明治期大日本教育会・帝国教育会の教員改良 : 資質向上への指導的教員の動員

内容の要約広島大学(Hiroshima University)博士(教育学)Philosophy in Educationdoctora

An Analysis of the Relative Performance of Japanese and Foreign Money Management

Foreign investment management firms have recently started to play a major role in the investment trust business in Japan. In terms of assets under management, their size and market share have almost doubled in the past several years. In part, the relative success of foreign managed firms in attracting market share may be attributed to the fact that Japanese investment trusts have underperformed benchmarks in quite a dramatic fashion over the past two decades. This is at best indirect evidence that Japanese funds underperform their foreign counterparts. In a recent paper (Brown, Goetzmann, Hiraki, Otsuki and Shiraishi 2001) we show that the underperformance can be attributed almost entirely to the unique tax environment of Japanese investment trusts, which had the effect of heavily penalizing early withdrawals. The relaxation of these regulations coincided with a major inflow of new money into the investment trust business. We examine the relative performance of Japanese and foreign investment management firms before and after this change in tax regulations, and find that the poor relative performance of Japanese funds from April 2000 through December 2001 may in part be attributed to the huge inflow of new money into this sector and the style shifts made necessary to accommodate this flow

An Analysis of the Relative Performance of Japanese and Foreign Money Management

Foreign investment management firms have recently started to play a major role in the investment trust business in Japan. In terms of assets under management, their size and market share have almost doubled in the past two years. In part, the relative success of foreign managed firms in attracting market share may be attributed to the fact that Japanese investment trusts have underperformed benchmarks in quite a dramatic fashion over the past two decades. This is at best indirect evidence that Japanese funds underperform their foreign counterparts. In a recent paper (Brown, Goetzmann, Hiraki, Otsuki and Shiraishi 2001) we show that the underperformance can be attributed almost entirely to the unique tax environment of Japanese investment trusts. In this paper we examine the relative performance issue directly by looking at week by week returns for the period January 23, 1998 through to January 14, 2000. Contrary to popular perception, Japanese managers actually outperformed their foreign counterparts over this period of time. Perhaps this indicates that Japanese managers are more skillful. However, the evidence suggests that they happened to be in the right place at the right time. We attribute the superior performance to the asset allocation decision, rather than to any superior skill in selecting securities

Investor Sentiment in Japanese and U.S. Daily Mutual Fund Flows

We find evidence that is consistent with the hypothesis that daily mutual fund flows may be instruments for investor sentiment about the stock market. We use this finding to construct a new index of investor sentiment, and validate this index using data from both the United States and Japan. In both markets exposure to this factor is priced, and in the Japanese case, we document evidence of negative correlations between “Bull” and “Bear” domestic funds. The flows to bear foreign funds in Japan display some evidence of negative correlation to domestic and foreign equity funds, suggesting that there is a foreign vs. domestic sentiment factor in Japan that does not appear in the contemporaneous U.S. data. By contrast, U.S. mutual fund investors appear to regard domestic and foreign equity mutual funds as economic substitutes

The Japanese Open-End Fund Puzzle

Recent empirical evidence has suggested that the Japanese mutual fund industry has under-performed dramatically over the past two decades. Conjectured reasons for underperformance range from tax-dilution effects to high fees, high turnover and poor asset management. In this paper, we show that this underperformance is largely due to tax-dilution effects, and not necessarily to poor management. Using a broad database of funds which includes investment trusts closed to new investment, we show that once an instrument for the time-varying tax dilution exposure is included in a factor model, there is little evidence of poor risk-adjusted performance. A style analysis of the industry demonstrates that managers appear to pursue tax-driven dynamic strategies

The Japanese Open-End Fund Puzzle

Recent empirical evidence has suggested that the Japanese mutual fund industry has" underperformed dramatically over the past two decades. Conjectured reasons for" underperformance range from tax-dilution effects to high fees, high turnover and poor asset" management. In this paper, we show that this underperformance is largely due to tax-dilution" effects, and not necessarily to poor management. Using a broad database of funds which" includes investment trusts closed to new investment, we show that once an instrument for the" time-varying tax-dilution exposure is included in a factor model, there is little evidence of poor" risk-adjusted performance. A style analysis of the industry demonstrates that managers appear to" pursue tax-driven dynamic strategies.

Social Moral Education in the Educational Society of Empire of Japan : Subject-matter and Nature of Teachers for Social Moral Education

This study aims to elucidate the problems of social moral education in the Educational Society of the Empire of Japan (Teikoku-Kyouiku-kai) during the period between the Sino-Japanese War and Russo-Japanese War, along with their historical significance. In 1901, the Educational Society of the Empire of Japan and other educational societies (Kyouiku-kai) shared the viewpoints of the Ministry of Education concerning social moral education. Educational Societies reported social moral education in which the teacher became an example, trained a good custom by management and training and taught lessons. The Educational Society of the Empire of Japan recognized the need of educational societies concerning social moral education, and edited the textbook on singing the social morality. Moreover, The Educational Society of the Empire of Japan began to conduct research on the theory of social moral education, and edited the reference book that brought the teaching material and the nature of the teacher together. The problems of social moral education in the Educational Society of Empire Japan pertained to the problem of the teaching material and the methodology, and consequently, problems pertaining to the nature of primary and junior high school teachers

A study of the debate sessions in the Educational Society of Japan around 1887

This purpose of this study is to clarify the characteristic of the debate sessions in the Educational Society of Japan (Dainihon-kyouikukai) around 1887. The Educational Society of Japan was the only educational association on a national scale and a lot of intellectuals in the educational area joined. The debate sessions in 1886 formed the first research organization in the Educational Society of Japan

Process of transforming educational research into a business : Study of the Educational Society of Japan (Dainihon-Kyouikukai) in 1888

This report aims to clarify how the Educational Society of Japan (Dainihon-Kyouikukai) turned educational research into a business in 1888. Following the directives of the Ministry of Education, Empire University, and journalists, the Educational Society of Japan ventured to organize educational research as a business