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Disposition Effect and Diminishing Sensitivity : An Analysis Based on a Simulated Experimental Stock Market
Get PDF* Revised： [13-02, 2013]* Revised：Disposition Effect and Loss Aversion: An Analysis Based on a Simulated Experimental Stock Market [13-02-Rev., 2013]We experimentally investigate the existence of the disposition effect and loss aversion as its potential cause. Our approach includes three key characteristics: (i) An environment closely mimicking actual stock markets; (ii) Individual-specific reference prices; (iii) A direct test of loss aversion as a cause of the disposition effect. We find strong support for the existence of the disposition effect as an independent hypothesis. This is an improvement over previous studies, which tested this hypothesis only jointly with others. Our results also strongly point to loss aversion, of the type postulated by prospect theory, being a source of the disposition effect
TCP/IP スタック ニ オケル チェックサムケイサン ノ GPU オフロード ニ ヨル セイノウ コウジョウ シュホウ
No full text坪内佑樹, 長谷川剛, 谷口義明, 中野博隆, 松岡茂登「TCP/IPスタックにおけるチェックサム計算のGPUオフロードによる性能向上手法」『電子情報通信学会技術研究報告』Vol.113, No.244、pp.67-72、電子情報通信学会、201
Marital Status and Derived Pension Rights : A Political Economy Model of Public Pensions with Borrowing Constraints
Get PDF* Revised： [11-32-Rev., 2012]This paper develops an overlapping-generation model featuring four types of households: single female, single male, one-breadwinner couple and two-breadwinner couple. The paper considers majority voting over public pension in the presence of derived pension rights for one-breadwinner couples. In an economy with a low in- tertemporal elasticity of substitution, borrowing-constrained one-breadwinner cou- ples may prefer a lower tax rate than do other types of households, although the for- mer attain a higher bene t-to-cost ratio of public pension than do others. Changes in the gender wage gap, the level of derived pension rights, and the fraction of two- breadwinner couples produce an inverse U-shaped relationship between the relevant variable and the tax rate
The Leading Indicator Property of the Term Spread and the Monetary Policy Factors in Japan
Get PDF* Revised： [13-09, 2013]Many studies have observed the leading indicator property of the term spread (LIPTS), which indicates that the term spread—the difference between long- and short-term interest rates— has the information on future economic conditions. We examine whether this property is related to the monetary policy or not using the Japanese monthly data with consideration for structural changes. Results of structural change tests show that the term spread has the predictive ability for the future economic activity from 1982:4 to 1997:8. Decomposing the term spread into three parts; one is explained by past monetary policy shocks, another is explained by expected future call rates and the other is the remaining part, we find that all three parts are significantly related to the future economic growth rate. Hence, we find that the monetary policy play an important role for the LIPTS
