Governance structure and Operating Performance of Japanese Major Banks

近年，銀行の経営破綻が相次ぎ，金融システムの不安定性が高まっている。そのため，銀行のガバナンス構造を明らかにし，銀行経営の効率性を高めることは喫緊の課題である。ところで，非金融企業と異なり預金という特殊な負債を保有する銀行の場合，株主によるガバナンスが重要である。本稿では， 1990年から1998年をサンプル期間として，日本の大手銀行18行のパネル・データを用いて，株式所有構造の変化，株式所有構造と経営効率性および労働分配率との関係を分析した。その結果，①銀行の株式所有構造は経営効率性を重視する株主の保有比率が上昇する傾向にあること，②銀行経営に対して株主は経営効率性を高める方向で影響を与えていること，③株式保有比率が高いほど労働分配率が低下すること，すなわち株主への分配が多くなる傾向があること，の3点が明らかになった。従って，少なくとも1990年代において，銀行のガバナンス構造は株主への利益分配を重視する「新古典派型企業」としての性格を示していると言える

Generalized Nash Equilibrium and Market Coupling in the European Power System

Market Coupling'' is currently seen as the most advanced market design in the restructuring of the European electricity market. Market coupling, by construction, introduces what is generally referred to as an incomplete market: it leaves several constraints out of the market and hence avoids pricing them. This may or may not have important consequences in practice depending on the case on hand. QuasiVariational Inequality problems. We apply one of these methods to a subproblem of market coupling namely the coordination of counter-trading. This problem is an illustration of a more general question encountered for instance in hierarchical planning in production management. We first discuss the economic interpretation of the Quasi-Variational Inequality problem. We then apply the algorithmic approach to a set of stylized case studies in order to illustrate the impact of different organizations of counter-trading. The paper emphazises the structuring of the problem. A companion paper considers the full problem of market coupling and counter-trading and presents a more extensive numerical analysis

Generalized vector variational inequalities over countable product of sets

In this paper, we consider vector variational inequalities with set-valued mappings over countable product sets in a real Banach space setting. By employing concepts of relative pseudomonotonicity, we establish several existence results for generalized vector variational inequalities and for systems of generalized vector variational inequalities. These results strengthen previous existence results which were based on the usual monotonicity type assumptions. © 2004 Kluwer Academic Publishers. Printed in the Netherlands

An extended Gauss-Seidel method for multi-valued mixed complementarity problems

The complementarity problem (CP) is one of the basic topics in nonlinear analysis. Since the constraint set of CP is a convex cone or a cone segment, weak order monotonicity properties can be utilized for its analysis instead of the usual norm monotonicity ones. Such nonlinear CPs with order monotonicity properties have a great number of applications, especially in economics and mathematical physics. Most solution methods were developed for the single-valued case, but this assumption seems too restrictive in many applications. In the paper, we consider extended concepts of multi-valued Z-mappings and examine a class of generalized mixed complementarity problems (MCPs) with box constraints, whose cost mapping is a general composition of multi-valued mappings possessing Z type properties. We develop a Gauss-Seidel algorithm for these MCPs. Some examples of computational experiments are also given

The proximal point method for nonmonotone variational inequalities

We consider an application of the proximal point method to variational inequality problems subject to box constraints, whose cost mappings possess order monotonicity properties instead of the usual monotonicity ones. Usually, convergence results of such methods require the additional boundedness assumption of the solutions set. We suggest another approach to obtaining convergence results for proximal point methods which is based on the assumption that the dual variational inequality is solvable. Then the solutions set may be unbounded. We present classes of economic equilibrium problems which satisfy such assumptions

Partitionable variational inequalities with multi-valued mappings

We consider multi-valued variational inequalities defined on a Cartesian product of finite-dimensional subspaces. We introduce extensions of order monotonicity concepts for set-valued mappings, which are adjusted to the case where the subspaces need not be real lines. These concepts enable us to establish new existence and uniqueness results for the corresponding partitionable multi-valued variational inequalities. Following a parametric coercivity approach, we obtain convergence of the Tikhonov regularization method without monotonicity conditions. © 2006 Springer-Verlag Berlin Heidelberg

Combined methods for dynamic spatial auction market models

An equilibrium model for description of behavior of a system of auction markets joined by transmission lines subject to joint balance and capacity flows constraints for a certain time period is suggested. We treat this model as an extended primal-dual system of variational inequalities or a saddle point problem. Several splitting type methods are proposed to find its solution. © 2011 Springer Science+Business Media, LLC

An extended Gauss-Seidel method for a class of multi-valued complementarity problems

The complementarity problem is one of the basic topics in nonlinear analysis; however, the methods for solving complementarity problems are usually developed for problems with single-valued mappings. In this paper we examine a class of complementarity problems with multi-valued mappings and propose an extension of the Gauss-Seidel algorithm for finding its solution. Its convergence is proved under off-diagonal antitonicity assumptions. Applications to Walrasian type equilibrium problems and to nonlinear input-output problems are also given. © 2008 Springer-Verlag

Dynamic equilibrium model for spatial auction markets

Spatial equilibrium models are utilized for description of behavior and for management of complex systems containing many interacting elements, with taking into account their spatial distribution. We consider such a system of auction markets joined by transmission lines subject to joint balance and capacity flows constraints for a certain time period propose a primal-dual system of variational inequalities whose solutions yield an equilibrium trajectory of this system. A splitting type method is proposed to find a solution

Gauss-Seidel method for multi-valued inclusions with Z mappings

We consider a problem of solution of a multi-valued inclusion on a cone segment. In the case where the underlying mapping possesses Z type properties we suggest an extension of Gauss-Seidel algorithms from nonlinear equations. We prove convergence of a modified double iteration process under rather mild additional assumptions. Some results of numerical experiments are also presented. © 2011 Springer Science+Business Media, LLC