{"created":"2023-06-20T16:40:29.283954+00:00","id":10752,"links":{},"metadata":{"_buckets":{"deposit":"8ce3077c-d125-49fc-a49f-4b0c55955016"},"_deposit":{"created_by":3,"id":"10752","owners":[3],"pid":{"revision_id":0,"type":"depid","value":"10752"},"status":"published"},"_oai":{"id":"oai:kindai.repo.nii.ac.jp:00010752","sets":["14:923:2327:2335","21:3039:3492:3515"]},"author_link":["20912"],"item_2_biblio_info_21":{"attribute_name":"書誌情報","attribute_value_mlt":[{"bibliographicIssueDates":{"bibliographicIssueDate":"2011-12-01","bibliographicIssueDateType":"Issued"},"bibliographicIssueNumber":"1","bibliographicPageEnd":"9","bibliographicPageStart":"1","bibliographicVolumeNumber":"44","bibliographic_titles":[{"bibliographic_title":"近畿大学短大論集"},{"bibliographic_title":"The Bulletin of The Junior College of Kinki University","bibliographic_titleLang":"en"}]}]},"item_2_description_33":{"attribute_name":"抄録","attribute_value_mlt":[{"subitem_description":"[抄録] もし市場が効率的なら、投資家はいかなる手法を使っても市場平均に勝てない。これが効率的市場仮説を支持する研究者の見解である。市場平均に勝っても、運が良かっただけとするのだ。この仮説を支持するバートン・マルキールの著書と支持しないジャスティン・フォックスの見解を考察する。あわせて筆者が株式投資を行いその際に経験した事の考察もする。フォックスも筆者も効率的市場仮説は、成立しないとする立場である。アノマリーが存在するのだ。リチャード・オヒギンズの「ダウの負け犬戦略」つまりダウ30社の中から、配当利回りの高い株に投資するだけの戦略はオショネシーの研究ではダウ平均を年率で2%上回っていたのだ。だがこの戦略を多くの人が知れば、市場平均に負けてしまう。こうした事例からもわかる様に、こんな単純な戦略でも市場平均に勝てたのである。投資家が「経済人」でなく、非合理的な行動をすることもあり、筆者はとうてい効率性市場仮説を支持することはできない。            [Abstract] If the stock market is efficient, an investor can't get more money than an average investor. If an investor make a great achievement,his success is his good luck. I thought the stock market was efficient this was a great mistake. Scholars who believe that the stock market is efficient take a wrong turning. Do they deny the success of Edward Warren Buffettt ? Buffett said ‘If the stock market is efficient, I became a beggar’. I think Buffett is right. I consider 'the great achievement is not his fortune but his investments' method is right. I think anomaries do exist. You can make a reward to invest.","subitem_description_type":"Abstract"}]},"item_2_description_34":{"attribute_name":"目次","attribute_value_mlt":[{"subitem_description":"[目次] 第1節.はじめに,  第2節.テクニカル分析,  第3節.「市場が効率的だ」の定義,  第4節.マルキールが指摘するファンダメンタル分析の問題点,  第5節.アノマリー現象,  第6節.ジャスティン・フォックスの効率性市場仮説に対する反証,   第7節.筆者が発見したアノマリー    I.市場はノイズに近い情報に異常に反応する    II.決算情報に対する反応が遅いか分析が不十分    III.権利取りのため株価は上がるが、権利落ちなどでしばらく株価が低迷する    IV.配当利回りが高い場合は業績が悪い場合が多いが例外がある,    第8節.効率性市場仮説が成立する場合の問題点   I.パフェットの存在をどう考えるのか    II.ピーター・リンチの成功      III.ニフティフィフティなどの割高株が存在したこと     IV.バブルの発生      V.市場参加者が合理的でない点,    第9節.筆者の株式投資の経験から効率性市場仮説への見解,    第10節.おわりに","subitem_description_type":"Other"}]},"item_2_description_41":{"attribute_name":"フォーマット","attribute_value_mlt":[{"subitem_description":"application/pdf","subitem_description_type":"Other"}]},"item_2_publisher_14":{"attribute_name":"出版者 名前","attribute_value_mlt":[{"subitem_publisher":"近畿大学短期大学部"}]},"item_2_source_id_22":{"attribute_name":"ISSN","attribute_value_mlt":[{"subitem_source_identifier":"03867048","subitem_source_identifier_type":"ISSN"}]},"item_2_text_7":{"attribute_name":"著者(英)","attribute_value_mlt":[{"subitem_text_language":"en","subitem_text_value":"Honnami, Kiyotaka"}]},"item_2_text_8":{"attribute_name":"著者 所属","attribute_value_mlt":[{"subitem_text_value":"近畿大学短期大学部; 准教授"}]},"item_2_version_type_12":{"attribute_name":"版","attribute_value_mlt":[{"subitem_version_resource":"http://purl.org/coar/version/c_970fb48d4fbd8a85","subitem_version_type":"VoR"}]},"item_creator":{"attribute_name":"著者","attribute_type":"creator","attribute_value_mlt":[{"creatorNames":[{"creatorName":"本浪,  清孝"},{"creatorName":"ホンナミ, キヨタカ","creatorNameLang":"ja-Kana"}],"nameIdentifiers":[{}]}]},"item_files":{"attribute_name":"ファイル情報","attribute_type":"file","attribute_value_mlt":[{"accessrole":"open_date","date":[{"dateType":"Available","dateValue":"2016-02-18"}],"displaytype":"detail","filename":"AN00064011-20111200-0001.pdf","filesize":[{"value":"875.4 kB"}],"format":"application/pdf","licensetype":"license_note","mimetype":"application/pdf","url":{"label":"AN00064011-20111200-0001.pdf","url":"https://kindai.repo.nii.ac.jp/record/10752/files/AN00064011-20111200-0001.pdf"},"version_id":"e533f09f-7965-4fa8-a9f3-2236a90c7f99"}]},"item_keyword":{"attribute_name":"キーワード","attribute_value_mlt":[{"subitem_subject":"市場平均","subitem_subject_scheme":"Other"},{"subitem_subject":"効率性市場仮説","subitem_subject_scheme":"Other"},{"subitem_subject":"マルキール","subitem_subject_scheme":"Other"},{"subitem_subject":"フォックス","subitem_subject_scheme":"Other"},{"subitem_subject":"経験","subitem_subject_scheme":"Other"},{"subitem_subject":"ダウの負け犬戦略","subitem_subject_scheme":"Other"},{"subitem_subject":"経済人","subitem_subject_scheme":"Other"},{"subitem_subject":"非合理的な行動","subitem_subject_scheme":"Other"},{"subitem_subject":"the stock market","subitem_subject_language":"en","subitem_subject_scheme":"Other"},{"subitem_subject":"good luck","subitem_subject_language":"en","subitem_subject_scheme":"Other"},{"subitem_subject":"efficient","subitem_subject_language":"en","subitem_subject_scheme":"Other"},{"subitem_subject":"Buffettt","subitem_subject_language":"en","subitem_subject_scheme":"Other"},{"subitem_subject":"fortune","subitem_subject_language":"en","subitem_subject_scheme":"Other"},{"subitem_subject":"anomaries","subitem_subject_language":"en","subitem_subject_scheme":"Other"}]},"item_language":{"attribute_name":"言語","attribute_value_mlt":[{"subitem_language":"jpn"}]},"item_resource_type":{"attribute_name":"資源タイプ","attribute_value_mlt":[{"resourcetype":"departmental bulletin paper","resourceuri":"http://purl.org/coar/resource_type/c_6501"}]},"item_title":"〈論文〉効率性市場仮説に対する私的考察","item_titles":{"attribute_name":"タイトル","attribute_value_mlt":[{"subitem_title":"〈論文〉効率性市場仮説に対する私的考察"},{"subitem_title":"〈Article〉 Is the Stock Market Efficient ?","subitem_title_language":"en"}]},"item_type_id":"2","owner":"3","path":["2335","3515"],"pubdate":{"attribute_name":"公開日","attribute_value":"2012-01-31"},"publish_date":"2012-01-31","publish_status":"0","recid":"10752","relation_version_is_last":true,"title":["〈論文〉効率性市場仮説に対する私的考察"],"weko_creator_id":"3","weko_shared_id":3},"updated":"2023-06-20T20:26:08.782784+00:00"}