資産価格はしばしばファンダメンタル・バリューから乖離し，時として金融市場は資産価格の大きな下落や変動に見舞われる．急激な資産価格変動を緩和するための措置として，多くの国々で空売り規制が導入されてきた．本稿は空売り規制の導入が資産価格に与える影響を分析する．私的情報や価格支配力を持つ投資家と私的情報を持たない価格受容的な投資家が混在する資産市場を想定する．空売り規制の導入が事前に予期されていない場合，空売り規制が資産価格をファンダメンタル・バリューから乖離させることが明らかになった．これは資産価格の変動を大きくすることにもつながる．とりわけ資産価格の下支えが望まれるような下落相場の状況では，空売り規制の導入はより一層の価格下落をもたらすことになる．

In the 2000s, English-Medium Instruction (EMI) in non-English countries developed worldwide. Japan is one of these countries and the number of English-based students who cannot utilize Japanese language increased. Some of the Japanese universities offer dormitories for international students, who can gradually get used to learning the Japanese way of life after they arrive in Japan. Some of the universities also offer cultural exchange programs for EMI students. However, due to the COVID-19, the situation has changed.

China has been struggling with waste classification for decades, even after the mandatory implementation of relevant policy in 2017. However, the causes of the failing performance of waste classification in developing countries attract little scholarly attention. A recent literature review also identified a failure to classify waste in developing countries, noting that its causes have attracted little scholarly interest. In this paper, we would like to examine the current situation and issues of policies for classifying household waste in China's urban sector. In this paper, we conducted a questionnaire survey of residents in Changsha City, Hunan Province, examined their awareness of waste classification, classifying behavior, and their awareness of paying for waste reduction, elucidated the factors that affect them, and estimated the amount of willing to pay (WTP) for waste reduction. In this paper, endogenous factors are more significant influencing behaviors than exogenous factors.