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Variable selection for the mean-variance portfolio selection problem
Get PDFIn this paper, we study the conditional mean-variance portfolio selection problem.
Following the work of Brandt and Santa-Clara ( 2006 ), we investigate which variables are important for the optimal portfolio weight. We use as state variables the dividend-price ratio,
the term spread, and the trend variables in Japanese market. We find that the dividend-price ratio explains the optimal portfolio weight, but the others do not
Democracy as the indicator of sustainability -from the research of "Questionnaire on Ideal Society Part II" in Japan and Sweden-
Get PDFSustainable welfare indicator HSM (Human Satisfaction Measure) including Triple bottom line (Society, Environment and Economy) was proposed by Ohashi in 2000 and developed from Ver. 1, Ver. 2-(1), Ver. 2-(2), Ver. 3-(1), Ver. 3-(2), Ver. 4, Ver. 5 with help of Dr. Hong Nguyen and Professor Nobuyuki Kimata.For the further development of HSM, Ohashi tried to introduce weighting research of 6 categories (Labor, Health, Education, Gender, Environment and Income) using AHP (Analytic Hierarchy Process ) Method, conducted in Japan ( 2007 ), and Sweden ( 2008 ), named "Questionnaire on Ideal Society PartI".In the questionnaire Ohashi included one open-ended question " What is your Ideal Society?".Using the text mining software named True Teller of Nomura Research Institute, analyzing the open-ended answers of both countries to "words mapping", Ohashi found the interesting results. The keywords mutually found in both countries are " environmental consciousness" and "stability of life". The keywords appeared only in Japan is "no social gap" and only in Sweden "democracy", "equality" and "education".Democracy was considered as key factor of social sustainability from 19th century in Sweden.HSM is composed by triple bottom line : Society, environment and economy, as indispensable factor for social sustainability.But democracy is also important as healthy society.So, Ohashi conducted the research named "Questionnaire on Ideal Society Part II" in Sweden and Japan in May 2009.In the research , Ohashi included one open-ended question, "What kinds of aspects of Sweden do you like most?" in Swedish research, and "What kinds of aspects of Japan do you like most" in Japanese questionnaire.Analyzing the answer using True Teller as word mapping, the keywords appeared in both countries are quite different.In Sweden, "Democracy", "Freedom of speech" and "Equality" are the keywords of most favorite aspects of their country. In Japan, "Nature", "Environment", "The national character","Peace", and "Culture" are the aspects Japanese like most about their country.Swedish respondents love the foundation of country people depend upon, but Japanese love the aspect of software of their country and they don't aware the foundation through which they can enjoy peace, culture and so on.
In Sweden, Social Democratic Party is established in 1889 as the first political party and it was the main party governing most of the political history and contributed forming the democratic and welfare society of Sweden.Japan, on the other hand, got democracy after the defeat of World War II with the help of GHQ (General Headquarters). Thus, Japanese have almost no history to endeavor to make democracy by their own.So there is some delay in democratic thinking in Japan comparing with Sweden, and it makes unhappy phenomena in Japanese society.Such findings Ohashi got the results of this research.Through the research, Ohashi concludes that in order to increase the HSM value of Japan,the key is to raise the consciousness of democracy in Japan
Corporate practices for Dealing with Facilitation Payments:Experiences of Japanese Subsidiaries Operating in Southeast Asia
Get PDFThe 1997 OECD Anti-Bribery Convention of 1997 is a framework for a supply-side regulation of foreign bribery. As governments tightened grips on control, many conscientious companies headquartered in the parties to the convertion have taken necessary steps to that end. However, so-called 'facilitation payments',or FP, remain in some developing countries, and business people from developed countries are said to be vexed with the problem when they do business. Yet, little information on FP practices has been provided to date by the academia.This research aims at contributing to discussions on the issue through numerical inputs and lessons gained from the findings. The author planned and conducted two sets of resarch with government subsidies. One research project covering more than 900 Japanese companies doing business abroad aimed to grasp a rough picture of how they try to address FP problems. The other research aimed to grasp how pervasive FP practices are in Southeast Asia-namely, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam. Findings of the latter study indicate that FP practices remain in the area, with a varying degree of FP incidence among the five countries
