Pricing Nikkei 225 Options Using Realized Volatility

This article examines option pricing performance using realized volatilities with or without handling microstructure noise, non‐trading hours and large jumps. The dynamics of realized volatility is specified by ARFIMA(X) and HAR(X) models. The main results using put options on the Nikkei 225 index are that: (i) the ARFIMAX model performs best; (ii) the Hansen and Lunde (2005a) adjustment for non‐trading hours improves the performance; (iii) methods for reducing microstructure noise‐induced bias yield better performance, while if the Hansen–Lunde adjustment is used, the other methods are not necessarily needed; and (iv) the performance is unaffected by removing large jumps from realized volatility.     

Interpolating the Lorenz Curve: Methods to Preserve Shape and Remain Consistent with the Concentration Curves for Components

C¹‐class interpolation methods that preserve monotonicity and convexity and are thus suitable for the estimation of the Lorenz curve from grouped data are not widely known. Instead, parametric models are usually applied for such estimation. Parametric models, however, have difficulty in accurately approximating every part of income/expenditure distributions. This paper proposes two types of C¹‐class shape‐preserving interpolation methods. One is a piecewise rational polynomial interpolation (proposed independently by Stineman and Delbourgo) that enables consistent interpolation of the concentration curves for income/expenditure components, attaining approximately the same accuracy as that of the existing methods when applied to decile‐grouped data or to more detailed aggregation. Another is a Hybrid interpolation that employs pieces of curves derived from parametric models on end intervals. Empirical comparisons show that the Hybrid interpolation (with the assistance of parametric models for class‐boundary estimation) outperforms the existing methods even when applied to quintile‐grouped data without class boundaries.     

Coverage area expansion, customer switching, and household profiles in the Japanese broadband access market

This paper examines the diffusion process of Internet broadband access in Japan by modeling the household choice of access modes. Estimates reveal that the characteristics of users, rather than those of the access modes, play a significant role in demand substitution across the modes. Simulation exercises indicate that had optic fibers (fiber-to-the-home; FTTH) been made available to the whole country in 2005, only 10% of households would have switched to that mode. This result implies that once chosen, the household choice of access mode persists, and that indirect network effects are an important element in decisions to adopt the new technology of broadband. Finally, policy implications are discussed.     

Convergence and divergence of role stress experience of locally hired Japanese and non-Japanese host country staff: a qualitative study

This qualitative study examines the role stress (comprising of role ambiguity and role conflict) experienced by locally hired Japanese (LJ) and non-Japanese (NJ) staff in a sample of Japanese companies in Australia. Expatriates were also interviewed to gather information regarding the impact of cross-cultural understanding on role ambiguity and role conflict in their work relationships with LJ and NJ staff. Both LJ staff and NJ local staff experienced two types of role ambiguity, resulting from insufficient English competence and information shortage. NJ staff experienced two additional types of role ambiguity due to their lack of cultural understanding about Japan. LJ staff experienced two types of role conflict which were not experienced by NJ local staff. These were caused by their cultural understanding about Australia, and their Japanese cultural heritage and understanding of the society and organisational processes. This study shows that cultural understanding of one's host country and parent country could reduce role ambiguity. In addition, it was found that cultural understanding of one's host country and parent country results in role conflict. These findings suggest that cultural understanding could have positive and negative consequences on role stress. Theoretical and practical implications in the management of white-collar staff in overseas Japanese companies are discussed.     

Service quality and its effect on customer satisfaction and customer behavioral intentions: hotel and ryokan guests in Japan

This study analyzes the effect of service quality on customer satisfaction and customer behavioral intentions at hotels and ryokan (traditional Japanese inns). In this empirical research, questionnaires were sent to guests at seven sites: three hotels and four ryokan. Service quality, as perceived by guests, affected customer satisfaction and customer behavioral intention. Results from this empirical study show strong evidence of service quality as perceived by guests being influenced by the type of accommodation. Also, among service quality factors, “physical aspect” had the most powerful impact on customer satisfaction and customer behavioral intention. “Creativeness” ranked second, followed by “unexpected service” and “encounter performance”. The prominence of physical aspects probably reflects the distinctiveness of the service of offering a one-night stay. However, as a certain level of physical facilities is taken for granted at lodging facilities above a certain price, “creativeness”, the second most powerful factor, becomes decisively important.     

水平轴思想——关于冲绳的“共同体意识”

“水平轴思想”是指在横向的关系中把握人际关系的想法，被这种“水平轴”意识所支撑的“共同体意志”，也还是同样在“水平轴”的方向上发挥作用，就是说，一个“共同体”在与其他“共同体”的关系中，决定自己的意志。面对其他“公共体”时，“共同体”成员的归属意识被越发强烈地激发出来。在冲绳近代化的过程中，把冲绳的一切当作异质的东西加以自我否定，试图向日本本土同质化看齐。这一切是通过把“国家”的意志转换成“冲绳的进步”和“摆脱落后”，而使人产生新型的“共同体意志”的幻想，“国家”的意志正是这样把这种幻想带给冲绳的民众。民众希望从残酷状况中挣脱出来的愿望，进一步使这种支配性的意志很容易变为现实。     

Location choices of firms and workers in an urban model with heterogeneities in skills and preferences

This paper investigates the location choices of firms and workers, and the implied commuting behavior, in a city comprising several jurisdictions. Jurisdictions are geographically represented by segments that are connected to each other at the center. Each jurisdiction has its own amenities. Workers are classified into types on the basis of their skills and amenity preferences. Firms employ all types of worker. A business area may be formed in the center or in the suburban segments. A monocentric configuration arises when the commuting cost is small and heterogeneity of workers is large.     

Horizontal mergers and divestment dynamics in a sunset industry

Industries with declining demand tend to be riddled with chronic excess capital due to the presence of a business‐stealing effect and fixed costs. This article highlights the potential of mergers to internalize this business‐stealing effect and thereby promote divestment. Using the case of mergers in the Japanese cement industry, it examines whether such merger‐induced divestment improves total welfare based on a dynamic model of divestment. The findings suggest that merged firms indeed tended to reduce capital more actively and that, as a result of these mergers, total welfare improved despite a reduction in the consumer surplus.     

近代日本老工业城市发展过程中"社宅街"的形成、演变及改良

"棚户区"改造是我国老工业城市更新改造的难点和重点。近代日本在矿工业快速发展的过程中也面临类似的问题,即"社宅问题"。日本的"社宅"发展在不同历史时期内表现出不同的形态特征和具体问题。日本政府为解决这些问题出台过多项政策,并开展了相应的工程实践。文章介绍了日本"社宅"产生的时代背景、各历史时期的具体特征和改良政策,分析论述了1970年代末期开始的"小规模矿区居住区改良工程"的实施办法,提出了日本"社宅"改造对于我国的借鉴意义。     

Peliosis of the spleen with intraperitoneal hemorrhage

We encountered a patient with steroidrelated peliosis of the spleen, a rare disease characterized by multiple blood-filled cavities in the splenic parenchyma, with spontaneous intraperitoneal hemorrhage. The ultrasonographic, computed tomographic, and angiographic images were compared with pathologic findings of the material obtained surgically.