This research focuses on the decommissioning cost and the recycle cost of used nuclear fuel, which are incurred by nuclear power plant. We examine what incentive factors affect the discretionary measurement of those expenses in the year and investigate whether the discretionary components are...

We developed a variance reduction method of Monte Carlo simulations as well as an approximation formula based on an asymptotic expansion approach for pricing bond options and swaptions in HJM framework. As a numerical example we applied the technique to a realistic two-factor model and confirmed...

This paper considers the scheme of social security financing that will be sustainable under the coming population aging process. A reform of privatizing the earnings-related part of public pensions is discussed in detail, and a reform of introducing a risk-adjustment scheme into health insurance...

This paper proposes a structural model to price credit risk of firms with short-term and long-term debts. This enables one to distinguish between default probabilities in the short run and in the long run, and to identify how the composition of debts affects credit risk. We endogenize the banks'...

It is conceived that the percentage of completion method make periodical earnings smoother than the completed contract method and that it can reflect construction activities of the firm on earnings more timely. Based on this intuition, some people believe that earnings recognized by the...

This is a short essay giving the author's view on recent discussions on the economic rationale of equity style management. The essay will be printed in "Perspectives" of the Security Analysts Journal, January 2006.

This paper proposes the social insurance contribution rule that is based on a unified framework. It also discusses a desirable direction of reform. If the rule is based on that of private insurance, the contribution should be related to benefits. When a policy purpose requires mandatory...

A quest for abnormal returns by using accounting information plays an important role of `price discovery`in the investment practice. Coincidentally, it provides valuable counter-evidence for the traditional framework and theory in the academic fields and it encourages academicians to reexamine...