コーポレート・ガバナンスと日本経済:モニタリング・モデル、金融危機、日本的経営

Size: px
Start display at page:

Download "コーポレート・ガバナンスと日本経済:モニタリング・モデル、金融危機、日本的経営"

Transcription

1 / /

2 1 2 A 1 B A 3 B OECD CO2 3 ACGA [2008]. 106 /

3 OECD

4 4 7 A B 2 C D E direct control A vs B vs C vs D vs E vs vs Hopt [2011] p /

5 C D C E 2 2 ) 1 ) 9OECD

6 2 2 1 A E 2 1 A E A E 2 1 A E Piršl [2008] Kraakman et al. [2009] 110 /

7 M&A a b b race to the bottom

8 a b b /

9 5 2 2 EU SRI Gelter [2011]. 15 Ho [2010]. 113

10 EU KonTraG 2002 TransPuG 2006 enlightened shareholder value: ESV Jackson [2011] Duruigbo [2012] 18 Gelter [2011] p market/index en.htm market/company/index en.htm EU market/company/ecgforum/ market/company/advisory/index en.htm 20 UK Companies Act 2006 s. 172 (1). member /

11 ESV 1 OECD OECD Principles of Corporate Governance OECD OECD OECD OECD The Rights of Shareholders and Key Ownership Functions 115

12 OECD C.3..A.4..D.5. 3.C.2..D A.2..A.5. 5.F.-G..A.4. 6.E.-F. 1 OECD 1999.D.5..E /

13 OECD OECD EU OECD Keay [2010] p

14 ESV 3 ESV EU Wen and Zhao [2011]. 28 Kelley Holland, Post financial crisis, B-school education comes under the lens March 15, Michael J. Mauboussin, What Shareholder Value is Really About October 3, must understand what crea.html /

15 30 SWF European Commission [2012]. 31 EU market/company/docs/modern/reflectiongroup report en.pdf Kahan and Rock [2007], Brav et al. [2008], Cheffins and Armour [2011], Bebchuk and Jackson [2012], Gilson and Gordon [2013] % % % % % % %

16 4 1 C E vs vs vs C E C E OECD OECD OECD OECD 120 /

17 34 OECD OECD IOSCO OECD 5 4 OECD OECD lingua franca OECD 2002 European Corporate Governance Institute ECGI 35 ECGI EU ECGI ECGI 6 34 OECD Frequently Asked Questions about the OECD Principles of Corporate Governance OECD OECD corporategovernance.htm OECD

18 OECD Kraakman et al. [2009] p /

19 2 50 SEC enforcement action = = SEC Gordon [2007] pp. 1515ff SEC c Bainbridge [2008] p Eisenberg [1976] pp. 139ff., 169ff

20 ,700 83% 42 CEO GM constituency directors 1956 NYSE NYSE American Bar Association: ABA Business Roundtable BRT NYSE Gordon [2007] pp Gordon [2007] ABA [1976] ABA Section of Corporation [1978] BRT [1978] NYSE 1939 SEC 1974 NYSE 1977 SEC 1978 Gordon [2007] p /

21 1978 ABA 1977 NYSE NYSE 1979 NYSE ABA BRT ABA BRT ABA 3 BRT 4 CEO 3 ABA BRT NYSE CEO Gordon [2007] pp. 1473, Gordon [2007] p

22 SEC 19% % % NYSE NASD SOX NYSE BRT American Law Institute: ALI BRT % 26% 22% % 31% 24% % 34% 25% % 30% 37% % 14% 60% % 15% 69% 48 Gordon [2007] p Gordon [2007] p Gordon [2007] p Gordon [2007] pp. 1480, ALI [1994] 3A ALI ALI Principles Hansen and Sommer [1996] 126 /

23 CEO 55 Jeffrey Gordon 3 2 Stephen Bainbridge 56 5 a b c d e a ABA Institutional Shareholder Services ISS 2002 ISS b c d Gordon [2007] pp CEO 56 Bainbridge [2008] pp.155 ff. 127

24 e SOX Jonathan Macey SEC whistle-blower PE IPO 58 Bainbridge Board Supremacy Model SEC 1970 SEC Macey [2008] p /

25 Gordon BCCI direct control... Bainbridge Bainbridge [2008] pp IBM 61 Committee on the Financial Aspects of Corporate Governance [1992]. 1992a, b

26 para para D nonexecutive directors: NEDs company secretary audit /

27 formal NED 2.1 NED NED 2.3 NED NED NED The majority NED para NED 131

28 ABA BRT BRT ABA BRT ABA ,600 2, para SOX /

29 3 2 90% 5 20% CEO % % 54% 94% 3 CEO 40% CEO 88% NED % a b Conyon [1994]. 69 Rayton and Cheng [2004]. 133

30 CEO 2% % 84% NED CEO Dahya [2005], Cosh, Guest, and Hughes [2007] /

31 4 Aufsichtsrat Aufsichtsrat 1 Vorstand Aufsichtsrat Vorstand 72 Aufsichtsrat Vorstand Aufsichtsrat Vorstand CEO two-tier system one-tier system Gesellschaft Unternehmen 73 Deutscher Corporate Governance Kodex, German Corporate Governance Code; Unternehmen Konzern (Abschluss) prüfer Konzern Konzernabschluss (Abschluss) prüfer Aufsichtsrat Vorstand

32 SPD KonTraG /

33 TransPuG Wirtschaft business ` ` ` `

34 OECD Empfehlungen soll shall Anregungen sollte should kann can soll 64 sollte 13 kann 3 soll sollte / kann 138 /

35

36 /

37 %

38 DAX % 90% 4 D&O /

39 M-DAX % S-DAX % % 85 5 EU soll sollte 2 comply or explain NED NED

40 soll Dcomply or explain 1.1 NED 2.1 NED NED 4 5 NED NED NED NED 6 NED NED NED NED NED 144 /

41 OECD 2 NED 2 EU EU EU 2 4 EU 2005 Commission Recommendation on the Role of Non-Executive or Supervisory Directors of Listed Companies diversity ,000 40% % Women on Boards: Commission proposes 40% objective, IP en.htm pdf 145

42 ABA BRT 3 5 ABA BRT ABA BRT 3 2 SEC SOX /

43 SOX 3 3 ABA BRT 3 5 ABA BRT SEC EU SOX GHQ

44 /

45

46 /

47 International Convergence of Capital Measurement and Capital Standards: A Revised Framework

48 98 G BIS 99 IAIS IOSCO FSB /

49 AIG CDS Financial Services Authority [2009]. 103 Brunnermeier et al. [2009]. 104 French et al. [2010]. 153

50 D /

51 OECD OECD Walker [2009]. 107 OECD [2010]. 108 Basel Committee on Banking Supervision [2010]. 109 FSB [2013] 5 OECD G G30 Group of Thirty [2012] 64.shtml. 155

52 para OECD 2006 paras. 3, 6 1 para para. 13 para a /

53 4 b 5 c D d a adjust b c time horizon d

54 e f para. 132 para. 133 para. 134 para. 136 para. 140 para. 141 para. 142 para. 143 para /

55 paras. 10, CEO 7 159

56 ! # #! ginkou/ html monit/exampolicy/index.htm/ 160 /

57 5 4 4 OECD

58 4 4 OECD company community GHQ Shishido [2000] pp. 201ff /

59 ROS ROA ROE ROE ROA 125 ROE CSR ,

60 D /

61 MOT management of technology MOT CEO COO CEO COO MBA

62 GDP GDP GDP /

63 TFP % % 1995 TFP % TFP ICT 150 TFP TFP TFP TFP TFP 1980 TFP TFP TFP

64 M&A M&A M&A 158 OJT TFP /

65 TFP 1990 TFP

66 ) 1 ) /

67 CEO MBA CEO Landier, Sraer, and Thesmar [2005]. 171

68 168 1 CEO CEO 172 /

69 , % 41.0%

70 /

71 173 4 OB A 175 B A

72 a b 2 c B b c d B /

73 SOX Committee of Sponsoring Organizations of the Treadway Commission: COSO COSO COSO kigyou/tosin/ html 177

74 COSO /

75 html SEC SEC SEC SEC SEC SEC

76 Certified Fraud Examiner: CFE ACFE , ,000 CFE ACFE 1,053 CFE 662 ACFE , eligibility-requirements-for-cfe.php /

77 OECD OECD 188 OECD 189 para OECD OECD

78 2 2 ) 1 ) OECD 2 4 OECD OECD OECD lingua franca OECD G30 OECD Group of Thirty [2012] G /

79 1 OECD 2004 D. E

80 /

81

82 direction control /

83 , % %

84 3 D /

85 CEO % a, b 189

86 A 2 B 3 C D B D A C /

87 direction control 2 OECD

88 comply or explain MOT management of technology /

89 CFE

90 OECD EU OECD /

91 !

92 /

93 a b a b DCGK

94 No.2012-J Exchange Square IT /

95 OECD

96 Asian Corporate Governance Association (ACGA), White Paper on Corporate Governance in Japan, Japan White Paper, American Bar Association (ABA), Corporate Director s Guidebook, Business Lawyer, Vol.32, 1976, pp ABA Section of Corporation, Banking and Business Law s Committee on Corporate Laws, Corporate Director s Guidebook, Business Lawyer, Vol.33, 1978, pp American Law Institute (ALI), Principles of Corporate Governance, American Law Institute Publishers, Bainbridge, Stephen M., The New Corporate Governance: In Theory and Practice, Oxford University Press, Basel Committee on Banking Supervision, Principles for Enhancing Corporate Governance, Bebchuk, Lucian A., and Robert J. Jackson, The Law and Economics of Blockholder Disclosure, Harvard Business Law Review, Vol.2, 2012, pp Brav, Alon, Wei Jiang, Frank Partnoy, and Randall Thomas, Hedge Fund Activism, Corporate Governance, and Firm Performance, Journal of Finance, Vol.63, No.4, 2008, pp Brunnermeier, Markus, Andrew Crocket, Charles Goodhart, Avinash D. Persaud, and Hyun Shin, The Fundamental Principles of Financial Regulation: Geneva Reports on the World Economy 11, Centre for Economic Policy Research, Business Roundtable (BRT), The Role and Composition of the Board of Directors of the Large Publicly Owned Corporation, Business Lawyer, Vol.33, 1978, pp Cheffins, Brian R., and John Armour, The Past, Present, and Future of Shareholder Activism by Hedge Funds, Journal of Corporation Law, Vol.37. No.1, 2011, pp Committee on the Financial Aspects of Corporate Governance, Report of the Committee on the Financial Aspects of Corporate Governance, Conyon, Martin J., Corporate Governance Changes in UK Companies between 1988 and 1993, Corporate Governance, Vol.2, 1994, pp Cosh, Andy, Paul Guest, and Alan Hughes, UK Corporate Governance and Takeover Performance, Centre for Business Research, University of Cambridge Working Paper No.357, Dahya, Jay, Board Composition, Equity Ownership, and Management of the Firm s Assets: A Natural Experiment, Working Paper, Available at SSRN: com/abstractd Duruigbo, Emeka, Stimulating Long-Term Shareholding, Cardozo Law Review, Vol.33, 2012, pp /

97 Eisenberg, Melvin Aron, The Structure of the Corporation: A Legal Analysis, Little, Brown and Company, European Commission, Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions. Action Plan: European Company Law and Corporate Governance a Modern Legal Framework for More Engaged Shareholders and Sustainable Companies, Financial Services Authority, The Turner Review: A Regulatory Response to the Global Banking Crisis, Financial Stability Board, Thematic Review on Risk Governance: Peer Review Report, French, Kenneth R., Martin N. Baily, John Y. Campbell, John H. Cochrane, Douglas W. Diamond, Darrell Duffie, Anil K Kashyap, Frederic S. Mishkin, Raghuram G. Rajan, David S. Scharfstein, Robert J. Shiller, Hyun Song Shin, Matthew J. Slaughter, Jeremy C. Stein, and René M. Stulz, The Squam Lake Report: Fixing the Financial System, Princeton University Press, Gelter, Martin, Taming or Protecting the Modern Corporation? Shareholder-Stakeholder Debates in a Comparative Light, NYU Journal of Law & Business, Vol.7, 2011, pp Gilson, Ronald J., and Jeffrey N. Gordon, The Agency Costs of Agency Capitalism: Activist Investors and the Revaluation of Governance Rights, Columbia Law Review, Vol.113, 2013, pp Gordon, Jeffrey N., The Rise of Independent Directors in the United States, : Of Shareholder Value and Stock Market Prices, Stanford Law Review, Vol.59, 2007, pp Group of Thirty, Toward Effective Governance of Financial Institutions, Hansen, Charles, and A.A. Sommer, Jr., A Guide to the American Law Institute Corporate Governance Project, Business Lawyer, Vol. 51, 1996, pp Ho, Virginia Harper, Enlightened Shareholder Value : Corporate Governance Beyond the Shareholder-Stakeholder Divide, Journal of Corporation Law, Vol.36, No.1, 2010, pp Hopt, Klaus J., Comparative Corporate Governance: The State of the Art and International Regulation, American Journal of Comparative Law, Vol.59, 2011, pp Jackson, Katharine V., Towards a Stakeholder-Shareholder Theory of Corporate Governance: A Comparative Analysis, Hastings Business Law Journal, Vol.7, 2011, pp Kahan, Marcel, and Edward B. Rock, Hedge Funds in Corporate Governance and Corporate Control, University of Pennsylvania Law Review, Vol.155, 2007, pp

98 Keay, Andrew, Stakeholder Theory in Corporate Law: Has It Got What It Takes? Richmond Journal of Global Law and Business, Vol.9, 2010, pp Kraakman, Reinier, John Armour, Paul Davies, Luca Enriques, Henry Hansmann, Gerard Hertig, Klaus Hopt, Hideki Kanda, and Edward Rock, The Anatomy of Corporate Law: A Comparative and Functional Approach (Second Edition), Oxford University Press, Landier, Augustin, David Sraer, and David Thesmar, Bottom-Up Corporate Governance, CEPR Discussion Paper No.5500, Available at SSRN: abstractd Macey, Jonathan R., Corporate Governance: Promises Kept, Promises Broken, Princeton University Press, OECD, Corporate Governance and The Financial Crisis: Conclusions and emerging good practices to enhance implementation of the Principles, Piršl, Krešimir, Trends, Developments, and Mutual Influences Between United States Corporate Law(s) and European Community Company Law(s), Columbia Journal of European Law, Vol.14, 2008, pp Rayton, Bruce A., and Suwina Cheng, Corporate Governance in the United Kingdom: changes to the regulatory template and company practice from , University of Bath School of Management Working Paper Series, Shishido, Zenichi, Japanese Corporate Governance: The Hidden Problems of the Corporate Law and Their Solutions, Delaware Journal of Corporate Law, Vol.25, No.2, 2000, pp Walker, David, A review of corporate governance in UK banks and other financial industry entities: Final recommendations, Wen, Shuangge, and Jingchen Zhao, Exploring the Rationale of Enlightened Shareholder Value in the Realm of UK Company Law - the Path Dependence Perspective, International Trade and Business Law Review, Vol.14, 2011, pp /

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

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

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

More information

Microsoft Word - 査読SP問題110510RR.doc

Microsoft Word - 査読SP問題110510RR.doc JAVCERM Journal [] 2 # 2011_01_Ronko 2010 1 4 2011 5 12 1 2 2 1999 National Bank of Keystone(Keystone), Pacific Thrift and Loan(PLT) FDIC CAMEAL 20 20 1 11 6 2.2 2000 Greenspan FRB 2000 IT IT Greenspan[2004]

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

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

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

東アジアの企業統治と企業法制改革 扉.indd

東アジアの企業統治と企業法制改革 扉.indd IMF IMF IMF - - Organic Act IMF Letter of Intent IMF Corporate Debt Restructuring Advisory Committee CIDRAC Corporate Debt Restructuring Securities and Exchange Commission SEC Stock Exchange of Thailand

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

株主利益の観点からの法規整の枠組みの今日的意義

株主利益の観点からの法規整の枠組みの今日的意義 50 / /2012.1 1 1. 1 2 3 1 2010 21 2 2011 28 29 164 165 3 2010 9 28 http://www.pp/u-tokyo.ac.jp/ CMPP?2010-9-28/index.html 2 /2012.1 4 5 1 4 255 2 22 5 26 2 1 2 10 2 3 5 3 2010 1 2011 7 6 2 6 4 /2012.1

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

A5 PDF.pwd

A5 PDF.pwd Global Reporting Initiative GRI 2013 International Integrated Reporting Council: IIRC IIRC 2013 European Union: EU European Parliament and the Council of the European Union 2014 Public Interest EntitiesPIE

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

board v. Werder, A. 2003: Grundfragen der Corporate Governance, in: Handbuch Corporate Governance. Hrsg P. Hommelhof /K. J. Hopt /v. Werder, A. Stuttg

board v. Werder, A. 2003: Grundfragen der Corporate Governance, in: Handbuch Corporate Governance. Hrsg P. Hommelhof /K. J. Hopt /v. Werder, A. Stuttg Ralf BEBENROTH Unternehmensverfassung Deutscher Corporate Governance KodexDCGK, muss soll sollte kann comply or explain Witt, P. 2004: The Competiton of International Corporate Governance Systems A German

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

長岡慎介  45‐78/45‐78

長岡慎介  45‐78/45‐78 HSBC http://news.bbc.co.uk/2/hi/business/5074068.stm HSBC HSBC Amanah Saadiq [CIBAFI 2005: 10; CIBAFI, 2009: 4; TheCityUK, 2013: 4; IFSB, 2013: 10; IFSB, 2014: 12] [TheCityUK 2013: 1] [UK Trade & Investment

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

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

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

<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

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

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

untitled

untitled Trade and Trade Finance in the 200809 Financial Crisis, IMF Working Paper WP/11/16., Understanding the Great Trade Collapse of 200809 and the Subsequent Trade Recovery, Economic Perspectives, 2Q/2011.

More information

本文/YAZ172P

本文/YAZ172P 2004 2005 2006 2007 Committee of Sponsoring Organizations of Treadway Commission COSO 1992 Internal Control-Integrated Framework COSO 1 1 COSO 2009 7 27 2009 9 11 21 1956 1980 1986 MBA 1980 2006 1990 1993

More information

これからの会計監査

これからの会計監査 18 18 SOX 2002 PCAOB 8 Sarbanes-Oxley Act Of 2002 18 10 1 2 26 16 10 3 18 123 4 23 1890 5 6 23 1948 1927 23 25,000 113 7, 2004., 2006. 14 1881 124 22 1947 23 1948 8 193 9 23 1948 10 11 1960 12 13 41 1966

More information

国際流動性に関する財政的側面について

国際流動性に関する財政的側面について IMF SDR IMF 2011 6 1 2 2011 E-mail: obstfeld@econ.berkeley.edu / /2011.10 35 1. 2007 2009 2 Goodhart [1999] 2010 11 2. 4 1970 IMF 1960 36 /2011.10 international reserve 1 D 35 1 D 35 1960 Eichengreen [2011]

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

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

1

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

More information

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

取引法の観点からみた資金決済に関する諸問題

取引法の観点からみた資金決済に関する諸問題 1 / /2010.1 105 1. 1 1 1 2008 5 2 2008 10 3 1 4 2007 8 1 2008 32 2 2008 5 12 2009 1 2009 2009 3 6 2008 12 2008 3 1842 32 4 2006 10 2009 4 2009 http://www.shojihomu.or.jp/saikenhou/indexja.html 2005 11

More information

GDPギャップと潜在成長率

GDPギャップと潜在成長率 2003 output gap 80 1 20 90 20 70 2 1 2 output gap potential output 1 2 (2001) 3 potential rate of growth 2000 Meyer (2000) European Central Bank: (1999b) 2002 10 4 3 (2000) 4 4 () 5 5 5 6 () () 7 Total

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

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

Ł\”ƒ1PDFŠp

Ł\”ƒ1PDFŠp 73 88 Takeshi MIZUGUCHI This article investigates several studies, proposals and practices regarding environmental accounting and environmental information disclosure. Objects of the investigation include

More information

IMES DISCUSSION PAPER SERIES INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN 100-8660 30 IMES Discussion Paper Series 99-J-45 199912 12 1986 General Agreement of Trade in Service Multilateral

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

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

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

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

米欧における認識中止に関する会計基準と開示規則の動向:リーマン・ブラザーズの「レポ105」を巡る対応を踏まえて

米欧における認識中止に関する会計基準と開示規則の動向:リーマン・ブラザーズの「レポ105」を巡る対応を踏まえて 105 105 105 105 IFRS 105 IFRS IFRS IFRS E-mail: tomohiro.shigemoto@boj.or.jp / /2011.8 73 1. 2008 9 15 1 11 11 2 AntonR.Valukas 3 United States Bankruptcy Court Southern District of New York [2010] 4 105

More information

Winter 2009 No Lower Earnings Limit

Winter 2009 No Lower Earnings Limit 特集 : イギリスの社会保障 - ニューレイバーの 10 年 イギリスの公的 私的年金制度改革 丸谷浩介 I 1 50 1997 II 1. 2 15 Winter 2009 No. 169 8 3 4 1999 1989 8 2. 4 1 2 1 1992 6 16 Lower Earnings Limit1 65 60 1 2 16 2.40 16 2 1 5 1 2 3. 6 1970 State

More information

PDFŠpŒ{Ł¶

PDFŠpŒ{Ł¶ Shinkin Central Bank Monthly Review 2003.12 hinkin Central Bank Monthly Review 200312 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Community Banker 24 25 26 27 28 29 30 31 32 33 34 35 36

More information

商学 68-3☆/5.酒井

商学 68-3☆/5.酒井 275 DHB Industries, Inc. Initial Public Offering IPO Japan Exchange Group 2015 3 31 IPO 1 2010 2 2010p. 17 2006 DHB Industries, Inc.DHB 3 Flyvbjerg2001Extreme/deviant 3 20132016 2016 2016 Case chosen to

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

国際学研究 2‐1☆/目次(2‐1)

国際学研究 2‐1☆/目次(2‐1) Economic Development and Structural Changes : A Look through Productivity and Wages Akira Kohsaka Abstract : This paper examines the dynamisms of structural changes in the process of economic development

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

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

<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

<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

中国引き締め策の対外的影響

中国引き締め策の対外的影響 ito@nli-research.co.jp 2 2003 2004 9.8 47.8 10.7 84.3 3 1 1 4 5 9.6 9.8 47.8 28.6 84 60.2 30.2 7.5 SARS 15.4 338.83 11.9 726.97 42.7 SARS 10.7 12.8 ( ) 10.9 16.1 1997 6 8.7 11.9 20.7 21.6 16.2 17 7 15.3

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

CSR

CSR CSR (CSR) 15 Corporate Social Responsibility CSR CSR CSR 1 CSR CSR CSR 2 CSR CSR CSR CSR 1 CSR51 7, 2004.6, p.2. CSRNo.192, 2004.6, p.1. 1 CSR 3 4 triple bottom line 1997 5 CSR CSR CSR CSR 6 CSRCSR 7 1999

More information

1 CSR EU 2 CSR IT 5 CSR CRS OECD SA ISO CSR CSR 30 CSR 30 CSR 30 CSR 30 0

1 CSR EU 2 CSR IT 5 CSR CRS OECD SA ISO CSR CSR 30 CSR 30 CSR 30 CSR 30 0 1. Corporate Social Responsibility CSR 2. CSR CSR EU CSR 3. CSR IT 4. CSR Socially Responsible Investment SRI CSR CSR 5. SRI CSR SRI 12% CSR NGO SRI SRI CSR CSR 6. OCED SA8000 ISO CSR 7. CSR CSR CSR 1

More information

74-2 岩間

74-2 岩間 128 74 2 21 3 128 134 Journal of the Japanese Association for Petroleum Technology Vol. 74, No. 2 March, 2009 pp. 128 134 Lecture * ** Received February 23, 2009 accepted February 26, 2009 The impact of

More information

物価指数の計測誤差と品質調整手法:わが国CPIからの教訓

物価指数の計測誤差と品質調整手法:わが国CPIからの教訓 CPICPI CPI CPI CPI CPI Economic Perspective Shiratsukaa Consumer Price IndexCPI CPI CPI CPI CPI Advisory Commission to Study the Consumer Price Index 1996Shiratsuka 1999bHoffmann 1998Cunningham 1996 Crawford

More information

034-047_PS1_hattori.indd

034-047_PS1_hattori.indd F e a t u r e GLOCOMCAC- 2 a 1 b 2008 5 19 Roger L. Martin and Sally Osberg [2007], Social Entrepreneurship; the case for definition, Stanford Social Innovation Review, 2007 Spring. i n t e l p l a c e

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

- 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

BJ-No.7 01 三好秀和.indd

BJ-No.7 01 三好秀和.indd Vol. 72013 1 1 AIJ 1 AIJ AIJ AIJ AIJ 1 2 3 4 AIJ 2 1986 1986 1 21986 2007 7 2 Vol. 7 3 4 1986 1986 5 5 6 31981 1984 1986 23 3 23 3 247 502 6 22 17 26.4 19.8 5 4 18 7 12 16 10915 200737 41 AIJ 52007 7 62011

More information

NRI国際年金研究シリーズ

NRI国際年金研究シリーズ NRI Vol.2 2009.9 Contents 04 18 Do Institutional Investors Have Sensible Investment Beliefs? KEES KOEDIJK and ALFRED SLAGER (Rotman International Journal of Pension Management Vol.2) 28 Should Pension

More information

01年譜ほか.indd

01年譜ほか.indd 4 研究業績一覧 1963 1970 P G 1971 1971 1974 11 1976 M 1976 1978 1 33 W. K. Cummings Ikuo Amano Kazuyuki Kitamura 1979 Changes in the Japanese university A comparative perspective Praeger. 1980 1980 48 1982 1984

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

<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

野村資本市場研究所|SWF:行動規範の策定と最近の動向(PDF)

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

More information

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

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

46 RIM 2007 Vol.7 No HSBC WTO 2006

46 RIM 2007 Vol.7 No HSBC WTO 2006 19782006 200716.7 2006 2007 RIM 2007 Vol.7 No.27 45 46 RIM 2007 Vol.7 No.27 2003 HSBC 1978 2006 2007 WTO 2006 RIM 2007 Vol.7 No.27 47 2003 10 92 95 98 99 4,000 20032006 2003 225 AMC 150 joint -stock companies

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

Ronald Dworkin 2 economic approachlofty approach ibid., p. ibid., p. 2.1

Ronald Dworkin 2 economic approachlofty approach ibid., p. ibid., p. 2.1 Abstract When it comes to the state s policy on art and culture, there are two major approaches. One strand of liberal thought emphasizes state neutrality and claim that the state should fund all art and

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

Microsoft Word - 蜀・伐豬ゥ蠕ウ

Microsoft Word - 蜀・伐豬ゥ蠕ウ 862 1 1998 10 1999 4 1 1 2 1998 08 06 5 863 3 1 2 2 1 3 864 1 1 1 100 60 60 20 50 1 2 3 100 100 100 20 20 20 80 80 80 40 40 40 1 2 3 100 100 100 60 0 0 40 100 100 40 20 20 40 10 50 40 10 50 20 50 50 865

More information

32 constructivism Rawls 1971, pp. 137, 158 Rawls 1971, pp Dworkin 2000, p Cohen 1989, p. 931 option luck neutralization Dworkin 200

32 constructivism Rawls 1971, pp. 137, 158 Rawls 1971, pp Dworkin 2000, p Cohen 1989, p. 931 option luck neutralization Dworkin 200 32 2017 p.31 43 VS Rawls 1971 G A reasonably brute luck luck egalitarianism social cooperation social relations egalitarianism veil of ignorance original position 32 constructivism Rawls 1971, pp. 137,

More information

(2) (3) 2 vs vs (9) Edward Mansfield and Jack Snyder, Democratization and War, Foreign Affairs, Vol. 74, No

(2) (3) 2 vs vs (9) Edward Mansfield and Jack Snyder, Democratization and War, Foreign Affairs, Vol. 74, No MEMOIRS OF SHONAN INSTITUTE OF TECHNOLOGY Vol. 39, No. 1, 2005 * Nationalism and National Security Masanori HASEGAWA* This article considers nationalism in terms of national security. Nationalism has been

More information

ERM 2007/12/26 1

ERM 2007/12/26 1 ERM 2007/12/26 1 1. ERM 2. ERM 3. 4. 5. 6. 7. 2007/12/26 2 ERM COSO ERM 2007/12/26 3 ERM 2007/12/26 4 COSO 1985 1980 1985 1987 1992 2004 2007/12/26 5 COSO 2007/12/26 6 ERM CEO CRO) ERM CRO A B C D 2007/12/26

More information

12-特集08.indd

12-特集08.indd 5 2 Journal of Multimedia Aided Education Research 2008, Vol. 5, No. 2, 7383 1 2 Design for All Design for AllEducation for All Participation for All Independence for All 3 Design for AllEducation for

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

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

Walter et al. 2009: 1 Helleiner 1994 Strange 1971: Gilpin 1987: -65 Strange b, 1998c,

Walter et al. 2009: 1 Helleiner 1994 Strange 1971: Gilpin 1987: -65 Strange b, 1998c, 54 2012 77 92 E. Yano Shuichi 2011 11 2008 40 19821997 1998 LTCM 2001 IT 2007 1970 International Political Economy Helleiner 1994 54 2012 Walter et al. 2009: 1 Helleiner 1994 Strange 1971: Gilpin 1987:

More information

IT Information Technology Information and Communication Technology E mail IT -84-

IT Information Technology Information and Communication Technology E mail IT -84- Protection of personal information and privacy Shinako MATSUI* * 17 19 * -83- IT Information Technology Information and Communication Technology E mail 18 15 17 IT -84- -85- 1980 OECD Guidelines on the

More information

仏大 総合研究所・紀要21号☆/1.大藪

仏大 総合研究所・紀要21号☆/1.大藪 PFI Private Finance InitiativeNPM New Public Management NPM NPM New Public Management PPP Public Private Partnership NPM OECD Citizen s Charter ICT performance PPP Public Private Partnership NPM New Public

More information

デフレの定義(最新版).PDF

デフレの定義(最新版).PDF DP/01-1 Director General for Economic Assessment and Policy Analysis CABINET OFFICE E-mail : naoki.okamoto@mfs.cao.go.jp 1 2 3 i (ii) 4 5 Deflation defined as at least two consecutive years of price decreases.

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

654†i”ð‹ä”††j

654†i”ð‹ä”††j Sakai Hironobu 2015 9 28 2 PKO PKO PKO 1 PKO PKO PKO PKO 9 2 9 9 PKO 9 2 2015 9 3 PKO 2015 PKO No. 654 2016 9 17 1 PKO 1 PKO PKO PKO 4 PKO 7 5 PKO 1990 1990 1999 PKO 7 robust PKO 6 2000 3 7 PKO PKO PKO

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

†sŸ_Ł¶†t›ÍŠlŁª(P26†`)/−Ø“‚‡É‡¨‡¯‡é…}…j…t…F…X…gŁ†‰y†`

†sŸ_Ł¶†t›ÍŠlŁª(P26†`)/−Ø“‚‡É‡¨‡¯‡é…}…j…t…F…X…gŁ†‰y†` policy change policy transfer Dolowitz prospective policy evaluationmossberger and Wolman Rose 26 XLVIII DolowitzDolowitz and Marsh analogical model EvansEvans and Davies Methodology Policy community Epistemic

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

Ł\”ƒ1-4

Ł\”ƒ1-4 3 4 5 Activities and Self-assessment 20 9 P-D-C-A 20 20 13 25 20 33 38 evidence 50 52 54 57 61 64 66 Collaboration and Research 73 80 90 95 99 109 113 117 212010 10 100% FD, SD 19 20 P- D-C-A P- D-C-AResearch

More information

商品流動性リスクの計量化に関する一考察(その2)―内生的流動性リスクを考慮したストレス・テスト―

商品流動性リスクの計量化に関する一考察(その2)―内生的流動性リスクを考慮したストレス・テスト― E-mail: shigeru_yoshifuji@btm.co.jp E-mail: fuminobu_otake@btm.co.jp Bangia et al. G Bangia et al. exogenous liquidity risk endogenous liquidity risk et al LTCMLong Term Capital Management Fed G G T

More information

ブック 1.indb

ブック 1.indb Graduate School of Policy and Management, Doshisha University 1 日本の府省における政策評価の実践とアカウンタビリティ 概要 1. はじめに 2001 1 2007 1 2015a 2 2 2010 3 Bovens 2007: 184 2016: 1 2015b: 5 PPBS Planning Programming Budgeting

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

ATM

ATM IoT Internet on Things Fang et al. 2008 Baines et al. 2009 ATM Bitner 1992 Brynjolfsson and MaCafee 2011 Wittel and 2012 Shostack 1977, p 76 IBM p 56 event individual SDL GE A B E D C SDL SDL SDL SDL SDL

More information

‡T

‡T - - 4 - - 5 - - 6 - - 7 - - 8 - - 9 - - 10 - - 11 - - 12 - - 13 1882 1970 ALI ALI demand 33 1970 34 1970 SEC SEC SEC SEC 1963 Gall v. Exxon Corp.,418 F.Supp.508(S.D.N.Y.1976) 35 36 ALI

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

福岡大学 商学論叢 第48巻 第2号

福岡大学 商学論叢 第48巻 第2号 1) 1) 19961 2) 3) 2) 2002a2002b 3) IT 4) 5) 6) 4) direct investment 3 199511 5) 6) Sheldrake1996p.85197887 David A. Hounshellcreator Hounshell,1984p.31. 45Otto Mayr and Robert C. Post Mayr and Post198112

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

07-245_25.indd

07-245_25.indd Paul Pierson 1980 80 2 3 Green-Pedersen 2002: ch.1 ; Green-Pedersen and Haverland 2002; 2004 1970 70 30 30 2004 13f. 30 80 1994 Dismantling the Welfare State?Pierson 1994 96 World Politics The New Politics

More information

わが国銀行業の将来像― 預金通貨需要からのアプローチによるマクロ的サイズの検討―

わが国銀行業の将来像― 預金通貨需要からのアプローチによるマクロ的サイズの検討― M1GDP M2M1 M1GDP M2M1 E-mail: kazuhiko.ishida@boj.or.jp E-mail: hitoshi.mio@boj.or.jp M2GDP Modigliani-Miller: MM Hoshi and Kashyap HKHK HK Quarterly Financial Report for Manufacturing, Mining and Trade

More information

商学 63‐3☆/6.山本

商学 63‐3☆/6.山本 193 W. A. 1 2 3 1 2 WTO FTA TPP D. P. P. W. A. 194 2 3 Lewis 1954 1982, 1987 1999 1 1 2 2 2 1 2 A B 1987 119 1985 Krugman and Obstfeld 2009 19742006 3 W. A. 195 2 1 2 1 1 1 2 1 A a1 a2 * * i ai i 1, 2

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