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.

著者

松尾 博

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.233, pp.92-94, 1985-08

著者

森田 尚人

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383号, pp.1-33, 2010-03

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Izawa Shuji who was one of the leading educators in early modernJapan published a famous textbook on education that has been the firstbook titled “Pedagogy” in Japan. He also the first person who introducedevolution theory by translating T. H. Huxley’s On the Origin of Species. Although these works were frequently referred in textbooks on both historyof education and history of science, their contents and relations betweenthem have never been analyzed nor argued in their historical contexts. In 1875 Ministry of Education sent three young men to the UnitedState to investigate teacher training course in normal schools. Izawa wasadmitted to Bridgewater Normal School and studied under Albert G.Boyden whose transcript of a lecture provided the source of his Pedagogy.Examining Izawa’s handwritten notes, we find that Boyden’s lecture was profoundly influenced by Mark Hopkins’ An Outline Study ofMan. In this book Hopkins discussed psychological and ethical nature ofman from the standpoint of Scottish “common sense” philosophy, so Scot’s tradition of mental philosophy was reflected in Izawa’s Pedagogy.Nevertheless Hopkins who could not keep out of the impact of evolutionrecognized man as a organism and paved the way for Izawa’s acceptanceof evolution theory. After graduation Izawa went to Lawrence Scientific School at Harvard, where he studied a variety of subjects in natural science. Upon his return to Japan Izawa became head of Tokyo NormalSchool. Izawa’s faith in education as scientific thinking as well as morallyuplifting had its roots in contemporary American education. Izawawas expecting Japanese educators for acquiring scientific method and knowledge and applying them practically.

著者

両頭 正明

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301号, pp.87-96, 1996-05

著者

小田野純丸

出版者

滋賀大学経済経営研究所

雑誌

彦根論叢

巻号頁・発行日

no.367, 2007-07-31

著者

水原 正亨

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158・159号, pp.97-117, 1972-11

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.387, pp.122-135, 2011

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Arinobu Fukuhara, president of TEIKOKU Life, a major life insurance company, formed a real estate syndicate with 22 close, wealthy friends in 1907 when Japan was experiencing an investment boom. Among the group were the Fukuzawa brothers, members of the founding family of Keio Universit y, a major university in Japan. This syndicate was a type of real estate fund organized to invest in tourism in the Hakone district located close to Tokyo. But it actually acted as a structured investment vehicle (SIV) for making prior acquisitions of real estate for the ODAWARA Electric Railway, of which the investors where stakeholders. It purchased vast tracts of land to be developed as a resort area in Gora in Hakone, which was to be the last stop of the planned new railway line. These purchases generated multiple benefits for the venture capitalists. They offeredprospects for diversifying the new railway business, and the investors enjoyed the proceedsfrom the land transactions and also the comfortsof owning a second house in a resort area.TEIKOU Life acted as an investment bank and managed all the various financial transactionsnecessary in a real estate business, from purchase to sale of the properties. It can be saidthat the company was the originator of a seriesof financial schemes managed by the fund. This investment fund, which specialized in tourism,not only provided the financiers with high returnsand comfortable resort living, but alsodeveloped and completed the most advanced,full-scale mountain railway system aimed atproviding transportation for tourists in Japanand a superior mountainous resort area with a private amusement park attached.