Relationship between labor-income risk and average return: empirical evidence from the Japanese stock market

In Japan, as in the United States, stocks that are more sensitive to changes in the monthly growth rate of labor income earn a higher return on average. Whereas the stock-index beta can only explain 2 percent of the cross-sectional variation in the average return on stock portfolios, the stock-index beta and the labor-beta together explain 75 percent of the variation. We find that the labor-beta drives out the size effect but not the book-to-market-price effect that is documented in the literature. We explore the extent to which these results are an artifact of seasonal patterns in labor-income growth rates as well as asset returns. In Japan, the book-to-market-price characteristic can be adequately captured by a particular factor-beta, as suggested by Fama and French (1993). This is in contrast to the findings reported by Daniel and Titman (1997) for the United States.Labor supply ; Stock - Prices ; Japan

The CAPM with human capital: Evidence from Japan

We find that the CAPM beta has little ability to explain the cross section of average returns on Japanese stocks when the TOPIX return is used as the proxy for the return on the aggregate wealth portfolio. The relation between average return and beta is flat, with an R-Square of less than 3%. The empirical performance of the CAPM improves substantially if a measure of the return on human capital is also included when measuring the return on the aggregate wealth portfolio -- the R-Square rises to 75%. There is little evidence against the CAPM specification with this modification. It performs almost as well as the linear factor model which, following Fama and French, uses the TOPIX return and the payoffs on portfolios that capture the size and book to price effects found in the data as the three factors

A Modified Real-Coded Genetic Algorithm Considering with Fitness-based Variability

A genetic algorithm (GA) is a search algorithm based on the mechanism of natural genetics. In various GAs, a real-coded GA (RCGA) employing individuals represented by real valued-genes has been proposed to solve the optimization problem in the continuous searching space. However, the conventional RCGA yields ineffective searches due to insufficient genetic diversity in the selection process. In this paper, we propose a modified RCGA with variability operator maintaining the genetic diversity of the population. In the proposed method, a variability term is newly added to the individuals selected by the ordinary selection. The degree of the variability is decided considering the fitness value of the individual. The searching performance of the proposed method is better than the conventional methods. The effectiveness and the validity of the proposed method are verified by applying it to optimization problems of continuous benchmark functions and signal sources localization

A Chronological Record of Narushima Nobuyuki’s Career (18)

Previously, I wrote about Narushima Nobuyuki’s career from 1689 to 1743 in serial form. This paper presents the articles provided to him at the end of 1743 and in 1744 and 1745. In October 1743, Ishijima Tsukuba forged Nobuyuki’s farewell poem for Nakamura Tomijuuro, a famous actor who left Edo for Osaka. Moreover, in 1743, Nobuyuki named the house of Ikegami Yukimasa Hakubousha. On May 1, 1744, Nobuyuki mourned his birth mother who had passed away in 1695 and was buried in the graveyard of the Gokurakuji Temple. On November 21, 1744, Nobuyuki proposed a plan to stabilize prices based on the theory of Fujimaki Norizane. However, a high government official of the Tokugawa Shogunate quickly ordered it to be stopped. In March 1745, Hokke Hakkou, a religious ceremony by the Tokugawa Shogunate, was held; Nobuyuki made a Hakkou Shiki, a record of the ceremony. As usual, Nobuyuki served as the mediator between the dignitaries of Tokugawa Yoshimune and the librarians of Momijiyama Library.本稿は、平成三十年度科学研究費補助金基盤研究（Ｃ）「成島家を中心とする近世中後期幕臣文化圏の研究」による研究成果の一部である

近藤芳樹の活動拠点としての広島

本稿は、平成23年度城下町広島の歴史講座十講の講演「国学者の活動拠点としての広島―近藤芳樹の場合―」（2012年2月18日）の内容の一部を成稿化したものである。また、本稿は平成24年度科学研究費補助金基盤研究（Ｂ）「世界遺産・厳島の総合的研究―「伝承・伝説の時代性」の視点から―」（研究代表者　狩野充徳氏）による研究成果の一部である

A Chronological Record of Narushima Nobuyuki’s Career (16)

I wrote about Narushima Nobuyuki’s career from 1689 to 1741 in serial form. This paper deals with articles presented to him in the second half of 1741. On August 12th, he attended a ceremony to celebrate Takechiyo’s coming of age. After that, he and his friends enjoyed boating in Edo Bay and wrote a travel piece titled Umizuto. On August 13th, Reizei Tamehisa held a gathering of tanka poets, and his pupils, including Nobuyuki, composed tanka poems on the subject of a full moon. In autumn, he gave Ikegami Yukimasa the foreword to a collection of tanka poems by Yukimasa’s deceased younger sister. On December 18th, he presented Konden no Kohou, a statement connected with development of rice fields to Kanou Hisamichi, a top government official of the Tokugawa Shogunate. As usual, Nobuyuki served as mediator between dignitaries around Tokugawa Yoshimune and the librarians of Momijiyama Library.本稿は、平成二十八年度科学研究費補助金基盤研究（Ｃ）「成島家を中心とする近世中後期幕臣文化圏の研究」による研究成果の一部である

A Chronological Record of Narushima Nobuyuki's Career (7)

I have written Narushima Nobuyuki's career from 1689 to 1735 in series. This paper contains his achievement in 1736,mainly related to Momijiyama Library. He did his duty as a person who kept communication between Momijiyama Library and dignitaries around Tokugawa Yoshimune. The main occurrence in 1736 was no return of ""Shoka- Kakitsuke"" from dignitaries to Library. Talking with the librarians over this matter, he realized the supplement of a catalogue and the smoothness of working

A Chronological Record of Narushima Nobuyuki’s Career (19)

In my previous paper, I had serially recorded Narushima Nobuyuki’s career from 1689 to 1745. This paper presents a detailed account of the articles provided to him at the end of 1745. In the summer of 1745, Nobuyuki composed a Shinpo-ou-iso-no-jo, a foreword to Sakakura Kurouji’s wake left by the deceased. On July 7, it was officially announced that Tokugawa Yoshimune, the eighth shogun of the Tokugawa shogunate, would retire soon. On September 25, Yoshimune was transferred from Honmaru to Nishi-no-maru. During this time, Nobuyuki composed an Ari-no-susabi and an Otonoutsuri, and infused them with sentiments. In addition, he performed his usual responsibilities as a mediator between the dignitaries in Tokugawa Yoshimune’s shogunate and the librarians of Momijiyama Library.本稿は、令和元年度科学研究費補助金基盤研究（Ｃ）「成島信遍研究―幕臣文人の事績を通して見る近世中期江戸文壇の特徴―」による研究成果の一部である

A Chronological Record of Narushima Nobuyuki's Career (6), from 1729 to 1735

Narushima Nobuyuki (1689-1760) is a retainer of the Tokugawa Shogunate, especially valued by Tokugawa Yoshimune, the eighth Shogun. He had wide knowledge of Japanese and Chinese classics because of the duties of a librarian. And he was the most famous literary man, studying "waka" under the Reizei family and Chinese poetry under Ogyu Sorai. To make his career clear is connected directly with research of the literature of the Edo period. I have written the chronological record from 1689 to 1728. This paper contains his career after it