Hitotsubashi University

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    21404 research outputs found

    Stability against Robust Deviations in the Roommate Problem

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    We propose a new solution concept in the roommate problem, based on the "robustness" of deviations (i.e., blocking coalitions). We call a deviation from a matching robust up to depth k, if none of the deviators gets worse off than at the original matching after any sequence of at most k subsequent deviations. We say that a matching is stable against robust deviations (for short, SaRD) up to depth k, if there is no robust deviation up to depth k. As a smaller k imposes a stronger requirement for a matching to be SaRD, we investigate the existence of a matching that is SaRD with a minimal depth k. We constructively demonstrate that a SaRD matching always exists for k=3, and establish sufficient conditions for k=1 and 2.56 p


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    平成11幎床-平成12幎床科孊研究費補助金(奚励研究(A)「談話・テキストレベルの文法知識の習埗を目的ずした文法教材の開発」)研究成果報告曞, 課題番号: 11780158平成11幎床-平成12幎床科孊研究費補助金(奚励研究(A))研究代衚者 庵功雄99

    Extreme Lobbyists and Policy Convergence

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    We consider a two-candidate election model with campaign contributions. In the first stage of the game, each of two candidates chooses a policy position. In the second stage, each of n lobbyists chooses the amount of contribution to each candidate. The winning probability of each candidate depends on the total amount of contributions that she raised from the lobbyists. In any equilibrium of our model, only extreme lobbyists contribute at any subgame, and the policies converge on the unique equilibrium path. Our results suggest that extreme lobbyists and their contributions do not necessarily cause policies to diverge.41 p

    Employment Protection and M&A Performance: Evidence from International Data

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    本皿ではM&A のタヌゲット䌁業の所圚囜の法制床によっお劎働者の暩利が匷く保護されおいるずM&A 埌の円滑な組織や事業の最適化のためのリストラクチャリングが困難になりM&A 発衚時の株䟡効果ずM&A 埌の業瞟が盞察的に䜎䞋するずの仮説を怜蚌しおいる本皿では雇甚調敎の困難床に関する耇数の指暙を甚いタヌゲット䌁業遞択に関するセレクションバむアスを考慮した分析を行いタヌゲット䌁業の所圚囜の劎働者保護が匷いほどM&A 発衚時の株䟡リタヌン及び買収埌の短期間の業瞟が盞察的に悪いこずを確認したこの結果は各囜における劎働者保護に関する法制床の圚り方がM&A 埌の組織最適化行動ぞの圱響を通しおタヌゲット䌁業の遞択ず䟡倀創造の䞡方に圱響を䞎えるこずを瀺すThis study empirically examines a hypothesis that, post mergers and acquisitionsM&Aintegration, reorganizations and restructurings become difficult when employees of target firms are strongly protected by labor law and regulations in the target countries, affecting both selection of target firms and value creation from the acquisitions. Consistent with the hypothesis, our empirical results show that when employees in the target countries enjoy a strong legal protection, the stock return at the time of deal announcement and the operating performance of the acquirers in the post-acquisition period worsens. The results are robust even when different kinds of indexes of employment protection are used and selection bias of target firms is considered

    Reconstruction of Permission from a Legal Perspective

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    This paper discusses the tentative reconstruction of permission from a legal perspective, and a legal criterion that can differentiate various permissions by introducing a distinction between possession and title. Under private law, the possessor is free to act within his or her territory, while the creditor is subject to various restrictions under contract law in relation to others. In response to the logic of private law, permission by an administrative agency will also be differentiated. That is to say, in the former, there is a substantial danger to being subject to the permission system, but in the latter, the regulation from the viewpoint of establishing a public space in which private persons can connect, the relation can be accepted more widely

    State Tort Liability in the Construction Asbestos Lawsuits, Focusing on Four Appellate Court Judgments

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    Former construction workers and their relatives filed state tort liability lawsuits in Sapporo, Tokyo, Yokohama, Kyoto, Osaka and Fukuoka, in which they insisted that their health damages caused by exposure to asbestos dust resulted from the insufficient/incomplete exercise, overdue exercise or/and non-exercise of executive powers based on the Industrial Safety and Health Act. The Tokyo and Osaka High Courts ordered the state and building material makers to pay compensation to the plaintiffs. With these cases, there are two important issues of state tort liability. One of them is, at what point in time is the insufficient/incomplete exercise of powers under this Act determined as illegal by the courts. These high courts determined that the national government was able to recognize the concrete asbestos-risk of those workers by the mid- 1970s at the latest. The other issue is the question of compensation for self-employed workers who worked at construction sites. The high courts clarified that the state was liable for damages incurred by these people on the grounds that officials of the national government should consider the safety of these people when exercising the authority granted by laws, regardless of whether they can be deemed “labors” under the labor laws. I analyzed these judgments and clarified the resolutions of this problem from the viewpoint of interpretation of the state tort liability act

    Forecasting Public Investment Using Daily Stock Returns

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    This paper investigates the predictability of public investment in Japan using the daily excess stock returns of the construction industry, to contribute to the recent discussion on fiscal foresight. To examine the relationship between monthly public investment and daily stock returns without any prior time aggregation, we employ the VAR model with MIDAS regression and estimate the optimal weights for connecting high-frequency and low-frequency data in addition to VAR coefficients and the variance-covariance structure. We find that the VAR model with MIDAS regression reduces the mean square prediction error in out-of-sample forecasting by approximately 15% and 2.5% compared to the no-change forecast and VAR model forecasting with prior time aggregation, respectively. Moreover, using the local projection method, we find evidence of the fiscal news shock estimated in our proposed model delaying positive effects on output, consumption, hours worked, and real wage when news shocks actually result in increasing public investment. This finding suggests the New Keynesian structure of the Japanese economy.The research has been funded by Grant-in-Aid for Young Scientists 19K13652 and Nomura Foundation.21 p

    Reexamination of Marx's Criticism of Hegel's Philosophy (Continued)

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    Population Statistics for the Central Asian States

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    20, 2, [42]


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