"Publicly Listed Parent/Subsidiary Pairs: Benchmarking to TOPIX and Market Distortion"

This paper explores the impact of publicly listed parent/subsidiary pairs on the pricing and volatility of companies' shares. We construct a noisy rational expectations equilibrium model in which a parent and its subsidiary company are both publicly listed. Two classes of traders participate in the market: institutional investors who have private information on the fundamentals of listed companies, and individual investors who have no private information. A key feature of the model is that institutional investors attempt to optimize the risk-return tradeoff relative to TOPIX, the capitalization-weighted index of the stock market. Individual investors are assumed to act without reference to any performance benchmark. Within this framework we first establish the rather obvious result that the market portfolio of all outstanding shares is not an efficient portfolio. This result implies that benchmarking to TOPIX, which is the surrogate of the market portfolio without any adjustment for double-counting of parent/subsidiary pairs, generates excessive demand for shares of the subsidiary company. We analyze the equilibrium of our market model and show that (1)the price of the subsidiary companyfs share is pushed up to a level higher than that implied by its fundamentals, (2) the share price of other companies who are highly correlated with the subsidiary company receive similar effect, (3)the subsidiary companyfs shares become more volatile and (4)tend to respond more to good news than to bad news. The results of this paper suggest that using TOPIX as the performance benchmark, which is the prevailing practice in evaluating pension fund managers and other institutional investors, may be causing distortion in share prices and volatilities of subsidiary companies. A new index which corrects for the double counting is worth a serious consideration.

ϵ′/ϵ\epsilon'/\epsilon Anomaly and Neutron EDM in SU(2)L×SU(2)R×U(1)B−LSU(2)_L\times SU(2)_R\times U(1)_{B-L} model with Charge Symmetry

The Standard Model prediction for $\epsilon'/\epsilon$ based on recent lattice QCD results exhibits a tension with the experimental data. We solve this tension through $W_R^+$ gauge boson exchange in the $SU(2)_L\times SU(2)_R\times U(1)_{B-L}$ model with `charge symmetry', whose theoretical motivation is to attribute the chiral structure of the Standard Model to the spontaneous breaking of $SU(2)_R\times U(1)_{B-L}$ gauge group and charge symmetry. We show that $M_{W_R}<58$ TeV is required to account for the $\epsilon'/\epsilon$ anomaly in this model. Next, we make a prediction for the neutron EDM in the same model and study a correlation between $\epsilon'/\epsilon$ and the neutron EDM. We confirm that the model can solve the $\epsilon'/\epsilon$ anomaly without conflicting the current bound on the neutron EDM, and further reveal that almost all parameter regions in which the $\epsilon'/\epsilon$ anomaly is explained will be covered by future neutron EDM searches, which leads us to anticipate the discovery of the neutron EDM.Comment: 35 pages, 6 figures. Version accepted for publication in JHE

N=1 superfield description of vector-tensor couplings in six dimensions

We express supersymmetric couplings among the vector and the tensor multiplets in six dimensions (6D) in terms of N=1 superfields. The superfield description is derived from the invariant action in the projective superspace. The obtained expression is consistent with the known superfield actions of 6D supersymmetric gauge theory and 5D Chern-Simons theory after the dimensional reduction. Our result provides a crutial clue to the N=1 superfield description of 6D supergravity.Comment: 28 pages, v2:a reference adde

MAGI-2は、ポドサイトのスリット膜における背骨タンパクの局在を制御する

京都大学新制・課程博士博士(医学)甲第23096号医博第4723号新制||医||1050(附属図書館)京都大学大学院医学研究科医学専攻(主査)教授 長船 健二, 教授 小川 修, 教授 藤田 恭之学位規則第4条第1項該当Doctor of Medical ScienceKyoto UniversityDFA