著者

滋賀大学 経済学会

出版者

滋賀大学経済学会

雑誌

彦根論叢 (ISSN:03875989)

巻号頁・発行日

no.第298号, pp.141-146, 1995-11

著者

上村 雅洋

出版者

滋賀大学経済学会

雑誌

彦根論叢 (ISSN:03875989)

巻号頁・発行日

no.第255・256号, pp.281-296, 1989-01

著者

能登 真規子

出版者

滋賀大学経済学会

雑誌

彦根論叢 (ISSN:03875989)

巻号頁・発行日

no.404, pp.46-63, 2015

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This paper studied the reality of the fidelityguarantee (Mimoto-Hosho) in Japan based onempirical research.In 2012, a questionnaire survey of Japanesecompanies on the fidelity guarantee was conductedwith a questionnaire sent out to 3,545listed companies and 4,313 non-listed companies.Among the 7,858 companies, a total of 925companies returned the questionnaire on time.Part (6) of the paper analyzed three questionsfrom the questionnaire.No. 21: What kind of role does your companyexpect of fidelity guarantors?No. 22: Do you consider that the fidelityguarantee contract should be treated asan invalid contract?No. 23: For whom can you sign a fidelityguarantee contract?About half of the companies expected theguarantor to play the role of a moral guide preventingillegal acts by the employee, to act asjoint surety to pay for damages by the employee,and to be a contact person in case ofemergency. A little less than 20% of the companiesdidn't expect the guarantors to act as jointsurety. Every company had different and mixedexpectations for the contract.About the validity of the fidelity guaranteecontract, 44.9% of the persons in charge atcompanies replied that they couldn't decide theanswer, and 33.6% of them answered that it isbetter to keep the status quo. In contrast,20.4% were of the opinion that the contractshould be invalidated.In many cases, the family of the employee becomesthe fidelity guarantor. In such cases, theperson cannot say no easily when asked to be afidelity guarantor for a family member. Moreover,they rarely have a clear understanding ofthe obligations of the fidelity guarantee contract.Therefore, they are substantially restrictedfrom the freedom of contract.This work was supported by JSPS Grant-in-Aid for Scientific Research (KAKENHI)Grant Number 23730088, 26380112.

著者

滋賀大學經濟學會 [編集]

出版者

滋賀大學經濟學會

巻号頁・発行日

1949

著者

小西 中和

出版者

滋賀大学経済学会

雑誌

彦根論叢 = The Hikone Ronso (ISSN:03875989)

巻号頁・発行日

no.第417号, pp.82-97, 2018-09

著者

岡部 昭二

出版者

滋賀大学経済学会

雑誌

彦根論叢 (ISSN:03875989)

巻号頁・発行日

no.162, pp.165-185, 1973-08

著者

清水 哲雄

出版者

滋賀大学経済学会

雑誌

彦根論叢 (ISSN:03875989)

巻号頁・発行日

no.189, pp.p19-37, 1978-03

著者

家森 信善

出版者

滋賀大学経済学会

雑誌

彦根論叢 (ISSN:03875989)

巻号頁・発行日

no.390, pp.34-49, 2011

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This paper analyzes commodity investmenttrusts and commodity Exchange Traded Funds(ETFs) as methods for investing in commodities,which are expected to be important toolsfor individual investors who wish to participatein commodity investments. The "Financial BigBang" reforms initiated by Prime MinisterRyutaro Hashimoto during the latter half ofthe 1990s substantially changed the Japanese financialsystem, which had been strictly regulated. However, more than 50% of Japanesehouseholds' financial assets are still cashand bank deposits, and the ratio of risky assetsin households' portfolios remains low. Onereason that households hold few risky assets isthat individual investors do not feel they haveenough knowledge to risk their money on suchinvestments. Therefore, collective investmentvehicles such as investment trusts, which allow individual investors to hold risky assets withoutextensive knowledge, are expected to playan important role in the future. Among commodityinvestments, commodity investmenttrusts and ETFs seem most promising. Thanksto substantial deregulation, the listing of variousETFs became possible in the early 2000s.Initially, all ETFs were linked to certain kindsof stock indexes, such as Nikkei 225 andTOPIX. Gradually, new types of ETFs, whichare linked to indexes or prices of non-stock asse ts , have be en introduc ed. The f ir st commodity ETF in Japan, linked to the priceof gold in London, was offered in August 2007.Soon, other commodity ETFs followed. Today,thirty commodity ETFs are listed on the TokyoStock Exchange and the Osaka SecuritiesExchange. However, this paper finds that manycommodity ETFs are thinly traded. Therefore,we need to implement policies as soon as possibleto encourage Japanese investors toparticipate in the commodity ETF market. Encouragingmore commodity ETF transactionsmay also lead to active arbitrages between ETF markets and commodity future markets.This paper analyzes commodity investment trusts and commodity Exchange Traded Funds (ETFs) as methods for investing in commodities, which are expected to be important tools for individual investors who wish to participate in commodity investments. The "Financial Big Bang" reforms initiated by Prime Minister Ryutaro Hashimoto during the latter half of the 1990s substantially changed the Japanese financial system, which had been strictly regulated. However, more than 50% of Japanese households' financial assets are still cash and bank deposits, and the ratio of risky assets in households' portfolios remains low. One reason that households hold few risky assets is that individual investors do not feel they have enough knowledge to risk their money on such investments. Therefore, collective investmentvehicles such as investment trusts, which allowindividual investors to hold risky assets withoutextensive knowledge, are expected to play an important role in the future. Among commodityinvestments, commodity investment trusts and ETFs seem most promising. Thanks to substantial deregulation, the listing of various ETFs became possible in the early 2000s. Initially, all ETFs were linked to certain kinds of stock indexes, such as Nikkei 225 and TOPIX. Gradually, new types of ETFs, which are linked to indexes or prices of non-stock assets, have been introduced. The first commodity ETF in Japan, linked to the price of gold in London, was offered in August 2007. Soon, other commodity ETFs followed. Today,thirty commodity ETFs are listed on the Tokyo Stock Exchange and the Osaka Securities Exchange. However, this paper finds that many commodity ETFs are thinly traded. Therefore, we need to implement policies as soon as possible to encourage Japanese investors to participate in the commodity ETF market. Encouraging more commodity ETF transactions may also lead to active arbitrages between ETF markets and commodity future markets.

著者

斉藤 邦彦

出版者

滋賀大学

雑誌

彦根論叢 (ISSN:03875989)

巻号頁・発行日

vol.282, pp.191-211, 1993-05

著者

田口 瑛子

出版者

滋賀大学

雑誌

彦根論叢 (ISSN:03875989)

巻号頁・発行日

vol.260, pp.29-44, 1989-11

著者

金子 孝吉

出版者

滋賀大学経済学会

雑誌

彦根論叢 (ISSN:03875989)

巻号頁・発行日

no.367, pp.137-153, 2007-07

著者

金子 孝吉

出版者

滋賀大学経済学会

雑誌

彦根論叢 (ISSN:03875989)

巻号頁・発行日

no.368, pp.65-80, 2007-09

著者

原田 敏丸

出版者

滋賀大学経済学会

雑誌

彦根論叢 (ISSN:03875989)

巻号頁・発行日

no.48, 1958-10

著者

中嶌 太一

出版者

滋賀大学経済学会

雑誌

彦根論叢 (ISSN:03875989)

巻号頁・発行日

no.第283・284号, pp.75-100, 1993-11

著者

渡辺 良二

出版者

滋賀大学経済学会

雑誌

彦根論叢 (ISSN:03875989)

巻号頁・発行日

no.179, pp.p91-108, 1976-06

著者

松島 敦茂

出版者

滋賀大学経済学会

雑誌

彦根論叢 (ISSN:03875989)

巻号頁・発行日

no.138, pp.67-82, 1969-09

著者

原田 敏丸

出版者

滋賀大学経済学会

雑誌

彦根論叢 (ISSN:03875989)

巻号頁・発行日

no.第101・102号, pp.32-41, 1964-03

著者

阿部 安成

出版者

滋賀大学経済学会

雑誌

彦根論叢 (ISSN:03875989)

巻号頁・発行日

no.416, pp.4-35, 2018

著者

神山 進

出版者

滋賀大学経済学会

雑誌

彦根論叢 (ISSN:03875989)

巻号頁・発行日

no.339, pp.67-97, 2002-12

著者

小川 功

出版者

滋賀大学経済学会

雑誌

彦根論叢 (ISSN:03875989)

巻号頁・発行日

no.381, pp.57-77[含 英語文要旨], 2009-11

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Examined in this paper are two land companies founded by Jihei Tadaabusinessperson who came back to Japan after making a fortune on theKorean Peninsula-in an attempt to simultaneously turn the beach andmountain areas in Beppu, in the central part of Oita Prefecture on KyushuIsland, into a tourist destination. Beppu Land and Trust Company wasestablished in October 1918 with the aim of reclaiming 82,500 square meters of land from the sea and utilizing the area for residential purposes,for example accommodating tourists. The objective of founding BeppuKankaiji Land Company in February 1920 was to build dream houseswith spas and gardens filled with cherry and Japanese maple trees arounda hot spring resort on a mountainside. Both companies are products of amania for speculation in the midst of the bubble economy of the Taisho Era. Most capitalists who took part in the aforementioned undertakingsas founders or major shareholders including president Yahei Ueda of thelatter company and director Tamezo Takakura were hit hard by an economic depression. Both companies' land management, such as that forbuilding homes for sale and renting homes, faced problems due to the recession.A run on the former Oita Bank, a local financial institutiondeeply involved with the business of Beppu Kankaiji Land Company, also exerted a negative impact. The speculative nature of these two companieswas supposedly reflected in financial difficulties of banks connectedto capitalists who had invested in the companies. Many suchbanks, like the Nihon Sekizen Bank, were forced to face a run, go bankruptor suspend business operations. This report will focus on collective investment behavior of capitalists related to Kashima Bank or Daido LifeInsurance Company, both of which were run by the Hirooka family,which owned land in a cultural village in the mountain area. An analysisof shareholder groups formed in major cities right after the inception of the Beppu Kankaiji Land Company will be introduced.