"Value Anomaly and Market Overreaction: Analysis using Earnings Forecast Data"(in Japanese)

We examine whether the value anomaly in the Japanese equity market can be explained by market overreactions. Using I/B/E/S market consensus data on earning forecasts, we capture market overreactions by measuring earning surprises. The typical story is that the market tends to be overly pessimistic about the fundamentals of value stocks. Therefore, positive earning surprises are observed more often than negative earning surprises on value stocks, and this causes their higher average returns. Another story is that value stocks react sharply only to positive surprises, and this raises the long-term return of value stocks above that of growth stocks, which react sharply only to negative surprises. We claim that the evidence does not give sufficient support to neither of these stories. It appears that the overreaction hypothesis is not the right answer to the value anomaly.

"Earning Forecasts, Earning Surprises and the Value Anomaly"(in Japanese)

We examine whether the value anomaly in the Japanese equity market can be explained by market overreactions. Using I/B/E/S market consensus data on earning forecasts, we capture market overreactions by measuring earning surprises. The typical story is that the market tends to be overly pessimistic about the fundamentals of value stocks. Therefore, positive earning surprises are observed more often than negative earning surprises on value stocks, and this causes their higher average returns. Another story is that value stocks react sharply only to positive surprises, and this raises the long-term return of value stocks above that of growth stocks, which react sharply only to negative surprises. We claim that the evidence does not give sufficient support to neither of these stories. It appears that the overreaction hypothesis is not the right answer to the value anomaly.

The Far-Infrared Surveyor (FIS) for AKARI

The Far-Infrared Surveyor (FIS) is one of two focal plane instruments on the AKARI satellite. FIS has four photometric bands at 65, 90, 140, and 160 um, and uses two kinds of array detectors. The FIS arrays and optics are designed to sweep the sky with high spatial resolution and redundancy. The actual scan width is more than eight arcmin, and the pixel pitch is matches the diffraction limit of the telescope. Derived point spread functions (PSFs) from observations of asteroids are similar to the optical model. Significant excesses, however, are clearly seen around tails of the PSFs, whose contributions are about 30% of the total power. All FIS functions are operating well in orbit, and its performance meets the laboratory characterizations, except for the two longer wavelength bands, which are not performing as well as characterized. Furthermore, the FIS has a spectroscopic capability using a Fourier transform spectrometer (FTS). Because the FTS takes advantage of the optics and detectors of the photometer, it can simultaneously make a spectral map. This paper summarizes the in-flight technical and operational performance of the FIS.Comment: 23 pages, 10 figures, and 2 tables. Accepted for publication in the AKARI special issue of the Publications of the Astronomical Society of Japa

PosMed: ranking genes and bioresources based on Semantic Web Association Study

ABSTRACT Positional MEDLINE (PosMed; http://biolo

FIGURE 1. Pagurus ikedai n in Pagurus ikedai (Crustacea: Anomura: Paguridae), a new hermit crab species of the bernhardus group from Japanese waters

FIGURE 1. Pagurus ikedai n. sp., Tokyo Submarine Canyon, Japan, sta MM­ 30: a, paratype male 7.6 mm (USNM 1069118); b – f, i, j, holotype male 8.2 mm (NSMT­Cr 16121); g, h, paratype male 8.5 mm, sta MM­ 30 (USNM 1069118). a, gill lamella; b, shield and cephalic appendages, dorsal view; c, portion of dorsal surface of palm of right cheliped near base of fixed finger and lateral margin, dorsolateral view; d, anterior lobe and posterior portion of thoracic sternite XII (third pereopods), ventral view; e – h, telson in dorsal (e, g) and posterior (f, h) views; i, j, coxae of fifth pereopods and thoracic sternite XXIV in ventral (i) and posterior (j) views. Scale bars: a = 0.25 mm; b, d, i, j = 1.0 mm; c, e – h = 0.5 mm

Earning Forecasts, Earning Surprises and the Value Anomaly

この研究の目的は，市場の過剰反応説によってどの程度バリュー株効果を説明できるかについて，日本の株式市場を対象に検討することである．本研究では，アナリストのコンセンサス予想に基づいて計算した市場のサプライズの符号と大きさで，市場の過剰反応をとらえる．この場合，バリュー株効果に対するもっとも直接的な解釈は，ファンダメンタルズを過小評価されがちなバリュー株は，業績サプライズがプラス方向に大きく出る傾向があり，その結果リターンは平均的に高くなる，というものである．もう一つの解釈は，バリュー株はポジティブ・サプライズに強く反応し，その結果平均的なリターンが高くなるというものである．バリュー株効果に対する業績サプライズの説明力は上記いずれの解釈についても限定的で，バリュー株効果についてはそれ以外に説明要因（リスク要因）があるはずというのが，分析から得られた結論である．論文末尾では，アナリスト予想から計算した株主価値推計値への株価のさや寄せ行動について，過剰反応説とは別個の市場非効率性仮説と捉えて説明する．笹井, 浅野編. 資産運用の最先端理論. 日本経済新聞社, 2002, p. 93-125.本文フィルはリンク先を参照のこ

A New Species of the Genus Rimicaris (Alvinocarididae: Caridea: Decapoda) from the Active Hydrothermal Vent Field, "Kairei Field," on the Central Indian Ridge, the Indian Ocean.

Rimicaris kairei new species (Alvinocarididae: Caridea: Decapoda) is described based on materials, from the active hydrothermal vent field, "Kairei Field," on the Central Indian Ridge, the Indian Ocean. The new species is clearly distinguishable from the unique congener, R. exoculata Williams & Rona, 1986, which is known from the Atlantic Ocean. The following morphological differences were identified: (1) all punctations on carapace strongly ornamented by tufts of short stiff setae in R. exoculata, whereas without any setae in R. kairei; (2) antennal flagella in R. exoculata shorter than in R. kairei; (3) walking legs in R. exoculata more robust than in R. kairei