# CIRJE, Faculty of Economics, University of Tokyo

# CIRJE F-Series

Postal: Hongo 7-3-1, Bunkyo-ku, Tokyo 113-0033

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Phone: +81-3-5841-5644

Fax: +81-3-5841-8294

Web page: http://www.cirje.e.u-tokyo.ac.jp/index.html

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**Series handle:**repec:tky:fseres

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**Undated material is presented at the end, although it may be more recent than other items**

### 2017

**CIRJE-F-1073 Excess Capacity and Effectiveness of Policy Interventions: Evidence from the Cement Industry***by*Tetsuji Okazaki & Ken Onishi & Naoki Wakamori**CIRJE-F-1072 Framing Game Theory***by*Hitoshi Matsushima**CIRJE-F-1071 International Capital Market and Repeated Tax Competition***by*Satoshi Kasamatsu & Hikaru Ogawa**CIRJE-F-1070 Short-run Incentive and Information in Sequential Adoptions: An Antenatal Care Experiment in Rural Nigeria***by*Yoshito Takasaki & Ryoko Sato**CIRJE-F-1069 Asymptotic Expansion as Prior Knowledge in Deep Learning Method for high dimensional BSDEs***by*Masaaki Fujii & Akihiko Takahashi & Masayuki Takahashi**CIRJE-F-1068 Market Access, Technology, and Plant Lifecycles: A Natural Experiment from Japanâ€™s Opening to Trade in 1859***by*Tomohiro Machikita & Tetsuji Okazaki**CIRJE-F-1067 State Space Approach to Adaptive Fuzzy Modeling: Application to Financial Investment***by*Masafumi Nakano & Akihiko Takahashi & Soichiro Takahashi**CIRJE-F-1066 Particle rolling MCMC with Double Block Sampling: Conditional SMC Update Approach***by*Naoki Awaya & Yasuhiro Omori**CIRJE-F-1065 Optimal Overbooking Strategy in Online Hotel Booking Systems***by*Taiga Saito & Akihiko Takahashi & Noriaki Koide & Yu Ichifuji**CIRJE-F-1064 Do Central Grants Affect Welfare Caseloads? Evidence from Public Assistance in Japan***by*Masayoshi Hayashi**CIRJE-F-1063 Development State Evolving: Japanâ€™s Graduation from a Middle Income Country***by*Tetsuji Okazaki**CIRJE-F-1062 On the Effect of Bank of Japan's Outright Purchase on the JGB Yield Curve***by*Masafumi Nakano & Akihiko Takahashi & Soichiro Takahashi & Takami Tokioka**CIRJE-F-1061 Hedging and Pricing Illiquid Options with Market Impacts***by*Taiga Saito**CIRJE-F-1060 Demographics, Immigration, and Market Size***by*Akihiko Matsui & Megumi Murakami**CIRJE-F-1059 Demographics, Immigration, and Market Size***by*Koichi Fukumura & Kohei Nagamachi & Yasuhiro Sato & Kazuhiro Yamamoto**CIRJE-F-1058 Dynamic Implementation, Verification, and Detection***by*Hitoshi Matsushima**CIRJE-F-1057 Mechanism Design in Hidden Action and Hidden Information: Richness and Pure-VCG***by*Hitoshi Matsushima & Shunya Noda**CIRJE-F-1056 Accuracy and Retaliation in Repeated Games with Imperfect Private Monitoring: Experiments and Theory***by*Yutaka Kayaba & Hitoshi Matsushima & Tomohisa Toyama**CIRJE-F-1055 Disentangling the Effects of Technological and Organizational Changes in the Rise of the Factory: The Case of the Japanese Fabric Industry, 1905-1914***by*Tetsuji Okazaki**CIRJE-F-1054 Endogenizing Government's Objectives in Tax Competition with Capital Ownership***by*Keisuke Kawachi & Hikaru Ogawa & Taiki Susa**CIRJE-F-1052 Trading and Ordering Patterns of Market Participants in High Frequency Trading Environment--Empirical Study in the Japanese Stock Market--***by*Taiga Saito & Takanori Adachi & Teruo Nakatsuma & Akihiko Takahashi & Hiroshi Tsuda & Naoyuki Yoshino**CIRJE-F-1051 Creative Destruction of Industries: Yokohama City in the Great Kanto Earthquake, 1923***by*Tetsuji Okazaki & Toshihiro Okubo & Eric Strobl**CIRJE-F-1050 The Impacts of Emerging Asia on Global Financial Markets***by*Shin-ichi Fukuda & Mariko Tanaka**CIRJE-F-1049 Asymptotic Properties of the Maximum Likelihood Estimator in Regime Switching Econometric Models***by*Hiroyuki Kasahara & Katsumi Shimotsu**CIRJE-F-1047 Anticipated Backward SDEs with Jumps and Quadratic-Exponential Growth Drivers***by*Masaaki Fujii & Akihiko Takahashi**CIRJE-F-1046 Transition of Spatial Distribution of Human Capital inã€€Japan***by*Yasuhiro Sato & Masaaki Toma**CIRJE-F-1045 The Simultaneous Multivariate Hawkes-type Point Processes and Their Application to Financial Markets***by*Naoto Kunitomo & Daisuke Kurisu & Yusuke Amano & Naoki Awaya**CIRJE-F-1044 Testing the Order of Multivariate Normal Mixture Models***by*Hiroyuki Kasahara & Katsumi Shimotsu**CIRJE-F-1043 Multi-Dimensional Pass-Through, Incidence, and the Welfare Burden of Taxation in Oligopoly***by*Takanori Adachi & Michal Fabinger**CIRJE-F-1042 Mobility and Continuity of Political Elites over Phases of Regime Change: Case of Meiji Restoration Japan***by*Tomoko Matsumoto & Tetsuji Okazaki**CIRJE-F-1040 Multi-Dimensional Pass-Through, Incidence, and the Welfare Burden of Taxation in Oligopoly***by*Takanori Adachi & Michal Fabinger**CIRJE-F-1040 Do Consumption Externalities Correspond to the Indivisible Tax Rates on Consumpiton?***by*Yoichi Gokan**CIRJE-F-1038 Creating Investment Scheme with State Space Modeling***by*Masafumi Nakano & Akihiko Takahashi & Muhammad Soichiro Takahashi**CIRJE-F-1037 Fuzzy Logic-based Portfolio Selection with Particle Filtering and Anomaly Detection***by*Masafumi Nakano & Akihiko Takahashi & Soichiro Takahashi

### 2016

**CIRJE-F-1036 Generalized Exponential Moving Average (EMA) Model with Particle Filtering and Anomaly Detection***by*Masafumi Nakano & Akihiko Takahashi & Soichiro Takahashi**CIRJE-F-1035 Conflict, Institutions, and Economic Behavior: Legacies of the Cambodian Genocide***by*Wang, Wenming & Keisuke Kawachi & Hikaru Ogawa**CIRJE-F-1034 Conflict, Institutions, and Economic Behavior: Legacies of the Cambodian Genocide***by*Katsuo Kogure & Yoshito Takasaki**CIRJE-F-1033 Monetary Policy and Covered Interest Parity in the Post GFC Period: Evidence from the Australian Dollar and the NZ Dollar***by*Hiroyuki Kasahara & Yasuyuki Sawada & Michio Suzuki**CIRJE-F-1032 Monetary Policy and Covered Interest Parity in the Post GFC Period: Evidence from the Australian Dollar and the NZ Dollar***by*Shin-ichi Fukuda & Mariko Tanaka**CIRJE-F-1031 Leadership in Tax Ccompetition with Fiscal Equalization Transfers***by*Junichi Haraguchi & Hikaru Ogawa**CIRJE-F-1030 Ad Valorem Capital Tax Competition***by*Hikaru Ogawa & Atsushi Yamagishi**CIRJE-F-1029 Multivariate Stochastic Volatility Model with Realized Volatilities and Pairwise Realized Correlations***by*Yuta Yamauchi & Yasuhiro Omori**CIRJE-F-1028 The Average-Marginal Relationship and Tractable Equilibrium Forms***by*Michal Fabinger & E. Glen Weyl**CIRJE-F-1027 DVD-based Distance-learning Program for University Entrance Exams: Experimental Evidence from Rural Bangladesh***by*Hisaki Kono & Yasuyuki Sawada & Abu S. Shonchoy**CIRJE-F-1026 Industrial Structure in Urban Accounting***by*Jun Oshiro & Yasuhiro Sato**CIRJE-F-1025 Impact Assessment of Credit Program for Tenant Farmers in Bangladesh: Evidence from a Field Experiment***by*Marup Hossain & Mohammad Abdul Malek & Amzad Hossain & Hasib Reza & Shakil Ahmed**CIRJE-F-1024 Multiple-block Dynamic Equicorrelations with Realized Measures, Leverage and Endogeneity***by*Yuta Kurose & Yasuhiro Omori**CIRJE-F-1023 Multiproduct Oligopoly and Trade Between Asymmetric Countries***by*Yi-Ling Cheng & Akihiko Takahashi**CIRJE-F-1022 Multiple-block Dynamic Equicorrelations with Realized Measures, Leverage and Endogeneity***by*Yuta Kurose & Yasuhiro Omori**CIRJE-F-1021 The Anglo-Dutch Auction***by*Daniel Marszalec**CIRJE-F-1020 The Impact of Auction Choice on Revenue in Treasury Bill Auctions - An Empirical Evaluation***by*Daniel Marszalec**CIRJE-F-1019 Cholesky Realized Stochastic Volatility Model***by*Shinichiro Shirota & Yasuhiro Omori & Hedibert. F. Lopes & Haixiang Piao**CIRJE-F-1018 Auctions For Complements â€“An Experimental Analysis***by*Daniel Marszalec**CIRJE-F-1017 Regional Liquidity Risk and Covered Interest Parity during the Global Financial Crisis: Evidence from Tokyo, London, and New York***by*Shin-ichi Fukuda**CIRJE-F-1016 Solving Backward Stochastic Differential Equations by Connecting the Short-term Expansions***by*Masaaki Fujii & Akihiko Takahashi**CIRJE-F-1015 Mechanism Design in Hidden Action and Hidden Information: Richness and Pure Groves***by*Hitoshi Matsushima & Shunya Noda**CIRJE-F-1014 Indirect Taxes in the Cross-border Shopping Model: A Monopolistic Competition Approach***by*Hiroshi Aiura & Hikaru Ogawa**CIRJE-F-1013 Derivatives Pricing with Market Impact and Limit Order Book***by*Taiga Saito & Akihiko Takahashi**CIRJE-F-1012 Demographics and Tax Competition in Political Economy***by*Tadashi Morita & Yasuhiro Sato & Kazuhiro Yamamoto**CIRJE-F-1011 Income Distribution in Prewar Japan***by*Tetsuji Okazaki**CIRJE-F-1010 Style Analysis with Particle Filtering and Generalized Simulated Annealing***by*Takaya Fukui & Seisho Sato & Akihiko Takahashi**CIRJE-F-1009 An Asymptotic Expansion for Forward-Backward SDEs: A Malliavin Calculus Approach***by*Akihiko Takahashi & Toshihiro Yamada**CIRJE-F-1008 Rebalancing Static Super-Replications***by*Akihiko Takahashi & Yukihiro Tsuzuki**CIRJE-F-1007 A General Control Variate Method for Multi-dimensional SDEs: An Application to Multi-asset Options under Local Stochastic Volatility with Jumps Models in Finance***by*Kenichiro Shiraya & Akihiko Takahashi**CIRJE-F-1006 Measuring the extent and implications of corporate political connections in prewar Japan***by*Tetsuji Okazaki & Michiru Sawada**CIRJE-F-1005 Regional Business Cycle and Growth Features of Japan***by*Masaru Inaba & Keisuke Otsu**CIRJE-F-1004 Accuracy and Retaliation in Repeated Games with Imperfect Private Monitoring:Experiments and Theory***by*Yutaka Kayaba & Hitoshi Matsushima & Tomohisa Toyama**CIRJE-F-1003 Reputational Effects in Sovereign Default***by*Taiga Saito & Akihiko Takahashi & Hiroshi Tsuda**CIRJE-F-1002 Peer Effects on Vaccination: Experimental Evidence from Rural Nigeria***by*RyokoSato & Yoshito Takasaki**CIRJE-F-1001 Free Entry and Social Inefficiency in Vertical Relationships: The Case of the MRI Market***by*Ken Onishi & Naoki Wakamori & Chiyo Hashimoto & Shun-ichiro Bessho**CIRJE-F-1000 A General Framework for the Benchmark pricing in a Fully Collateralized Market***by*Masaaki Fujii & Akihiko Takahashi**CIRJE-F-999 Reputational Effects in Sovereign Default***by*Konstantin Egorov & Michal Fabinger

### 2015

**CIRJE-F-998 An Asymptotic Expansion for Local-Stochastic Volatility with Jump Models***by*Kenichiro Shiraya & Akihiko Takahashi**CIRJE-F-997 Quadratic-exponential Growth BSDEs with Jumps and their Malliavin's Differentiability***by*Masaaki Fujii & Akihiko Takahashi**CIRJE-F-996 On Effects of Jump and Noise in High-Frequency Financial Econometrics***by*Naoto Kunitomo & Daisuke Kurisu**CIRJE-F-995 Linear Ridge Estimator of High-Dimensional Precision Matrix Using Random Matrix Theory***by*Tsubasa Ito & Tatsuya Kubokawa**CIRJE-F-994 Rethinking Corporate Finance Fables: Did the US Lag Europe before 1914?***by*Leslie Hannah**CIRJE-F-993 Asymptotic Expansion for Forward-Backward SDEs with Jumps***by*Masaaki Fujii & Akihiko Takahashi**CIRJE-F-992 Assessing the Effects of Japanese Industrial Policy Change during the 1960s***by*Kozo Kiyota & Tetsuji Okazaki**CIRJE-F-991 Implementation, Verification, and Detection***by*Hitoshi Matsushima**CIRJE-F-990 Optimal Bandwidth Selection for the Fuzzy Regression Discontinuity Estimator***by*Yoichi Arai & Hidehiko Ichimura**CIRJE-F-989 Inefficiency and Self-Determination: Simulation-based Evidence from Meiji Japan***by*Eric Weese & Masayoshi Hayashi & Masashi Nishikawa**CIRJE-F-988 Choice of Collateral Currency Updated--A market model for the benchmark pricing--***by*Masaaki Fujii & Akihiko Takahashi**CIRJE-F-987 Happiness in Life Domains: Evidence from Bangladesh Based on Parametric and Non-Parametric Models***by*Minhaj Mahmud & Yasuyuki Sawada**CIRJE-F-986 Infrastructure and Well-being: Employment Effects of Jamuna Bridge in Bangladesh***by*Minhaj Mahmud & Yasuyuki Sawada**CIRJE-F-985 The Influence Function of Semiparametric Estimators***by*Hidehiko Ichimura & Whitney K. Newey**CIRJE-F-984 Simultaneous Selection of Optimal Bandwidths for the Sharp Regression Discontinuity Estimator***by*Yoichi Arai & Hidehiko Ichimura**CIRJE-F-983 Psychic vs. Economic Barriers to Vaccine Take-up: Evidence from a Field Experiment in Nigeria***by*Ryoko Sato & Yoshito Takasaki**CIRJE-F-982 Small Area Predictors with Dual Shrinkage of Means and Variances***by*Hiromasa Tamae & Tatsuya Kubokawa**CIRJE-F-981 What Did Corporate Executives, Outside Directors, and Large Shareholders Really Do? Corporate Governance of Tokyo Marine Insurance and Taisho Marine and Fire Insurance***by*Tetsuji Okazaki**CIRJE-F-980 Pricing Average and Spread Options under Local-Stochastic Volatility Jump-Diffusion Models***by*Kenichiro Shiraya & Akihiko Takahashi**CIRJE-F-979 Cholesky Realized Stochastic Volatility Model***by*Shinichiro Shirota & Yasuhiro Omori & Hedibert. F. Lopes & Haixiang Piao**CIRJE-F-978 Heteroscedastic Nested Error Regression Models with Variance Functions***by*Shonosuke Sugasawa & Tatsuya Kubokawa**CIRJE-F-977 Trend, Seasonality and Economic Time Series:the Nonstationary Errors-in-variables Models***by*Naoto Kunitomo & Seisho Sato**CIRJE-F-976 An Asymptotic Expansion of Forward-Backward SDEs with a Perturbed Driver***by*Akihiko Takahashi & Toshiaki Watanabe**CIRJE-F-975 Volatility and Quantile Forecasts by Realized Stochastic Volatility Models with Generalized Hyperbolic Distribution***by*Makoto Takahashi & Toshiaki Watanabe & Yasuhiro Omori**CIRJE-F-974 The Effects of Domestic Mergers on Exports: A Case Study of the 1998 Korean Automobile Industry***by*Hiroshi Ohashi & Yuta Toyama**CIRJE-F-973 An Approximation Formula for Basket Option Prices under Local Stochastic Volatility with Jumps: an Application to Commodity Markets***by*Kenichiro Shiraya & Akihiko Takahashi**CIRJE-F-972 Bank Behavior in Regional Finance and the Development of Regional Industries: The Case of Prewar Fukushima, Japan***by*Tetsuji Okazaki**CIRJE-F-971 A Variant of AIC Using Bayesian Marginal Likelihood***by*Yuki Kawakubo & Tatsuya Kubokawa & Muni S. Srivastava**CIRJE-F-970 Comparison of Linear Shrinkage Estimators of a Large Covariance Matrix in Normal and Non-normal Distributions***by*Yuki Ikeda & Tatsuya Kubokawa & Muni S. Srivastava**CIRJE-F-969 Abenomics: Why Was It So Successful in Changing Market Expectations?***by*Shin-ichi Fukuda**CIRJE-F-968 The Expanding Empire and Spatial Distribution of Economic Activities: The Case of the Colonization of Korea by Japan in the Prewar Period***by*Kentaro Nakajima & Tetsuji Okazaki**CIRJE-F-967 Unconventional Monetary Policy and its External Effects: Evidence from Japanâ€™s Exports***by*Shin-ichi Fukuda & Tsutomu Doita**CIRJE-F-966 Twentieth Century Enterprise Forms: Japan in Comparative Perspective***by*Leslie Hannah & Makoto Kasuya**CIRJE-F-965 The SIML Estimation of Integrated Covariance and Hedging Coefficient under Round-off Errors, Micro-market Price Adjustments and Random Sampling***by*Naoto Kunitomo & Hiroumi Misaki & Seisho Sato**CIRJE-F-964 A Robust Estimation of Integrated Volatility under Round-off Errors, Micro-market Price Adjustments and Noises***by*Seisho Sato & Naoto Kunitomo**CIRJE-F-963 Optimal Position Management for a Market Maker with Stochastic Price Impacts***by*Masaaki Fujii**CIRJE-F-962 Deriving Customer Lifetime Value from RFM Measures:Insights into Customer Retention and Acquisition***by*Makoto Abe**CIRJE-F-961 Incentives and Social Preferences: Experimental Evidence from a Seemingly Inefficient Traditional Labor Contract***by*Jun Goto & Yasuyuki Sawada & Takeshi Aida & Keitaro Aoyagi**CIRJE-F-960 Connected Price Dynamics with Revealed Preferences and Auctioneer's Discretion in VCG Combinatorial Auction***by*Hitoshi Matsushima**CIRJE-F-959 Deflation/Inflation Dynamics: Analysis based on Micro Prices***by*Hiroshi Yoshikawa & Hideaki Aoyama & Yoshi Fujiwara & Hiroshi Iyetomi**CIRJE-F-958 Linear Shrinkage Estimation of Large Covariance Matrices with Use of Factor Models***by*Yuki Ikeda & Tatsuya Kubokawa**CIRJE-F-957 Box-Cox Transformed Linear Mixed Models for Positive-Valued and Clustered Data***by*Shonosuke Sugasawa & Tatsuya Kubokawa**CIRJE-F-956 Innovation Height and Firm Performance:Using Innovation Survey from Japan***by*Daiya Isogawa & Kohei Nishikawa & Hiroshi Ohashi**CIRJE-F-955 Optimal Mechanism Design: Type-Independent Preference Orderings***by*Hitoshi Matsushima**CIRJE-F-954 Perturbative Expansion Technique for Non-linear FBSDEs with Interacting Particle Method***by*Masaaki Fujii & Akihiko Takahshi**CIRJE-F-953 Bayesian Modeling of Dynamic Extreme Values: Extension of Generalized Extreme Value Distributions with Latent Stochastic Processes***by*Jouchi Nakajima & Tsuyoshi Kunihama & Yasuhiro Omori**CIRJE-F-952 Bayesian Modeling of Dynamic Extreme Values: Extension of Generalized Extreme Value Distributions with Latent Stochastic Processes***by*Jouchi Nakajima & Tsuyoshi Kunihama & Yasuhiro Omori

### 2014

**CIRJE-F-951 Information Sharing, Neighborhood Demarcation, and Yardstick Competition: An Empirical Analysis of Intergovernmental Expenditure Interaction in Japan***by*Masayoshi Hayashi & Wataru Yamamoto**CIRJE-F-950 Asymptotic Expansion Approach in Finance***by*Akihiko Takahashi**CIRJE-F-949 Volatility and Quantile Forecasts by Realized Stochastic Volatility Models with Generalized Hyperbolic Distribution***by*Makoto Takahashi & Toshiaki Watanabe & Yasuhiro Omori**CIRJE-F-948 Factor Decomposition of Inter-prefectural Health Care Expenditure Disparities in Japan***by*Masayoshi Hayashi & Akiko Oyama**CIRJE-F-947 Price Impacts of Imperfect Collateralization***by*Kenichiro Shiraya & Akihiko Takahashi**CIRJE-F-946 Measuring the Extent and Implications of Corporate Political Connections in Prewar Japan***by*Tetsuji Okazaki & Michiru Sawada**CIRJE-F-945 Acquisitions, Productivity, and Profitability: Evidence from the Japanese Cotton Spinning Industry***by*Serguey Braguinsky & Atsushi Ohyama & Tetsuji Okazaki & Chad Syverson**CIRJE-F-944 Conditional AIC under Covariate Shift with Application to Small Area Prediction***by*Yuki Kawakubo & Shonosuke Sugasawa & Tatsuya Kubokawa**CIRJE-F-943 Bayesian Estimation of Entry Games with Multiple Players and Multiple Equilibria***by*Yuko Onishi & Yasuhiro Omori**CIRJE-F-942 A Discrete/Continuous Choice Model on a Nonconvex Budget Set***by*Yuta Kurose & Yasuhiro Omori & Akira Hibiki**CIRJE-F-941 Dynamic Equicorrelation Stochastic Volatility***by*Yuta Kurose & Yasuhiro Omori**CIRJE-F-940 An Empirical Analysis for a Case-based Decision to Watch Japanese TV dramas***by*Keita Kinjo & Shinya Sugawara**CIRJE-F-939 Prediction in Heteroscedastic Nested Error Regression Models with Random Dispersions***by*Tatsuya Kubokawa & Shonosuke Sugasawa & Malay Ghosh & Sanjay Chaudhuri**CIRJE-F-938 Matrix Exponential Stochastic Volatility with Cross Leverage***by*Tsunehiro Ishihara & Yasuhiro Omori & Manabu Asai**CIRJE-F-937 Unified Improvements in Estimation of a Normal Covariance Matrix in High and Low Dimesions***by*Hisayuki Tsukuma & Tatsuya Kubokawa**CIRJE-F-936 On Improved Shrinkage Estimators for Concave Loss***by*Tatsuya Kubokawa & Éric Marchand & William E. Strawderman**CIRJE-F-935 On Predictive Density Estimation for Location Families under Integrated L 2 and L 1 Losses***by*Tatsuya Kubokawa & Éric Marchand & William E. Strawderman**CIRJE-F-934 On Conditional Mean Squared Errors of Empirical Bayes Estimators in Mixed Models with Application to Small Area Estimation***by*Shonosuke Sugasawa & Tatsuya Kubokawa**CIRJE-F-933 Tests for Covariance Matrices in High Dimension with Less Sample Size***by*Muni S. Srivastava & Hirokazu Yanagihara & Tatsuya Kubokawa**CIRJE-F-932 Matrix Exponential Stochastic Volatility with Cross Leverage***by*Tsunehiro Ishihara & Yasuhiro Omori & Manabu Asai**CIRJE-F-931 A Polynomial Scheme of Asymptotic Expansion for Backward SDEs and Option pricing***by*Masaaki Fujii**CIRJE-F-930 Estimation and Prediction Intervals in Transformed Linear Mixed Models***by*Hisayuki Tsukuma & Tatsuya Kubokawa**CIRJE-F-929 Estimation and Prediction Intervals in Transformed Linear Mixed Models***by*Shonosuke Sugasawa & Tatsuya Kubokawa**CIRJE-F-927 Simultaneous Selection of Optimal Bandwidths for the Sharp Regression Discontinuity Estimator***by*Yoichi Arai & Hidehiko Ichimura**CIRJE-F-926 A Unified Approach to Estimating a Normal Mean Matrix in High and Low Dimensions***by*Hisayuki Tsukuma & Tatsuya Kubokawa**CIRJE-F-925 Effects of Consumer Subsidies for Renewable Energy on Industry Growth and Welfare: Japanese Solar Energy***by*Satoshi Myojo & Hiroshi Ohashi**CIRJE-F-924 Can Formal Elderly Care Stimulate Female Labor Supply? The Japanese Experience***by*Shinya Sugawara & Jiro Nakamura**CIRJE-F-923 Channels of Peer Effects and Guilt Aversion in Crime: Experimental and Empirical Evidence from Bangladesh***by*Masahiro Shoji**CIRJE-F-922 Does Local Spending Have Repercussion from Tax Structure?--Evidence from Japan--***by*Nobuki Mochida**CIRJE-F-921 Volatility and Quantile Forecasts by Realized Stochastic Volatility Models with Generalized Hyperbolic Distribution***by*Makoto Takahashi & Toshiaki Watanabe & Yasuhiro Omori**CIRJE-F-920 Commitment, Deficit Ceiling, and Fiscal Privilege***by*Toshihiro Ihori**CIRJE-F-919 Urban Land Policy in Frankfurt am Main at the Turn of the Twentieth Century: A Case Study of a German 'Social City'***by*Satoshi Baba**CIRJE-F-918 Benchmarked Empirical Bayes Methods in Multiplicative Area-level Models with Risk Evaluation***by*Malay Ghosh & Tatsuya Kubokawa & Yuki Kawakubo**CIRJE-F-917 A New Improvement Scheme for Approximation Methods of Probability Density Functions***by*Akihiko Takahashi & Yukihiro Tsuzuki**CIRJE-F-916 Incentive for Gatekeepers and Their Demand Inducement: An Empirical Analysis of Care Managers in the Japanese Long-Term Care Insurance***by*Shinya Sugawara & Jiro Nakamura**CIRJE-F-915 Technological Progress and Economic Geography***by*Takatoshi Tabuchi & Jacques-François Thisse & Xiwei Zhu**CIRJE-F-914 Optimal Hedging for Fund & Insurance Managers with Partially Observable Investment Flows***by*Masaaki Fujii & Akihiko Takahashi**CIRJE-F-913 Pricing Basket Options under Local Stochastic Volatility with Jumps***by*Kenichiro Shiraya & Akihiko Takahashi

### 2013

**CIRJE-F-912 Intensive Margins, Extensive Margins, and Spousal Allowances in the Japanes e System of Personal Income Taxes: A Discrete Choice Analysis***by*Shun-ichiro Bessho & Masayoshi Hayashi**CIRJE-F-911 Parametric Transformed Fay-Herriot Model for Small Area Estimation***by*Shonosuke Sugasawa & Tatsuya Kubokawa**CIRJE-F-910 On the Decomposition of Regional Stabilization and Redistribution***by*Masayoshi Hayashi**CIRJE-F-909 A Weak Approximation with Asymptotic Expansion and Multidimensional Malliavin Weights***by*Akihiko Takahashi & Toshihiro Yamada**CIRJE-F-908 Firm-driven Management for Longevity Risk: Analysis of Lump-sum Forward Payments in Japanese Nursing Homes***by*Shinya Sugawara**CIRJE-F-907 Dynamic Equicorrelation Stochastic Volatility***by*Yuta Kurose & Yasuhiro Omori**CIRJE-F-906 Optimal Ridge-type Estimators of Covariance Matrix in High Dimension***by*Tatsuya Kubokawa & Muni S. Srivastava**CIRJE-F-905 Role of Credit Default Swap in Bubbles and Crashes***by*Hitoshi Matsushima**CIRJE-F-904 Matrix Exponential Stochastic Volatility with Cross Leverage***by*Tsunehiro Ishihara & Yasuhiro Omori & Manabu Asai**CIRJE-F-903 Do Wild Fluctuations in Quarterly Inventory Investment Data Matter?: A Study of Japanese GDP Statistics, 1994-2010***by*Yoshiro Miwa**CIRJE-F-902 On an Asymptotic Expansion of Forward-Backward SDEs with a Perturbed Driver***by*Akihiko Takahashi & Toshihiro Yamada**CIRJE-F-901 General Dominance Properties of Double Shrinkage Estimators for Ratio of Positive Parameters***by*Tatsuya Kubokawa**CIRJE-F-900 Strategies and Organizations for Managing "Greater East Asia Co-Prosperity Sphere"***by*Tetsuji Okazaki**CIRJE-F-899 Development and Management of Manchurian Economy under the Japan Empire***by*Tetsuji Okazaki**CIRJE-F-898 Political Economy of Trade Liberalization: The Case of Postwar Japan***by*Megumi Naoi & Tetsuji Okazaki**CIRJE-F-897 On Error Estimates for Asymptotic Expansions with Malliavin Weights -- Application to Stochastic Volatility Model --***by*Akihiko Takahashi & Toshihiro Yamada**CIRJE-F-896 Multiperiod Contract Problems with VeriÃ–able and UnveriÃ–able Outputs***by*Kazuya Kamiya & Meg Adachi-Sato**CIRJE-F-895 Modfiied Conditional AIC in Linear Mixed Models***by*Yuki Kawakubo & Tatsuya Kubokawa**CIRJE-F-894 The Response of Asset Prices to Monetary Policy under Abenomics***by*Kazuo Ueda**CIRJE-F-893 The SIML Estimation of Integrated Covariance and Hedging Coefficient under Micro-market noise and Random Sampling***by*Naoto Kunitomo & Hiroumi Misaki**CIRJE-F-892 On Robust Properties of the SIML Estimation of Volatility under Micro-market noise and Random Sampling***by*Hiroumi Misaki & Naoto Kunitomo**CIRJE-F-891 Making Mean-Variance Hedging Implementable in a Partially Observable Market -with supplementary contents for stochastic interest rates-***by*Masaaki Fujii & Akihiko Takahashi**CIRJE-F-890 Incentive Pay that Causes Inefficient Managerial Replacement***by*Meg Adachi-Sato**CIRJE-F-889 Optimal Bandwidth Selection for Differences of Nonparametric Estimators with an Application to the Sharp Regression Discontinuity Design***by*Yoichi Arai & Hidehiko Ichimura**CIRJE-F-888 Is Elderly Care Socialized in Japan? Analyzing the Effects of the 2006 Amendment to the LTCI on the Female Labor Supply***by*Shinya Sugawara & Jiro Nakamura**CIRJE-F-887 An Interval Regression Analysis for Tenures of Japanese Elder Care Workers Using Matched Employer-Employee Data***by*Shinya Sugawara**CIRJE-F-886 Task Trade and the Size Distribution of Cities***by*Kohei Nagamachi**CIRJE-F-885 The Response of Asset Prices to Abenomics: Is It a Case of Self-Fulfilling Expectations?***by*Kazuo Ueda**CIRJE-F-884 Bartlett Adjustments for Hypothesis Testing in Linear Models with General Error Covariance Matrices***by*Masahiro Kojima & Tatsuya Kubokawa**CIRJE-F-883 Momentum-Space Approach to Asymptotic Expansion for Stochastic Filtering***by*Masaaki Fujii**CIRJE-F-882 An Econometric Analysis of Insurance Markets with Separate Identification for Moral Hazard and Selection***by*Shinya Sugawara & Yasuhiro Omori**CIRJE-F-881 A Discrete/Continuous Choice Model on the Nonconvex Budget Set***by*Koji Miyawaki & Yasuhiro Omori & Akira Hibiki**CIRJE-F-880 Realized Stochastic Volatility with Leverage and Long Memory***by*Shinichiro Shirota & Takayuki Hizu & Yasuhiro Omori**CIRJE-F-879 Behavioral Approach to Repeated Games with Private Monitoring***by*Hitoshi Matsushima & Tomomi Tanaka & Tomohisa Toyama**CIRJE-F-878 A Global Census of Corporations in 1910***by*Leslie Hannah**CIRJE-F-877 The Corporate Economies of America and Europe 1790-1860***by*Leslie Hannah**CIRJE-F-876 Impact of Financial Regulation and Innovation on Bubbles and Crashes due to Limited Arbitrage: Awareness Heterogeneity***by*Hitoshi Matsushima**CIRJE-F-875 Interlinkage and Generous Tit-for-Tat Strategy***by*Hitoshi Matsushima**CIRJE-F-874 A New Improvement Scheme for Approximation Methods of Probability Density Functions***by*Akihiko Takahashi & Yukihiro Tsuzuki**CIRJE-F-873 An Asymptotic Expansion Formula for Up-and-Out Barrier Option Price under Stochastic Volatility Model***by*Takashi Kato & Akihiko Takahashi & Toshihiro Yamada

### 2012

**CIRJE-F-872 A Variable Selection Criterion for Linear Discriminant Rule and its Optimality in High Dimensional Setting***by*Masashi Hyodo & Tatsuya Kubokawa**CIRJE-F-871 An FBSDE Approach to American Option Pricing with an Interacting Particle Method***by*Masaaki Fujii & Seisho Sato & Akihiko Takahashi**CIRJE-F-870 Process Manipulation in Unique Implementation***by*Hitoshi Matsushima