[{"@context":"http:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/wiki.edu.vn\/all2jp\/wiki11\/archives\/116#BlogPosting","mainEntityOfPage":"https:\/\/wiki.edu.vn\/all2jp\/wiki11\/archives\/116","headline":"\u6295\u8cc7\u6295\u8cc7 – \u30a6\u30a3\u30ad\u30da\u30c7\u30a3\u30a2","name":"\u6295\u8cc7\u6295\u8cc7 – \u30a6\u30a3\u30ad\u30da\u30c7\u30a3\u30a2","description":"before-content-x4 \u30d5\u30a1\u30af\u30bf\u30fc\u30d9\u30fc\u30b9\u306e\u6295\u8cc7 \uff08Eng\u3002Factor\u6295\u8cc7\uff09\u3082 \u30b9\u30de\u30fc\u30c8\u30d9\u30fc\u30bf\u6295\u8cc7 \u3001\u5b9a\u91cf\u5316\u53ef\u80fd\u306a\u4f01\u696d\u7279\u6027\uff08\u8981\u56e0\uff09\u304c\u8003\u616e\u3055\u308c\u308b\u6295\u8cc7\u6226\u7565\u3092\u793a\u3057\u307e\u3059\u3002 [\u521d\u3081] \u3053\u308c\u306f\u3001\u5e02\u5834\u5168\u4f53\u306e\u6295\u8cc7\u3088\u308a\u3082\u9ad8\u3044\u30ea\u30b9\u30af\u8abf\u6574\u3055\u308c\u305f\u30ea\u30bf\u30fc\u30f3\u3092\u63d0\u4f9b\u3059\u308b\u3053\u3068\u3092\u76ee\u7684\u3068\u3057\u3066\u3044\u307e\u3059\u3002 [2] \u904e\u53bb50\u5e74\u9593\u3067\u3001\u91d1\u878d\u7d4c\u6e08\u8abf\u67fb\u306f\u3001\u4e88\u60f3\u3055\u308c\u308b\u682a\u5f0f\u53ce\u76ca\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u3068\u601d\u308f\u308c\u308b\u4f55\u767e\u3082\u306e\u8981\u56e0\u3092\u7279\u5b9a\u3057\u3066\u304d\u307e\u3057\u305f\u3002 [3] after-content-x4 \u6b21\u306e\u8981\u56e0\u306e\u5b58\u5728\u306b\u306f\u3001\u4f01\u696d\u306e\u898f\u6a21\uff08\u30b5\u30a4\u30ba\uff09\u3001\u4f4e\u8a55\u4fa1\u306e\u4f01\u696d\uff08\u4fa1\u5024\uff09\u3001\u52e2\u3044\u3001\u53ce\u76ca\u6027\u306e\u5e45\u5e83\u3044\u79d1\u5b66\u7684\u30b3\u30f3\u30bb\u30f3\u30b5\u30b9\u304c\u3042\u308a\u307e\u3059\u3002 [4] [5] [6] [7] [8] [9] [\u5341] \u6226\u7565\u306f\u5b9a\u91cf\u7684\u304b\u3064\u6a5f\u68b0\u7684\u3067\u3042\u308a\u3001\u30a2\u30ca\u30ea\u30b9\u30c8\u3084\u6295\u6a5f\u306e\u610f\u898b\u3067\u306f\u306a\u304f\u3001\u682a\u4fa1\u3084\u8ca1\u52d9\u60c5\u5831\u306a\u3069\u306e\u7d4c\u9a13\u7684\u30c7\u30fc\u30bf\u306b\u57fa\u3065\u3044\u3066\u3044\u307e\u3059\u3002","datePublished":"2019-06-11","dateModified":"2019-06-11","author":{"@type":"Person","@id":"https:\/\/wiki.edu.vn\/all2jp\/wiki11\/archives\/author\/lordneo#Person","name":"lordneo","url":"https:\/\/wiki.edu.vn\/all2jp\/wiki11\/archives\/author\/lordneo","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/44a4cee54c4c053e967fe3e7d054edd4?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/44a4cee54c4c053e967fe3e7d054edd4?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Enzyklop\u00e4die","logo":{"@type":"ImageObject","@id":"https:\/\/wiki.edu.vn\/wiki4\/wp-content\/uploads\/2023\/08\/download.jpg","url":"https:\/\/wiki.edu.vn\/wiki4\/wp-content\/uploads\/2023\/08\/download.jpg","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/wiki.edu.vn\/wiki4\/wp-content\/uploads\/2023\/08\/download.jpg","url":"https:\/\/wiki.edu.vn\/wiki4\/wp-content\/uploads\/2023\/08\/download.jpg","width":100,"height":100},"url":"https:\/\/wiki.edu.vn\/all2jp\/wiki11\/archives\/116","wordCount":6835,"articleBody":"     (adsbygoogle = window.adsbygoogle || []).push({});before-content-x4\u30d5\u30a1\u30af\u30bf\u30fc\u30d9\u30fc\u30b9\u306e\u6295\u8cc7 \uff08Eng\u3002Factor\u6295\u8cc7\uff09\u3082 \u30b9\u30de\u30fc\u30c8\u30d9\u30fc\u30bf\u6295\u8cc7 \u3001\u5b9a\u91cf\u5316\u53ef\u80fd\u306a\u4f01\u696d\u7279\u6027\uff08\u8981\u56e0\uff09\u304c\u8003\u616e\u3055\u308c\u308b\u6295\u8cc7\u6226\u7565\u3092\u793a\u3057\u307e\u3059\u3002 [\u521d\u3081] \u3053\u308c\u306f\u3001\u5e02\u5834\u5168\u4f53\u306e\u6295\u8cc7\u3088\u308a\u3082\u9ad8\u3044\u30ea\u30b9\u30af\u8abf\u6574\u3055\u308c\u305f\u30ea\u30bf\u30fc\u30f3\u3092\u63d0\u4f9b\u3059\u308b\u3053\u3068\u3092\u76ee\u7684\u3068\u3057\u3066\u3044\u307e\u3059\u3002 [2] \u904e\u53bb50\u5e74\u9593\u3067\u3001\u91d1\u878d\u7d4c\u6e08\u8abf\u67fb\u306f\u3001\u4e88\u60f3\u3055\u308c\u308b\u682a\u5f0f\u53ce\u76ca\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u3068\u601d\u308f\u308c\u308b\u4f55\u767e\u3082\u306e\u8981\u56e0\u3092\u7279\u5b9a\u3057\u3066\u304d\u307e\u3057\u305f\u3002 [3]        (adsbygoogle = window.adsbygoogle || []).push({});after-content-x4\u6b21\u306e\u8981\u56e0\u306e\u5b58\u5728\u306b\u306f\u3001\u4f01\u696d\u306e\u898f\u6a21\uff08\u30b5\u30a4\u30ba\uff09\u3001\u4f4e\u8a55\u4fa1\u306e\u4f01\u696d\uff08\u4fa1\u5024\uff09\u3001\u52e2\u3044\u3001\u53ce\u76ca\u6027\u306e\u5e45\u5e83\u3044\u79d1\u5b66\u7684\u30b3\u30f3\u30bb\u30f3\u30b5\u30b9\u304c\u3042\u308a\u307e\u3059\u3002 [4] [5] [6] [7] [8] [9] [\u5341] \u6226\u7565\u306f\u5b9a\u91cf\u7684\u304b\u3064\u6a5f\u68b0\u7684\u3067\u3042\u308a\u3001\u30a2\u30ca\u30ea\u30b9\u30c8\u3084\u6295\u6a5f\u306e\u610f\u898b\u3067\u306f\u306a\u304f\u3001\u682a\u4fa1\u3084\u8ca1\u52d9\u60c5\u5831\u306a\u3069\u306e\u7d4c\u9a13\u7684\u30c7\u30fc\u30bf\u306b\u57fa\u3065\u3044\u3066\u3044\u307e\u3059\u3002 [11] [12\u756a\u76ee] \u56e0\u5b50\u30d9\u30fc\u30b9\u306e\u6295\u8cc7\u306f\u901a\u5e38\u3001\u682a\u5f0f\u5e02\u5834\u3067\u53d6\u5f15\u3055\u308c\u305f\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\uff08ETF\uff09\u3092\u4ecb\u3057\u3066\u5b9f\u65bd\u3055\u308c\u307e\u3059\u3002 [13] \u8981\u56e0\u30d9\u30fc\u30b9\u306e\u6295\u8cc7\u306f\u3001\u5e02\u5834\u306e\u52b9\u7387\u7684\u306a\u4eee\u8aac\u306b\u95a2\u9023\u3057\u3066\u3044\u307e\u3059\u3002 [\u521d\u3081]        (adsbygoogle = window.adsbygoogle || []).push({});after-content-x4\u30d5\u30a1\u30af\u30bf\u30fc\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u767a\u898b\u3055\u308c\u308b\u524d\u306f\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30a2\u30d2\u30eb\u3092\u8aac\u660e\u3059\u308b\u5171\u901a\u30e2\u30c7\u30eb\u306f\u30011960\u5e74\u4ee3\u306b\u958b\u767a\u3055\u308c\u305f\u8cc7\u672c\u8cc7\u7523\u4fa1\u683c\u30e2\u30c7\u30eb\uff08CAPM\uff09\u3067\u3057\u305f\u3002 [14] [15] \u3053\u308c\u306f\u3001\u682a\u4fa1\u306e\u30ea\u30bf\u30fc\u30f3\u3001\u3064\u307e\u308a\u5e02\u5834\u30ea\u30b9\u30af\uff08\u30d9\u30fc\u30bf\uff09\u3092\u4f53\u7cfb\u7684\u306b\u8aac\u660e\u3059\u308b\u30ea\u30b9\u30af\u8981\u56e0\u304c1\u3064\u3057\u304b\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002 [16] \u6b21\u306e\u6570\u5341\u5e74\u3067\u3001\u91d1\u878d\u7d4c\u6e08\u8abf\u67fb\u3067\u306f\u3001\u682a\u5f0f\u53ce\u76ca\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u3055\u3089\u306a\u308b\u8981\u56e0\u304c\u7279\u5b9a\u3055\u308c\u307e\u3057\u305f\u3002\u682a\u5f0f\u306e\u3082\u30461\u3064\u306e\u8981\u56e0\u306f\u30011981\u5e74\u306bRolf Banz\u306e\u8ad6\u6587\u3067\u767a\u898b\u3055\u308c\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u30b5\u30a4\u30ba\u8981\u56e0\u3067\u3059\u3002\u3053\u308c\u306f\u3001\u4e2d\u5c0f\u4f01\u696d\u306e\u4f53\u7cfb\u7684\u306a\u30ea\u30bf\u30fc\u30f3\u304c\u9577\u671f\u306b\u308f\u305f\u3063\u3066\u5927\u4f01\u696d\u3092\u8d85\u3048\u3066\u3044\u308b\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002\u30d0\u30f3\u30c4\u306f\u3053\u308c\u309240\u5e74\u9593\u793a\u3057\u307e\u3057\u305f\u3002 [17] 1993\u5e74\u3001\u30e6\u30fc\u30b8\u30f3\u30d5\u30a1\u30de\u3068\u30b1\u30cd\u30b9\u30d5\u30ec\u30f3\u30c1\u306f\u5f71\u97ff\u529b\u306e\u3042\u308b\u7814\u7a76\u3092\u767a\u8868\u3057\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u3001\u5e02\u5834\u30ea\u30b9\u30af\u3068\u30b5\u30a4\u30ba\u8981\u56e0\u306b\u52a0\u3048\u3066\u3001\u682a\u5f0f\u306e\u4f53\u7cfb\u7684\u306a\u30ea\u30bf\u30fc\u30f3\u3067\u3042\u308b\u4fa1\u5024\u8981\u56e0\u3092\u8aac\u660e\u3059\u308b\u5225\u306e\u8981\u56e0\u304c\u3042\u308b\u3053\u3068\u3092\u793a\u3057\u307e\u3057\u305f\u3002\u5f8c\u8005\u306f\u3001\u4f4e\u8a55\u4fa1\u682a\uff08\u4fa1\u5024\uff09\u306e\u671f\u5f85\u53ce\u76ca\u306f\u6210\u9577\u682a\uff08\u6210\u9577\uff09\u3088\u308a\u3082\u9ad8\u3044\u3068\u8ff0\u3079\u3066\u3044\u307e\u3059\u3002 [18] Fama\u3068French\u306f\u3001Fama-French Triper Model\u3068\u547c\u3070\u308c\u308bCAPM\u306e\u5909\u66f4\u3092\u63d0\u793a\u3057\u307e\u3057\u305f\u3002 [6] \u3053\u308c\u306b\u3088\u308a\u3001\u30a6\u30a9\u30fc\u30ec\u30f3\u30d0\u30d5\u30a7\u30c3\u30c8\u306a\u3069\u306e\u4fa1\u5024\u6295\u8cc7\u5bb6\u306e\u7d42\u308f\u308a\u306b\u308f\u305f\u3063\u3066\u4f53\u7cfb\u7684\u306a\u8aac\u660e\u3092\u79d1\u5b66\u7684\u306b\u8aac\u660e\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3057\u305f\u3002 [19] \u540c\u3058\u5e74\u306b\u3001\u30b7\u30a7\u30ea\u30c0\u30f3\u30fb\u30c6\u30a3\u30c8\u30de\u30f3\u3068\u30ca\u30e9\u30b7\u30e0\u30cf\u30f3\u30fb\u30b8\u30a7\u30ac\u30c7\u30a3\u30fc\u30b7\u30e5\u306f\u3001\u9ad8\u3044\u904b\u52d5\u91cf\u3092\u6301\u3064\u682a\u306b\u4f53\u7cfb\u7684\u306a\u8986\u3044\u304c\u3042\u308b\u3053\u3068\u3092\u793a\u3057\u307e\u3057\u305f\uff1a\u52e2\u3044\u8981\u56e0\u3002 [20] [8]        (adsbygoogle = window.adsbygoogle || []).push({});after-content-x4\u307e\u305f\u3001\u6b21\u306e\u8981\u56e0\u306e\u5b58\u5728\u306b\u3064\u3044\u3066\u79d1\u5b66\u7684\u306a\u30b3\u30f3\u30bb\u30f3\u30b5\u30b9\u3082\u3042\u308a\u307e\u3059\uff1a\u53ce\u76ca\u6027\u3068\u6295\u8cc7\u884c\u52d5\uff08\u6295\u8cc7\u30d1\u30bf\u30fc\u30f3\uff09\u3002 [21] [22] \u305d\u308c\u4ee5\u6765\u3001\u4ed6\u306e\u4f55\u767e\u3082\u306e\u8981\u56e0\u304c\u767a\u898b\u3055\u308c\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u3001\u3053\u308c\u3089\u306e\u591a\u304f\u306f\u8b70\u8ad6\u306e\u4f59\u5730\u304c\u3042\u308a\u307e\u3059\u3002 [23] \u79d1\u5b66\u7684\u8b70\u8ad6\u306b\u306f\u3001\u8981\u56e0\u306e\u5b58\u5728\u306b\u3064\u3044\u30662\u3064\u306e\u8aac\u660e\u304c\u3042\u308a\u307e\u3059\u3002 [24] \u30ea\u30b9\u30af\uff1a\u8981\u56e0\u306f\u5e02\u5834\u30ea\u30b9\u30af\u306e\u72ec\u7acb\u3057\u305f\u4f53\u7cfb\u7684\u306a\u30ea\u30b9\u30af\u3067\u3042\u308a\u3001\u3057\u305f\u304c\u3063\u3066\u3001\u671f\u5f85\u3055\u308c\u308b\u5229\u76ca\u304c\u5fc5\u8981\u3067\u3059\u3002 \u884c\u52d5\uff1a\u8981\u56e0\u306f\u3001\u6295\u8cc7\u5bb6\u306e\u975e\u5408\u7406\u7684\u306a\u884c\u52d5\u306b\u3088\u308b\u3082\u306e\u3067\u3059\u3002 \u30ea\u30b9\u30af\u306b\u57fa\u3065\u3044\u305f\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u3001\u4e3b\u306b\u30e6\u30fc\u30b8\u30f3\u30d5\u30a1\u30de\u3084\u30b1\u30cd\u30b9\u30d5\u30ec\u30f3\u30c1\u306a\u3069\u306e\u5e02\u5834\u52b9\u7387\u4eee\u8aac\u306e\u652f\u6301\u8005\u306b\u3088\u3063\u3066\u4f1d\u64ad\u3055\u308c\u307e\u3059\u304c\u3001\u30ea\u30c1\u30e3\u30fc\u30c9\u30bf\u30e9\u30fc\u3084\u30de\u30a4\u30a2\u30b9\u30bf\u30de\u30f3\u306a\u3069\u306e\u884c\u52d5\u7d4c\u6e08\u5b66\u306e\u4ee3\u8868\u8005\u306e\u884c\u52d5\u306b\u57fa\u3065\u3044\u305f\u8aac\u660e\u7684\u30a2\u30d7\u30ed\u30fc\u30c1\u304c\u30b5\u30dd\u30fc\u30c8\u3057\u307e\u3059\u3002 [25] \u6295\u8cc7\u5bb6\u306e\u4e0d\u5408\u7406\u306a\u884c\u52d5\u306b\u95a2\u3059\u308b\u8981\u56e0\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u8aac\u660e\u306f\u3001\u88c1\u5b9a\u306e\u6a5f\u4f1a\u3092\u63d0\u4f9b\u3059\u308b\u3067\u3057\u3087\u3046\u3002\u3057\u305f\u304c\u3063\u3066\u3001\u51fa\u7248\u5f8c\u306b\u8981\u56e0\u304c\u6d88\u3048\u308b\u304b\u3001\u5c11\u306a\u304f\u3068\u3082\u4f53\u91cd\u304c\u6e1b\u308b\u3053\u3068\u304c\u4e88\u60f3\u3055\u308c\u307e\u3059\u3002\u30ea\u30b9\u30af\u306b\u57fa\u3065\u3044\u305f\u8aac\u660e\u7684\u30a2\u30d7\u30ed\u30fc\u30c1\u3067\u306f\u3001\u4ef2\u88c1\u3067\u304d\u306a\u3044\u4f53\u7cfb\u7684\u306a\u8ffd\u52a0\u30ea\u30b9\u30af\u3067\u3042\u308b\u305f\u3081\u3001\u56e0\u5b50\u88dc\u6b63\u306e\u5909\u5316\u306f\u60f3\u5b9a\u3067\u304d\u307e\u305b\u3093\u3002 [26] \u516c\u958b\u5f8c\u307e\u305f\u306f\u5143\u306e\u7d71\u8a08\u30b5\u30f3\u30d7\u30eb\u3092\u8d85\u3048\u3066\u56e0\u5b50\u30bd\u30c7\u30a3\u30fc\u306e\u958b\u767a\u306f\u3001\u73fe\u5728\u306e\u7d4c\u6e08\u7684\u7d4c\u6e08\u8abf\u67fb\u306e\u4e3b\u984c\u3067\u3059\u3002 Jegadeesh\u3068Titman\u306f\u3001\u51fa\u7248\u5f8c\u306b\u52e2\u3044\u8981\u56e0\u304c\u5897\u52a0\u3057\u305f\u3053\u3068\u3092\u793a\u3057\u307e\u3057\u305f\u3002 [27] 2018\u5e74\u3001Clifford Asness\u306f24\u306e\u56fd\u969b\u682a\u5f0f\u5e02\u5834\u306e\u898f\u6a21\u8981\u56e0\u3092\u8abf\u67fb\u3057\u307e\u3057\u305f\u3002\u3053\u306e\u8abf\u67fb\u3067\u306f\u3001\u30b5\u30a4\u30ba\u8981\u56e0\u306f\u51fa\u7248\u5f8c\u3082\u7d9a\u304d\u3001\u6295\u8cc7\u5bb6\u304b\u3089\u95a2\u9023\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3053\u3068\u304c\u793a\u3055\u308c\u307e\u3057\u305f\u3002 [28] \u5024\u30d5\u30a1\u30af\u30bf\u30fc [ \u7de8\u96c6 | \u30bd\u30fc\u30b9\u30c6\u30ad\u30b9\u30c8\u3092\u7de8\u96c6\u3057\u307e\u3059 ] \u7d99\u7d9a\u7684\u306a\u5b58\u5728\u3068\u305d\u306e\u51fa\u7248\u5f8c\u306e\u4fa1\u5024\u4fc2\u6570\u306e\u91cf\u306f\u7279\u306b\u8b70\u8ad6\u306e\u4f59\u5730\u304c\u3042\u308a\u307e\u3059\u3002 [29] International Financial Press\u3067\u306f\u3001\u4fa1\u5024\u4fc2\u6570\u306e\u4e00\u65b9\u306e\u7aef\u304c\u3057\u3070\u3057\u3070\u5831\u544a\u3055\u308c\u307e\u3059\u3002 [30] [\u6700\u521d\u306b30] [32] 2017\u5e74\u3001FAMA\u3068\u30d5\u30e9\u30f3\u30b9\u8a9e\u306f\u3001\u56fd\u969b\u682a\u5f0f\u5e02\u5834\u306e\u7814\u7a76\u3067\u3001\u7c73\u56fd\u5916\u306e\u4fa1\u5024\u8981\u56e0\u304c\u5f15\u304d\u7d9a\u304d\u5b58\u5728\u3057\u3001\u305d\u306e\u51fa\u7248\u4ee5\u6765\u7d71\u8a08\u7684\u306b\u6709\u610f\u306b\u6c7a\u5b9a\u3055\u308c\u3066\u3044\u308b\u3053\u3068\u3092\u793a\u3057\u307e\u3057\u305f\u3002 [33] 2020\u5e74\u3001\u5f7c\u3089\u306f\u7c73\u56fd\u306e\u682a\u5f0f\u5e02\u5834\u306b\u95a2\u3059\u308b\u8abf\u67fb\u3092\u767a\u8868\u3057\u307e\u3057\u305f\u3002\u305d\u3053\u3067\u5f7c\u3089\u306f\u3001\u5024\u4fc2\u6570\u304c\u5f15\u304d\u7d9a\u304d\u6c7a\u5b9a\u3067\u304d\u308b\u304b\u3069\u3046\u304b\u3092\u4fdd\u8a3c\u3059\u308b\u3053\u3068\u306f\u73fe\u5728\u7d71\u8a08\u7684\u306b\u4e0d\u53ef\u80fd\u3067\u3042\u308b\u3068\u4e3b\u5f35\u3057\u307e\u3057\u305f\u3002\u305d\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u305f\u3081\u3001\u7c73\u56fd\u5e02\u5834\u306f2017\u5e74\u306b\u8abf\u67fb\u3055\u308c\u305f\u5e02\u5834\u3068\u306f\u7570\u306a\u308a\u307e\u3059\u3002\u3057\u305f\u304c\u3063\u3066\u3001\u671f\u9593\u306f\u77ed\u3059\u304e\u3066\u7d71\u8a08\u7684\u306b\u6709\u610f\u306a\u30b9\u30c6\u30fc\u30c8\u30e1\u30f3\u30c8\u3092\u4f5c\u6210\u3067\u304d\u307e\u305b\u3093\u3002 [34] \u8981\u56e0\u30d9\u30fc\u30b9\u306e\u6295\u8cc7\u306f\u901a\u5e38\u3001\u682a\u5f0f\u5e02\u5834\u3067\u53d6\u5f15\u3055\u308c\u305f\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\uff08ETF\uff09\u3092\u4f7f\u7528\u3057\u3066\u5b9f\u88c5\u3055\u308c\u307e\u3059\u3002 [13] 2\u3064\u306e\u57fa\u672c\u7684\u306a\u5f62\u5f0f\u3092\u533a\u5225\u3057\u307e\u3059\u3002 [35] \u5358\u7d14\u306a\u8981\u56e0\u6295\u8cc7 [ \u7de8\u96c6 | \u30bd\u30fc\u30b9\u30c6\u30ad\u30b9\u30c8\u3092\u7de8\u96c6\u3057\u307e\u3059 ] \u5358\u7d14\u306a\u8981\u56e0\u6295\u8cc7\u306f\u3001\u7279\u5225\u306a\u8981\u56e0ETF\u3092\u591a\u69d8\u5316\u3057\u305f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u8ffd\u52a0\u3059\u308b\u3053\u3068\u3067\u3059\u3002 [36] MSCI\u73fe\u5728\uff082021\uff09\u306f\u3001MSCI\u306e\u4e16\u754c\u306b\u57fa\u3065\u3044\u3066\u6b21\u306e\u6226\u7565\u3092\u63d0\u4f9b\u3057\u3066\u3044\u307e\u3059\u3002 [37] \u4f4e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff1a\u4f4e\u4fa1\u683c\u306e\u5909\u52d5\u3092\u4f34\u3046\u682a\u5f0f \u5229\u56de\u308a\uff1a\u9577\u671f\u7684\u306a\u5b89\u5b9a\u3057\u305f\u53ce\u5165\u3068\u914d\u5f53\u3092\u6301\u3064\u4f01\u696d \u52e2\u3044\uff1a\u6700\u8fd1\u306e\u904e\u53bb\u306e\u5e73\u5747\u4fa1\u683c\u306e\u767a\u5c55\u3092\u8d85\u3048\u308b\u682a\u5f0f \u54c1\u8cea\uff1a\u8ca0\u50b5\u304c\u4f4e\u304f\u3001\u5b89\u5b9a\u3057\u305f\u53ce\u91cf\u304c\u3042\u308b\u7269\u8cea\u5024\u300c\u304a\u3088\u3073\u305d\u306e\u4ed6\u306e\u54c1\u8cea\u6a5f\u80fd\u300d\uff08o-sound\uff09 \u7b49\u3057\u3044\u30b5\u30a4\u30ba\uff1a\u3059\u3079\u3066\u306e\u682a\u5f0f\u304c\u7b49\u3057\u304f\uff08\u3064\u307e\u308a\u3001\u6642\u4fa1\u7dcf\u984d\u306e\u5f8c\u3067\u306f\u3042\u308a\u307e\u305b\u3093\uff09 \u6210\u9577\uff1a\u5c06\u6765\u306e\u898b\u8fbc\u307f\u5ba2\u304c\u826f\u597d\u306a\u6210\u9577\u4f01\u696d\uff08\u5e74\u6b21\u5831\u544a\u66f8\u3067\u4f1d\u3048\u3089\u308c\u3066\u3044\u308b\u30a2\u30ca\u30ea\u30b9\u30c8\u306e\u898b\u7a4d\u3082\u308a\u306b\u57fa\u3065\u304f\uff09 \u4fa1\u5024\uff1a\u672a\u6eb6\u5a92\u5728\u5eab\uff08\u7af6\u5408\u4ed6\u793e\u3068\u6bd4\u8f03\u3057\u305f\u57fa\u672c\u30c7\u30fc\u30bf\u306b\u57fa\u3065\u304f\uff09 FTSE\u30b0\u30eb\u30fc\u30d7\u306f\u540c\u69d8\u306e\u8981\u56e0\u3092\u63d0\u4f9b\u3057\u307e\u3059\uff08\u3092\u9664\u304f \u6210\u9577 \uff09\u5f7c\u3089\u306e\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u3002 [38] \u30c9\u30a4\u30c4\u3067\u627f\u8a8d\u3055\u308c\u305fETF\u306f\u3001\u3059\u3079\u3066\u306e\u56e0\u5b50\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u3067\u5229\u7528\u3067\u304d\u307e\u305b\u3093\u3002 1\u3064\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u3044\u304f\u3064\u304b\u306e\u8981\u56e0\u304c\u8ffd\u52a0\u3055\u308c\u305f\u5834\u5408\u30011\u3064\u306f\u305d\u306e\u3088\u3046\u306a\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u6295\u8cc7\u306b\u3064\u3044\u3066\u8a71\u3057\u307e\u3059\u3002\u305f\u3068\u3048\u3070\u3001\u5024ETF\u3001\u5c0f\u3055\u306a\u30ad\u30e3\u30c3\u30d7ETF\u3001\u304a\u3088\u3073\u904b\u52d5\u91cfETF\u3092\u30b0\u30ed\u30fc\u30d0\u30eb\u306b\u591a\u69d8\u5316\u3057\u305f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u8ffd\u52a0\u3059\u308b\u3053\u3068\u3082\u3067\u304d\u307e\u3059\u3002\u305f\u3060\u3057\u3001\u3053\u306e\u6226\u7565\u306f\u3001\u5c0f\u578b\u306eCAP-ETF\u306b\u306f\u6210\u9577\u30b7\u30a7\u30a2\u3068\u4fa1\u5024ETF\u306e\u5927\u898f\u6a21\u306aCAP\u30b7\u30a7\u30a2\u3082\u542b\u307e\u308c\u3066\u3044\u308b\u305f\u3081\u3001\u8981\u56e0\u9593\u306e\u671b\u307e\u3057\u304f\u306a\u3044\u76f8\u95a2\u95a2\u4fc2\u306b\u3064\u306a\u304c\u308a\u307e\u3059\u3002 [39] \u7d71\u5408\u3055\u308c\u305f\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u6295\u8cc7 [ \u7de8\u96c6 | \u30bd\u30fc\u30b9\u30c6\u30ad\u30b9\u30c8\u3092\u7de8\u96c6\u3057\u307e\u3059 ] \u7d71\u5408\u3055\u308c\u305f\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u6295\u8cc7\u3067\u306f\u3001\u9078\u629e\u306f\u30d5\u30a1\u30f3\u30c9\u30ec\u30d9\u30eb\u3067\u306f\u306a\u304f\u682a\u5f0f\u30ec\u30d9\u30eb\u306e\u8981\u56e0\u306b\u5f93\u3063\u3066\u884c\u308f\u308c\u307e\u3059\u3002\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fcETF\u306f\u3001\u6700\u521d\u304b\u3089\u3044\u304f\u3064\u304b\u306e\u56e0\u5b50\u57fa\u6e96\u3092\u6e80\u305f\u3059\u5171\u6709\u306e\u307f\u304c\u5438\u53ce\u3055\u308c\u308b\u3088\u3046\u306b\u69cb\u7bc9\u3055\u308c\u307e\u3059\u3002 [40] z\u3002 B.\u9078\u629e\u3055\u308c\u305f\u5c0f\u578b\u30ad\u30e3\u30c3\u30d7\u306e\u307f\u3092\u9078\u629e\u3057\u3001\u540c\u6642\u306b\u4fa1\u5024\u57fa\u6e96\u3092\u6e80\u305f\u3057\u3001\u9ad8\u3044\u52e2\u3044\u3092\u6301\u3063\u3066\u3044\u308b\u3002\u3053\u308c\u306f\u3001\u5358\u7d14\u306a\u8981\u56e0\u6295\u8cc7\u306e\u3088\u3046\u306b\u3001\u4e0d\u8981\u306a\u76f8\u95a2\u307e\u305f\u306f\u5426\u5b9a\u7684\u306a\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u9664\u5916\u3057\u307e\u3059\u3002\u305f\u3060\u3057\u3001\u682a\u5f0f\u306e\u53b3\u683c\u306a\u9078\u629e\u304c\u591a\u69d8\u5316\u306e\u6e1b\u5c11\u306b\u3064\u306a\u304c\u308b\u305f\u3081\u3001\u30d5\u30a1\u30f3\u30c9\u30d7\u30ed\u30d0\u30a4\u30c0\u30fc\u3068\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u958b\u767a\u8005\u304c\u8981\u56e0\u306e\u5b9a\u7fa9\u3092\u8a2d\u5b9a\u3057\u3001\u8981\u56e0\u3092\u4ecb\u3057\u3066\u591a\u69d8\u5316\u3068\u30ea\u30bf\u30fc\u30f3\u30a2\u30b7\u30b9\u30bf\u30e1\u30fc\u30b7\u30e7\u30f3\u306e\u59a5\u5354\u3092\u63d0\u4f9b\u3059\u308b\u306f\u305a\u3067\u3059\u3002 [39] \u2191 a b  \u6765\u308b\u3001GERD 1962-\uff1a \u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u3068ETF\u3068\u6c11\u9593\u6295\u8cc7\u5bb6\u306b\u3088\u308a\u3001\u91d1\u878d\u30bb\u30af\u30bf\u30fc\u306b\u5bfe\u3059\u308b\u30b2\u30fc\u30e0\u306f\u81ea\u4fe1\u3092\u6301\u3063\u3066\u52dd\u3061\u307e\u3059 \u3002 5\u756a\u76ee\u3001\u5b8c\u5168\u306b\u66f4\u65b0\u3055\u308c\u305f\u30a8\u30c7\u30a3\u30b7\u30e7\u30f3\u3002\u30d5\u30e9\u30f3\u30af\u30d5\u30eb\u30c8\u3001ISBN 978-3-593-50852-8\u3001 S.  273 \u3002   \u2191  Antti Ilmenen\u3001Ronen Israel\u3001Tobias J. Moskowitz\u3001Ashwin K. Thapar\u3001Franklin Wang\uff1a \u56e0\u5b50\u30d7\u30ec\u30df\u30a2\u306f\u6642\u9593\u3068\u3068\u3082\u306b\u3069\u306e\u3088\u3046\u306b\u7570\u306a\u308a\u307e\u3059\u304b\uff1f 1\u4e16\u7d00\u306e\u8a3c\u62e0 \u3002 ID3400998\u3002\u30bd\u30fc\u30b7\u30e3\u30eb\u30b5\u30a4\u30a8\u30f3\u30b9\u30ea\u30b5\u30fc\u30c1\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u3001\u30cb\u30e5\u30fc\u30e8\u30fc\u30af\u5dde\u30ed\u30c1\u30a7\u30b9\u30bf\u30fc18. 2019\u5e74Dezember\u3001doi\uff1a 10.2139\/ssrn.3400998 \uff08 \u30aa\u30f3\u30e9\u30a4\u30f3 [2020\u5e7412\u670821\u65e5\u306b\u30a2\u30af\u30bb\u30b9]\uff09\u3002   \u2191  \u6765\u308b\u3001\u30b2\u30eb\u30c9\uff1a \u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u3068ETF\u3068\u6c11\u9593\u6295\u8cc7\u5bb6\u306b\u3088\u308a\u3001\u91d1\u878d\u30bb\u30af\u30bf\u30fc\u306b\u5bfe\u3059\u308b\u30b2\u30fc\u30e0\u306f\u81ea\u4fe1\u3092\u6301\u3063\u3066\u52dd\u3061\u307e\u3059 \u3002 5\u756a\u76ee\u3001\u5b8c\u5168\u306b\u66f4\u65b0\u3055\u308c\u305f\u30a8\u30c7\u30a3\u30b7\u30e7\u30f3\u3002\u30d5\u30e9\u30f3\u30af\u30d5\u30eb\u30c8\u3001ISBN 978-3-593-50852-8\u3001 S.  278 \u3002   \u2191  Swedroe\u3001Larry e\u3002\u3001Asness\u3001Clifford S\u3002\u3001\uff1a \u30d5\u30a1\u30af\u30bf\u30fc\u30d9\u30fc\u30b9\u306e\u6295\u8cc7\u3078\u306e\u5b8c\u5168\u306a\u30ac\u30a4\u30c9\uff1a\u4eca\u65e5\u306e\u30b9\u30de\u30fc\u30c8\u30de\u30cd\u30fc\u304c\u4eca\u65e5\u6295\u8cc7\u3059\u308b\u65b9\u6cd5 \u3002\u30df\u30ba\u30fc\u30ea\u5dde\u30bb\u30f3\u30c8\u30eb\u30a4\u30b9\u3001ISBN 978-0-692-78365-8\u3002   \u2191  \u30e6\u30fc\u30b8\u30f3F.\u30d5\u30a1\u30de\u3001\u30b1\u30cd\u30b9R.\u30d5\u30ec\u30f3\u30c1\uff1a 5\u8981\u7d20\u8cc7\u7523\u4fa1\u683c\u8a2d\u5b9a\u30e2\u30c7\u30eb \u3002\u306e\uff1a Journal of Financial Economics \u3002 \u30d0\u30f3\u30c9  116 \u3001 \u3044\u3044\u3048\u3002  \u521d\u3081 \u30012015\u5e744\u6708\u3001 S.  1\u201322 \u3001doi\uff1a 10.1016\/j.jfineco.2014.10.010 \uff08 \u30aa\u30f3\u30e9\u30a4\u30f3 [2020\u5e7412\u670821\u65e5\u306b\u30a2\u30af\u30bb\u30b9]\uff09\u3002   \u2191 a b  \u30e6\u30fc\u30b8\u30f3F.\u30d5\u30a1\u30de\u3001\u30b1\u30cd\u30b9R.\u30d5\u30ec\u30f3\u30c1\uff1a \u4e88\u60f3\u3055\u308c\u308b\u5728\u5eab\u306e\u65ad\u9762 \u3002\u306e\uff1a \u8ca1\u52d9\u30b8\u30e3\u30fc\u30ca\u30eb \u3002 \u30d0\u30f3\u30c9  47 \u3001 \u3044\u3044\u3048\u3002  2 \u30011992\u5e746\u6708\u3001 S.  427\u2013465 \u3001doi\uff1a 10.1111\/j.1540-6261.1992.tb04398.x \u3002   \u2191  \u30c7\u30cb\u30b9B.\u30c1\u30e3\u30d9\u30b9\uff1a \u7279\u7570\u306a\u52e2\u3044\uff1a\u7c73\u56fd\u304a\u3088\u3073\u56fd\u969b\u7684\u306a\u8a3c\u62e0 \u3002\u306e\uff1a Journal of Investing \u3002 \u30d0\u30f3\u30c9  25 \u3001 \u3044\u3044\u3048\u3002  2 \u300131\u30022016\u3001ISSN 1068-0896 \u3001 S.  64\u201376 \u3001doi\uff1a 10.3905\/\u6728\u66dc\u65e52016.25.2.064 \uff08 \u30aa\u30f3\u30e9\u30a4\u30f3 [2020\u5e7412\u670821\u65e5\u306b\u30a2\u30af\u30bb\u30b9]\uff09\u3002   \u2191 a b  Narasimhan Jegadeesh\u3001Sheridan Titman\uff1a \u8cfc\u5165\u8005\u306e\u8cfc\u5165\u3068\u8ca9\u58f2\u8005\u306e\u8ca9\u58f2\u306b\u623b\u308b\uff1a\u682a\u5f0f\u5e02\u5834\u306e\u52b9\u7387\u3078\u306e\u5f71\u97ff \u3002\u306e\uff1a \u8ca1\u52d9\u30b8\u30e3\u30fc\u30ca\u30eb \u3002 \u30d0\u30f3\u30c9  48 \u3001 \u3044\u3044\u3048\u3002  \u521d\u3081 \u30011993\u5e74\u3001ISSN 1540-6261 \u3001 S.  65\u201391 \u3001doi\uff1a 10.1111\/j.1540-6261.1993.tb04702.x \uff08 \u30aa\u30f3\u30e9\u30a4\u30f3 [2020\u5e7412\u670821\u65e5\u306b\u30a2\u30af\u30bb\u30b9]\uff09\u3002   \u2191  \u30af\u30ea\u30b9\u30c8\u30d5\u30a1\u30fc\u30fbW\u30fb\u30a2\u30f3\u30c0\u30fc\u30bd\u30f3\u3001\u30eb\u30a4\u30b9\u30fb\u30ac\u30eb\u30b7\u30a2\u30fb\u30d5\u30a7\u30a4\u30db\u30fc\uff1a \u8cc7\u672c\u6295\u8cc7\u3001\u6210\u9577\u30aa\u30d7\u30b7\u30e7\u30f3\u3001\u30bb\u30ad\u30e5\u30ea\u30c6\u30a3\u30ea\u30bf\u30fc\u30f3\u306b\u95a2\u3059\u308b\u7d4c\u9a13\u7684\u8a3c\u62e0 \u3002\u306e\uff1a \u8ca1\u52d9\u30b8\u30e3\u30fc\u30ca\u30eb \u3002 \u30d0\u30f3\u30c9  \u516d\u5341\u4e00 \u3001 \u3044\u3044\u3048\u3002  \u521d\u3081 \u30012006\u5e74\u3001ISSN 0022-1082 \u3001 S.  171\u2013194 \u3001jstor\uff1a 3699338 \u3002   \u2191  Clifford S. Asness\u3001Tobias J. Moskowitz\u3001Lasse Heje Pedersen\uff1a \u3069\u3053\u3067\u3082\u4fa1\u5024\u3068\u52e2\u3044 \u3002\u306e\uff1a \u8ca1\u52d9\u30b8\u30e3\u30fc\u30ca\u30eb \u3002 \u30d0\u30f3\u30c9  68 \u3001 \u3044\u3044\u3048\u3002  3 \u30012013\u5e74\u3001ISSN 1540-6261 \u3001 S.  929\u2013985 \u3001doi\uff1a 10.1111\/jofi.12021 \uff08 \u30aa\u30f3\u30e9\u30a4\u30f3 [2020\u5e7412\u670821\u65e5\u306b\u30a2\u30af\u30bb\u30b9]\uff09\u3002   \u2191  \u30d5\u30a3\u30ea\u30c3\u30d7Z.\u30e1\u30a4\u30df\u30f3\u3001\u30b0\u30ec\u30c3\u30b0S.\u30d5\u30a3\u30c3\u30b7\u30e3\u30fc\uff1a \u904e\u53bb\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306f\u3001\u5c06\u6765\u306e\u4fe1\u5ff5\u3092\u793a\u3057\u3066\u3044\u307e\u3059 \u3002\u306e\uff1a \u30ea\u30b9\u30af\u3068\u610f\u601d\u6c7a\u5b9a\u5206\u6790 \u3002 \u30d0\u30f3\u30c9  2 \u3001 \u3044\u3044\u3048\u3002  3 \u30012011\u5e74\u3001 S.  145\u2013150 \u3001doi\uff1a 10.3233\/RDA-2011-0038 \uff08 Medra.org [2020\u5e7412\u670821\u65e5\u306b\u30a2\u30af\u30bb\u30b9]\uff09\u3002   \u2191  \u30e6\u30fc\u30b8\u30f3F.\u30d5\u30a1\u30de\u3001\u30b1\u30cd\u30b9R.\u30d5\u30ec\u30f3\u30c1\uff1a \u4e88\u60f3\u3055\u308c\u308b\u5728\u5eab\u306e\u65ad\u9762 \u3002\u306e\uff1a \u8ca1\u52d9\u30b8\u30e3\u30fc\u30ca\u30eb \u3002 \u30d0\u30f3\u30c9  47 \u3001 \u3044\u3044\u3048\u3002  2 \u30011992\u5e746\u6708\u3001 S.  427\u2013465 \u3001doi\uff1a 10.1111\/j.1540-6261.1992.tb04398.x \u3002   \u2191 a b  \u8abf\u67fb\uff1a\u30d7\u30ed\u306e\u6295\u8cc7\u5bb6\u304c\u8981\u56e0ETF\u306b\u307e\u3059\u307e\u3059\u4f9d\u5b58\u3057\u3066\u3044\u308b\u7406\u7531\u3002 2020\u5e7412\u670821\u65e5\u306b\u53d6\u5f97 \u3002   \u2191  \u30a6\u30a3\u30ea\u30a2\u30e0\u30fbF\u30fb\u30b7\u30e3\u30fc\u30d7\uff1a \u8cc7\u672c\u8cc7\u7523\u4fa1\u683c\uff1a\u30ea\u30b9\u30af\u306e\u6761\u4ef6\u4e0b\u3067\u306e\u5e02\u5834\u5747\u8861\u306e\u7406\u8ad6 \u3002\u306e\uff1a \u8ca1\u52d9\u30b8\u30e3\u30fc\u30ca\u30eb \u3002 \u30d0\u30f3\u30c9  19 \u3001 \u3044\u3044\u3048\u3002  3 \u30011964\u5e74\u3001ISSN 0022-1082 \u3001 S.  425\u2013442 \u3001doi\uff1a 10,2307\/2977928 \u3001jstor\uff1a 2977928 \u3002   \u2191  \u30ed\u30d0\u30fc\u30c8\u30fb\u30ce\u30f4\u30a3\u30fc\u30fb\u30de\u30eb\u30af\u30b9\uff1a \u4fa1\u5024\u306e\u53cd\u5bfe\u5074\uff1a\u7dcf\u53ce\u76ca\u6027\u30d7\u30ec\u30df\u30a2\u30e0 \u3002\u306e\uff1a Journal of Financial Economics \u3002 \u30d0\u30f3\u30c9  108 \u3001 \u3044\u3044\u3048\u3002  \u521d\u3081 \u3001 2013\u5e744\u6708\u3001 S.  1\u201328 \u3001doi\uff1a 10.1016\/j.jfineco.2013.01.003 \uff08 \u30aa\u30f3\u30e9\u30a4\u30f3 [2020\u5e7412\u670821\u65e5\u306b\u30a2\u30af\u30bb\u30b9]\uff09\u3002   \u2191  Sheridan Titman\u3001K\u3002C\u3002John Wei\u3001Feixue Xie\uff1a \u8cc7\u672c\u6295\u8cc7\u3068\u682a\u5f0f\u30ea\u30bf\u30fc\u30f3 \u3002\u306e\uff1a \u8ca1\u52d9\u304a\u3088\u3073\u5b9a\u91cf\u5206\u6790\u306e\u30b8\u30e3\u30fc\u30ca\u30eb \u3002 \u30d0\u30f3\u30c9  39 \u3001 \u3044\u3044\u3048\u3002  4 \u30012004\u5e7412\u6708\u3001ISSN 0022-1090 \u3001 S.  677\u2013700 \u3001doi\uff1a 10.1017\/s0022109000003173 \uff08 \u30aa\u30f3\u30e9\u30a4\u30f3 [2020\u5e7412\u670821\u65e5\u306b\u30a2\u30af\u30bb\u30b9]\uff09\u3002   \u2191  \u30ed\u30eb\u30d5\u30fbW\u30fb\u30d0\u30f3\u30c4\uff1a \u666e\u901a\u682a\u5f0f\u306e\u53ce\u76ca\u3068\u5e02\u5834\u4fa1\u5024\u306e\u95a2\u4fc2 \u3002\u306e\uff1a Journal of Financial Economics \u3002 \u30d0\u30f3\u30c9  9 \u3001 \u3044\u3044\u3048\u3002  \u521d\u3081 \u30011981\u5e743\u6708\u3001 S.  3\u201318 \u3001doi\uff1a 10.1016\/0304-405X\uff0881\uff0990018-0 \uff08 \u30aa\u30f3\u30e9\u30a4\u30f3 [2020\u5e7412\u670821\u65e5\u306b\u30a2\u30af\u30bb\u30b9]\uff09\u3002   \u2191  \u30e6\u30fc\u30b8\u30f3F.\u30d5\u30a1\u30de\u3001\u30b1\u30cd\u30b9R.\u30d5\u30ec\u30f3\u30c1\uff1a \u682a\u5f0f\u304a\u3088\u3073\u50b5\u5238\u306e\u30ea\u30bf\u30fc\u30f3\u306b\u304a\u3051\u308b\u4e00\u822c\u7684\u306a\u5371\u967a\u56e0\u5b50 \u3002\u306e\uff1a Journal of Financial Economics \u3002 \u30d0\u30f3\u30c9  33 \u3001 \u3044\u3044\u3048\u3002  \u521d\u3081 \u30011993\u5e742\u6708\u3001 S.  3\u201356 \u3001doi\uff1a 10.1016\/0304-405X\uff0893\uff0990023-5 \uff08 \u30aa\u30f3\u30e9\u30a4\u30f3 [2020\u5e7412\u670821\u65e5\u306b\u30a2\u30af\u30bb\u30b9]\uff09\u3002   \u2191  \u30a2\u30f3\u30c9\u30ec\u30a2\u30fb\u30aa\u30e9\u30c3\u30c4\u30a3\u30fc\u30cb\u3001\u30c7\u30d3\u30c3\u30c9\u30fb\u30ab\u30d3\u30e9\u30fc\u3001\u30e9\u30c3\u30bb\u30fb\u30da\u30c0\u30fc\u30bb\u30f3\uff1a \u30d0\u30d5\u30a7\u30c3\u30c8\u306e\u30a2\u30eb\u30d5\u30a1 \u3002 W19681\u3002 2013\u5e7411\u6708\u3001\u30de\u30b5\u30c1\u30e5\u30fc\u30bb\u30c3\u30c4\u5dde\u30b1\u30f3\u30d6\u30ea\u30c3\u30b8\u3001\u7d4c\u6e08\u7814\u7a76\u5c40\u3001 S.  W19681 \u3001doi\uff1a 10.3386 \/ w19681 \uff08 \u30aa\u30f3\u30e9\u30a4\u30f3 [PDF; 2020\u5e7412\u670821\u65e5\u306b\u30a2\u30af\u30bb\u30b9]\uff09\u3002   \u2191  Narasimhan Jegadeesh\uff1a \u30bb\u30ad\u30e5\u30ea\u30c6\u30a3\u30ea\u30bf\u30fc\u30f3\u306e\u4e88\u6e2c\u53ef\u80fd\u306a\u52d5\u4f5c\u306e\u8a3c\u62e0 \u3002\u306e\uff1a \u8ca1\u52d9\u30b8\u30e3\u30fc\u30ca\u30eb \u3002 \u30d0\u30f3\u30c9  45 \u3001 \u3044\u3044\u3048\u3002  3 \u30011990\u5e747\u6708\u3001 S.  881\u2013898 \u3001doi\uff1a 10.1111\/j.1540-6261.1990.tb05110.x \uff08 \u30aa\u30f3\u30e9\u30a4\u30f3 [2020\u5e7412\u670821\u65e5\u306b\u30a2\u30af\u30bb\u30b9]\uff09\u3002   \u2191  \u30cb\u30b3\u30e9\u30b9P.B.\u30dc\u30ec\u30f3\u3001\u30b0\u30ec\u30c3\u30b0S.\u30d5\u30a3\u30c3\u30b7\u30e3\u30fc\uff1a \u30af\u30ed\u30fc\u30f3\u3092\u9001\u4fe1\u3057\u307e\u3059\u304b\uff1f\u5148\u7269\u5951\u7d04\u3092\u4f7f\u7528\u3057\u305f\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u8907\u88fd \u3002\u306e\uff1a Journal of Alternative Investments \u3002 \u30d0\u30f3\u30c9  16 \u3001 \u3044\u3044\u3048\u3002  2 \u300130\u30022013\u5e749\u6708\u3001ISSN 1520-3255 \u3001 S.  80\u201395 \u3001doi\uff1a 10.3905\/her.2013.16.2.080 \uff08 \u30aa\u30f3\u30e9\u30a4\u30f3 [2020\u5e7412\u670821\u65e5\u306b\u30a2\u30af\u30bb\u30b9]\uff09\u3002   \u2191  \u30b0\u30ec\u30c3\u30b0\u30fbS\u30fb\u30d5\u30a3\u30c3\u30b7\u30e3\u30fc\u3001\u30ed\u30cb\u30fc\u30fb\u30b7\u30e3\u30fc\u3001\u30b7\u30a7\u30ea\u30c0\u30f3\u30fb\u30b7\u30e3\u30fc\u30de\u30f3\uff1a \u30a8\u30af\u30a4\u30c6\u30a3\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u5c0f\u3055\u306a\u56fd\u306b\u50be\u3051\u308b\u3079\u304d\u3067\u3059\u304b\uff1f \u306e\uff1a Journal of Portfolio Management \u3002 \u30d0\u30f3\u30c9  44 \u3001 \u3044\u3044\u3048\u3002  \u521d\u3081 \u300131\u30022017\u5e7410\u6708\u3001ISSN 0095-4918 \u3001 S.  127\u2013141 \u3001doi\uff1a 10.3905\/jpm.2017.44.1.127 \uff08 \u30aa\u30f3\u30e9\u30a4\u30f3 [2020\u5e7412\u670821\u65e5\u306b\u30a2\u30af\u30bb\u30b9]\uff09\u3002   \u2191  \u30ad\u30e3\u30f3\u30d9\u30eb\u30fbR\u30fb\u30cf\u30fc\u30d9\u30a4\u3001\u30e4\u30f3\u30fb\u30ea\u30e5\u30fc\u3001heqing Zhu\uff1a \u2026\u305d\u3057\u3066\u3001\u671f\u5f85\u3055\u308c\u308b\u30ea\u30bf\u30fc\u30f3\u306e\u65ad\u9762 \u3002\u306e\uff1a \u91d1\u878d\u7814\u7a76\u306e\u30ec\u30d3\u30e5\u30fc \u3002 \u30d0\u30f3\u30c9  29 \u3001 \u3044\u3044\u3048\u3002  \u521d\u3081 \u30011\u30022016\u5e741\u6708\u3001ISSN 0893-9454 \u3001 S.  5\u201368 \u3001doi\uff1a 10.1093\/RFS\/HHV059 \uff08 \u30aa\u30f3\u30e9\u30a4\u30f3 [2020\u5e7412\u670821\u65e5\u306b\u30a2\u30af\u30bb\u30b9]\uff09\u3002   \u2191  \u30b8\u30a7\u30cb\u30d5\u30a1\u30fc\u30fb\u30d9\u30f3\u30c0\u30fc\u3001\u30ec\u30df\u30fc\u30fb\u30d6\u30e9\u30a4\u30a2\u30f3\u3001\u30c7\u30a3\u30df\u30c8\u30ea\u30b9\u30fb\u30e1\u30e9\u30b9\u3001\u30e9\u30de\u30f3\u3001\u30a2\u30a4\u30eb\u30fc\u30eb\u30fb\u30b9\u30d6\u30e9\u30de\u30cb\u30a2\u30f3\uff1a \u30d5\u30a1\u30af\u30bf\u30fc\u6295\u8cc7\u306e\u57fa\u790e\u3002 MSCI\u30012013\u5e7412\u6708\u3001 2020\u5e7412\u670821\u65e5\u306b\u53d6\u5f97 \uff08\u82f1\u8a9e\uff09\u3002   \u2191  Meir Statman\u3001Kenneth L. Fisher\u3001Deniz Anginer\uff1a \u884c\u52d5\u8cc7\u7523\u4fa1\u683c\u8a2d\u5b9a\u30e2\u30c7\u30eb\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u307e\u3059 \u3002\u306e\uff1a \u91d1\u878d\u30a2\u30ca\u30ea\u30b9\u30c8\u30b8\u30e3\u30fc\u30ca\u30eb \u3002 \u30d0\u30f3\u30c9  \u516d\u5341\u56db \u3001 \u3044\u3044\u3048\u3002  2 \u30012008\u5e74\u3001ISSN 0015-198X \u3001 S.  20\u201329 \u3001jstor\uff1a 40390111 \u3002   \u2191  \u30b8\u30e7\u30f3\u30fb\u30b3\u30af\u30e9\u30f3\uff1a \u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u306e\u4e16\u754c\u306b\u5bfe\u3059\u308b\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30a2\u30c9\u30d0\u30a4\u30b9 \u3002 W7170\u3002\u56fd\u7acb\u7d4c\u6e08\u7814\u7a76\u5c40\u3001\u30b1\u30f3\u30d6\u30ea\u30c3\u30b8\u3001\u30de\u30b5\u30c1\u30e5\u30fc\u30bb\u30c3\u30c4\u5dde\u30b8\u30e5\u30f31999\u5e74\u3001 S.  W7170 \u3001doi\uff1a 10.3386\/w7170 \uff08 \u30aa\u30f3\u30e9\u30a4\u30f3 [PDF; 2020\u5e7412\u670822\u65e5\u306b\u30a2\u30af\u30bb\u30b9]\uff09\u3002   \u2191  Narasimhan Jegadeesh\u3001Sheridan Titman\uff1a \u904b\u52d5\u91cf\u6226\u7565\u306e\u53ce\u76ca\u6027\uff1a\u4ee3\u66ff\u8aac\u660e\u306e\u8a55\u4fa1 \u3002\u306e\uff1a \u8ca1\u52d9\u30b8\u30e3\u30fc\u30ca\u30eb \u3002 \u30d0\u30f3\u30c9  56 \u3001 \u3044\u3044\u3048\u3002  2 \u30012001\u5e74\u3001ISSN 1540-6261 \u3001 S.  699\u2013720 \u3001doi\uff1a 10.1111\/0022-1082.00342 \uff08 \u30aa\u30f3\u30e9\u30a4\u30f3 [2020\u5e7412\u670822\u65e5\u306b\u30a2\u30af\u30bb\u30b9]\uff09\u3002   \u2191  \u30b8\u30e3\u30f3\u30af\u3092\u5236\u5fa1\u3059\u308b\u5834\u5408\u3001\u30b5\u30a4\u30ba\u304c\u91cd\u8981\u3067\u3059 \u3002\u306e\uff1a Journal of Financial Economics \u3002 \u30d0\u30f3\u30c9  129 \u3001 \u3044\u3044\u3048\u3002  3 \u30011\u30022018\u5e749\u6708\u3001ISSN 0304-405X \u3001 S.  479\u2013509 \u3001doi\uff1a 10.1016\/j.jfineco.2018.05.006 \uff08 Sciencedirect.com [2021\u5e744\u670824\u65e5\u306b\u30a2\u30af\u30bb\u30b9]\uff09\u3002   \u2191  Juhani T Linnainmaa\u3001Michael R Roberts\uff1a \u5728\u5eab\u306e\u65ad\u9762\u306e\u6b74\u53f2 \u3002\u306e\uff1a \u91d1\u878d\u7814\u7a76\u306e\u30ec\u30d3\u30e5\u30fc \u3002 \u30d0\u30f3\u30c9  \u6700\u521d\u306b30 \u3001 \u3044\u3044\u3048\u3002  7 \u300119\u30022018\u5e744\u6708\u3001ISSN 0893-9454 \u3001 S.  2606\u20132649 \u3001doi\uff1a 10.1093\/RFS\/HHY030 \u3002   \u2191  \u30de\u30fc\u30af\u30fb\u30cf\u30eb\u30d0\u30fc\u30c8\uff1a \u300c\u4fa1\u5024\u300d\u682a\u3092\u6e2c\u5b9a\u3059\u308b\u5f93\u6765\u306e\u65b9\u6cd5\u304c\u6b74\u53f2\u3067\u3042\u308b\u7406\u7531 \u3002\u306e\uff1a \u30a6\u30a9\u30fc\u30eb\u30b9\u30c8\u30ea\u30fc\u30c8\u30b8\u30e3\u30fc\u30ca\u30eb \u3002 10. 2018\u5e749\u6708\u3001ISSN 0099-9660 \uff08 \u30aa\u30f3\u30e9\u30a4\u30f3 [2020\u5e7412\u670822\u65e5\u306b\u30a2\u30af\u30bb\u30b9]\uff09\u3002   \u2191  \u30b3\u30ed\u30ca\u30a6\u30a4\u30eb\u30b9\u5371\u6a5f\uff1a\u4fa1\u5024\u6295\u8cc7\u306f\u4f9d\u7136\u3068\u3057\u3066\u7406\u306b\u304b\u306a\u3063\u3066\u3044\u307e\u3059\u304b\uff1f Financial Times\u3001 2020\u5e7412\u670822\u65e5\u306b\u30a2\u30af\u30bb\u30b9 \u3002   \u2191  \u4fa1\u5024\u306f\u6b7b\u3093\u3067\u3044\u307e\u3059\u304b\uff1f Fama\u304b\u3089AQR\u3078\u306eQuant Greats\u306e\u9593\u3067\u8b70\u8ad6\u304c\u6fc0\u6012\u3057\u3066\u3044\u307e\u3059 \u3002\u306e\uff1a bloomberg.com \u3002 3. 2020\u5e746\u6708\uff08 \u30aa\u30f3\u30e9\u30a4\u30f3 [2020\u5e7412\u670822\u65e5\u306b\u30a2\u30af\u30bb\u30b9]\uff09\u3002   \u2191  \u30e6\u30fc\u30b8\u30f3F.\u30d5\u30a1\u30de\u3001\u30b1\u30cd\u30b9R.\u30d5\u30ec\u30f3\u30c1\uff1a 5\u8981\u7d20\u8cc7\u7523\u4fa1\u683c\u8a2d\u5b9a\u30e2\u30c7\u30eb\u306e\u56fd\u969b\u30c6\u30b9\u30c8 \u3002\u306e\uff1a Journal of Financial Economics \u3002 \u30d0\u30f3\u30c9  123 \u3001 \u3044\u3044\u3048\u3002  3 \u30012017\u5e743\u67081\u65e5\u3001ISSN 0304-405X \u3001 S.  441\u2013463 \u3001doi\uff1a 10.1016\/j.jfineco.2016.11.004 \uff08 \u30aa\u30f3\u30e9\u30a4\u30f3 [2020\u5e7412\u670822\u65e5\u306b\u30a2\u30af\u30bb\u30b9]\uff09\u3002   \u2191  \u30e6\u30fc\u30b8\u30f3F.\u30d5\u30a1\u30de\u3001\u30b1\u30cd\u30b9R.\u30d5\u30ec\u30f3\u30c1\uff1a \u4fa1\u5024\u30d7\u30ec\u30df\u30a2\u30e0 \u3002 ID3525096\u3002\u793e\u4f1a\u79d1\u5b66\u7814\u7a76\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u3001\u30cb\u30e5\u30fc\u30e8\u30fc\u30af\u5dde\u30ed\u30c1\u30a7\u30b9\u30bf\u30fc1. Januar 2020\u3001doi\uff1a 10.2139\/ssrn.3525096 \uff08 \u30aa\u30f3\u30e9\u30a4\u30f3 [2020\u5e7412\u670822\u65e5\u306b\u30a2\u30af\u30bb\u30b9]\uff09\u3002   \u2191  \u30de\u30fc\u30c6\u30a3\u30f3\u30fb\u30db\u30c3\u30af\uff1a \u5c64\uff1f \u300c\u30d5\u30a1\u30af\u30bf\u30fc\u6295\u8cc7\u300d\u306f\u307e\u3059\u307e\u3059\u4eba\u6c17\u304c\u9ad8\u307e\u3063\u3066\u3044\u307e\u3059\u3002 \u306e\uff1a faz.net\u3002 15. 2018\u5e746\u6708\u3001 2021\u5e744\u670824\u65e5\u306b\u53d6\u5f97 \u3002   \u2191  GERD\u304c\u6765\u308b\uff1a \u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u3068ETF\u3068\u6c11\u9593\u6295\u8cc7\u5bb6\u306b\u3088\u308a\u3001\u91d1\u878d\u30bb\u30af\u30bf\u30fc\u306b\u5bfe\u3059\u308b\u30b2\u30fc\u30e0\u306f\u81ea\u4fe1\u3092\u6301\u3063\u3066\u52dd\u3061\u307e\u3059 \u3002\u7b2c5\u7248\u3002 Frankfurt 2018\u3001ISBN 978-3-593-50852-8\u3001 S.  335 \u3002   \u2191  \u8981\u56e0\u6295\u8cc7\u3002 2021\u5e7411\u67084\u65e5\u306b\u30a2\u30af\u30bb\u30b9 \uff08\u30a2\u30e1\u30ea\u30ab\u82f1\u8a9e\uff09\u3002   \u2191  \u30b0\u30ed\u30fc\u30d0\u30eb\u30d5\u30a1\u30af\u30bf\u30fc\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30b7\u30ea\u30fc\u30ba\u3002 FTSE\u30b0\u30eb\u30fc\u30d7\u3001 2021\u5e7411\u67084\u65e5\u306b\u30a2\u30af\u30bb\u30b9 \uff08\u82f1\u8a9e\uff09\u3002   \u2191 a b  \u30a2\u30ec\u30af\u30b5\u30f3\u30c0\u30fc\u30fb\u30ef\u30a4\u30b9\u3001\u30b2\u30eb\u30c9\u30fb\u30b3\u30de\u30fc\uff1a \u8981\u7d20\u6295\u8cc7 – \u6700\u9069\u306b\u884c\u3046\u3088\u3046\u306b\u3002 \u306e\uff1a dasinvestment.com\u3002 12. 2019\u5e746\u6708\u3001 2021\u5e744\u670824\u65e5\u306b\u53d6\u5f97 \u3002   \u2191  GERD\u304c\u6765\u308b\uff1a \u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u3068ETF\u3068\u6c11\u9593\u6295\u8cc7\u5bb6\u306b\u3088\u308a\u3001\u91d1\u878d\u30bb\u30af\u30bf\u30fc\u306b\u5bfe\u3059\u308b\u30b2\u30fc\u30e0\u306f\u81ea\u4fe1\u3092\u6301\u3063\u3066\u52dd\u3061\u307e\u3059 \u3002\u7b2c5\u7248\u3002 Frankfurt 2018\u3001ISBN 978-3-593-50852-8\u3001 S.  336 \u3002        (adsbygoogle = window.adsbygoogle || []).push({});after-content-x4"},{"@context":"http:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"https:\/\/wiki.edu.vn\/all2jp\/wiki11\/#breadcrumbitem","name":"Enzyklop\u00e4die"}},{"@type":"ListItem","position":2,"item":{"@id":"https:\/\/wiki.edu.vn\/all2jp\/wiki11\/archives\/116#breadcrumbitem","name":"\u6295\u8cc7\u6295\u8cc7 – \u30a6\u30a3\u30ad\u30da\u30c7\u30a3\u30a2"}}]}]