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Market timing to issue equity : a survey of empirical analysis
Yamaguchi journal of economics, business administrations & laws Volume 69 Issue 6
マーケット・タイミング理論が提唱されて以降,それを巡った実証研究が数多く行われている。しかしながら,実証研究のほとんどは欧米企業を対象として行われ,日本ではその理論がまだ注目されていない。本稿はマーケット・タイミング理論に基づき,株式発行におけるマーケット・タイミング行動に注目し,それに関する実証研究をサーベイする。主な結果は以下の2点である。まず日本企業ではマーケット・タイミング行動の実証的証拠が多いが,マーケット・タイミング行動と資本構成の関係についての実証研究はまだ少ない点である。また,マーケット・タイミング行動の資本構成への影響について,先行研究の結果が分かれており,そして異なる特性を持つ企業では影響効果も異なっている点である。このサーベイを通して,この研究分野の現状と動向を示し,さらなる発展に寄与することを目指す。
Creators : Chen Liqian Publishers : The economic society of Yamaguchi University Date Issued : 2021-03-31
What do managers of IPO firms tell investors : evidence from IPO online roadshow in chinese stock market
Yamaguchi journal of economics, business administrations & laws Volume 69 Issue 6
Retail investors, who are the majority traders in the Chinese stock market, cannot participate in off-line roadshows of IPO firms. Online roadshows are an important channel for them to learn about the situation of IPO firms. This study takes the IPO firms which are new-listed in Shenzhen Stock Exchange from 2010 to 2018 as the research subject, investigates the relationship between question-answers relevance in online roadshows and the first-day performance of IPO firms. According to the results, a high-level of question-answers relevance leads to a high first-day return and high liquidity. Furthermore, the additional analysis shows that the IPO firms with a high-level of question-answers relevance show stable long-term stock returns, on the contrary, the IPO firms with a low-level of question-answers relevance show the trends to decrease. Online roadshows could mitigate the information asymmetry between the investors and IPO firms, and play an important role in assessing firm values.
Creators : Sun Naili | Du Saijuan Publishers : The economic society of Yamaguchi University Date Issued : 2021-03-31
Über gedanke zu rechtlichen gründen für die straflosigkeit der euthanasie
Yamaguchi journal of economics, business administrations & laws Volume 69 Issue 6
Creators : Asato Zensho Publishers : The economic society of Yamaguchi University Date Issued : 2021-03-31
The urban employee basic medical insurance of China : focusing on the ideal way of save account
Yamaguchi journal of economics, business administrations & laws Volume 69 Issue 6
Creators : Yuan Lihui Publishers : The economic society of Yamaguchi University Date Issued : 2021-03-31
Policy analysis of energy transition in Taiwan : economic assessment by the E3ME-FTT model
Yamaguchi journal of economics, business administrations & laws Volume 69 Issue 6
As climate change and various environmental pollution issues are becoming more serious, many countries are actively promoting energy transition. The Paris Agreement, adopted in 2015, is aimed at curbing the rise in global average temperatures to within 2℃ above pre-industrial levels and limiting temperature rises to 1.5℃ above pre-industrial levels. Taiwan is accelerating its path of energy transition to a "nuclear-free homeland" and “low-carbon economy” by phasing out all nuclear power generation in 2025 and imposing a legally binding goal of reducing coal-fired power generation from 47 percent to 26 percent. This paper investigates the impact of nuclear and coal power regulations on fuel mix CO2 emissions in the power sector by 2050 in Taiwan. Analysis is a future technology shift in the power sector called “Future Technology Transformations; FTT” for the power sector; Consider using the E3ME model linked to FTT: Power sub-model.
Creators : Chen Li-chun Publishers : The economic society of Yamaguchi University Date Issued : 2021-03-31
Accidental bequest motive and public transfer policy for the young based on Hidaka (1990)
Yamaguchi journal of economics, business administrations & laws Volume 69 Issue 6
Creators : Nakama Mizuki Publishers : The economic society of Yamaguchi University Date Issued : 2021-03-31
An alternative macroeconomic model
Yamaguchi journal of economics, business administrations & laws Volume 69 Issue 6
The purpose of this paper is to present an alternative macroeconomic model. The classical macroeconomic model and AD-AS model have some problems. The macroeconomic model presented in this paper solves them and is more realistic and logically consistent than the other models.
Creators : Umada Tetsuji Publishers : The economic society of Yamaguchi University Date Issued : 2021-03-31
Die menschenwürde als rechtsgut?
Yamaguchi journal of economics, business administrations & laws Volume 69 Issue 6
Creators : Sakuraba Osamu Publishers : The economic society of Yamaguchi University Date Issued : 2021-03-31
The reconstruction plan of the home front : concerning yamate national road after the great hanshin flood
Yamaguchi journal of economics, business administrations & laws Volume 69 Issue 6
Creators : Kodama Shuhei Publishers : The economic society of Yamaguchi University Date Issued : 2021-03-31
Optimal incentive contracts under incomplete information about Effort-Outcome relationship
Yamaguchi journal of economics, business administrations & laws Volume 69 Issue 6
本稿では, 行動と成果の確率的関係について不確実性があるプリンシパルーエージェント関係を考え, 最適契約を特徴付ける.
Creators : Kawamura Kazuma Publishers : The economic society of Yamaguchi University Date Issued : 2021-03-31
Review of revenue standards in IFRS17, insurance contracts
Yamaguchi journal of economics, business administrations & laws Volume 69 Issue 6
Creators : Yamashita Satoshi Publishers : The economic society of Yamaguchi University Date Issued : 2021-03-31
Comparison with government hospitals and non-government hospitals. : from a viewpoint of basic data-
Yamaguchi journal of economics, business administrations & laws Volume 69 Issue 6
The non-efficiency of the government hospital is pointed out. Then, I compare the management in government hospitals and non-government hospitals, and show clearly what kind of difference there is. In this paper, the following things are clear. (1) Clarify the difference from a viewpoint of management in government hospitals and non-government hospitals. (2) Classify government hospitals into two kinds (cites・towns・and villages-hospitals and prefectural hospitals), and clarify the difference from a viewpoint of management. (3) Classify non-government hospitals into eight kind hospitals, and clarify the feature in management.
Creators : Nakada Norio Publishers : The economic society of Yamaguchi University Date Issued : 2021-03-31
Withdrawal strategy in Japan
Yamaguchi journal of economics, business administrations & laws Volume 69 Issue 6
There is a risk of longevity i.e., the self-funds after retirement may deplete before the end of life. What is needed after retirement is to spend out of self-funds in addition to public pensions while investing self-funds over lifetime without depleting. We analyze a safe withdrawal rate based on varying self-funded amounts every month due to fluctuation in the market. According to this method, there is no longevity risk that self-funds are depleted throughout lifetime.
Creators : Shiroshita Kengo | Kinoshita Makoto Publishers : The economic society of Yamaguchi University Date Issued : 2021-03-31
城下賢吾先生のご退職にあたって(巻頭言)
Yamaguchi journal of economics, business administrations & laws Volume 69 Issue 6
Creators : Hyodo Takashi Publishers : The economic society of Yamaguchi University Date Issued : 2021-03-31
Creators : 高田 雅也 | 神野 有生 | 加賀谷 仁秀 | 春名 正基 Date Issued : 2021-09-10
Creators : Sasaki Tsukasa | Fukuda Takamasa Date Issued : 2021-08
For correct application of UAV-based photogrammetry : principles and pitfalls
Journal of japan society on water environment Volume 42 Issue 5
Creators : 神野 有生 Publishers : 日本水環境学会 Date Issued : 2019-05-01
UAVを用いた浅水底の写真測量のための水面反射軽減技術
土木学会年次学術講演会講演概要集(CD-ROM) Volume 72
Creators : 神野 有生 | 上田 修靖 | I GD YUDHA PARTAMA | 赤松 良久 | 関根 雅彦 Publishers : 土木学会 Date Issued : 2017-08-01
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