PowerPoint プレゼンテーション

Size: px
Start display at page:

Download "PowerPoint プレゼンテーション"

Transcription

1

2

3 J-REIT J-REIT Debt Equity 90 Equity Equity Equity Equity Equity Equity J-REIT

4

5

6

7

8

9 J-REIT

10

11

12

13

14 The National Council of Real Estate Investment Fiduciaries

15 NOI BMV + 0.5* CI 0.5* PS 0.33* NOI BMV ( EMV BMV ) + PS CI + 0.5* CI 0.5* PS 0.33* NOI EMVEnding Market Value BMVBeginning Market Value PSPartial Sales CICapital Improvement or Expenditures / NOINet Operating Income

16 CI PS

17 NOI NOI 1/3NOI2/3 1/3NOI1/3 1/3NOI0/3 0.33NOI NOI PS CI BMV * *.5* 0 +

18 CI PS NOI 6

19 6 6 NOI 1/6NOI5/6 1/6NOI4/6 1/6NOI3/6 1/6NOI2/6 1/6NOI1/6 1/6NOI0/ *NOI t BMV + 0.5* CI 0.5* PS * NOI

20 BMV + NOI 0.5* CI 0.5* PS * NOI ( EMV BMV ) + PS CI BMV + 0.5* CI 0.5* PS * NOI (

21 J-REIT

22 J-REIT

23 J-REIT

24 J-REIT

25 J-REIT

26 <

27 < - 8.3

28

29

30

31

32 (1993 (1993) a( 1 a) k k : NCREIF : a :

33 (1993 a a

34 NCREIF Geltner(1993) NAREIT REIT

35 NAREIT REIT p, t = =, t ( = E, t E,t P { 1 } D, t E P E ( NAREIT = (, t ( )

36

37 J-REIT 2 13 A J-REIT B A B

38 J-REIT

39 J-REIT

40 A ) = (t) ) t SEC REAL(t) j j A1 = (t) ) t SEC REAL(t) j j = (t) ) t SEC REAL(t) j j A2 A3 REAL(t) SEC(tj) (t)

41 B = 6 0 ) ( j) REAL(t ) SEC( t t = ) ( j) REAL(t ) SEC( t t = 12 0 ) ( j) REAL(t ) SEC( t t B1 B3 SEC(t) REAL(tj) (t) B2

42 A 10%

43

44

45

46

47

48 Barkham, R and Geltner, D (1995), Price Discovery in American and British Property Markets, Real Estate Economics 23:pp Geltner, D (1993) Estimating Market Values from Appraised Value without Assuming an Efficient Market Journal of Real estate Research Vol.8, No.3 pp Geltner, D and Joe V. Rodriguez (1997) Public and Private Real Estate: Performance Implications for Asset Allocation R.Garrigan and J.Parsons, editors. Real Estate Investment Trusts.Mcgraw-Hill, New Yorkpp Myer, N. and Webb, J.1994 Retail Stocks, Retail REITs and Retail Real Estate, The Journal of Real Estate Research Vol.9, No.1: pp Joseph L. Pagliari Jr, Kevin A. Scherer, and Richard T. Monopoli (2005) Public Versus Private Real Estate Equities: A More Refined Long-Term Comparison Real Estate Economics33:pp Timothy J. Riddiough, Mark Moriarty, and P.J. Yeatman (2005) Privately Versus Publicly Held Asset Investment Performance Real Estate Economics 33:pp

1 2 2 3 2 J-REIT 18 (1) J-REIT (2) (3) 20 30 J-REIT 1 18 108 2 100 3 2,000 4 39 1 40 1 41 1 43 2 5 2

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

80024622 1996 Science for Open and Environmental Systems 80024622 KIKUCHI, Atsushi Optimal Asset Allocation with Real Estate The institutional investors such as life insurance companies, trust banks, and

More information

L 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

L 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

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

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

Vol.171 2004.9.15 14 100 5 10 15 52 53 55 1 7 55 58 63 3 26 53 3 6 9 2 3 6 9 6 52 53 55 3 9 5 1 7 10 14 4 12 8 11

Vol.171 2004.9.15 14 100 5 10 15 52 53 55 1 7 55 58 63 3 26 53 3 6 9 2 3 6 9 6 52 53 55 3 9 5 1 7 10 14 4 12 8 11 Vol.170 2004.9.9 9 17 9 17 1000 8 10 9 17 14:00 17:00 30 28 Vol.171 2004.9.15 14 100 5 10 15 52 53 55 1 7 55 58 63 3 26 53 3 6 9 2 3 6 9 6 52 53 55 3 9 5 1 7 10 14 4 12 8 11 9.17 10 15 38 51 53 55 6 2

More information

Microsoft Word - よくわかるDC制度の活用法(第4回目)修正版.docx

Microsoft Word - よくわかるDC制度の活用法(第4回目)修正版.docx DC 4 DC DC DC 2 JIS&T NRK 2 JIS&T 1 1 3 NRK JIS&T 1 JIS&T DC 2 2 JIS&T DC 3 3 NRK DC Web Web Web DC 4 Web DC DC 35 15 15 35 25 10 15 30 5 6 7 8 18.3 21.4 1 1 12 26 11 18 1 9 DC DC DC 16 DC DC 10 TOPIX

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

平成19年度税制改正要望(変更版)

平成19年度税制改正要望(変更版) 2 J-REIT 3 10 10 SPC SPC 1,200 SPC CMBS CMBS SPC 4 50 SPC SPC 90 J-REIT J-REIT J-REIT 10 (10) 10 7% 3% 19 12 31 20 3 31 37 11 35 3 2 1 9 3 5 1 5 6 SPC SPC 1/3 19 3 31 11 18 11 17 11 9 7 8 1/3 50 50 50

More information

1

1 213 2 18 Vol.121 23 takafumi.shukuri@mizuho-cb.co.jp 23 23 21 12.6 23 8.8 3% 4 21 8.8 23 5.6 37% 4 1 28 REIT 2 1, 213 2 1,2 4 J-REIT REIT 4 J-REIT REIT 212 4 213 2 REIT REIT 23 2 6:4 4,96 6:4 1 4 2 83%

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

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

<91E58A778E6A95D28E5B89DB82BE82E682E82D91E6338D862D E706466>

<91E58A778E6A95D28E5B89DB82BE82E682E82D91E6338D862D E706466> 2 4 3 5 100 23 2011 4 JR 1 18 14 9313 2 3 12 21 19 1886 1 4 1915 4 1929 6 13 1938 14 2 15 18 27 1952 31 3037 1962 41 1966 2 46 2 3 4 4 4 F 10 24 1891 1 4 1915 9 10 1921 13 520 12 6 18 24 1949 1 59 34 1959

More information

untitled

untitled 2007 9 http://www.bunka.go.jp/jiyuriyo/ _Toc171054619 1...1 2...4 1...4 1...4 2 SPV...6 2...7 3...8 4...10 5...14 3 J-REIT...20 1 J-REIT...20 2...20 3 J-REIT...21 4 J-REIT...23 5 J-REIT...25 6 J-REIT...27

More information

0ユ0・・マ0・ニ0」0゙0ヘ0キ0・・・ネ

0ユ0・・マ0・ニ0」0゙0ヘ0キ0・・・ネ 2012 12 18 81 74 2012 2012 6 18.3 9,000 12 7 12 40 3 30 10 51 2001 J-REITJ-REIT 2008 9,000 7,000 1 IRR20 REIT 30 100 52 PROPERTY MANAGEMENT 2013 Jan. VIEWPOINT AM SPC REIT REIT J-REIT REIT REIT REIT AM

More information

20091215 100-0005 1-6-5 (Risk) = (Impact) (Probability) ISO/IEC GUIDE 73 2002 Risk management Vocabulary Guidelines for use in standards 2003 V[ R i ] 2 i V[ R M ] V[ ] i CAPM i R i R M VaR 4 8 12 16

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

untitled

untitled CA 04 1,360 100.8 0.1 83 34,176 7.61 0.40 51,532 1.3 322,736 5.9 05 1,369 100.0 0.8 80 57,269 7.86 0.43 55,001 6.7 311,107 3.6 06 1,370 99.8 0.2 83 48,250 7.73 0.46 56,369 2.5 319,129 2.6 06/ 1-3 99.4

More information

hyo1

hyo1 THE ASSOCIATION FOR REAL ESTATE SECURITIZATION 16 2005 July-August May-June. 2003 1 3 16 18 20 25 29 35 39 42 56 2 ARES SPECIAL July-August. 2005 3 ARES SPECIAL 4 5 July-August. 2005 ARES SPECIAL 6 ARES

More information

第4章Word版.PDF

第4章Word版.PDF 80 81 82 2000 2000 1999 60 500 40 1,000 1999 20 1,200 19.7% 2 30 1.0 20 7.0 2000 4 4 65 2027 67 60 2001 2025 65 83 4 2000 10 4 1 11 1993 61.8 1998 37.0 1993 66.7 29.4 1998 42.9 84 500700 1,500 8.04 11.79

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

【知事入れ版】270804_鳥取県人口ビジョン素案

【知事入れ版】270804_鳥取県人口ビジョン素案 7 6 5 4 3 2 1 65 1564 14 192 193 194 195 196 197 198 199 2 21 22 23 24 1.65 1,4 1.6 1,2 1.55 1, 1.45 6 1.5 8 1.4 4 1.35 1.3 2 27 28 29 21 211 212 213 214 6 5 4 3 2 1 213 218 223 228 233 238 243 248 253

More information

07-第4章村上英吾.indd

07-第4章村上英吾.indd 1990 1990 2007 2000 2007 9 3 46 1 2 1960 1 1984 60 3 1970 4 2000 2003 2009 2011 12007 2 2007 12 25 2 1 2007 10 19 1 5 2007 12 11 3 Bradshaw, J., et. al., 2008. 41982 47 2010 5 2011 2004 2004 1994 5 2009

More information

untitled

untitled THE ASSOCIATION FOR REAL ESTATE SECURITIZATION 27 2007 May-June 3 14 49 58 62 64 67 2 ARES SPECIAL ARES May-June 2007 3 4 ARES May-June 2007 ARES SPECIAL 5 ARES May-June 2007 ARES SPECIAL 6 ARES May-June

More information

(diversity) 2

(diversity) 2 Final Version (July 27, 2012) Abstract JEL code R21 ; R31 ; R33 Key words ; ; ; ; ; ; 1? Georges Enderle Neil Crosby David Geltner PhD,CRE,FRICS 1 (diversity) 2 2 (2012.7.18) (1) (2) (3) (4) (5) (6) (7)

More information

Vol.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 (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 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

2001 2001 1999 2001 2.1 2001 2002 124

2001 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 information

Microsoft Word - ランチョンプレゼンテーション詳細.doc

Microsoft Word - ランチョンプレゼンテーション詳細.doc PS1-1-1 PS1-1-2 PS1-1-3 PS1-1-4 PS1-1-5 PS1-1-6 PS1-1-7 PS1-1-8 PS1-1-9 1 25 12:4514:18 25 12:4513:15 B PS1-1-10 PS1-2-1 PS1-2-2 PS1-2-3 PS1-2-4 PS1-2-5 PS1-2-6 25 13:1513:36 B PS1-2-7 PS1-3-1 PS1-3-2

More information

untitled

untitled 1 2 All industry 11.0% 55.1% 33.9% 22.9 15.5% 51.3% 33.2% 15.8% 61.0% 23.2% 17.7 7.4 2% 51.3% 28.7% 8.7 22.3% 46.4% 31.3% 26.8% 52.6% 20.6% 9.0 6.2 15.8% 56.1% 28.1% 12.3 22.9% 13.9% 17.4% 49.1% 22.3%

More information

ares_018

ares_018 THE ASSOCIATION FOR REAL ESTATE SECURITIZATION May-June. 2003 1 3 5 11 20 35 37 38 44 58 65 72 80 91 95 104 107 112 2 ARES SPECIAL ARES SYMPOSIUM 2005 November-December. 2005 3 ARES SPECIAL 4 5 November-December.

More information

アニュアルレポート2012

アニュアルレポート2012 NTT At a Glance P.14 63.8 % 212 3 P.2 1, 8, 6, 4, 2, 91,69 28 29 21 211 212 3 2. % 212 3 2 WELLITH P.23 5, 4, 3, 2, 1, 28,484 28 29 21 211 212 3 16.3 % 212 3 5, 4, 3, 2, 1, 23,223 28 29 21 211 212 3 NTT212

More information

K

K 2015.2.27 1 1 OECD 1 1 2 50 53.6 K. 21 2010 6 18 7 2009 20.121.3 5.2 7.0 53.626.0 0.3 18.41.6 http://www.tse.or.jp/market/data/examination/distribute/b7gje6000001we32-att/report2009.p df 2014 10 21 2 50

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

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

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

More information

2003July-August Vol. 4 3 5 55 60 62 9 17 23 80 86 93 101 31 40 66 70 74 78 82 104 2

2003July-August Vol. 4 3 5 55 60 62 9 17 23 80 86 93 101 31 40 66 70 74 78 82 104 2 THE ASSOCIATION FOR REAL ESTATE SECURITIZATION Vol.4 2003 July-August 2003July-August Vol. 4 3 5 55 60 62 9 17 23 80 86 93 101 31 40 66 70 74 78 82 104 2 July-August. 2003 3 4 5 July-August. 2003 6 7 July-August.

More information

No PFI PFI VFM Value for Money VFM PFI VFM PSC Public Sector Comparator PFI LCC Life Cycle Cost PFI VFM PSC PFI VFM 2004 VFM PFI 2001 Bennet

No PFI PFI VFM Value for Money VFM PFI VFM PSC Public Sector Comparator PFI LCC Life Cycle Cost PFI VFM PSC PFI VFM 2004 VFM PFI 2001 Bennet PFI VFM VFM PFI 1999 7 PFI 2006 265 1 PFI PFI 2006 PFI PFI PFI 10 PFI PFI 1984 10 1986 4 1988 4 1991 4 1992 4 1995 10 1996 4 2009 4 Oxford Institute of Ageing 1991 1994 2003 2002 2007 PFI PFI No. 32 2005

More information

432001 4.1 1990 1990 (Information Technology ) 1990 1992 19981998 28

432001 4.1 1990 1990 (Information Technology ) 1990 1992 19981998 28 432001 2739 Hisako ISHII 1990 (US Bureau of Labor Statistics, BLS)Monthly Labor Review MLR 25 19831993 20004.6 27 432001 4.1 1990 1990 (Information Technology ) 1990 1992 19981998 28 1990 8 7 6 5 4 3 2

More information

_16_.indd

_16_.indd well-being well-being well-being Cantril Ladder well-being well-being Cantril Self-Anchoring Striving Scale Cantril Ladder Ladder Ladder awellbeing well-being well-being Gallup World Poll World Database

More information

リサーチペーパー

リサーチペーパー 1 2 1 2 1 3 4 3 4 2 5 5 3 6 6 4 Real Estate Investment Trust Commercial Mortgage Backed Securities 7 8 I 9 10 (Property Trust) 7 8 9 10 5 Managed Investments Act Managed Investment Scheme Trustee Manager

More information

AT A GLANCE INDIVIDUAL GROUP 63.72% 1, % At a Glance INSTITUTIONAL GROUP 34.26% % GLOBAL MARKETS GROUP 5.56% % 2

AT A GLANCE INDIVIDUAL GROUP 63.72% 1, % At a Glance INSTITUTIONAL GROUP 34.26% % GLOBAL MARKETS GROUP 5.56% % 2 214 At a Glance 32 36 38 4 42 43 31 AT A GLANCE INDIVIDUAL GROUP 63.72% 1,293 32.4% 226 214 At a Glance INSTITUTIONAL GROUP 34.26% 695 76.26% 532 32 GLOBAL MARKETS GROUP 5.56% 112 4.2% 28 3 1% 1,5 5 1,

More information

untitled

untitled 8964 6196 1 2 6 6 6 0.9 100 + 4 17,693 EPS35,000 6 493397 JT 07419.4 076JTJT 3 6 6 4 6196 1.6 824 1km3.32km11.53km21.6 20082 16 4,500 5 6 22.6 1,088 5,895 4,807 17,441 9,191 43,794 43,771 37 43,733 43,733

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

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

市区長選挙における民主党の戦略

市区長選挙における民主党の戦略 . , -,,, a, .......................................................... -,,, b b .............................. .. ,. %,,,,, JR TUBE TUBE TUBE TUBE ,. %,,,,,,,,,,,,,,,,,,,, ,. %,,, a, b - - -- pp a b

More information

最近の地価形成の特徴について

最近の地価形成の特徴について 10 2000 10 *** * E-mail: shuuichi.uemura@boj.or.jp ** E-mail: yoshiko.satou@boj.or.jp 2 3 1 11 3 60 70 3 80 90 89 5 91 12 3 91 4 1 1 3 12 2000 9 1 1 19902000 4 GDP 2 1985 100 GDP 150 110 GDP 1955 GDP GDP

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

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

所得税と課税最低限に関する一考察

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

More information

untitled

untitled BNP 2007 1 BNL 82 20.5 46 18.7 36 22.7 25 700 24.5 * 7.1 5.8 8.9 * 2007 5 4 BNP 2007 1 2007 1 82 1300 20.5 BNL 7.1 18.7 5.8 45 8600 1.8 1.3 22.7 36 2700 8.9 1 4400 2 6000 1 900 BNL 24.5 25 700 FRB 1 4.1

More information

J-REIT J-REIT J-REIT

J-REIT J-REIT J-REIT J-REIT J-REIT - 1 - J-REIT 1 1 2 3 2 1 2 3 3 J-REIT 2 1 2 J-REIT 3 3-2 - J-REIT J-REIT J-REIT - 3 - 1 1 2 3 4 4 2 11 11 13 16 3 19 19 20 22 25 137 12 12 12 J-REIT 1 2 3 1 2 3-1 - J-REIT J-REIT 4 5 6 1

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

untitled

untitled 2 0 0 9 3 FY08 2Q Statements of Income Consolidated Basis Cost of sales before inventory write-down Inventory write-down 07.9 08.9 JPY in Millions Sales 33,792 31,896 31,718 93.9 99.4 Cost of sales Gross

More information

日経テレコン料金表(2016年4月)

日経テレコン料金表(2016年4月) 1 2 3 4 8,000 15,000 22,000 29,000 5 6 7 8 36,000 42,000 48,000 54,000 9 10 20 30 60,000 66,000 126,000 166,000 50 100 246,000 396,000 1 25 8,000 7,000 620 2150 6,000 4,000 51100 101200 3,000 1,000 201

More information

73 p.1 22 16 2004p.152

73 p.1 22 16 2004p.152 1987 p.80 72 73 p.1 22 16 2004p.152 281895 1930 1931 12 28 1930 10 27 12 134 74 75 10 27 47.6 1910 1925 10 10 76 10 11 12 139 p.287 p.10 11 pp.3-4 1917 p.284 77 78 10 13 10 p.6 1936 79 15 15 30 80 pp.499-501

More information

122011pp.139174 18501933

122011pp.139174 18501933 122011pp.139174 18501933 122011 1850 3 187912 3 1850 8 1933 84 4 1871 12 1879 5 2 1 9 15 1 1 5 3 3 3 6 19 9 9 6 28 7 7 4 1140 9 4 3 5750 58 4 3 1 57 2 122011 3 4 134,500,000 4,020,000 11,600,000 5 2 678.00m

More information

2 2 3 4 5 5 2 7 3 4 6 1 3 4 7 4 2 2 2 4 2 3 3 4 5 1932 A p. 40. 1893 A p. 224, p. 226. 1893 B pp. 1 2. p. 3.

2 2 3 4 5 5 2 7 3 4 6 1 3 4 7 4 2 2 2 4 2 3 3 4 5 1932 A p. 40. 1893 A p. 224, p. 226. 1893 B pp. 1 2. p. 3. 1 73 72 1 1844 11 9 1844 12 18 5 1916 1 11 72 1 73 2 1862 3 1870 2 1862 6 1873 1 3 4 3 4 7 2 3 4 5 3 5 4 2007 p. 117. 2 2 3 4 5 5 2 7 3 4 6 1 3 4 7 4 2 2 2 4 2 3 3 4 5 1932 A p. 40. 1893 A p. 224, p. 226.

More information

29 2011 3 4 1 19 5 2 21 6 21 2 21 7 2 23 21 8 21 1 20 21 1 22 20 p.61 21 1 21 21 1 23

29 2011 3 4 1 19 5 2 21 6 21 2 21 7 2 23 21 8 21 1 20 21 1 22 20 p.61 21 1 21 21 1 23 29 2011 3 pp.55 86 19 1886 2 13 1 1 21 1888 1 13 2 3,500 3 5 5 50 4 1959 6 p.241 21 1 13 2 p.14 1988 p.2 21 1 15 29 2011 3 4 1 19 5 2 21 6 21 2 21 7 2 23 21 8 21 1 20 21 1 22 20 p.61 21 1 21 21 1 23 1

More information

Microsoft Word - 映画『東京裁判』を観て.doc

Microsoft Word - 映画『東京裁判』を観て.doc 1 2 3 4 5 6 7 1 2008. 2 2010, 3 2010. p.1 4 2008 p.202 5 2008. p.228 6 2011. 7 / 2008. pp.3-4 1 8 1 9 10 11 8 2008, p.7 9 2011. p.41 10.51 11 2009. p. 2 12 13 14 12 2008. p.4 13 2008, p.7-8 14 2008. p.126

More information

() L () 20 1

() L () 20 1 () 25 1 10 1 0 0 0 1 2 3 4 5 6 2 3 4 9308510 4432193 L () 20 1 PP 200,000 P13P14 3 0123456 12345 1234561 2 4 5 6 25 1 10 7 1 8 10 / L 10 9 10 11 () ( ) TEL 23 12 7 38 13 14 15 16 17 18 L 19 20 1000123456

More information

308 ( ) p.121

308 ( ) p.121 307 1944 1 1920 1995 2 3 4 5 308 ( ) p.121 309 10 12 310 6 7 ( ) ( ) ( ) 50 311 p.120 p.142 ( ) ( ) p.117 p.124 p.118 312 8 p.125 313 p.121 p.122 p.126 p.128 p.156 p.119 p.122 314 p.153 9 315 p.142 p.153

More information

戦後の補欠選挙

戦後の補欠選挙 1 2 11 3 4, 1968, p.429., pp.140-141. 76 2005.12 20 14 5 2110 25 6 22 7 25 8 4919 9 22 10 11 12 13 58154 14 15 1447 79 2042 21 79 2243 25100 113 2211 71 113 113 29 p.85 2005.12 77 16 29 12 10 10 17 18

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

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

untitled

untitled L A - 5 8 SBIC 2005 12 ERISA Employee Retirement Income Security Act of 1974 L Leverage SBA LR Leverage Ratio SBA ME Management Expense PC Private Capital PD Participating Debenture PPA Prioritized Payment

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

untitled

untitled Bloomberg ARES Price Book-value Ratio J BA A * 201226 20 2241214 1 J 25 90 90 () 15 10090 10090 () 147 A A B B A A B B A A B ToSTNet 2 2-3 2 4-6 191 9 192 11 1 p16 H20.12 H20.11 H20.10 H20.3 H19.11

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

1 (1996), p. 7 (2006), p (2003), p. 2 p (2003), p. 21 (2008), p. 3 (2003), p. 17 B (2003), p. 28 A, A (2004), p. 17 J, A (2004), p. 9 (p.

1 (1996), p. 7 (2006), p (2003), p. 2 p (2003), p. 21 (2008), p. 3 (2003), p. 17 B (2003), p. 28 A, A (2004), p. 17 J, A (2004), p. 9 (p. ISSN 1347-4448 ISSN 1348-5504 8 12 (2009 12 ) E-mail: h-amikur@sophia.ac.jp I. 1 2009 Global Business Research Center www.gbrc.jp 701 1 (1996), p. 7 (2006), p. 14 3 (2003), p. 2 p. 11 3 (2003), p. 21 (2008),

More information

公的・非営利組織の人的資源マネジメント戦略:

公的・非営利組織の人的資源マネジメント戦略: NPO Drucker, ; Hobson et al., ;, Pearce, Cnaan & Cascio, ; Pearce, ;, Pearce, Cnaan & Cascio, ; Lansley, Brichacek. Ellis Brudney Mintzberg, ;, , F....... F P

More information

JAPAN MARKETING JOURNAL 111 Vol.28 No.32008

JAPAN MARKETING JOURNAL 111 Vol.28 No.32008 Vol.28 No.32008 JAPAN MARKETING JOURNAL 111 Vol.28 No.32008 JAPAN MARKETING JOURNAL 111 Vol.28 No.32008 JAPAN MARKETING JOURNAL 111 Vol.28 No.32008 JAPAN MARKETING JOURNAL 111 Vol.28 No.32008 JAPAN MARKETING

More information

JAPAN MARKETING JOURNAL 113 Vol.29 No.12009

JAPAN MARKETING JOURNAL 113 Vol.29 No.12009 JAPAN MARKETING JOURNAL 113 Vol.29 No.12009 JAPAN MARKETING JOURNAL 113 Vol.29 No.12009 JAPAN MARKETING JOURNAL 113 Vol.29 No.12009 JAPAN MARKETING JOURNAL 113 Vol.29 No.12009 Vol.29 No.12009 JAPAN MARKETING

More information

JAPAN MARKETING JOURNAL 110 Vol.28 No.22008

JAPAN MARKETING JOURNAL 110 Vol.28 No.22008 Vol.28 No.22008 JAPAN MARKETING JOURNAL 110 Vol.28 No.22008 JAPAN MARKETING JOURNAL 110 Vol.28 No.22008 JAPAN MARKETING JOURNAL 110 Vol.28 No.22008 JAPAN MARKETING JOURNAL 110 Vol.28 No.22008 JAPAN MARKETING

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