This paper starts with a short overview of the big structural changes that have affected the European securities markets for the last ten years. Then we briefly present the essential features of some European marketplaces and we focus on the future of capital markets in Europe after the EMU of 1999. It seems that the competition between organised exchanges will be tough although the actual technologies are converging faster than expected. We finally analyse the possible effects on the bond markets with the increasing importance played by credit quality.
{"title":"EUROPEAN CAPITAL MARKETS AND THE EMU","authors":"Alexandros Benos","doi":"10.15057/5263","DOIUrl":"https://doi.org/10.15057/5263","url":null,"abstract":"This paper starts with a short overview of the big structural changes that have affected the European securities markets for the last ten years. Then we briefly present the essential features of some European marketplaces and we focus on the future of capital markets in Europe after the EMU of 1999. It seems that the competition between organised exchanges will be tough although the actual technologies are converging faster than expected. We finally analyse the possible effects on the bond markets with the increasing importance played by credit quality.","PeriodicalId":154016,"journal":{"name":"Hitotsubashi journal of commerce and management","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1998-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132644887","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Stability and Exchange Rate Policy","authors":"J. Frenkel","doi":"10.15057/5261","DOIUrl":"https://doi.org/10.15057/5261","url":null,"abstract":"","PeriodicalId":154016,"journal":{"name":"Hitotsubashi journal of commerce and management","volume":"126 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1998-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132042728","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
At the human communication, difFerences of the culture or the background knowledge make the recipient not to understand correctly the communicator's intention. The paper tries to analyze why the Japanese are inscrutable by introducing study reports on the Japanese conversation custom statistic, the Zen philosophy ranking the verbal message low, and the medical study of the Japanese speaking people's brain. How to improve the communication quality is discussed, and the three approaches are evaluated which are computer communication media under the globally common definitions of functions, associated information retrieval methods to detect the background knowledge differences, and a quality guide file of the internet web information. Also, it is pointed out that the human used and will use two types of messages, one aims to be understood universally and the other to be understood only by some restricted people.
{"title":"ON COMMUNICATION QUALITY","authors":"F. Ishino","doi":"10.15057/5373","DOIUrl":"https://doi.org/10.15057/5373","url":null,"abstract":"At the human communication, difFerences of the culture or the background knowledge make the recipient not to understand correctly the communicator's intention. The paper tries to analyze why the Japanese are inscrutable by introducing study reports on the Japanese conversation custom statistic, the Zen philosophy ranking the verbal message low, and the medical study of the Japanese speaking people's brain. How to improve the communication quality is discussed, and the three approaches are evaluated which are computer communication media under the globally common definitions of functions, associated information retrieval methods to detect the background knowledge differences, and a quality guide file of the internet web information. Also, it is pointed out that the human used and will use two types of messages, one aims to be understood universally and the other to be understood only by some restricted people.","PeriodicalId":154016,"journal":{"name":"Hitotsubashi journal of commerce and management","volume":"51 2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1997-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120991612","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Das Thema dieses Aufsatzes ist es, die Charakteristika der Unternehmensaktivitaten klarzumachen, indem wir ihrem EinfluB auf das Btrgerleben unsere Aufmerksamkeit schenken. Die Ergebnisse unserer Uberlegungen sind : die Charakteristika der Unternehmensaktivitaten bestehen darin, daB durch Verlagerung und Ersehaffung der Fertigkeiten der Btrger, die ftir das Konsumleben und Produktionsleben notwendig sind, das Btirgerleben von den Unternehmen fremdbestimmt geplant und gefiihrt wird.
{"title":"Unternehmensaktivitaten und Burgerleben","authors":"K. Murata","doi":"10.15057/5372","DOIUrl":"https://doi.org/10.15057/5372","url":null,"abstract":"Das Thema dieses Aufsatzes ist es, die Charakteristika der Unternehmensaktivitaten klarzumachen, indem wir ihrem EinfluB auf das Btrgerleben unsere Aufmerksamkeit schenken. Die Ergebnisse unserer Uberlegungen sind : die Charakteristika der Unternehmensaktivitaten bestehen darin, daB durch Verlagerung und Ersehaffung der Fertigkeiten der Btrger, die ftir das Konsumleben und Produktionsleben notwendig sind, das Btirgerleben von den Unternehmen fremdbestimmt geplant und gefiihrt wird.","PeriodicalId":154016,"journal":{"name":"Hitotsubashi journal of commerce and management","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1997-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132422547","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"On Asymptotics of Local Principal Component Analysis Knowledge Retention and New Product Development Performance","authors":"S. Oue","doi":"10.15057/5462","DOIUrl":"https://doi.org/10.15057/5462","url":null,"abstract":"","PeriodicalId":154016,"journal":{"name":"Hitotsubashi journal of commerce and management","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1996-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129132745","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
D. Cho, Dong Hyun Lee, Sijo Ryu, Daehyung Cho, Dong Jae Kim
Although industrial policy plays an important role in the process of economic development, only a small number of empirical studies have been developed on this considerable subject. By analyzing Korean and Japanese official documents, which describe government objectives and strategies, this paper identifies the characteristics of Korean and Japanese industrial policies. Both countries' industrial policies have similarities in terms of explicit objectives, but they differ in processes of development and implementation.
{"title":"A Comparative Study of Korean and Japanese Industrial Policies Through Content Analysis of Official Documents","authors":"D. Cho, Dong Hyun Lee, Sijo Ryu, Daehyung Cho, Dong Jae Kim","doi":"10.15057/5464","DOIUrl":"https://doi.org/10.15057/5464","url":null,"abstract":"Although industrial policy plays an important role in the process of economic development, only a small number of empirical studies have been developed on this considerable subject. By analyzing Korean and Japanese official documents, which describe government objectives and strategies, this paper identifies the characteristics of Korean and Japanese industrial policies. Both countries' industrial policies have similarities in terms of explicit objectives, but they differ in processes of development and implementation.","PeriodicalId":154016,"journal":{"name":"Hitotsubashi journal of commerce and management","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1996-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131115505","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Drawing on examples from the Japanese automobile industry, this study investigated how differences in the ability to retain product-related knowledge across product generations affect product development performance. Two sets of analyses were conducted on this issue, based on data obtained from 229 key project members in 25 new product development projects. First, we investigated how knowledge retention infiuences perfornrance within well-established component development, which we called local performance. We found that, in general, dependence on archival-based mechanisms, such as documents, reports and computerized tools, rather than on individual-based mechanisms, tended to be associated with higher local perforrnance. Next, we analyzed our data set at the project level. Data suggested that retention of individual experience bases and communication with previous project members have positive impact on several performance indicators at the entire project level. In particular, we found that these individual-based retention mechanisms affected improvement of system performance derived from the complex interactions among diffierent engineering and functional domains. However, data also suggested that retention of prior experience tended to cause problems when
{"title":"Knowledge Retention and New Product Development Performance","authors":"Y. Aoshima","doi":"10.15057/5463","DOIUrl":"https://doi.org/10.15057/5463","url":null,"abstract":"Drawing on examples from the Japanese automobile industry, this study investigated how differences in the ability to retain product-related knowledge across product generations affect product development performance. Two sets of analyses were conducted on this issue, based on data obtained from 229 key project members in 25 new product development projects. First, we investigated how knowledge retention infiuences perfornrance within well-established component development, which we called local performance. We found that, in general, dependence on archival-based mechanisms, such as documents, reports and computerized tools, rather than on individual-based mechanisms, tended to be associated with higher local perforrnance. Next, we analyzed our data set at the project level. Data suggested that retention of individual experience bases and communication with previous project members have positive impact on several performance indicators at the entire project level. In particular, we found that these individual-based retention mechanisms affected improvement of system performance derived from the complex interactions among diffierent engineering and functional domains. However, data also suggested that retention of prior experience tended to cause problems when","PeriodicalId":154016,"journal":{"name":"Hitotsubashi journal of commerce and management","volume":"93 6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1996-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127982114","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The impacts of the distribution structure on the growth of an industry are considered through the analysis of the development process of the Japanese and German consumer electronics industries which are supposed to be a typical example of the industry with increasing returns. Most of the theoretical challenges were focused on the technological innovation as an intemal factor. For the development of the growth theory, however, we also have to focus on another externality; the market. A market process casts the way an industry grows, as it determines the way the demand expands, the technology changes, and the capital accumulates. The key concept argued is the "social division of labour," which evolves in the process the distribution system develops, and this is the way the market process, the absolute externality in the traditional economic theory, is transformed so that it brings profits to the industry.
{"title":"Social Division of Labour in Distribution and the Growth of the Industry","authors":"Y. Yamashita","doi":"10.15057/5542","DOIUrl":"https://doi.org/10.15057/5542","url":null,"abstract":"The impacts of the distribution structure on the growth of an industry are considered through the analysis of the development process of the Japanese and German consumer electronics industries which are supposed to be a typical example of the industry with increasing returns. Most of the theoretical challenges were focused on the technological innovation as an intemal factor. For the development of the growth theory, however, we also have to focus on another externality; the market. A market process casts the way an industry grows, as it determines the way the demand expands, the technology changes, and the capital accumulates. The key concept argued is the \"social division of labour,\" which evolves in the process the distribution system develops, and this is the way the market process, the absolute externality in the traditional economic theory, is transformed so that it brings profits to the industry.","PeriodicalId":154016,"journal":{"name":"Hitotsubashi journal of commerce and management","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1995-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124336570","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Die japanische Torishimariyaku-kai : Eine rechtliche und betriebswirtschaftliche Analyse","authors":"Mitsuhiro Hirata","doi":"10.15057/5541","DOIUrl":"https://doi.org/10.15057/5541","url":null,"abstract":"","PeriodicalId":154016,"journal":{"name":"Hitotsubashi journal of commerce and management","volume":"15 10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1995-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128186816","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Laws against insider trading, disclosure requirements, and auditing rules form the basis for information regulation of capital markets. Although the economic effects of insider dealing are mixed, institutional economics favors a prohibition of insider trading to minimize the negative effects. Private regulation of insider trading will fail because of weak disciplinary mechanisms. To prevent overregulation, however, corporations should have the right to opt out of the general ban on insider trading. The impairment of information efficiency by laws against insider trading must not automatically be countered by public disclosure and auditing rules. It is efficient to install competition among public and private disclosure and auditing standards.
{"title":"Information(De-)Regulation of Capital Markets from the Viewpoint of New Institutional Economics","authors":"H. Dietl, A. Picot","doi":"10.15057/5543","DOIUrl":"https://doi.org/10.15057/5543","url":null,"abstract":"Laws against insider trading, disclosure requirements, and auditing rules form the basis for information regulation of capital markets. Although the economic effects of insider dealing are mixed, institutional economics favors a prohibition of insider trading to minimize the negative effects. Private regulation of insider trading will fail because of weak disciplinary mechanisms. To prevent overregulation, however, corporations should have the right to opt out of the general ban on insider trading. The impairment of information efficiency by laws against insider trading must not automatically be countered by public disclosure and auditing rules. It is efficient to install competition among public and private disclosure and auditing standards.","PeriodicalId":154016,"journal":{"name":"Hitotsubashi journal of commerce and management","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1995-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128839658","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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