23_02.dvi
|
|
- ちとら さわまつ
- 5 years ago
- Views:
Transcription
1 Vol. 2 No (Mar. 2009) 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 in order to explain from the investor s psychology the phenomenon that cannot be explained by a finance theory based on the efficient market hypothesis. In this research, we focus on the overconfidence, one of many psychological bias, and analyze the effect of overconfident investors to the stock market by the multi agent simulation. As a result, we found that, according to the increase of overconfident investors in the market, the market dealing increases and the rising trend tends to be seen more often. Moreover, the analysis of the relation between the overconfidence and the rising trend reveals that the rising trend makes the investors more overconfident. 1 Graduate School of Information Sciences, Nagoya University 1. 1),2) 3),4) 5) 1 Shleifer 3) Barber 45% 6),7) 1 1 8) 1 1 9) 4),5) 9) 10 c 2009 Information Processing Society of Japan
2 11 9) Daniel 10) 2. Fama 11) ) ) 13) Shleifer 14) 4) )
3 ),5) 5) 4) Nick Leeson 15) Nick Leeson Belsky 16) 9) α 1 Fig. 1 Multi-layeared perceptron. 0 <α<1 α =0.5 (1) (2) (3) (4) (5) (5) ) 1 hidden output 3 multi-layered perceptron MLP MLP j
4 13 y j = f(η j θ j) (1) n η j = x iω ij (2) i=1 x i ω ij i j θ j f 1 f(η) = (3) 1 + exp( η) n n =1, 2, 3,, 20 MA n MA t = Pt 1 + Pt Pt n k n k (4) k P n k MA k t x teacher x teacher MLP ω θ ) (1) ω (2) x i teacher i i =1, 2,,n (3) x i y output i teacher i E = y output i teacher i 2 (5) (4) ω E ω ω ɛ E (6) ω (5) (2) (6) ɛ ɛ k t Pt k Pt k = F ( x) (7) x =(MA k t,ma k t 1,,MA k t l+1) (8) x l t n k MA k t F 3.3 α 0 <α<1 α = n =20 P σ h σ h = 1 n (u t ū) n (9) ū = 1 n t=1 n u t (10) t=1 u t =log Pt (11) P t ),9) σ s σ s =(1.5 α) σ h (12)
5 14 α (12) α 1 α S t M t 2 Q t Capital asset pricing model CAPM Sharpe ( )/ P t MA t σ s P t >MA t Pt Pt 1 /Pt 1 Q t =(M t/p t) (13) σ s P t <MA t Q t = S t P t P t 1 /P t 1 σ s (14) Zhai 21) (13) (14) S t+1 = S t + Q t (15) M t+1 = M t P t Q t (16) S t+1 = S t Q t (17) M t+1 = M t + P t Q t (18) Q t P t P t α (1) P t (2) Pt Pt ξ = a a s (3) (19) α f(f(α)+ξ) (20) (20) f (3) f a a a =0.1 (19) s p =1/20 p =0.1 (1 α) (21) p (21) α =0.5 p =0.05 = 1/20
6 15 Fig. 2 2 Demand-supply curve. 3 TOPIX2006 Fig. 3 TOPIX ),9) Black 18) Black TOPIX Fig. 4 Prediction of agent for real stock price with 5 days moving average and 20 days moving average ),9) 5000 ɛ =
7 16 Fig Price history in market1. Fig Price history in market Fig. 7 Fig Price history in market Price history in market4.
8 17 Fig Price history in market5. 11 Fig. 11 History of average order amount in case of rising trend. 10 Fig. 10 History of average order amount in case of no rising trend. Fig Volume of dealing of average 20 times in 5 markets Buy Sell
9 18 13 Fig. 13 Price history Fig. 14 Price history in market α =0.9 p =1/ ),19) 12),19) α 3
10 Fig. 15 Price history in market Fig. 17 Frequency distribution of volatility in 5 markets (No rising trend) Fig. 16 Price history in market3. Fig Frequency distribution of volatility in maket4 and market5 (Rising trend). 1 Table 1 Marke Frequency of rising trend. Frequency of rising trend V olatility = P (t) P (t 1) P (t 1) 100 (22) Karpoff
11 Table 2 Each agent s overconfidence after market5 ends of 100 periods. Market s state Average of overconfidence. Ratio of agent of overconfidence over 0.9.(%) No rising trend Rising trend Fig. 19 History of volume of dealing in market5. Volatility 20)
12 21 1) Shefrin, H., Greed, B. and Fear: Finance and the Psychology of Investing, Oxford University Press (2002). 2) (2001). 3) Shleifeer, A.: Ineffect Markets, Oxford University Press (2000). 4) (2003). 5) (2001). 6) Barber, B. and Odean, T.: Boys will be Boys: Gender, Overconfidence and Common Stock Investment, Quartery Journal of Economics, Vol.116, pp (2001). 7) Barber, B. and Odean, T.: Online Investor: Do the slow Die Fast, Review of Financial Studies, Vol.15, pp (2002). 8) (2003). 9) Vol.47, No.5, pp (2006). 10) Dniel, K., Hirshleifer, D. and Subrahmanyam, A.: Investor Psychology and Security Market Under Overreactions, Journal of Finance, Vol.53, pp (1998). 11) Fama, E.: Efficient capital markets: A review of theory and empirical work, Journal of Finance, Vol.25, pp (1970). 12) & (2005). 13) Freidman, M.: Essays in Positive Economics, University of Chicago Press (1953). 14) Shleifer, A. and Vishny, R.W.: The Limits of Arbitrage, Journal of Finance, Vol.52, No.1, pp (1997). 15) N. (1997). 16) G. T. (2000). 17) (1998). 18) Black, F.: Noise, Journal of Finance, Vol.41, pp (1986). 19) (2003). 20) Karpoff, J.: The Relation between Price Change and Trading Volume: A Survey, Journal of Financial and Quantitative Analysis, Vol.22, pp (1987). 21) Zhai, F., Shen, K., Vol.47, No.SIG14(TOM15), pp (2006) ( ) ( ) ( ) Cellular Automata Trefftz IEEE ISBE
130 Oct Radial Basis Function RBF Efficient Market Hypothesis Fama ) 4) 1 Fig. 1 Utility function. 2 Fig. 2 Value function. (1) (2)
Vol. 47 No. SIG 14(TOM 15) Oct. 2006 RBF 2 Effect of Stock Investor Agent According to Framing Effect to Stock Exchange in Artificial Stock Market Zhai Fei, Shen Kan, Yusuke Namikawa and Eisuke Kita Several
More informationFP....10
10 11 1 2 3 4 5 6 12 123 4 1 2 3 4 2 1 13 23 14 Nofsinger, John R., The Psychology of Investing, First Edition, Pearson Education Inc Shefrin, H., Beyond Greed And Fear : Understanding Behavioral Finance
More information1: A/B/C/D Fig. 1 Modeling Based on Difference in Agitation Method artisoc[7] A D 2017 Information Processing
1,a) 2,b) 3 Modeling of Agitation Method in Automatic Mahjong Table using Multi-Agent Simulation Hiroyasu Ide 1,a) Takashi Okuda 2,b) Abstract: Automatic mahjong table refers to mahjong table which automatically
More information[2], [3] Bremer [3] Fortune % Overreaction hypothesis Benou [2] 1 20% [9] 1 [10] 1 [1], [4], [5], [6], [7], [8] [1] [8] [6] [2], [3] stylized f
1,a) 2,3 3,4 2012 1 26, 2012 7 2 1 An Analysis on the Reversal Mechanism for Large Stock Price Declines Using Artificial Markets Isao Yagi 1,a) Takanobu Mizuta 2,3 Kiyoshi Izumi 3,4 Received: January 26,
More informationカルマンフィルターによるベータ推定( )
β TOPIX 1 22 β β smoothness priors (the Capital Asset Pricing Model, CAPM) CAPM 1 β β β β smoothness priors :,,. E-mail: koiti@ism.ac.jp., 104 1 TOPIX β Z i = β i Z m + α i (1) Z i Z m α i α i β i (the
More information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 information4 ( ) NATURE SCIENCE [Battiston 16] 2008 ( ) 5 JPX [ 13] [ 15a, 15b] [ 15,Mizuta 16c] [ 15a, 15b] δt (δt =1) (δt > 1) 4 [ 09, 12] 5 [LeBaron 06,Chen 1
1 Takanobu Mizuta 2 Kiyoshi Izumi 1 SPARX Asset Management Co., Ltd. 2 School of Engineering, The University of Tokyo 1. 2000 2010 1 () ( ) [Farmer 12, Budish 15] [Budish 15] ( ) [Budish 15] : mizutata@gmail.com
More information29 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 information1 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 informationI- 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 informationInput image Initialize variables Loop for period of oscillation Update height map Make shade image Change property of image Output image Change time L
1,a) 1,b) 1/f β Generation Method of Animation from Pictures with Natural Flicker Abstract: Some methods to create animation automatically from one picture have been proposed. There is a method that gives
More information投資家の株式需要関数におけるボラティリティの限界効果と構造変化
Fama Semi-strong form BIS TOPIX Kamesaka, Nofsinger and Kawakita Choe, Kho and Stulz Grinblatt and Keloharju Kang and Stulz Choe et al. Dahlquist and Robertsson Kalev, Nguyen and Oh Froot and Ramadorai
More informationautocorrelataion 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<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 informationIPSJ SIG Technical Report An Evaluation Method for the Degree of Strain of an Action Scene Mao Kuroda, 1 Takeshi Takai 1 and Takashi Matsuyama 1
1 1 1 An Evaluation Method for the Degree of of an Action Scene Mao Kuroda, 1 Takeshi Takai 1 and Takashi Matsuyama 1 The purpose of our research is to investigate structure of an action scene scientifically.
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
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 information03.Œk’ì
HRS KG NG-HRS NG-KG AIC Fama 1965 Mandelbrot Blattberg Gonedes t t Kariya, et. al. Nagahara ARCH EngleGARCH Bollerslev EGARCH Nelson GARCH Heynen, et. al. r n r n =σ n w n logσ n =α +βlogσ n 1 + v n w
More informationAttendance 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 informationVol.8 No (July 2015) 2/ [3] stratification / *1 2 J-REIT *2 *1 *2 J-REIT % J-REIT J-REIT 6 J-REIT J-REIT 10 J-REIT *3 J-
Vol.8 No.2 1 9 (July 2015) 1,a) 2 3 2012 1 5 2012 3 24, 2013 12 12 2 1 2 A Factor Model for Measuring Market Risk in Real Estate Investment Hiroshi Ishijima 1,a) Akira Maeda 2 Tomohiko Taniyama 3 Received:
More informationOECD 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 informationIPSJ SIG Technical Report Vol.2016-CE-137 No /12/ e β /α α β β / α A judgment method of difficulty of task for a learner using simple
1 2 3 4 5 e β /α α β β / α A judgment method of difficulty of task for a learner using simple electroencephalograph Katsuyuki Umezawa 1 Takashi Ishida 2 Tomohiko Saito 3 Makoto Nakazawa 4 Shigeichi Hirasawa
More information2
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 information1 Fig. 1 Extraction of motion,.,,, 4,,, 3., 1, 2. 2.,. CHLAC,. 2.1,. (256 ).,., CHLAC. CHLAC, HLAC. 2.3 (HLAC ) r,.,. HLAC. N. 2 HLAC Fig. 2
CHLAC 1 2 3 3,. (CHLAC), 1).,.,, CHLAC,.,. Suspicious Behavior Detection based on CHLAC Method Hideaki Imanishi, 1 Toyohiro Hayashi, 2 Shuichi Enokida 3 and Toshiaki Ejima 3 We have proposed a method for
More information01-._..
Journal of the Faculty of Management and Information Systems, Prefectural University of Hiroshima 2014 No.6 pp.43 56 43 The risk measure for resilience in the inventory control system Nobuyuki UENO, Yu
More informationスプレッド・オプション評価公式を用いた裁定取引の可能性―電力市場のケース― 藤原 浩一,新関 三希代
403 81 1 Black and Scholes 1973 Email:kfujiwar@mail.doshisha.ac.jp 82 404 58 3 1 2 Deng, Johnson and Sogomonian 1999 Margrabe 1978 2 Deng, Johnson and Sogomonian 1999 Margrabe 1978 Black and Scholes 1973
More information..,,...,..,...,,.,....,,,.,.,,.,.,,,.,.,.,.,,.,,,.,,,,.,,, Becker., Becker,,,,,, Becker,.,,,,.,,.,.,,
J. of Population Problems. pp.,,,.,.,,. Becker,,.,,.,,.,,.,,,,.,,,.....,,. ..,,...,..,...,,.,....,,,.,.,,.,.,,,.,.,.,.,,.,,,.,,,,.,,, Becker., Becker,,,,,, Becker,.,,,,.,,.,.,, ,,, Becker,,., Becker,
More informationConsideration of Cycle in Efficiency of Minority Game T. Harada and T. Murata (Kansai University) Abstract In this study, we observe cycle in efficien
Consideration of Cycle in Efficiency of Minority Game T. Harada and T. Murata (Kansai University) Abstract In this study, we observe cycle in efficiency of Minority Game. The Minority Game is a game when
More informationL Y L( ) Y0.15Y 0.03L 0.01L 6% L=(10.15)Y 108.5Y 6%1 Y y p L ( 19 ) [1990] [1988] 1
1. 1-1 00 001 9 J-REIT 1- MM CAPM 1-3 [001] [1997] [003] [001] [1999] [003] 1-4 0 . -1 18 1-1873 6 1896 L Y L( ) Y0.15Y 0.03L 0.01L 6% L=(10.15)Y 108.5Y 6%1 Y y p L 6 1986 ( 19 ) -3 17 3 18 44 1 [1990]
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
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 information3_23.dvi
Vol. 52 No. 3 1234 1244 (Mar. 2011) 1 1 mixi 1 Casual Scheduling Management and Shared System Using Avatar Takashi Yoshino 1 and Takayuki Yamano 1 Conventional scheduling management and shared systems
More informationŁ\”ƒ1PDFŠp
48 2006 89 103 Keiji ABE This article investigates the first-day return and underwriter s ability on initial public offerings (IPOs). First, we find that, on average, offer prices of 405 IPOs listed on
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
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第62巻 第1号 平成24年4月/石こうを用いた木材ペレット
Bulletin of Japan Association for Fire Science and Engineering Vol. 62. No. 1 (2012) Development of Two-Dimensional Simple Simulation Model and Evaluation of Discharge Ability for Water Discharge of Firefighting
More informationfiúŁÄ”s‘ê‡ÌŁª”U…−…X…N…v…„…~…A…•‡Ì ”s‘ê™´›ß…−…^†[…fiŠ‚ª›Âfl’«
2016/3/11 Realized Volatility RV 1 RV 1 Implied Volatility IV Volatility Risk Premium VRP 1 (Fama and French(1988) Campbell and Shiller(1988)) (Hodrick(1992)) (Lettau and Ludvigson (2001)) VRP (Bollerslev
More informationM&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 information082_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 information2797 4 5 6 7 2. 2.1 COM COM 4) 5) COM COM 3 4) 5) 2 2.2 COM COM 6) 7) 10) COM Bonanza 6) Bonanza 6 10 20 Hearts COM 7) 10) 52 4 3 Hearts 3 2,000 4,000
Vol. 50 No. 12 2796 2806 (Dec. 2009) 1 1, 2 COM TCG COM TCG COM TCG Strategy-acquisition System for Video Trading Card Game Nobuto Fujii 1 and Haruhiro Katayose 1, 2 Behavior and strategy of computers
More informationjohnny-paper2nd.dvi
13 The Rational Trading by Using Economic Fundamentals AOSHIMA Kentaro 14 2 26 ( ) : : : The Rational Trading by Using Economic Fundamentals AOSHIMA Kentaro abstract: Recently Artificial Markets on which
More informationCore Ethics Vol. : - : : : -
Core Ethics Vol... : : : DC Core Ethics Vol. : - : : : - ............ Core Ethics Vol. : : : : :...... : Core Ethics Vol. : .. : : : : Core Ethics Vol. http:// www.psy-jinken-osaka.org/?page_id= : - -
More information2 33,**. + : +/* /++** +/* /++** +/* /++** /** /** F+ +*** F+ +*** / 1*42.,43 /14+,*42 /, , 134,.,43 / 0-41,*42.4, -/41,*43,34,,+4. +
1 BSE *,**+ 3 BSE,**- +23,2 + +,3 3+,**, * 2 33,**. + : +/* /++** +/* /++** +/* /++** /** /** F+ +*** F+ +*** / 1*42.,43 /14+,*42 /,341 24-14+ 24- +-4, 134,.,43 / 0-41,*42.4, -/41,*43,34,,+4. +/4../42,240
More informationQ [4] 2. [3] [5] ϵ- Q Q CO CO [4] Q Q [1] i = X ln n i + C (1) n i i n n i i i n i = n X i i C exploration exploitation [4] Q Q Q ϵ 1 ϵ 3. [3] [5] [4]
1,a) 2,3,b) Q ϵ- 3 4 Q greedy 3 ϵ- 4 ϵ- Comparation of Methods for Choosing Actions in Werewolf Game Agents Tianhe Wang 1,a) Tomoyuki Kaneko 2,3,b) Abstract: Werewolf, also known as Mafia, is a kind of
More informationVol. 3 No (Mar. 2010) An Option Valuation Model Based on an Asset Pricing Model Incorporating Investors Beliefs Kentaro Tanaka, 1 Koich
Vol. 3 No. 2 51 64 (Mar. 2010 1 1 1 An Option Valuation Model Based on an Asset Pricing Model Incorporating Investors Beliefs Kentaro Tanaka, 1 Koichi Miyazaki 1 and Koji Nishiki 1 Preceding researches
More informationFinancial 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日本株式市場における経済レジームファクターの役割
1818 2012 47-67 47 Takuya Tokunaga, Koichi Miyazaki The University of Electro-Communications 1 David(1997) Veronesi$(1999)$ (2010) Veronesi(1999) Merton(1973) Merton(1973) Lo and Wang(2006) (2008) Lo and
More information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:
An Analysis of TV Game Market: From the viewpoints of network externalities and whole of services Masaki Matsumura, Hiroyuki Kurimoto, and Toshio Kobayashi It has been understood that a standard would
More informationJapanese Journal of Applied Psychology
Japanese Journal of Applied Psychology 2015, Vol. 41, No. 1, 65 76 1 1 PAC * Motivational Factors, Valence, and Time Perspectives in Student Job Hunting: A Personal Attitude Construct Analysis of a Female
More informationStudies 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橡
Mein Grad. Eng Univ. Fri'kill, Vol. 61 March 20 I 3) Effects of Saline-Water Volume on Production Performance of Tubular Solar Still Hiroaki TERASAKI*, Takahiro YAMAJI" and Teruyuki FUKUHARA. (Received
More information塗装深み感の要因解析
17 Analysis of Factors for Paint Depth Feeling Takashi Wada, Mikiko Kawasumi, Taka-aki Suzuki ( ) ( ) ( ) The appearance and quality of objects are controlled by paint coatings on the surfaces of the objects.
More informationBB 報告書完成版_修正版)040415.doc
3 4 5 8 KW Q = AK α W β q = a + α k + βw q = log Q, k = log K, w = logw i P ij v ij P ij = exp( vij ), J exp( v ) k= 1 ik v i j = X β αp + γnu j j j j X j j p j j NU j j NU j (
More information2006 [3] Scratch Squeak PEN [4] PenFlowchart 2 3 PenFlowchart 4 PenFlowchart PEN xdncl PEN [5] PEN xdncl DNCL 1 1 [6] 1 PEN Fig. 1 The PEN
PenFlowchart 1,a) 2,b) 3,c) 2015 3 4 2015 5 12, 2015 9 5 PEN & PenFlowchart PEN Evaluation of the Effectiveness of Programming Education with Flowcharts Using PenFlowchart Wataru Nakanishi 1,a) Takeo Tatsumi
More informationIMES Discussion Paper Series 98-J
IMES DISCUSSION PAPER SERIES Discuss ssion Paper No. 98-J-1 INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN IMES Discussion Paper Series 98-J-1 1998 1 E-mail: tokiko.shimizu@boj.or.jp 1. 1.1.
More informationJapanese Journal of Applied Psychology
Japanese Journal of Applied Psychology 2014, Vol. 40, No. 2, 71 81 1) * Donations and Money-Beliefs, Empathy, and Normative Attitudes About Helping after Great East Japan Earthquake Nobuko WATANABE* Relationships
More informationuntitled
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 informationTime Variation of Earthquake Volume and Energy-Density with Special Reference to Tohnankai and Mikawa Earthquake Akira IKAMi and Kumizi IIDA Departmen
Time Variation of Earthquake Volume and Energy-Density with Special Reference to Tohnankai and Mikawa Earthquake Akira IKAMi and Kumizi IIDA Department of Earth Sciences, Nagoya University (Received January
More information1 Web [2] Web [3] [4] [5], [6] [7] [8] S.W. [9] 3. MeetingShelf Web MeetingShelf MeetingShelf (1) (2) (3) (4) (5) Web MeetingShelf
1,a) 2,b) 4,c) 3,d) 4,e) Web A Review Supporting System for Whiteboard Logging Movies Based on Notes Timeline Taniguchi Yoshihide 1,a) Horiguchi Satoshi 2,b) Inoue Akifumi 4,c) Igaki Hiroshi 3,d) Hoshi
More information論 文 Earnings Management in Pension Accounting and Revised Jones Model Kazuo Yoshida, Nagoya City University 要約本稿では退職給付会計における全ての会計選択を取り上げて 経営者の報告利益管理行動
論 文 Earnings Management in Pension Accounting and Revised Jones Model Kazuo Yoshida, Nagoya City University 要約本稿では退職給付会計における全ての会計選択を取り上げて 経営者の報告利益管理行動について包括的な分析を行った 分析の結果 会計基準変更時差異による裁量額が最も大きく 報告利益管理の主要な手段であったことが明らかとなった
More information情報処理学会研究報告 IPSJ SIG Technical Report Vol.2011-MBL-57 No.27 Vol.2011-UBI-29 No /3/ A Consideration of Features for Fatigue Es
1 1 1 1 1 5 1 2 1 A Consideration of Features for Fatigue Estimation by Gait Analysis Using Accelerometer Hidekazu Higashi, 1 Tadashi Shigeoka, 1 Tsuyoshi Itokawa, 1 Teruaki Kitasuka 1 and Masayoshi Aritsugi
More information揃 24 1681 0 20 40 60 80 100 0 21 42 63 84 Lag [hour] Lag [day] 35
Forecasting Model for Electricity Consumption in Residential House Based on Time Series Analysis * ** *** Shuhei Kondo Nobayasi Masamori Shuichi Hokoi ( 2015 7 3 2015 12 11 ) After the experience of electric
More information4 小川/小川
B p p B pp M p T p M p Tp T pt T p T p T p p Tp T T p T p T pt p Tp p p p p p p p p T p p T T M M p p p p p p T p p p T T p T B T T p T T p T p T T T p T p p T p Tp T p p Tp T p T Tp T T p T p T p T p
More informationdvi
2017 65 2 185 200 2017 1 2 2016 12 28 2017 5 17 5 24 PITCHf/x PITCHf/x PITCHf/x MLB 2014 PITCHf/x 1. 1 223 8522 3 14 1 2 223 8522 3 14 1 186 65 2 2017 PITCHf/x 1.1 PITCHf/x PITCHf/x SPORTVISION MLB 30
More information03_松村悠実子.indd
7 2015 pp. 29~40 STUDIES IN ART 7 Bulletin of Tamagawa University, College of Arts 2015 Leading Research Analyses and Comparison of Research in Gender and Dance Education 2014 Matsumura (2014) has found
More informationAtkinson, J. W., Heyns, R. W., & Veroff, J. 1954 The effect of experimental arousal of the affiliation motives on thematic apperception. Journal of Abnormal and Social Psychology, 49, 405 Horner, M. S.
More informationIPSJ SIG Technical Report Vol.2009-BIO-17 No /5/26 DNA 1 1 DNA DNA DNA DNA Correcting read errors on DNA sequences determined by Pyrosequencing
DNA 1 1 DNA DNA DNA DNA Correcting read errors on DNA sequences determined by Pyrosequencing Youhei Namiki 1 and Yutaka Akiyama 1 Pyrosequencing, one of the DNA sequencing technologies, allows us to determine
More informationFig. 3 Flow diagram of image processing. Black rectangle in the photo indicates the processing area (128 x 32 pixels).
Fig. 1 The scheme of glottal area as a function of time Fig. 3 Flow diagram of image processing. Black rectangle in the photo indicates the processing area (128 x 32 pixels). Fig, 4 Parametric representation
More information2 ( ) 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 information22 Google Trends Estimation of Stock Dealing Timing using Google Trends
22 Google Trends Estimation of Stock Dealing Timing using Google Trends 1135064 3 1 Google Trends Google Trends Google Google Google Trends Google Trends 2006 Google Google Trend i Abstract Estimation
More informationHi-Stat Discussion Paper Series No.248 東京圏における 1990 年代以降の住み替え行動 住宅需要実態調査 を用いた Mixed Logit 分析 小林庸平行武憲史 March 2008 Hitotsubashi University Research Unit
Hi-Stat Discussion Paper Series No.248 東京圏における 1990 年代以降の住み替え行動 住宅需要実態調査 を用いた Logit 分析 小林庸平行武憲史 March 2008 Hitotsubashi University Research Unit for Statistical Analysis in Social Sciences A 21st-Century
More informationVol.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浜松医科大学紀要
On the Statistical Bias Found in the Horse Racing Data (1) Akio NODA Mathematics Abstract: The purpose of the present paper is to report what type of statistical bias the author has found in the horse
More informationIchiro KATO In the previous paper, The Tasks and Composition of the Public Fiscal 1 written by Ichiro Kato The Economic Journal of Taka
117 2 Ichiro KATO In the previous paper, The Tasks and Composition of the Public Fiscal 1 written by Ichiro Kato The Economic Journal of Takasaki City University of Economics44-4, the writer introduced
More information272 11) 12) 1 Barrera 13) 1fl social embeddedness 2fl perceived support 3fl enacted support 3 14) 15) 3 2fl 13) 16;17) 1 14;15;18 21) 2 22;23) 4 24;25
Vol. 13 No. 2 2003 271 281 I Λ1 Λ2 I 162 II 286 3 4 1 > 2 3 1) 13 11 36 1 275 1 7 21 2;3) 17 4 6) 7;8) 9) 10) Λ1 Λ2 701-0193 288 271 272 11) 12) 1 Barrera 13) 1fl social embeddedness 2fl perceived support
More information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 informationIsogai, T., Building a dynamic correlation network for fat-tailed financial asset returns, Applied Network Science (7):-24, 206,
H28. (TMU) 206 8 29 / 34 2 3 4 5 6 Isogai, T., Building a dynamic correlation network for fat-tailed financial asset returns, Applied Network Science (7):-24, 206, http://link.springer.com/article/0.007/s409-06-0008-x
More informationa) Extraction of Similarities and Differences in Human Behavior Using Singular Value Decomposition Kenichi MISHIMA, Sayaka KANATA, Hiroaki NAKANISHI a
a) Extraction of Similarities and Differences in Human Behavior Using Singular Value Decomposition Kenichi MISHIMA, Sayaka KANATA, Hiroaki NAKANISHI a), Tetsuo SAWARAGI, and Yukio HORIGUCHI 1. Johansson
More information<332D985F95B62D8FAC93638BA795DB90E690B62E706466>
No.50 pp.5568, 2014 Komazawa Journal of Geography Geography of Religion in Postwar Japan (2) ODA Masayasu 1 10 200211 1219972006 Keywords: geography of religion, Bibliography of Geography, Islam, sacred
More informationVol. 42 No. SIG 8(TOD 10) July HTML 100 Development of Authoring and Delivery System for Synchronized Contents and Experiment on High Spe
Vol. 42 No. SIG 8(TOD 10) July 2001 1 2 3 4 HTML 100 Development of Authoring and Delivery System for Synchronized Contents and Experiment on High Speed Networks Yutaka Kidawara, 1 Tomoaki Kawaguchi, 2
More information2 I- I- (1) 2 I- (2) 2 I- 1 [18] I- I-. 1 I- I- Jensen [11] I- FF 3 I- FF 3 2 2.1 CAPM n ( i = 1,..., n) M t R i,t, i = 1,..., n R M,t ( ) R i,t = r i
1 Idiosyncratic,, Idiosyncratic (I- ) I- 1 I- I- Jensen I- Fama-French 3 I- Fama-French 3 1 Fama-French (FF) 3 [6] (Capital Asset Pricing Model; CAPM [12, 15]) CAPM ( [2, 10, 14, 16]) [18] Idiosyncratic
More information...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 information16
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雇用不安時代における女性の高学歴化と結婚タイミング-JGSSデータによる検証-
日 本 版 General Social Surveys 研 究 論 文 集 [6] JGSS で 見 た 日 本 人 の 意 識 と 行 動 JGSS Research Series No.3 JGSS Women s Higher Education and Marriage Timing in an era of employment uncertainty Yuko NOZAKI Graduate
More information258 5) GPS 1 GPS 6) GPS DP 7) 8) 10) GPS GPS 2 3 4 5 2. 2.1 3 1) GPS Global Positioning System
Vol. 52 No. 1 257 268 (Jan. 2011) 1 2, 1 1 measurement. In this paper, a dynamic road map making system is proposed. The proposition system uses probe-cars which has an in-vehicle camera and a GPS receiver.
More information1970). 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& 3 3 ' ' (., (Pixel), (Light Intensity) (Random Variable). (Joint Probability). V., V = {,,, V }. i x i x = (x, x,, x V ) T. x i i (State Variable),
.... Deeping and Expansion of Large-Scale Random Fields and Probabilistic Image Processing Kazuyuki Tanaka The mathematical frameworks of probabilistic image processing are formulated by means of Markov
More information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 informationbosai-2002.dvi
45 B-2 14 4 Annuals of Disas. Prev. Res. Inst., Kyoto Univ., No. 45 B-2, 22 5 m 5 m :,,, 1. 2. 2.1 27 km 2 187 km 2 14 % 77 % 47 7, 9 2, 54 6 7, 9 16, 57 8 1, 9 47 2 1 57 5 2.2 45 2 Fig. 1 2 2.3 Fig. 2
More information22 2016 3 82 1 1
: 81 1 2 3 4 1990 2015 22 2016 3 82 1 1 83 : 2 5 84 22 2016 3 6 3 7 8 2 : 85 1 S 12 S S S S S S S S S 86 22 2016 3 S S S S S S S S 2 S S : 87 S 9 3 2 1 10 S 11 22 2016 3 88 1 : 89 1 2 3 4 90 22 2016 3
More information2001 2001 1999 2001 2.1 2001 2002 124
123 133 2002 The Influence of Investing Securities and Retirement Allowance on Stock Market Valuation Yasuo HOSHINO, Institute of Policy and Planning Sciences, University of Tsukuba Kenji HAYASHI, Graduate
More informationThe Annual Report of Educational Psychology in Japan 2008, Vol.47, 148-158 Qualitative Research in Action:Reflections on its Implications for Educational Psychology Yuji MORO (GRADUATE SCHOOL OF COMPREHENSIVE
More information24 POP POP (1) (2) POP (1976) (1980) (2001) (2001) (2011) (1994) (1999) (2004) (1999) (2006) (2011) (2012) (2010) (3) (4)
2017 10 23 46. J. Osaka Aoyama University. 2017, vol.10, 23-46. * History of Japanese popular music -A study on the nearly one century time after the Meiji Era- Hisao NAGAOKA Osaka Aoyama Gakuen Summary
More informationIPSJ SIG Technical Report Pitman-Yor 1 1 Pitman-Yor n-gram A proposal of the melody generation method using hierarchical pitman-yor language model Aki
Pitman-Yor Pitman-Yor n-gram A proposal of the melody generation method using hierarchical pitman-yor language model Akira Shirai and Tadahiro Taniguchi Although a lot of melody generation method has been
More information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 information2 251 Barrera, 1986; Barrera, e.g., Gottlieb, 1985 Wethington & Kessler 1986 r Cohen & Wills,
2014 25 1 1 11 1 3,085 100 1 1988 e.g., 2000 3 e.g., 2005; 1999 100 1960 100 2012 2 6 23 1 98.2 1999 1999 3 65.3 1999 1996 1 21 e.g., 1999 3 1 2 251 Barrera, 1986; 1993 1 2 2001 3 2001 Barrera, 1981 1993
More informationY-...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 informationVol.2.indb
74 Migration Policy Review 2010 Vol.2 75 76 Migration Policy Review 2010 Vol.2 77 78 Migration Policy Review 2010 Vol.2 79 80 Migration Policy Review 2010 Vol.2 81 82 Migration Policy Review 2010 Vol.2
More information