ベンチャー・キャピタル投資契約の

Size: px
Start display at page:

Download "ベンチャー・キャピタル投資契約の"

Transcription

1 B B

2 IPO

3 1 VC VB VC 2 VC VB VC VB VC 18 VC / VC VB i

4 ii

5 VB 1 VC VB VC VB VB VC VC VC 1 VC VC VC VC VC VC VB VC VC 2 VC VB 1 1

6 VC 3 VC VC VB VC private information 1 shirking 2 2

7 2 VC 2 VC GP VC VC LP LP VC 1 VC VB VC VB 3 VC VB Reid [1998] Chan, Siegel and Thankor [1990]Lambert [1986] VC VB 4 Duffner [2003]Reid [1998]Smith and Smith [2004] VC VB VC VB VB VC 2 3 Smith [1998] VB VC 4 Reid [1998] 3

8 VB VC VB VB perquisite VB shirking Jensen and Meckling [1976] 100 VB VC 5 VC VB VC VB VB VC VC VC Smith and Smith [2004] VC VB VB VC 5 Jensen and Meckling [1976] VC VB Smith and Smith [2004] 4

9 VC 6 VB VC VC VB 7 Jensen and Meckling [1976] 2 VC VB Hellmann and Puri [2000]Hellmann and Puri [2002] VC VB VC 8 Smith and Smith [2004] VB VC VB 6 VB 7 VC Smith and Smith [2004] 8 VB 5

10 Smith and Smith [2004] VC Smith and Smith [2004] VB VC Spence [1973] VB VC VC VC VC VB Klein, Crawford and Alchian [1978] GM GM Fisher Body VC VB VC VB 9 9 Duffner [2003] 6

11 VC VC VB VB VB VC 3 3 VC VC VB VC VC VB VB IPO VC VB VC 2 Sahlman [1990] VC VB Neher [1999] VC 10 VB VB VB 10 Neher [1999] 7

12 Neher [1999] Wang and Zhou [2004] [2002] VC Gompers [1995] Kaplan and Strömberg [2003] VB VC VB VC VC VB VC VC 1 VB VB VB VC Lerner and Hardymon [2002] 1 1 VC 8

13 VC VC IPO VB Berglöf [1994]Marx [1998] VC VB Kaplan and Strömberg [2003] VC % VB 550 VB 400 1, % % 2 VC VC 600 VC Smith and Smith [2004] Smith and Smith [2004] VC VC VB VC 1000 VC VC 2 3 human capital Smart [1998] VC VC 9

14 VC Kaplan and Strömberg [2003] VC VC VB 2 2 VC 1 cash flow rights, risly claims 1 control rights VC Cestone [2002] VC VB VB VC VB IPO VC VC Kaplan and Strömberg [2003] VC 18% 1 3 VC 14 VC VB

15 conversion right automatic conversion liquidation preference redemption right antidilution provision* right of first refusal right of co-sale preemptive right IPO stock restriction agreements* use of proceeds registration rights exclusivity dividend preference right to maintain* voting rights right to elect directors# antidilution provision* right of co-sale right of first refusal automatic conversion stock restriction agreements* preemptive right conversion right exclusivity board representation and meeting# right to maintain* observer right information and inspection right board representation and meeting# key person insurance protective provisions nondisclosure agreement IPO noncompetition agreement vesting provisions representation and warranty redemption right due diligence vesting provisions noncompetition agreement * # 11

16 3 3 3 VC VB VC VB VC VB VC VB VB VB VC VB IPO VB VC VB VC VB VC VC 12

17 VC VC IPO conversion rightsipo automatic conversion provision 11 Kaplan and Strömberg [2003] 95.9% Kaplan and Strömberg [2003] IPO VC IPO VB VC VC 15 VCVB VC VB 1 VC 2 VC VB VB 15 13

18 3 IPO VC VC IPO 4 IPO IPO liquidation cash flow rights VB IPO VC VC VB VC VB Kaplan and Strömberg [2003] VC 1 redemption rights VC VB Kaplan and Strömberg [2003] 78.7% VC 5 VC 16 anti-dilution protection VB 16 14

19 17 Kaplan and Strömberg [2003] 95% 19.3% 75.6% Lerner and Hardymon [2002] right of first refusal VB VC VB VC VC VB VC 17 VC VB 15

20 VC VC voting rights board 1 1 class voting [2000] VC VB Kaplan and Strömberg [2003] VC VB 5 2 VC VC VC 16

21 VC VC VB VC non-compete clause VB VB VB VB VC VB VB Kaplan and Strömberg [2003] 70 vesting provision VB VB VB VB Kaplan and Strömberg [2003] VC 17

22 VC 2 VC VC VC Kaplan, Martel and Strömberg [2004] VC VC VC VC 80% 19 VC VC 30 VC 2 VC VC 1990 VC VC VC VC 6 VC [2002] VC [2002] VC [1997] % 18

23 + (100%) (76%) 18% 27% (13%) (92%) (93%) (39%) 27% 42% (25%) (75%) (67%) (79%) B C C A A A 2 * % 17% 19% 16% 33% 100% 37% 79 22% 0% 14% 0% 0% 0% 20% 10 47% 78% 62% 85% 58% 0% 40% 5 53% 65% 78% 54% 44% 100% 50% % 6% 19% 31% 44% 0% 0% 10 16% 29% 0% 0% 11% 0% 12% 26% 6% 0% 0% 25% 67% 43% 47% 89% 100% 92% 75% 0% 10% # B C C B A * 67% A B C 100% # [2004] 2>=A > >=B >= >C >= Hamao, Packer and Ritter [2000] [2002] [2004] 19

24 2003 VC100 VC [2003][2004] VC 4 Hamao, Packer and Ritter [2000] VC 4 IPO 21 VC 2 2 VC 11 VC ABC [2002] VC VB VC VC VB [2002] VC 76% 39% B VC VC C 2 VB Hamao, Packer and Ritter [2000] VC VB IPO 10 VC VB VC IPO VB Hamao, Packer and Ritter [2000] VC VB VB 21 [1996]

25 IPO VC VB VC IPO IPO VC VB VB certification [2002] VB VB VC VB [2002] VC VC VC VC Hamao, Packer and Ritter [2000] VC VC VC 5.5% VC 4.3% VC 8.4% IPO IPO 2 VC VC 2 VC 2 VC VC 2 23 VC 23 Black and Gilson [1998] VC 21

26 VB 24 VC VC 1990 VB 1 VC 1990 VB [1996] 1993 VC 20% 80% 25 VC VC VC VC VC 1 1 VC VC VB VC VC 2 24 Smith and Smith [2004] % % [2006 ] 22

27 2 VC VC 1990 VB IPO IPO M&A IPO 26 IPO 27 VB IPO VC VC VC VB IPO IPO VC 3 3 VC IPO IPO VC VC VB VC IT VB VC VC IT VB VC [2006 ] 27 [1998] 28 VB 3 [2006 ] 23

28 4 IT VB VC VC VC VC VC VB VB VC VB VC 5 5 VC 2 VC VC 2 VC VC 90% 100% % 80% 6 6 VC 2 VC

29 VC VC 7 7 VC VC 29 VC VC VC 8 8 VC VC Kaplan, Martel and Strömberg [2004] VC VC VC VB VC VC Kaplan, Martel and Strömberg [2004] 29 25

30 VC 2 VC VC VC 9 9 VC VC VB VC VC IPO VC IPO VC VB VC IPO 3 VC 26

31 VC VC VC13 17 VC VC VB IT VC VC

32 VC VC VB 2 IT 1 1 VC VB 4 VC 2 IT 1 1 VC 5 VB A B IT (2) 2002 (2) (3) IPO 12 IT VC VC VC % 100% Kaplan and Strömberg [2003] VC 28

33 78.7% 81.7% 1 2 VC1 VB VC Kaplan and Strömberg [2003] IPO IPO IPO VB 3 4 IT VB VC 4 VC 4 1 VC VC VC VC VC VC VC VC VC 29

34 VC VC 4 VC VC 5 VC 17 8 VC 5 4 VC VC IT VB VB VB 5 6 VC VC

35 IPO VC VB 3 VC 4 VC VC 8 9 VC

36 9 10 VC VC VC 3 1 VC 1 1 VB VC IPO 3 VB 3 2 VC

37 VC VB VB VC VC VC VC VC VC VC VC 2 VC 1990 VC IPO VB IPO VC IPO VC VC VC IT VB VC 33

38 Kaplan and Strömberg [2003] VC VC VC 7 A VB VC VC 1 1 VC VC VC VC VC VC VC VC VB VC VB 34

39 VC VC VB [2001] VC VB 35

40 IPO * 9 A B C C A B C B A C B A A B C C C 1 1 * 7 9 A4 7 B1 4 C 36

41 Aghion, P. and Bolton, P. [1992], An Incomplete Contracts Approach to Financial Contracting, Review of Economic Studies, 59, Alchian, A.A. and Demsetz, H. [1972], Production, Information Costs, and Economic Organization, American Economic Review, 62, Bagley, C.E. and Dauchy, C.E. [2003], The Entrepreneur s Guide to Business Law, 2 nd Ed., West Legal Studies in Business (Thomson Learning). Bergemann, D., and Hege, U. [1998], Venture Capital Financing, Moral Hazard, and Learning, Journal of Banking and Finance, 22, Berglöf, E. [1994], A Control Theory of Venture Capital Finance, Journal of Law, Economics, and Organization, 10, Black, B.S. and Gilson, R.J. [1998], Venture Capital and the Structure of Capital Markets: Banks Versus Stock Markets, Journal of Financial Economics, 47, Cestone, G. [2002], Venture Capital Meets Contract Theory: Risky Claims or Formal Control? Discussion Paper Series, Centre for Economic Policy Research. Chan, Y.S., Siegel, D.R. and Thakor, A.V. [1990], Learning, Corporate Control and Performance Requirements in Venture Capital Contracts, International Economic Review, 31, Dewatripont, M. and Tirole, J. [1994], A Theory of Debt and Equity: Diversity of Securities and Manager-Shareholder Congruence, Quarterly Journal of Economics, 109, Duffner, S. [2003], Principal-Agent Problems in Venture Capital Finance, WWZ/Department of Finance, Working Paper No. 11/03. Fama, E. and Jensen, M., [1983], Separation of Ownership and Control, Journal of Law and Economics, 26, Gompers, P. [1995], Optimal Investment, Monitoring, and the Staging of Venture Capital, Journal of Finance, 50, Hamao, Y., Packer, F. and Ritter, J.R. [2000], Institutional Affiliation and the Role of Venture Capital: Evidence from Initial Public Offerings in Japan, Pacific-Basin Finance Journal, 8, Hart, O. and Moore, J. [1994], A Theory of Debt Based on the Inalienability of Human Capital, Quarterly Journal of Economics, 109, Hellmann, T. and Puri, M. [2000], The Interaction Between Product Market and Financial Strategy, The Role of Venture Capital, Review of Financial Studies, 13, Hellmann, T. and Puri, M. [2002], Venture Capital and the Professionalization fo Start-up Firms: Empirical Evidence, Journal of Finance, 57, Jason, C., Frank, C. and Sue, E. [2004], Attitudes of Venture Capital Investors Towards Entrepreneurs with Previous Business Failure, Lancaster University Management School Working Paper. Jensen, M.C. and Meckling, W.H. [1976], Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics, 3,

42 Kaplan, S, N., Martel, F. and Strömberg, P. [2004], How Do Legal Differences and Learning Affect Financial Contracts? National Bureau of Economic Research Working Paper Kaplan, S, N., and Strömberg, P. [2000], Venture Capitalists as Principals: Contracting, Screening, and Monitoring, National Bureau of Economic Research Working Paper Kaplan, S, N., and Strömberg, P. [2003], Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts, Review of Economic Studies, 70, Kaplan, S, N., and Strömberg, P. [2004], Characteristics, Contracts, and Actions: Evidence from Venture Capitalist Analyses, Journal of Finance, 59, Klein, B., Crawford, R.G., and Alchian, A.A. [1978], Vertical Integration, Appropriable Rents, and the Competitive Contracting Process, Journal of Law and Economics, 21, Lambert, R.A. [1986], Executive Effort and Selection of Risky Projects, Rand Journal of Economics, 17, Lerner, J. and Hardymon, F. [2002], Venture Capital and Private Equity: A Casebook, Volume II, John Wiley and Sons, Inc. [2004] Marx, L.M. [1998], Efficient Venture Capital Financing Combining Debt and Equity, Review of Economic Design, 3, Neher, D.V. [1999], Staged Financing: An Agency Perspective, Review of Economic Studies, 66, Reid, G.C. [1998], Venture Capital Investment: An Agency Analysis of Practice, Routledge. Sahlman, W. A. [1990], The Structure and Governance of Venture-Capital Organizations, Journal of Financial Economics, 27, Smart, G.H. [1998], Management Assessment Methods in Venture Capital: Towards a Theory of Human Capital Valuation, Babson College Frontiers of Entrepreneurship Research. Smith, D. G. [1998], Venture Capital Contracting in the Information Age, Journal of Small and Emerging Business Law, 2, Smith, R.L. and Smith, J.K. [2004], Entrepreneurial Finance 2 nd ed., John Wiley and Sons, Inc. [2004] Spence, M. [1973], Market Signaling: Information Transfer in Hiring and Related Processes, Cambridge, MA: Harvard University Press. Tirole, J. [1999], Incomplete Contracts: Where Do We Stand? Econometrica, 67, Triantis, G. G. [2001], Financial Contract Design in the World of Venture Capital, University of Chicago Law Review, 68, Wilmerding, A. [2003], Deal Terms: The Finer Points of Venture Capital Deal Structures, Valuations, Term Sheets, Stock Options and Getting Deals Done (Inside the Minds), Aspatore Books. [2001] 34 38

43 2 : 3376 [2002] [2000] [1997] [1998] No.1505 [2000] No.1559 [1997] [2006 ] M.J. [1999] [2002] 22 2 : [2004] 15 [2002] 13 [1991] [1996] [1996] 39

44 VC conversion right automatic conversion IPO liquidation preference redemption right 35 VB VC antidilution provision M&A ratchet provision weighted average ratchet provision VB right of first refusal right of co-sale preemptive right IPO stock restriction agreements use of proceeds registration rights exclusivity dividend preference VB VB IPO VC VB VC VC VC VB VB VC VC SEC IPO VB VC VC VC VB 40

45 right to maintain voting rights right to elect directors board representation and meeting observer right VB information and inspection right VB protective provisions VB VB key person insurance VB VC VC VB VC nondisclosure agreement IPO VB VB noncompetition provisions VB vesting provisions VB VB VB VB VB VB 41

46 representation and warranty due diligence VB VC VB VB VC VC VB VC VC VB VB VC VC VC Kaplan and Strömberg Smith [2003] and Smith [2004] Wilmerding [2003] [2002] [1997] 42

4402ALL-“Å‘I

4402ALL-“Å‘I 442 2007 7 IPO VC BO VC BO M&A IPO MBO VC IPO BO restructuring reorganization recapitalization VC BO GDP GDP VC 10 VC VC30 2002 12 http://www.jvca.jp/2007 3 171-8588 1-5-1 TEL DI 03-5992-4382 Fax 03-5992-1007

More information

株式保有構成と企業価値 ─コーポレート・ガバナンスに関する一考察─

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

More information

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

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

[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

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

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

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

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

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

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

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

(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

橡motonishi.PDF

橡motonishi.PDF 2000 3 ITME Discussion Paper No.26 850-8506 4-2-1 moto@net.nagasaki-u.ac.jp 1 1 MRF 1 (2000) 2 MRF 2 Schreft (1997) 3 2 Tobin (1985) Friedman (1992) 3 3 4 5 3 4 5 2 White (1984) 1 4 (1996) (1999) (1999)

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

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

More information

, 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

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

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

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

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

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

OSIPP40_p1_2.eps

OSIPP40_p1_2.eps 2006 年 秋号 No.40 1 2 Asia-Pacific Financial Markets Review of Pacific Basin Financial Markets and Policies Studies on a Second Generation of Disequilibrium Economics International Economic Integration and

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

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

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

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2章 対日投資と多国籍企業の戦略について

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2章 対日投資と多国籍企業の戦略について OLI 2-1. 2-1-1. 10% 2-1-2. 20 Hymer 1960 1 2 2 1 Vernon 1966 Smith 1987 Jacquemin 1985 21 Buckley & Casson 1976 Teece 1977 arm s-length internalize 2-1-3. OLI 40 OLI Dunning 1979 2 OLI 3 O: Ownership specific

More information

論文08.indd

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

More information

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

RIETI Highlight VOL.25

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

More information

金/金

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

More information

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

銀行の不良債権問題と資本市場の経営監視機能 鹿野嘉昭

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

More information

ディスクロージャーの実効性確保

ディスクロージャーの実効性確保 Tamar Frankel, Implied Rights of Action, Virginia Law Review, Vol.67, No.3, p.555 (1981). Larry E. Ribstein, Market vs. Regulatory Responses to Corporate Fraud: A Critique of the Sarbanes-Oxley Act of

More information

公的機関が関与した企業再生支援

公的機関が関与した企業再生支援 14 56 2004.10 corporate control right debt overhang 4, 1998, p.253., p.263., 2000, p.44. 2004.10 57 DES DDS DES DDS 10 11 Hold out, 2000, pp.215-226, p.44. N 1265, 2004.4.1, pp.25-26. Coase theorem Ronald

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

untitled

untitled MMRC DISCUSSION PAPER SERIES MMRC-J-7 COE 2004 3 COE E-mail: miyazaki@gbrc.jp 2004 3 ( ) (, 2003; Ulrich, 1995) (2002) 1 Langlois and Robertson (1992) (2001) (Baldwin & Clark, 2000; Sanchez, 2000; Sanchez

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

<テーマ>

<テーマ> 1 2 3 4 1 2004 12 2 1261 8 (2004) 3 ( ) 1261 19 (2004) 4 5 6 1 7 8 9 10 11 12 1 13 14 15 2 16 1718 19 20 21 22 23 24 25 26 5 ( )15 (1988) () ( ) 95 208 (1991) 6 ( ) 374 2)(2002) 7 ( 8 )80 8 119 (1965)

More information

OSIPPニュースレター.indd

OSIPPニュースレター.indd Osaka School of International Public Policy OSIPP NEWSLETTER Vol.60 Spring 2012 OSIPP NEWSLETTER vol.60 01 02 OSIPP NEWSLETTER vol.60 OSIPP NEWSLETTER vol.60 03 04 OSIPP NEWSLETTER vol.60 The basic economics

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

[ 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

untitled

untitled Discussion Paper Series No. J73 2006 4 ... 2... 3... 6... 9...12...15 1 2 Christensen and Raynor,2003,2002 ;,2005 2 POS POS 2003 2005 36 POS 32 2003 8 2005 12 29 32 42 3 DVD 42 32 DVD 3 1.20 1.00 0.80

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

repocost.PDF

repocost.PDF 178 2 10 8 39-52 (tax planning) [Scholes and Wolfson,1992] (tax cost saving hypothesis) (accounting choice) (economic consequences) (financial reporting costs) (1) (financial reporting cost hypothesis)

More information

JAPAN MARKETING JOURNAL 114 Vol.29 No.22009

JAPAN MARKETING JOURNAL 114 Vol.29 No.22009 Japan Marketing Academy JAPAN MARKETING JOURNAL 114 Vol.29 No.22009 JAPAN MARKETING JOURNAL 114 Vol.29 No.22009 JAPAN MARKETING JOURNAL 114 Vol.29 No.22009 JAPAN MARKETING JOURNAL 114 Vol.29 No.22009 JAPAN

More information

Ł\”ƒ1PDFŠp

Ł\”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

Change in Organization Mode and Asymmetric Personal Information via Corporate Group Management Resolution 1 asymmetric information,2003a symmetric ign

Change in Organization Mode and Asymmetric Personal Information via Corporate Group Management Resolution 1 asymmetric information,2003a symmetric ign ISSN 1347-5495 Business Research No. 50 2003 12 11 Change in Organization Mode and Asymmetric Personal Information via Corporate Group Management Resolution 1 asymmetric information,2003a symmetric ignorance

More information

ÿþbÎW'Yf[

ÿþbÎW'Yf[ 2007 (Porter, 1980) Wernerfelt, 1984 1984 Barney, 1986 SWOT IBM (Gerstner, 2002 ; Ghosn and Ries, 2003) (Chandler, 1962) (fit) (Galbraith and Nathanson, 1978) (Galbraith, 2002) 2001 (balanced scorecard)

More information

金融規制における課徴金制度の抑止効果と法的課題

金融規制における課徴金制度の抑止効果と法的課題 D&O D&O E-mail: kazutoshi.sugimura@boj.or.jp / /2015.7 143 1. 1 2 3 4 2 5 6 1 2005 13 2 3 6 2 172 2007 31 2 34 21 2 4 2005 40 172 2 1 1 25 3 28 24 301 5 175 1 2 6 2005 13 144 /2015.7 7 8 fairness retribution

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

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

JAPAN MARKETING JOURNAL 116 Vol.29 No.42010

JAPAN MARKETING JOURNAL 116 Vol.29 No.42010 JAPAN MARKETING JOURNAL 116 Vol.29 No.42010 JAPAN MARKETING JOURNAL 116 Vol.29 No.42010 JAPAN MARKETING JOURNAL 116 Vol.29 No.42010 JAPAN MARKETING JOURNAL 116 Vol.29 No.42010 JAPAN MARKETING JOURNAL 116

More information

商学 66‐2☆/3.大原

商学 66‐2☆/3.大原 390 2013 von Hippel, 2005 Nishikawa, Schreier and Ogawa, 2013 International open and user innovation workshop 391 1999 1 2 3 4 1 Tidd & Bessant, 20132001 3 2 NPO 2013 1 ips 20132013 392 2 4P 1 Schumpeter,

More information

中国の家計所得と消費構造に関する分析

中国の家計所得と消費構造に関する分析 20 9 2001 12 WTO 80 ...3...6...10...14... 14... 16 20 2003 3 13 625 9,500 3,000 200 825 9,000 2 4 4,000 2002 6 90 1 1 2002 1 1978 0.16 2001 0.32 20 2002 2001 0.51 household localization 2001 12 WTO 2006

More information

... PC................................................... keio.jp... Web... Web........................ AV....................................................................................... 1 .....

More information

Kobe University Repository : Kernel タイトル Title 著者 Author(s) 掲載誌 巻号 ページ Citation 刊行日 Issue date 資源タイプ Resource Type 版区分 Resource Version 権利 Rights DOI フランチャイズ方式による海外進出 : 実証研究の展望 (International Market Entry

More information

Management Of Technology 1

Management Of Technology 1 Management Of Technology Management Of Technology 1 1.1 1.2 1.2.1 1.2.2 1.3 1.4 [ ] 2.1 2.1.1 2.1.2 2.2 2.3 [ : ] 3.1 3.2 4.1 4.2 5.1 5.2 6.1 6.1.1 6.1.2 6.2 2 7.1 7.2 7.3 [ ] 8.1 8.2 8.2.1 8.2.2 8.3 8.4

More information

第42巻第1号【論説】銀行経営研究序説

第42巻第1号【論説】銀行経営研究序説 42 1 2003 5 45 1 2 1 2 3 3 1 2 3 1) 10 2) 1) 19972 9 2) 46 42 1 3) 4) 1 5) 6) 7) 8) 3) 4) 1 5) 6) 7) 8) 47 9) 10) 11) 2 1 1997 12) 3 2 2 9) 95 97 98 10) 2002 11 11) 1997 2000 12) 19976 7 48 42 1 2 19971997

More information

2009 年 4 月 14 日掲載承認 IPO の過小値付け現象 新しい解釈の試み 金子 隆 IPO IPO IPO PO PO IPO IPO IPO IPO Initial Public Offering IPO Offering IPO going public

2009 年 4 月 14 日掲載承認 IPO の過小値付け現象 新しい解釈の試み 金子 隆 IPO IPO IPO PO PO IPO IPO IPO IPO Initial Public Offering IPO Offering IPO going public Powered by TCPDF (www.tcpdf.org) Title IPOの過小値付け現象 : 新しい解釈の試み Sub Title A new interpretation of the IPO underpricing : inaccuracy premium hypothesis Author 金子, 隆 (Kaneko, Takashi) Publisher 慶應義塾大学出版会 Publication

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

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

More information

商学 66‐1☆/16.田口

商学 66‐1☆/16.田口 251 1 2, 3 4, 5 2 1 2005 stakeholder agent p.13 2005 2009, 2011, 2012, 2013 b, 2014 Taguchi et al.2013 Aoki2001, 201019962010 2014 2013! 252 2 " " " " 6 " " " " 7 2! 3 p.5 2013 2011201120132012 Aoki20012004

More information

IMES DISCUSSION PAPER SERIES Discussion Paper No. 99-J-17 INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN 100-8630 203 IMES Discussion Paper Series 99-J-17 1999 6 * JEL classification E52 E58

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

<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

untitled

untitled P-VAR IT 1 Porter, 19851990 2 Hammer and Champy, 1993 3 1 2 Slywotzky, 1997 Porter1985 Hamel and Prahalad, 1994 Christensen2003 2000 Fine1998 4 5 2003 3 6 7, 2001, p.8 4 8 9 Boulding, 1956 5 10 IT e-words

More information

大学論集第42号本文.indb

大学論集第42号本文.indb 42 2010 2011 3 279 295 COSO 281 COSO 1990 1 internal control 1 19962007, Internal Control Integrated Framework COSO COSO 282 42 2 2) the Committee of Sponsoring Organizations of the Treadway committee

More information

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

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

More information

公務員倫理問題への新アプローチ

公務員倫理問題への新アプローチ OECD CPI CPI CPI CPI CPI CPI / GDP / / / /.............................. Transparency International Corruption Perception Index CPI CPI 30 25 20 15 10 5 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

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

59-1・2 鳥居昭夫・春日教測 .pwd

59-1・2 鳥居昭夫・春日教測 .pwd logit JEL Classifications: D10, M30, L82 Wilbur 2008 Shishikura et al. 2018 and de Gracia 2012 Bayraktaroglu et al. 2018 Carare and Zentner 2012 Carare and Zentner 2012 Train et al. 1987 Hendel 1999 Spence

More information

⑤香取 徹.indd

⑤香取 徹.indd 77 割引現在価値モデルの理論と有効性 Theory and Efficiency of Discounted Present Value Model Toru Katori FCF EVA FCF EVA RI 1 はじめに 1980 Free Cash Flow: FCF Copeland et. Al 19901990 Economic Value Added: EVA Stewart 1991

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

_™rfic

_™rfic 512008 14 Ikeda Yukinori This paper examines accounting for stock issuing cost. Series of transactions from stock issuance to payment of stock issueing cost need to consider by dividing into three elements;

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

わが国企業による株主還元策の決定要因:配当・自社株消却のインセンティブを巡る実証分析

わが国企業による株主還元策の決定要因:配当・自社株消却のインセンティブを巡る実証分析 * youichi.ueno@boj.or.jp ** naohiko.baba@boj.or.jp No.05-J-6 2005 4 103-8660 30 No.05-J-6 2005 4 * ** 1990 1 2 1990 * E-mailyouichi.ueno@boj.or.jp ** E-mailnaohiko.baba@boj.or.jp 1 1990 1 1990 1 [2004]

More information

_01野口.indd

_01野口.indd : NPO 83 4 2015 3 1. 1998 NPO NPO NPO NPO NPO 2.NPO 1 NPO 2007 12 2011 4 NPO NPO 2011 3 11 NPO NPO NPO 1 1998 NPO NPO 2 2 NPO NPO NPO NPO 3 83 4 1NPO NPO NPO https://www.npo - homepage.go.jp/portalsite/syokatsutyobetsu_ninshou.html12

More information

村本 孜71‐89/71‐89

村本 孜71‐89/71‐89 MERITUM RICARDIS OECD https://www.jicpa knk.ne.jp/download/image/index.html EU (intellectual capital rating) BCP OECD IR ex.) ex.) ex.) ex.) http://www.meti.go.jp/policy/intellectual_assets/index.htm (intellectual

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

社会システム研究21_ 畠山.indd

社会システム研究21_ 畠山.indd Dunning E-mailba042002@ed.ritsumei.ac.jp Dunning OLI Dunning OLI OLI FDIForeign Direct Investment Dunning OLI OLI ParadigmDunning OLI Ownership-Specific Advantages Location Specific Advantages Internationalization

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

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

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

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

野村資本市場研究所|ベイルインの導入に向けた検討-破綻時に債権の損失吸収を図る新たな措置-(PDF)

野村資本市場研究所|ベイルインの導入に向けた検討-破綻時に債権の損失吸収を図る新たな措置-(PDF) 1. SIFI 2. EU 1 FDIC G20 FSB 3. 4. FSB 2012 8 G20 88 2012 6 EU EU bail-in 1 ICB 2 write-down SIFI SIFI SIFI bail-out SIFI G20 too big to fail 2010 6 G20 SIFI 1 3 2011 11 FSBG20 1 2 3 2012 ICB PLAC 2011

More information

海保英孝223‐241/223‐241

海保英孝223‐241/223‐241 1. (2005, 2006) (Balanced Scorecard, BSC) (Performance Management) BSC Harvard Business Review Kaplan and Norton (1992) Analog Devices Arthur M. Schneiderman 2000; SchneidermanKaplan and Norton (2000)

More information

中小企業の量的成長と質的成長 Size Growth and Capability Growth by Small Firms 髙橋美樹 (Miki Takahashi) 企業の成長には2つの側面があり 従業員数や資本金 売上高でみた量的な側面と イノベーション創出能力あるいは組織能力でみた質的な側

中小企業の量的成長と質的成長 Size Growth and Capability Growth by Small Firms 髙橋美樹 (Miki Takahashi) 企業の成長には2つの側面があり 従業員数や資本金 売上高でみた量的な側面と イノベーション創出能力あるいは組織能力でみた質的な側 Powered by TCPDF (www.tcpdf.org) Title 中小企業の量的成長と質的成長 Author 髙橋, 美樹 (Takahashi, Miki) Publisher 慶應義塾大学出版会 Jtitle 三田商学研究 (Mita business review). Vol.56, No.6 (2014. 2),p.133-142 Abstract 企業の成長には2つの側面があり,

More information

Constitution State colonies Provisions State Nutmeg State Land of Steady Habits Quinnehtukqut Quinnihtukqut Nautilus American Turtle Yankee Omi Omi Shonin Edo The Theory of Environmental Policy A Listing

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

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

03.™ƒ−ÔŁñ“’

03.™ƒ−ÔŁñ“’ BIS BIS, Implications for Central Banks of the Development of Electronic Money, 1996. IC IC IC BC BA IC IC ATM ATM BIS POS IC IC ICICIC ECOM ECOM face-to-face IC Berger, A. N., D. Hancock, and J. C.

More information

本邦株式市場の流動性に関する動学的考察―東京証券取引所のティック・データ分析―

本邦株式市場の流動性に関する動学的考察―東京証券取引所のティック・データ分析― tightnessdepth resiliency BIS Market Liquidity: Research Findings and Selected Policy Implications BISWorld Wide Web http://www.bis.org E-mail: jun.muranaga@boj.or.jp Muranaga and Shimizu O Hara Muranaga

More information

Microsoft Word - 荳ク闌ゆソ雁スヲ

Microsoft Word - 荳ク闌ゆソ雁スヲ 179 1 2 3 4 2007 2009 ABCP 1 2007 2009 ABCP rollover risk 2 funding liquiditymarket liquidity 2 Brunnermeier and Pedersen20092007 2009 2007 2009 Krishnamurthy20102007 2009 2 2 5 6 2.58.5A /A3 520 CMO!

More information

財政赤字の経済分析:中長期的視点からの考察

財政赤字の経済分析:中長期的視点からの考察 1998 1999 1998 1999 10 10 1999 30 (1982, 1996) (1997) (1977) (1990) (1996) (1997) (1996) Ihori, Doi, and Kondo (1999) (1982) (1984) (1987) (1993) (1997) (1998) CAPM 1980 (time inconsistency) Persson, Persson

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

海外市場参入研究アプローチの概観 

海外市場参入研究アプローチの概観  Abstract Foreign market entry analyses are important research fields not only in international management, but also in international marketing. There are two categories of foreign market entry analyses.

More information

1 1 1 [2000]

1 1 1 [2000] * 2000 7 26 1 1 1 [2000] 1 2 1 2 2 1 B to C 250000 億円 200000 日本米国 213,200 150000 100000 50000 0 153,600 106,900 71,100 66,620 42,700 43,860 22,500 26,940 15,340 645 3,360 7,730 1998 年 1999 年 2000 年 2001

More information

野村資本市場研究所|JOBS法の成立と米国IPO市場の今後の動向(PDF)

野村資本市場研究所|JOBS法の成立と米国IPO市場の今後の動向(PDF) JOBS IPO 1. IPO the Jumpstart Our Business Startups Act, JOBS 2012 4 5 JOBS IPO 2. Regulation 144A Emerging Growth CompaniesEGC 404(b) 3. EGC JOBS IPO JOBS 4. JOBS NASDAQ IPO JOBS JOBS IPO 125 2012 Autumn

More information