M&A Brav et al.(2005) TOPIX Core30 4 TOPIX Core

Size: px
Start display at page:

Download "M&A Brav et al.(2005) TOPIX Core30 4 TOPIX Core"

Transcription

1 1 2 ROE PBR

2 M&A Brav et al.(2005) TOPIX Core30 4 TOPIX Core

3 EDINET

4 12 PBR ROE TOPIX Core

5 ROE TOPIX Core30 0 PBR ROE ROE ROE

6 PBR ROE 0.20 ROE 0 11 Plain OLS Fixed effect Random effect 3 α + β + β + β + β + ε = α + β + β + β + β + ε = i = α + β1 + β 2 + β3 + β 4 + ui + ε Plain OLS

7 Hausman F Breusch and Pagan(1980) LM 9 OLS individual effect Plain OLS LM 11 LM 1 Plain OLS F 1 LM Hausman 12 (1) (1) (2) (3) 1 (3) (5) (6) 11 LM Hausman 46

8 ROE ROE 2 PBR PBR 13 13

9 Plain OLS 2002 Brav, A., Graham, J., Campbell, H., and R.Michaely(2005), Payout policy in the 21st century, Journal of Financial Economics77, pp Greene, William H.(2002), Econometric analysis(5th edion), Prentice Hall.

10

11

12

13

14

Microsoft Word - 慶應義塾大学 山田篤裕研究会 社会保障政策分科会A(雇用形態に対応した年金制度を求めて~国民年金納付率の分析からの厚生年金適用拡大~).doc

Microsoft Word - 慶應義塾大学 山田篤裕研究会 社会保障政策分科会A(雇用形態に対応した年金制度を求めて~国民年金納付率の分析からの厚生年金適用拡大~).doc 1 A 1 1 2 1961 50 2011 3 20 1 1 2 3 1 20 70 2 3 4 3 4 1 1 2 3 4 2 1 2 1 2 1 1 2 20 3 2 5 2010 23.1%2050 40% 2 1961 50 3 2005 1.26 2 23 3 21 6 1 1 1 1961 1985 1990 1 2 3 3 1 1 2011.10.28 http://www.mhlw.go.jp/topics/nenkin/zaisei/01/

More information

C. R. McKenzie 2003 3 2004 ( 38 ) 2 2004 2005 (Keio Household Panel Survey) control group treatment group 1

C. R. McKenzie 2003 3 2004 ( 38 ) 2 2004 2005 (Keio Household Panel Survey) control group treatment group 1 KEIO UNIVERSITY MARKET QUALITY RESEARCH PROJECT (A 21 st Century Center of Excellence Project) DP2005-020 * C. R. McKenzie** 2003 3 2004 ( 38 ) 2 2004 2005 (Keio Household Panel Survey) control group treatment

More information

一般演題(ポスター)

一般演題(ポスター) 6 5 13 : 00 14 : 00 A μ 13 : 00 14 : 00 A β β β 13 : 00 14 : 00 A 13 : 00 14 : 00 A 13 : 00 14 : 00 A β 13 : 00 14 : 00 A β 13 : 00 14 : 00 A 13 : 00 14 : 00 A β 13 : 00 14 : 00 A 13 : 00 14 : 00 A

More information

P1-1 P1-2 P1-3 P1-4 P1-5 P1-6 P3-1 P3-2 P3-3 P3-4 P3-5 P3-6 P5-1 P5-2 P5-3 P5-4 P5-5 P5-6 P7-1 P7-2 P7-3 P7-4 P7-5 P7-6 P9-1 P9-2 P9-3 P9-4 P9-5 P9-6 P11-1 P11-2 P11-3 P11-4 P13-1 P13-2 P13-3 P13-4 P13-5

More information

3 50 44

3 50 44 5 8 ( ) 15 3 43 3 50 44 2 45 20 57 10 15 18 19 EDINET http://info.edinet-fsa.go.jp/ ( ) 46 4 http://www.library.pref.osaka.jp/nakato/busi/paper.html http://sinbun.ndl.go.jp/ 47 48 44 49 50 51 52 53 54

More information

1 913 10301200 A B C D E F G H J K L M 1A1030 10 : 45 1A1045 11 : 00 1A1100 11 : 15 1A1115 11 : 30 1A1130 11 : 45 1A1145 12 : 00 1B1030 1B1045 1C1030

1 913 10301200 A B C D E F G H J K L M 1A1030 10 : 45 1A1045 11 : 00 1A1100 11 : 15 1A1115 11 : 30 1A1130 11 : 45 1A1145 12 : 00 1B1030 1B1045 1C1030 1 913 9001030 A B C D E F G H J K L M 9:00 1A0900 9:15 1A0915 9:30 1A0930 9:45 1A0945 10 : 00 1A1000 10 : 15 1B0900 1B0915 1B0930 1B0945 1B1000 1C0900 1C0915 1D0915 1C0930 1C0945 1C1000 1D0930 1D0945 1D1000

More information

P-12 P-13 3 4 28 16 00 17 30 P-14 P-15 P-16 4 14 29 17 00 18 30 P-17 P-18 P-19 P-20 P-21 P-22

P-12 P-13 3 4 28 16 00 17 30 P-14 P-15 P-16 4 14 29 17 00 18 30 P-17 P-18 P-19 P-20 P-21 P-22 1 14 28 16 00 17 30 P-1 P-2 P-3 P-4 P-5 2 24 29 17 00 18 30 P-6 P-7 P-8 P-9 P-10 P-11 P-12 P-13 3 4 28 16 00 17 30 P-14 P-15 P-16 4 14 29 17 00 18 30 P-17 P-18 P-19 P-20 P-21 P-22 5 24 28 16 00 17 30 P-23

More information

28_04_斎藤正章.indd

28_04_斎藤正章.indd 37 2820103743,. 282010.3743 純 粋 持 株 会 社 における 経 営 管 理 上 の 課 題 1 2 ABSTR ACT...... 1 2 1 38 2 1 1 3 2 1 1 4 5 6 7 8 1 2 1 1992.269 39 1 1 1 2 9 1 2 3 123 13 2 1995.268 40,.1995 3 10, et al.1995 2 1950 2

More information

20169 3 4 5003 n=3,000 61.8% 38.2% n=3,000 20 7.3% 30 21.3% 40 34.8% 50 36.6% n=3,000 3.0% 2.0% 1.5% 12.1% 14.0% 41.4% 25.9% n=3,000 37.7% % 24.8% 28.8% 1.9% 3.1% 0.2% n=3,000 500 64.0% 500 1,000 31.3%

More information

診療ガイドライン外来編2014(A4)/FUJGG2014‐01(大扉)

診療ガイドライン外来編2014(A4)/FUJGG2014‐01(大扉) !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

More information

4.9 Hausman Test Time Fixed Effects Model vs Time Random Effects Model Two-way Fixed Effects Model

4.9 Hausman Test Time Fixed Effects Model vs Time Random Effects Model Two-way Fixed Effects Model 1 EViews 5 2007 7 11 2010 5 17 1 ( ) 3 1.1........................................... 4 1.2................................... 9 2 11 3 14 3.1 Pooled OLS.............................................. 14

More information

untitled

untitled Y = Y () x i c C = i + c = ( x ) x π (x) π ( x ) = Y ( ){1 + ( x )}( 1 x ) Y ( )(1 + C ) ( 1 x) x π ( x) = 0 = ( x ) R R R R Y = (Y ) CS () CS ( ) = Y ( ) 0 ( Y ) dy Y ( ) A() * S( π ), S( CS) S( π ) =

More information

2004 2 µ i ν it IN(0, σ 2 ) 1 i ȳ i = β x i + µ i + ν i (2) 12 y it ȳ i = β(x it x i ) + (ν it ν i ) (3) 3 β 1 µ i µ i = ȳ i β x i (4) (least square d

2004 2 µ i ν it IN(0, σ 2 ) 1 i ȳ i = β x i + µ i + ν i (2) 12 y it ȳ i = β(x it x i ) + (ν it ν i ) (3) 3 β 1 µ i µ i = ȳ i β x i (4) (least square d 2004 1 3 3.1 1 5 1 2 3.2 1 α = 0, λ t = 0 y it = βx it + µ i + ν it (1) 1 (1995)1998Fujiki and Kitamura (1995). 2004 2 µ i ν it IN(0, σ 2 ) 1 i ȳ i = β x i + µ i + ν i (2) 12 y it ȳ i = β(x it x i ) +

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

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

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

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

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

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

() 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

日本分子第4巻2号_10ポスター発表.indd

日本分子第4巻2号_10ポスター発表.indd JSMI Report 62 63 JSMI Report γ JSMI Report 64 β α 65 JSMI Report JSMI Report 66 67 JSMI Report JSMI Report 68 69 JSMI Report JSMI Report 70 71 JSMI Report JSMI Report 72 73 JSMI Report JSMI Report 74

More information

Becker 1965 Gronau a a a

Becker 1965 Gronau a a a 1 1 1 1 1 3.3 6 0.43 0.45 2 2002 Becker1965 Gronau1977 1 a 3.3 3.6 6.0 4.9 4.8 3.6 a 7.4 8.4 8.1 7.6 7.5 6.5 0.45 0.43 0.74 0.64 0.64 0.55 1995 a Vol. 42 No. 2 II III IV V VI VII 1 1998Nishioka 199820022002

More information

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

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

More information

" " " " "!!

    !! ""!!!!! "! "! " " " " " " " "!! !!!!!!!!! ! !!!!! "β!"β"! " " "!! "! "!!! "!! !!! "! "!!!! "! !!!!! !!! " "!! "!!! " " "!!! ! "!! !!!!!!! " " " " "!! α!!!!! ! "! " " !!!!!!! "! ! ""!!!! !!!!!! " "! "!

More information

第89回日本感染症学会学術講演会後抄録(I)

第89回日本感染症学会学術講演会後抄録(I) ! ! ! β !!!!!!!!!!! !!! !!! μ! μ! !!! β! β !! β! β β μ! μ! μ! μ! β β β β β β μ! μ! μ!! β ! β ! ! β β ! !! ! !!! ! ! ! β! !!!!! !! !!!!!!!!! μ! β !!!! β β! !!!!!!!!! !! β β β β β β β β !!

More information

a s d a s 30 d a s d 1229 10 1221 a s d 16181717 a s d 21 a s a 16 s 105 21 1620312020 1620312015 10500 05775 03675 01050 E { F ROE ROE 1,472,479 6,118,098

More information

第6回ストックリーグ入賞レポート 敢闘賞・大学 (PDF)

第6回ストックリーグ入賞レポート 敢闘賞・大学 (PDF) ID 3 3 2 2 2 1 1 2 3 2 3 4 5-1 - - 2 - 1-3 - 1 (1) (2) (3) (4) (1) 2 (2) (3) - 4 - (4) (1) (2) 52 52 CAPM r r = α + β ( r r ) + ε t ft Mt ft t r t r Mt r ft ε t β β σ σ M = M σ M σ M - 5 - r t r r Mt ft

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

untitled

untitled 21 H22 H20 H19 H20 H19 H21 H21 H17 H21 L=650m W=16m H21 L=355m H19 L=770m 15 8 1 (1) 42 118,607.62 118,606.34 1.28 18,748.35 18,748.31 0.04 2,845.58 2,845.48 0.10 1.42 40 40 18.89 0.65 1.44 20.98

More information

LA-VAR Toda- Yamamoto(1995) VAR (Lag Augmented vector autoregressive model LA-VAR ) 2 2 Nordhaus(1975) 3 1 (D2)

LA-VAR Toda- Yamamoto(1995) VAR (Lag Augmented vector autoregressive model LA-VAR ) 2 2 Nordhaus(1975) 3 1 (D2) LA-VAR 1 1 1973 4 2000 4 Toda- Yamamoto(1995) VAR (Lag Augmented vector autoregressive model LA-VAR ) 2 2 Nordhaus(1975) 3 1 (D2) E-mail b1215@yamaguchi-u.ac.jp 2 Toda, Hiro Y. and Yamamoto,T.(1995) 3

More information

ron04-02/ky768450316800035946

ron04-02/ky768450316800035946 β α β α β β β α α α Bugula neritina α β β β γ γ γ γ β β γ β β β β γ β β β β β β β β! ! β β β β μ β μ β β β! β β β β β μ! μ! μ! β β α!! β γ β β β β!! β β β β β β! β! β β β!! β β β β β β β β β β β β!

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

136 pp p µl µl µl

136 pp p µl µl µl 135 2006 PCB C 12 H 10-n Cl n n 1 10 CAS No. 42 PCB: 53469-21-9, 54 PCB: 11097-69-1 0.01 mg/m 3 PCB PCB 25 µg/l 136 pp p µl µl µl 137 1 γ 138 1 γ γ γ µl µl µl µl µl µl µl l µl µl µl µl µl l 139 µl µl µl

More information

第85 回日本感染症学会総会学術集会後抄録(III)

第85 回日本感染症学会総会学術集会後抄録(III) β β α α α µ µ µ µ α α α α γ αβ α γ α α γ α γ µ µ β β β β β β β β β µ β α µ µ µ β β µ µ µ µ µ µ γ γ γ γ γ γ µ α β γ β β µ µ µ µ µ β β µ β β µ α β β µ µµ β µ µ µ µ µ µ λ µ µ β µ µ µ µ µ µ µ µ

More information

02_加藤氏_4.indd

02_加藤氏_4.indd 55 2014 Shields 2012 37 1996 24 2001 147 149 1 1996 72 2 1 2004 69 71 2 Shields 2012 42 2004 120 1986 9 12 2003 297 298 1986 3 4 2013, 1977 32010 211 214 4 2010 203 1977 214 215 Hunt, 1941, p. 396 5 2010

More information

ビールと発泡酒の税率と経済厚生

ビールと発泡酒の税率と経済厚生 RIETI Discussion Paper Series 12-J-019 RIETI Discussion Paper Series 12-J-019 2012 年 6 月 ビールと 発 泡 酒 の 税 率 と 経 済 厚 生 * 慶 田 昌 之 ( 立 正 大 学 ) 要 旨 本 稿 では, 近 年 ビール 系 飲 料 として 販 売 されている 発 泡 酒 の 登 場 によって 発 生 している

More information

150MHz 28 5 31 260MHz 24 25 28 5 31 24 28 5 31 1.... 1 1.1... 1 1.2... 1 1.3... 1 2.... 2 2.1... 2 2.2... 3 2.3... 7 2.4... 9 2.5... 11 3.... 12 3.1... 12 3.2... 13 3.3... 16 3.4... 24 4.... 32 4.1...

More information