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Junichiro Hatogai
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Junichiro Hatogai: The University of Tokyo, Graduate School of Economics

No CARF-J-110, CARF J-Series from Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo

Abstract: ¸µÍè¡¢¡Ö¥È¡¼¥¯¥ó¡×¤È¤Ï¡¢¸ÂÄêŪ¤Ê¾õ¶·¤Ë¤ª¤¤¤Æ¹Å²ß¤ÎÂå¤ï¤ê¤È¤·¤ÆÍѤ¤¤é¤ì¤ë¡ÖÂåÍѲßʾ¡×¤ò»Ø¤¹ÍѸì¤Ç¤¢¤ë¤¬¡¢ºÇ¶á¤Ï¡¢¡Ö̱´Ö¼çÂΤ¬¡Ê°Å¹æ»ñ»º¡¦²¾ÁÛÄ̲ߤε»½Ñ ¤òÍѤ¤¤Æ¡ËÆȼ«¤Ëȯ¹Ô¤·¤¿¥Ç¥¸¥¿¥ë¤Ê¸ò´¹¼êÃʡפȤ¤¤Ã¤¿°ÕÌ£¤Ç»È¤ï¤ì¤ë¤³¤È¤¬Áý¤¨¤Æ¤­¤Æ¤¤¤ë¡£¤·¤«¤·¤Ê¤¬¤é¡¢ºÇŬÄ̲߷÷¤ÎµÄÏÀ¤òƧ¤Þ¤¨¤ì¤Ð¡¢Ë¡ÄêÄ̲ߤÎήÄÌ·÷¤Î ·ÐºÑŪ¤ÊÅý¹çÅÙ¤¬½½Ê¬¤Ë¹â¤¤¾ì¹ç¡¢¤½¤ÎÃæ¤ËÆȼ«¤Î¥Ç¥¸¥¿¥ë¥È¡¼¥¯¥ó¤ÎήÄÌ·÷¤¬Â¸ºß¤¹¤ë¾õ¶·¤Ï¡¢·ÐºÑ¤Î¸úΨÀ­¤ò»¤Í¤ë¤È¹Í¤¨¤é¤ì¤ë¡£ÍÍ¡¹¤Ê¼çÂΤ¬¡Ö¤ª¶â¤Î¤è¤¦¤Ê¤â ¤Î¡×¤òȯ¹Ô¤¹¤ë¤³¤È¤Ï¡¢¼Ò²ñŪ¤Ë˾¤Þ¤·¤¤¤³¤È¤À¤í¤¦¤«¡£ ËܹƤǤϡ¢¤³¤¦¤·¤¿ÌäÂê°Õ¼±¤ËÂФ·¡¢¥Ç¥¸¥¿¥ë¥È¡¼¥¯¥ó¤Ï¡¢¶âÁ¬¤Ç¤ÏÇ޲𤹤뤳¤È¤¬Æñ¤·¤¤¼è°ú¤Î°ìÉô¤òÂ¥¿Ê¤¹¤ë¤³¤È¡¢¤Þ¤¿¡¢¼Ò²ñÊñÀݤò½Å»ë¤¹¤ëΩ¾ì¤«¤é¤Ï¡¢¥Ç¥¸¥¿ ¥ë¥È¡¼¥¯¥ó¤¬À¸¤àÈó¸úΨÀ­¤ò¼Ò²ñ¤¬´Å¼õ¤¹¤ë¤³¤È¤¬ÀµÅö²½¤µ¤ì¤¦¤ë¤³¤È¤¬¼¨¤µ¤ì¤ë¡£¶ñÂÎŪ¤Ë¤Ï¡¢¤Þ¤º¡¢repugnant transaction ¤ÎµÄÏÀ¤òƧ¤Þ¤¨¡¢¶âÁ¬¤¬»ý¤ÄÈÆÍÑÀ­¤ä°ìÈÌŪ¼õÍÆÀ­¤Ê¤É¤ÎÆÃħ¤òȼ¤ï¤Ê¤¤¥Ç¥¸¥¿¥ë¥È¡¼¥¯¥ó¤¬¡¢¡Ö¶âÁ¬¤Ç¤Ï¸ò´¹¤¬Æñ¤·¤¤ºâ¡¦¥µ¡¼¥Ó¥¹¤Î¸ò´¹¤òÂ¥¿Ê¡×¤¹¤ë²ÄǽÀ­¤òÏÀ¤¸ ¤ë¡£¼¡¤Ë¡¢Î®ÄÌÈϰϤò¥³¥ß¥å¥Ë¥Æ¥£Æâ¤Ë¸ÂÄꤷ¤¿¥Ç¥¸¥¿¥ë¥È¡¼¥¯¥ó¤¬¡¢¡Ö¶âÁ¬¤Ç¤Ï¼Â¸½¤Ç¤­¤Ê¤¤¥¢¥×¥í¡¼¥Á¤Ç¥³¥ß¥å¥Ë¥Æ¥£¤ò³èÀ­²½¡×¤·¡¢¼Ò²ñÊñÀݤòÂ¥¿Ê¤¹¤ë²ÄǽÀ­¡Ê ¥á¥ó¥Ð¡¼¤Î¾µÇ§Íßµá¤Î½¼Â­¤ä¼Ò²ñ»²²è°Õ¼±¤Î¾úÀ®¡Ë¤ò»ØŦ¤¹¤ë¡£¤³¤ì¤é¤òÄ̤¸¤Æ¡¢¥Ç¥¸¥¿¥ë¥È¡¼¥¯¥ó¤¬¡¢¶âÁ¬¤¬¸ò´¹¼êÃʤȤ·¤Æ»ý¤ÄÀ­¼Á¤ò¤¢¤¨¤Æ·çÍ¤»¤¿¡ÖÉÔ´°Á´¤Ê ¤ª¶â¡×¤È¤·¤Æ¿¶Éñ¤¦¤³¤È¤Ç¡¢¶âÁ¬¤Ç¤Ï¼Â¸½¤Ç¤­¤Ê¤¤¤³¤È¤òãÀ®¤Ç¤­¤ë²ÄǽÀ­¤¬¼¨¤µ¤ì¤ë¡£

Pages: 14 pages
Date: 2019-06
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