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Yabu Tomoyoshi Tsutomu Watanabe
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Yabu Tomoyoshi Tsutomu Watanabe: ---

No CARF-J-113, CARF J-Series from Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo

Abstract: ¿··¿¥³¥í¥Ê¥¦¥¤¥ë¥¹¤Î´¶À÷³ÈÂç¤ËÂФ·¤Æ¡¤ÆüËÜÀ¯Éܤ϶۵޻öÂÖÀë¸À¤ò´Þ¤à»Üºö¤ò¹Ô¤Ã¤¿¡£ËܹƤǤϡ¤ÆüËÜÀ¯Éܤλܺö¤¬¤É¤Î¤è¤¦¤Ê¥á¥«¥Ë¥º¥à¤Ç¹ṉ̃¤Î¹ÔÆ°ÊÑÍƤò°ú¤­µ¯ ¤³¤·¤¿¤«¤ò¸¡Æ¤¤·¤¿¡£¥¹¥Þ¥Û¤Î°ÌÃÖ¾ðÊó¥Ç¡¼¥¿¤òÍѤ¤¤Æ¡¤¿Í¡¹¤Î¥¹¥Æ¥¤¥Û¡¼¥à¤ÎÅٹ礤¤ò¼¨¤¹»Øɸ¡Ê³°½Ð¼Ô¿ô¡ß³°½Ð»þ´Ö¤¬¥³¥í¥ÊÁ°¤ËÈæ¤Ù¤Æ¤É¤ì¤À¤±¸º¾¯¤·¤Æ¤¤¤ë¤«¡Ë ¤ò¡¤¸©Ê̤ËÆü¼¡¤ÇºîÀ®¤·¡¤¤½¤Î¾å¤Ç¡¤³Æ»Üºö¤Î³«»Ï¤È½ªÎ»¤Î¥¿¥¤¥ß¥ó¥°¤¬³Æ¸©¤Ç°Û¤Ê¤ë¤³¤È¤òÍøÍѤ·¤Æ¡¤³Æ»Üºö¤¬¹ÔÆ°ÊÑÍƤò°ú¤­µ¯¤³¤¹¥Á¥ã¥Í¥ë¤È¤·¤Æ¡¤(1)¹ṉ̃¤¬À¯É ܤ«¤é¤ÎÍ×ÀÁ¤Ë½¾¤¤³°½Ð¤òÍÞÀ©¤¹¤ë¸ú²Ì¡¤(2)¹ṉ̃¤¬À¯Éܤλܺö¤Î¥¢¥Ê¥¦¥ó¥¹¥á¥ó¥ÈÅù¤ò¤â¤È¤Ë´¶À÷¾õ¶·¤Ë´Ø¤¹¤ëǧ¼±¤ò¹¹¿·¤·¼«È¯Åª¤Ë³°½Ð¤òÍÞÀ©¤¹¤ë¸ú²Ì¡¤¤Î2¤Ä¤ò¼±Ê ̤·¤¿¡£ËܹƤμçÍפʷë²Ì¤Ï°Ê²¼¤Î¤È¤ª¤ê¤Ç¤¢¤ë¡£Âè1¤Ë¡¤´¶À÷³ÈÂç¤Ëȼ¤¤¹ṉ̃¤Î³°½Ð¤Ï¥³¥í¥ÊÁ°¤ËÈæ¤Ù¤ÆÌó32%¸º¾¯¤·¤¿¤¬¡¤¤½¤Î¤¦¤ÁÀ¯Éܤ«¤é¤ÎÍ×ÀÁ¤Ëȼ¤¦¹ÔÆ°ÊÑÍƤÇÀ âÌÀ¤µ¤ì¤ë¤Î¤Ï12%¥Ý¥¤¥ó¥È¤À¤Ã¤¿¡£Âè2¤Ë¡¤³Æ¸©¤Ë¤ª¤±¤ë¿·µ¬´¶À÷¼Ô¿ô¤¬1%Áý²Ã¤¹¤ë¤È¡¤¤½¤Î¸©¤Î¿Í¡¹¤Î³°½Ð¤Ï0.022%¥Ý¥¤¥ó¥È¸º¾¯¤·¤¿¡£Âè3¤Ë¡¤ÅìµþÅԤγ°½ÐÍÞÀ©¤Î¤¦ ¤ÁÀ¯ÉܤÎÍ×ÀÁ¤¬´óÍ¿¤·¤¿¤Î¤ÏÌó4ʬ¤Î1¤Ç¤¢¤ê¡¤»Ä¤ê¤ÎÌó4ʬ¤Î3¤ÏÀ¯ÉܤΥ¢¥Ê¥¦¥ó¥¹¤äÆü¡¹È¯É½¤µ¤ì¤ë´¶À÷¼Ô¿ô¤Ê¤É¡¤´¶À÷¤Ë´Ø¤¹¤ë¿·¤¿¤Ê¾ðÊó¤ò¼õ¤±¼è¤Ã¤¿ÅÔ̱¤¬¡¤´¶À÷ ¤Î¥ê¥¹¥¯¤ò¥¢¥Ã¥×¥Ç¡¼¥È¤·¤¿¤³¤È¤Ë¤è¤Ã¤ÆÀ¸¤¸¤¿¡£ËܹƤÎʬÀÏ·ë²Ì¤Ï¡¤´¶À÷Éõ¤¸¹þ¤á¤ËɬÍפʤΤÏˡŪ¹´Â«ÎϤζ¯¤¤Á¼Ã֤ǤϤʤ¯¡¤¿Í¡¹¤Î¹ÔÆ°ÊÑÍƤòÂ¥¤¹Å¬ÀڤʾðÊó¤Î Ä󶡤Ǥ¢¤ë¤³¤È¤ò¼¨º¶¤·¤Æ¤¤¤ë¡£

Pages: 30 pages
Date: 2020-08
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Persistent link: https://EconPapers.repec.org/RePEc:cfi:jseres:cj113

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