業の利潤分析 多角化ディスカウントの寡占理論による説明 * 濱田弘潤 (diversification discount) Keywords: JEL classifications: D43, L13, L22, G

濱田弘潤 : 多角化企業の利潤分析 77 多角化企業の利潤分析 多角化ディスカウントの寡占理論による説明 * 濱田弘潤 (diversification discount) Keywords: JEL classifications: D43, L13, L22, G 濱田弘潤 : 多角化企業の利潤分析 77 多角化企業の利潤分析 多角化ディスカウントの寡占理論による説明 * 濱田弘潤 (diversification discount) Keywords: JEL classifications: D43, L13, L22, G34 950-2181 2 8050 Tel. and fax: 025-262-6538 E-mail: khamada@econ.niigata-u.ac.jp

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

坪沼

坪沼 2003 2006 M&A 2006 5 2007 5 TOB TOB TOB TOB 2006 12 TOB Grossman-Hart 1980 TOB free-rider TOB TOB TOB TOB TOB TOB free-rider Grossman-Hart 1980 dilution TOB pressure-to-tender Burkart-Gromb-Panunzi 1998

More information

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-

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- 2 JEL Classification: G21, G14 Key words: e-mail y-murakami@aria.ocn.ne.jp 1 The Effect of Bank Failure on Client Firms A Study on the Hanwa Bank s Failure By Yoshiko Murakami Abstract The financial theories

More information

D F I CP (equity finance) CP (debt finance) ( )

D F I CP (equity finance) CP (debt finance) ( ) 1990 2001 2 26 1 1990 1990 1 1992 4 D F I 50 3 26000 1 2 3 4 5 6 7 2 CP (equity finance) CP (debt finance) 1960 1995 ( ) 1970 60 2 1970 1990 85 CP (disintermediation) 1995-1998 BIS Hoshi et al (1991) 1990

More information

Title Author(s) Kobe University Repository : Kernel 流 動 性 危 機 : レパレッジとモニタリング (< 特 集 > 世 界 金 融 危 機 )(Liquidity Crisis : Leverage and Monitoring ( World Financial Crisis)) 丸 茂, 俊 彦 Citation 国 民 経 済 雑 誌,203(1):107-119

More information

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

4 2 p = p(t, g) (1) r = r(t, g) (2) p r t g p r dp dt = p dg t + p g (3) dt dr dt = r dg t + r g dt 3 p t p g dt p t 3 2 4 r t = 3 4 2 Benefit view dp

4 2 p = p(t, g) (1) r = r(t, g) (2) p r t g p r dp dt = p dg t + p g (3) dt dr dt = r dg t + r g dt 3 p t p g dt p t 3 2 4 r t = 3 4 2 Benefit view dp ( ) 62 1 1 47 2 3 47 2 e-mail:miyazaki@ngu.ac.jp 1 2000 2005 1 4 2 p = p(t, g) (1) r = r(t, g) (2) p r t g p r dp dt = p dg t + p g (3) dt dr dt = r dg t + r g dt 3 p t p g dt p t 3 2 4 r t = 3 4 2 Benefit

More information

M&A の経済分析:M&A はなぜ増加したのか

M&A の経済分析:M&A はなぜ増加したのか RIETI Discussion Paper Series 06-J-034 RIETI Discussion Paper Series 06-J-034 M&A の経済分析 :M&A はなぜ増加したのか 蟻川靖浩 宮島英昭 ( 早稲田大学 RIETI) 2006 年 4 月 要旨 1990 年代以降の M&A の急増の主要な要因は 産業や企業の成長性や収益性へのショックである とりわけ M&A を活発に行っている産業あるいは企業の特性としては

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

Journal of Economic Behavior & Organization Quarterly Journal of Economics Review of Economics and Statistics Internal Labor Markets and Manpower Analysis Economics of Education Review Journal of Political

More information

[ 1 ] Barcena-Ruiz, J. C., and M. P. Espinosa, 1996, Long-term or Short-term Managerial Incentive Contracts, Journal of Economics and Management Strategy 5, 343-359. [2] Barros, F., 1995, Incentive Schemes

More information

6) 7) MBO management buy-out 2 necessity sufficiency ) 21

6) 7) MBO management buy-out 2 necessity sufficiency ) 21 1) 1997 15 02 03 751 1998 8 9 04 1996 16.1% 17.5% 26.9% 64.9% 63.3% 48.9% 2) 02 54.8% 59.0% 61.8% 78.6% 46.5% 1996 17.8% 19.9% 18.7% 42% 11.9% 3) 4) 01 3 1 3 2 03 04 1 TCL 5) Vol. 52, No. 4, October 06

More information

80期期末_表1_web.ai

80期期末_表1_web.ai 80 01 TO OUR SHAREHOLDERS 01 01 02 05 11 12 13 14 Go! Next 60 02 Go! Next 60 03 04 Go! Next 60 TOPICS 05 TOPICS 06 TOPICS 07 TOPICS 08 TOPICS 09 10 TOPICS FINANCIAL REVIEW 2,978 3,054 3,264 387 379 421

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

60 Vol. 44 No. 1 2 準市場 化の制度的枠組み: 英国 教育改革法 1988 の例 Education Reform Act a School Performance Tables LEA 4 LEA LEA 3

60 Vol. 44 No. 1 2 準市場 化の制度的枠組み: 英国 教育改革法 1988 の例 Education Reform Act a School Performance Tables LEA 4 LEA LEA 3 Summer 08 59 I はじめに quasi market II III IV V 1 II 教育サービスにおける 準市場 1 教育サービスにおける 準市場 の意義 Education Reform Act 1988 1980 Local Education Authorities LEA Le Grand 1991 Glennerster 1991 3 1 2 3 2 60 Vol. 44

More information

バーリ&ミーンズの株式会社論

バーリ&ミーンズの株式会社論 The Modern Corporation and Private Property The Modern Corporation and Private Property The journal of Law and Economics Harvard Law Review The Modern Corporation and Private Property Harvard

More information

Winter 図 1 図 OECD OECD OECD OECD 2003

Winter 図 1 図 OECD OECD OECD OECD 2003 266 Vol. 44 No. 3 I 序論 Mirrlees 1971 Diamond 1998 Saez 2002 Kaplow 2008 1 700 900 1, 300 1, 700 II III IV V II わが国の再分配の状況と国際比較 OECD Forster and Mira d Ercole 2005 2006 2001 Winter 08 267 図 1 図 2 2000 2

More information

12056286_03.indd

12056286_03.indd : 82 1 2013 7 2010 2011 1 30 2010 30 2011 30 2010 9 10 11 2011 1 2 1 2010 9 UK UK UK UK UK p. 843 45 82 1 1 UK 9 9 2007-08 UK 30% 30 20%30 150 30 32.5% 2030% p. 843 3 2004-05 5% 5% 75% p. 843 2010 11 1963

More information

アジアの資本移動の変化に関するクラスター分析 アジア域内の証券投資活性化に向けて

アジアの資本移動の変化に関するクラスター分析 アジア域内の証券投資活性化に向けて * ** 199 1 1996-97 relation * ** Seoul conference China and Emerging Asia: Reorganizing the Global Economy? held by KIEP and Seoul National University 26 5 11-12 Hugh Patrick Yung-Chul Park 26 9 9-1 East

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

........,.,.,..,.,.,.,.,.,.,.,., 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

(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

A5 PDF.pwd

A5 PDF.pwd Kwansei Gakuin University Rep Title 日 本 版 不 動 産 投 資 信 託 ( J-REIT) における 利 益 相 反 問 題 Author(s) Kojima, Koji, 児 島, 幸 治 Citation 商 学 論 究, 63(3): 359-375 Issue Date 2016-03-10 URL http://hdl.handle.net/10236/14192

More information

bottleneckjapanese.dvi

bottleneckjapanese.dvi 1 M&A Keywords:,. Address: 742-1, Higashinakano, Hachioji-shi, Tokyo 192-09,Japan fax:+81 426 74 425 E-mail: yangc@tamacc.chuo-u.ac.jp ; yasuokaw@tamacc.chuo-u.ac.jp 1 Yang and Kawashima(2008) 1 2 ( MVI

More information

1 CAPM: I-,,, I- ( ) 1 I- I- I- ( CAPM) I- CAPM I- 1 I- Jensen Fama-French 3 I- Fama-French 3 I- Fama-MacBeth I- SMB-FL, HML-FL Fama-MacBeth 1 Fama-Fr

1 CAPM: I-,,, I- ( ) 1 I- I- I- ( CAPM) I- CAPM I- 1 I- Jensen Fama-French 3 I- Fama-French 3 I- Fama-MacBeth I- SMB-FL, HML-FL Fama-MacBeth 1 Fama-Fr 1 CAPM: I-,,, I- ( ) 1 I- I- I- ( CAPM) I- CAPM I- 1 I- Jensen Fama-French 3 I- Fama-French 3 I- Fama-MacBeth I- SMB-FL, HML-FL Fama-MacBeth 1 Fama-French (FF) 3 [5] (Capital Asset Pricing Model; CAPM

More information

[17]Holmström and Tirole (2000) (1) (2) (1) (2) 1 1 2

[17]Holmström and Tirole (2000) (1) (2) (1) (2) 1 1 2 2002 4 1 1990 1 525-8577 1-1-1. Tel.: 077-561-4855. Fax.: 077-561-3964. E-mail: khori@ec.ritsumei.ac.jp 1 [17]Holmström and Tirole (2000) (1) (2) (1) (2) 1 1 2 MM MM MM MM CP 0 3 1 1990 1970 2 2 1 1 17%

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

text.dvi

text.dvi Abstract JP Morgan CreditMetrics (1) () (3) (4) 1 3 3 4 4 5 10 6 16 1 1 BIS 1 3 1 BIS 1 BIS 1 3 ALM (1) Value at Risk () (3) RAROC (Risk Ajusted Return On Capital) (4) 3 5 6 31 99% (= p ) ~x X Prf~x Xg

More information

To Our Shareholders C O N T E N T S

To Our Shareholders C O N T E N T S To Our Shareholders C O N T E N T S 01 02 03 03 04 04 04 04 04 05 06 07 08 09 10 10 10 11 12 14 01 Financial Highlight 02 Review of Operations 03 Review of Operations 04 05 Review of Operations 06 07 Review

More information

2) 3) 2) Ohkusa, 1996 ; 1999 ; Ohtake and Ohkusa, 1994 ; La Croix and A. Kawamura, Reject American Economic Review, Journal of Political Econom

2) 3) 2) Ohkusa, 1996 ; 1999 ; Ohtake and Ohkusa, 1994 ; La Croix and A. Kawamura, Reject American Economic Review, Journal of Political Econom 1) IOC Major League Baseball s MLB Blue Ribbon Panel Levin et al. 1) Yamamura and Shin, 2005 a ; 2005 b ; 2005 c communication 2) 3) 2) Ohkusa, 1996 ; 1999 ; Ohtake and Ohkusa, 1994 ; La Croix and A. Kawamura,

More information

2 / 24

2 / 24 2017 11 9 1 / 24 2 / 24 Solow, 1957 total factor productivity; TFP 5% 経済成長率の要因分解 4% 3% 2.68% 2.51% 2% 1% 0% 1.63% 1.50% 0.34% 0.42% 0.55% 0.97% 1.14% 0.86% 0.13% -0.59% -0.59% -0.09% 0.01% -1% 1970-80

More information

野村資本市場研究所|アジアの金融競争力(PDF)

野村資本市場研究所|アジアの金融競争力(PDF) 2013 Spring 1. GDP 3 26% 2. 3. 4. GDP 1 GDP 2000 25.4% 2012 10 IMF 1 GDP 28.7%GDP 10.7% 20.3% 2000 2012 10 2 3 2000 2012 4.2 5.4 2 2000 14% 2012 26% GDP 2012 30 10 32003 11 2013 Spring 100% 2 90% 80% 70%

More information

46−ª3�=4�“ƒ‚S“·‚Ö‡¦

46−ª3�=4�“ƒ‚S“·‚Ö‡¦ 463420101 1. 1989, Yoshida and Rasche1990, Rasche1990, 19921997, Fujiki and Mulligan1996, 1996, Sekine1998, 2001, Fujiki2002, 2003, 2004 Bahmani-Oskooee and Shabsigh1996, Amano and Wirjanto2000, Bahmani-Oskooee

More information

p *2 DSGEDynamic Stochastic General Equilibrium New Keynesian *2 2

p *2 DSGEDynamic Stochastic General Equilibrium New Keynesian *2 2 2013 1 nabe@ier.hit-u.ac.jp 2013 4 11 Jorgenson Tobin q : Hayashi s Theorem : Jordan : 1 investment 1 2 3 4 5 6 7 8 *1 *1 93SNA 1 p.180 1936 100 1970 *2 DSGEDynamic Stochastic General Equilibrium New Keynesian

More information

2015 : (heterogenous) Heterogeneous homogeneous Heterogenous agent model Bewley 1 (The Overlapping-Generations Models:OLG) OLG OLG Allais (1

2015 : (heterogenous) Heterogeneous homogeneous Heterogenous agent model Bewley 1 (The Overlapping-Generations Models:OLG) OLG OLG Allais (1 2015 : 27 6 13 1 (heterogenous) Heterogeneous homogeneous Heterogenous agent model Bewley 1 (The Overlapping-Generations Models:OLG) OLG OLG Allais (1947) 2 Samuelson(1958) 3 OLG Solow Ramsey Samuelson

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

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

Title Author(s) Kobe University Repository : Kernel 組 織 改 革 とパフォーマンス : 事 業 部 制 組 織 導 入 に 関 する 実 証 研 究 の 文 献 レビューとカンパニー 制 研 究 へのインプ リケーション 加 登, 豊 / 安 酸, 建 二 / 島, 吉 伸 Citation 国 民 経 済 雑 誌, 189(4): 45-66

More information

ベンチャー・キャピタル投資契約の

ベンチャー・キャピタル投資契約の 2005 8 23 B B IPO 1 VC VB VC 2 VC VB...2... 2 VC VB... 3... 5...7... 7... 8... 9...10... 12... 15... 17 VC 18 VC /...18...21 27...27 VC... 27 VB... 28...28 1... 28 2... 29 3... 29 4... 29 5... 30 6...

More information

Stepwise Chow Test * Chow Test Chow Test Stepwise Chow Test Stepwise Chow Test Stepwise Chow Test Riddell Riddell first step second step sub-step Step

Stepwise Chow Test * Chow Test Chow Test Stepwise Chow Test Stepwise Chow Test Stepwise Chow Test Riddell Riddell first step second step sub-step Step Stepwise Chow Test * Chow Test Chow Test Stepwise Chow Test Stepwise Chow Test Stepwise Chow Test Riddell Riddell first step second step sub-step Stepwise Chow Test a Stepwise Chow Test Takeuchi 1991Nomura

More information

I- Fama-French 3, Idiosyncratic (I- ) I- ( ) 1 I- I- I- 1 I- I- Jensen Fama-French 3 SMB-FL, HML-FL I- Fama-French 3 I- Fama-MacBeth Fama-MacBeth I- S

I- Fama-French 3, Idiosyncratic (I- ) I- ( ) 1 I- I- I- 1 I- I- Jensen Fama-French 3 SMB-FL, HML-FL I- Fama-French 3 I- Fama-MacBeth Fama-MacBeth I- S I- Fama-French 3, Idiosyncratic (I- ) I- ( ) 1 I- I- I- 1 I- I- Jensen Fama-French 3 SMB-FL, HML-FL I- Fama-French 3 I- Fama-MacBeth Fama-MacBeth I- SMB-FL, HML-FL Fama-MacBeth 2, 3, 5 I- HML-FL 1 Fama-French

More information

<90AD8DF489C88A D322E696E6462>

<90AD8DF489C88A D322E696E6462> Graduate School of Policy and Management, Doshisha University 27 2011 11 2011 2011 10 2013 1950 1 1953 12 atoms for peace 2 3 1948 1960 1956 4 1958 1 1955 2 1957 IAEA International Atomic Energy Agency

More information

上場変更と株価:株主分散と流動性変化のインパクト

上場変更と株価:株主分散と流動性変化のインパクト Merton Amihud and Mendelson NASDAQ JASDAQ JASDAQ JASDAQ QUICK E-mailjuno@waseda.jp E-mailshibata-mai@c.metro-u.ac.jp E-mailtakeshi.shimatani@boj.or.jp E-mailtokiko.shimizu@boj.or.jp JASDAQ JASDAQ Merton

More information

PFI

PFI PFI 23 3 3 PFI PFI 1 1 2 3 2.1................................. 3 2.2..................... 4 2.3.......................... 5 3 7 3.1................................ 7 3.2.................................

More information

村本 孜51‐85/51‐85

村本 孜51‐85/51‐85 One for all, all for one. One for all, all for one. ( One for all, all for one. ) One for all, all for one. ( One for all, all for one. ) One for all, all for one. Manes, A. (1877~1963) [2006] p. 37 Raiffisen

More information

Jorgenson F, L : L: Inada lim F =, lim F L = k L lim F =, lim F L = 2 L F >, F L > 3 F <, F LL < 4 λ >, λf, L = F λ, λl 5 Y = Const a L a < α < CES? C

Jorgenson F, L : L: Inada lim F =, lim F L = k L lim F =, lim F L = 2 L F >, F L > 3 F <, F LL < 4 λ >, λf, L = F λ, λl 5 Y = Const a L a < α < CES? C 27 nabe@ier.hit-u.ac.jp 27 4 3 Jorgenson Tobin q : Hayashi s Theorem Jordan Saddle Path. GDP % GDP 2. 3. 4.. Tobin q 2 2. Jorgenson F, L : L: Inada lim F =, lim F L = k L lim F =, lim F L = 2 L F >, F

More information

cover.ai

cover.ai Contents 2 3 4 5 6 To Our Shareholders Review Our Value & Core Competency Strategy What s Next To Our Shareholders 9 10 Business Frontier Data Section 12 14 15 16 17 17 Contents amanaamanagroup Our value

More information

メイン寄せリスクと貸出債権価値の評価:ゲーム論的リアルオプションによるアプローチ

メイン寄せリスクと貸出債権価値の評価:ゲーム論的リアルオプションによるアプローチ 2 i ii RIETI E-mail: tshibata@tmu.ac.jp E-mail: tetsuya.yamada@boj.or.jp / /2008.11 1 1. 2007 2 1 DCF DCF Leland [1994] Mella-Barral and Perraudin [1997] DCF DCF 2 /2008.11 1 1 3 2 Mella-Barral and Perraudin

More information

COE-RES Discussion Paper Series Center of Excellence Project The Normative Evaluation and Social Choice of Contemporary Economic Systems Graduate Scho

COE-RES Discussion Paper Series Center of Excellence Project The Normative Evaluation and Social Choice of Contemporary Economic Systems Graduate Scho COE-RES Discussion Paper Series Center of Excellence Project The Normative Evaluation and Social Choice of Contemporary Economic Systems Graduate School of Economics and Institute of Economic Research

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

インターネットによる情報通信産業の垂直非統合

インターネットによる情報通信産業の垂直非統合 RIETI Discussion Paper Series 01-J-001 RIETI Discussion Paper Series 01-J-001 2001 7 IP(Internet Protocol) JEL classification: L86, O33 * E-mail: ikeda-nobuo@rieti.go.jp 1 2000 WWW(World Wide Web) 30 1

More information

Q A Q A 1

Q A Q A 1 IHI Report Q A Q A 1 Q A Q A To Our Shareholders 2 706 803 42 9 1,030 790 66 17 1,894 1,716 55 103 3 Business Review by Segment 1,350 57 45 1,310 704 34 16 755 103 31 16 41 763 16 10 554 4 Performance

More information

Microsoft Word - Šv”|“Å‘I.DOC

Microsoft Word - Šv”|“Å‘I.DOC 90 ª ª * E-mailshinobu.nakagawa@boj.or.jp i ii iii iv SNA 1 70 80 2 80 90 80 80 90 1 80 90 98 6 1 1 SNA 2 1 SNA 80 1SNA 1 19931998 1 2-190 1,2 2 2-2 2-3,4 3 2-5 4 2030 2-3 3 2-15 97 20 90 2-15 9198 1.

More information

税制改正にともなう家計の所得弾性値 : 高齢者パネルデータによる実証分析

税制改正にともなう家計の所得弾性値 : 高齢者パネルデータによる実証分析 Kwansei Gakuin University Rep Title Author(s) 税制改正にともなう家計の所得弾性値 : 高齢者パネルデータによる実証分析 Uemura, Toshiyuki, 上村, 敏之 ; Kitamura Takayuki, 金田, 陸幸 Citation 経済学論究, 69(4): 1-16 Issue Date 2016-3-20 URL http://hdl.handle.net/10236/14671

More information

遺産相続、学歴及び退職金の決定要因に関する実証分析 『家族関係、就労、退職金及び教育・資産の世代間移転に関する世帯アンケート調査』

遺産相続、学歴及び退職金の決定要因に関する実証分析 『家族関係、就労、退職金及び教育・資産の世代間移転に関する世帯アンケート調査』 2-1. (2-1 ) (2-2 ) (2-3 ) (Hayashi [1986]Dekle [1989]Barthold and Ito [1992] [1996]Campbell [1997] [1998]Shimono and Ishikawa [2002]Shimono and Otsuki [2006] [2008]Horioka [2009]) 1 2-1-1 2-1-1-1 8 (1.

More information

ミクロ・データによる家計行動分析: 将来不安と予備的貯蓄

ミクロ・データによる家計行動分析: 将来不安と予備的貯蓄 subjective measures E-mailkeiko.murata@mfs.cao.go.jp subjective subjective measures Dardanoni Leland waiting option Browning and LusardiEngen and Gruber Carroll and Samwick PSIDPanel Study of Income Dynamics

More information

headquarter Gertner et al. winner-picking Wal-Mart s

headquarter Gertner et al. winner-picking Wal-Mart s CJEB The financial strategies of Japanese multinational enterprises and internal capital market, Columbia Business School, CJEB, Working Paper No., April,. headquarter Gertner et al. winner-picking Wal-Mart

More information

組織の経済学:企業の境界

組織の経済学:企業の境界 2009 11 30 2009 2... 3?... 4 4... 5 6... 7!... 8... 11 12... 13... 14 Fundamental Transformation.... 15... 16... 17... 19... 20.... 21... 22?... 23... 24... 27 28... 29.... 30... 33... 35... 36... 37...

More information

2 DEA Bain Mann Strickland and Weiss Structure Conduct Performance S-C-P Brozen Demsetz

2 DEA Bain Mann Strickland and Weiss Structure Conduct Performance S-C-P Brozen Demsetz 1 2 DEA Bain Mann Strickland and Weiss Structure Conduct Performance S-C-P Brozen Demsetz 3 Ravenscraft Bothwell et. al Smirlock et. al New Industrial Organization NIO New Empirical Industrial Organization

More information

autocorrelataion cross-autocorrelataion Lo/MacKinlay [1988, 1990] (A)

autocorrelataion cross-autocorrelataion Lo/MacKinlay [1988, 1990] (A) Discussion Paper Series A No.425 2002 2 186-8603 iwaisako@ier.hit-u.ac.jp 14 1 24 autocorrelataion cross-autocorrelataion Lo/MacKinlay [1988, 1990] 1990 12 13 (A) 12370027 13 1 1980 Lo/MacKinlay [1988]

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

290 新潟大学経済論集第 92 号 2011-Ⅱ AC 3 A 3 B C

290 新潟大学経済論集第 92 号 2011-Ⅱ AC 3 A 3 B C 齋藤達弘 : 株式会社ブルボンの財務政策 289 株式会社ブルボンの財務政策 齋藤達弘 2011 27 50 8 1991 1993 2009 9 17.5% 2009 1 2011 27 (C) 23530431 1 3% 3 1,022 676 66% 286 28% 59 6% 290 新潟大学経済論集第 92 号 2011-Ⅱ 1 http://www.dir.co.jp/publicity/column/070622.html

More information

Ver. 1.0 (discretion) (revenue management) (fictitious revenue recognition) (window dressing) (fraudulent accounting practice) SEC (General

Ver. 1.0 (discretion) (revenue management) (fictitious revenue recognition) (window dressing) (fraudulent accounting practice) SEC (General 2004.11.25 Ver. 1.0 (discretion) (revenue management) (fictitious revenue recognition) (window dressing) (fraudulent accounting practice) SEC (Generally Accepted Accounting Principles: GAAP) GAAP (realization

More information

IMES DISCUSSION PAPER SERIES Discussion Paper No. 99-J- 9 -J-19 INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN

IMES DISCUSSION PAPER SERIES Discussion Paper No. 99-J- 9 -J-19 INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN IMES DISCUSSION PAPER SERIES Discussion Paper No. 99-J- 9 -J-19 INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN 100-8630 03 IMES Discussion Paper Series 99-J- 9 -J-19 1999 6 * * [1999] *(E-mail:

More information

Brennan, G. and Lomasky, L., Democracy and Decision : The Pure Theory of Electoral Preference, Cambridge: Cambridge U. P., 1993. Campbell, A., Converse, P. E., Miller W. E., and Stokes, D. E., Elections

More information

1990年代以降の日本の経済変動

1990年代以降の日本の経済変動 1990 * kenichi.sakura@boj.or.jp ** hitoshi.sasaki@boj.or.jp *** masahiro.higo@boj.or.jp No.05-J-10 2005 12 103-8660 30 * ** *** 1990 2005 12 1990 1990 1990 2005 11 2425 BIS E-mail: kenichi.sakura@boj.or.jp

More information

aragciv54mac.dvi

aragciv54mac.dvi 2013 3 25 ( 4 ) Modigliani-Miller(1963) 1 1 1 IRR ( ) NPV IRR NPV IRR NPV IRR 100 EBIT 20 20% τ (1 τ) 20% CC tax = S V ρ S + B V (1 τ)ρ B (1) S B V ρ S CAPM 1 ρ B *1 (1) MM *2 ( ) MM MM ( ) MM (1 τ) 20%

More information

デフレ不況下の金融政策をめぐる政治過程

デフレ不況下の金融政策をめぐる政治過程 1991 2003 GDP....................................... http://www.stat.go.jp/ http://www.boj.or.jp/ GDP http://www.esri.cao.go.jp/ GDP - - - inflation targeting Krugman a IS-LM liquidity trap Krugman b Krugman

More information

Public Investment, the Rate of Return, and Optimal Fiscal Policy Economic Growth Pioneering Economic Theory Mathematical Theories of Economic Growth Review of Economic Studiesvol.27 Econometrica vol.34

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

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

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

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

表紙_目次.PDF

表紙_目次.PDF JIL 2 1980 vol.3 15 3 1 3 15 18 IT 26 28 33 20 OECD 80 90 (1998) (2000) 2 Aghion et al. (1999) OECD 1970 1 2 70 1980 90 1.1 Kuznets U inverted U-shaped hypothesis GNP U 1 18901940 6 3 Kuznets(1955) (1963)

More information

untitled

untitled 83 01 01 02 07 09 10 170,356 114,020 56,335 40,058 16,276 4,036 221 20,091 33 461 19,663 7,472 12,190 331 12,521 202,821 135,705 67,115 43,675 23,440 3,460 450 26,451 537 487 26,501 9,801 16,700 68

More information

1 Flores, D. (009) All you can drink: should we worry about quality? Journal of Regulatory Economics 35(1), Saggi, K., and Vettas, N. (00) On in

1 Flores, D. (009) All you can drink: should we worry about quality? Journal of Regulatory Economics 35(1), Saggi, K., and Vettas, N. (00) On in 6 016 4 6 1 1 Flores, D. (009) All you can drink: should we worry about quality? Journal of Regulatory Economics 35(1), 1 18. Saggi, K., and Vettas, N. (00) On intrabrand and interbrand competition: The

More information

keyneshicks4.dvi

keyneshicks4.dvi IS-LM 2008 11 29 1 IS-LM 2 1.1...................................... 2 1.2...................................... 4 1.3......................................... 5 1.4 IS-LM: 1......................................

More information

Title ベンチャー企業の研究開発支出の決定要因 日本と台湾の事例を中心に Author(s) 蘇, 顯揚 Citation 經濟論叢 (1996), 158(1): Issue Date URL Right

Title ベンチャー企業の研究開発支出の決定要因 日本と台湾の事例を中心に Author(s) 蘇, 顯揚 Citation 經濟論叢 (1996), 158(1): Issue Date URL   Right Title ベンチャー企業の研究開発支出の決定要因 日本と台湾の事例を中心に Author(s) 蘇, 顯揚 Citation 經濟論叢 (1996), 158(1): 54-76 Issue Date 1996-07 URL https://doi.org/10.14989/45083 Right Type Departmental Bulletin Paper Textversion publisher

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

7,447 1,384 1,62 6,886 1,474 1,79 23, 4,3 3,2 62% 66% 67% 14,334 2,859 2,142 1

7,447 1,384 1,62 6,886 1,474 1,79 23, 4,3 3,2 62% 66% 67% 14,334 2,859 2,142 1 23 234124331 7,447 1,384 1,62 6,886 1,474 1,79 23, 4,3 3,2 62% 66% 67% 14,334 2,859 2,142 1 A Message from the President 23, 4,3 3,2 19,394 3,338 21,68 1,673 23, 1,931 3,494 846 2,738 1,39 4,349 854 3,392

More information

商学 59‐5・6/1.岡部

商学 59‐5・6/1.岡部 283 revenue management 1990 IT premature revenue recognition opportunism 1 earnings-process Generally Accepted Accounting Principles : GAAP unearned income unrealized income GAAP fictitious revenue recognition

More information

進展するコーポレート・ガバナンス改革と日本企業の再生

進展するコーポレート・ガバナンス改革と日本企業の再生 2 (1) 1990 (2) 90 (3) 80 90 (4) 90 3 ) ) (1) (2) ( ) (3) ( ) 3 3 ) () ( ) ( ) ) ) ( ( ) / arm length relationship ( ) 1 3 1998 (1999 3 ) 98 5-1 1 3 2 59.7( 15.8) 26 6.0 2 ( 9.4) 3 3.0 3 4 1 8.6 19.0( 16.5)

More information

企業価値重視、効率化経営の時代到来へ

企業価値重視、効率化経営の時代到来へ The Era of Emphasis on Corporate Economic Value and Management Efficiency. IGARSHIMasao Nihon University, Graduate School of Social and Cultural Studies The Japanese businesses used to set management goals

More information

産業・企業レベルデータで見た日本の経済成長.pdf

産業・企業レベルデータで見た日本の経済成長.pdf 2003 11 10 IT IT JIP JCER ) 2003 CD-ROM http://www.esri.go.jp/jp/archive/bun/bun170/170index. html 1 JIP Jorgenson, Mun, andstiroh (2002) GDP 2 3 1951 1954 1957 1960 1963 1966 1969 1972 1975 1978 1981

More information

<346B5F BC8CC389AE91E58A A AD985F8F D A967B95B62E696E6462>

<346B5F BC8CC389AE91E58A A AD985F8F D A967B95B62E696E6462> 3 1 2 3 4 1980 NPM 269 2017 329 Le Grand 2008 21 3 1990 voucher quasi-market Steuerle: 4 330 1869 1873 1 19 1917 70 30 Ritzen:329-330 1930 1943 1964 food stamp Steuerle: 120 1955 2 1 Friedman Foundation

More information

導入

導入 CIRJE-J-120 2004 10 CIRJE http://www.e.u-tokyo.ac.jp/cirje/research/03research02dp_j.html ** *** ** okazaki@e.u-tokyo.ac.jp *** masaki@econ.osaka-u.ac.jp - 1 - History of Production Organizations Abstract

More information

,398 4% 017,

,398 4% 017, 6 3 JEL Classification: D4; K39; L86,,., JSPS 34304, 47301.. 1 01301 79 1 7,398 4% 017,390 01 013 1 1 01 011 514 8 1 Novos and Waldman (1984) Johnson (1985) Chen and Png (003) Arai (011) 3 1 4 3 4 5 0

More information

JAPAN SYSTEMS V ision Contents 2 3 5 7 8 9 11 13 14 01

JAPAN SYSTEMS V ision Contents 2 3 5 7 8 9 11 13 14 01 JAPAN SYSTEMS Business Report 38 Total Solution Provider For Innovation BusinessReport 2007 38 2007 JAPAN SYSTEMS V ision Contents 2 3 5 7 8 9 11 13 14 01 To Our Shareholders JAPAN SYSTEMS Business Report

More information

(2004 ) 2 (A) (B) (C) 3 (1987) (1988) Shimono and Tachibanaki(1985) (2008) , % 2 (1999) (2005) 3 (2005) (2006) (2008)

(2004 ) 2 (A) (B) (C) 3 (1987) (1988) Shimono and Tachibanaki(1985) (2008) , % 2 (1999) (2005) 3 (2005) (2006) (2008) ,, 23 4 30 (i) (ii) (i) (ii) Negishi (1960) 2010 (2010) ( ) ( ) (2010) E-mail:fujii@econ.kobe-u.ac.jp E-mail:082e527e@stu.kobe-u.ac.jp E-mail:iritani@econ.kobe-u.ac.jp 1 1 16 (2004 ) 2 (A) (B) (C) 3 (1987)

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

所得税と課税最低限に関する一考察

所得税と課税最低限に関する一考察 1. 2. 2.1 2.2 2.2.1 2.2.2 3. 3.1 3.2 3.3 4. 4.1 4.2 5. 1 1. 1 14 2 1985 3 1981 4 1997 5 2005 325 6 1 2005 19942000 2 http://www.mof.go.jp/singikai/zeicho/tosin/140614c.htm 3 1985p.107 4 1981p.122 5 1997p.232

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