536                                                     17

       ,    
     .    ,  
        .

. 3.1     

 . 17.10  ,       
".  ()        
. (     .    
 10%  ;      , -
   .)    ,  
    1952  1987 .     
    ,    -  EW  
   , a VW    
.    EW     
 .      EWno    VW -
  ,  5,1%.

 () . 17.10        
3,4  8,4%    1973  1987 .      -
  . (      TOPIX, 
 VWv,  () .)     
             
,  TSEsmall. ,        
TSE2.  ,         
  S&P 500 (       ) 
   ,   ,  
-  ,   7,8%,     -
   .

 ..    17.10

	-' 	    ( %)
		 	 	
				
.	1952-1980 rr. EWK VW'	22,7	17,6	5,1
.	1973-1987 . TSEsmall  TOPIX6	21,7	13,3	8,4
	TSE2  TOPIX 6	16,7	13,3	3,4

'  : Kiyoshi Kato and James S. Schallheim, Seasonal and Size Anomalies in the
Japanese Stock Market, Journal of Financial and Quantitative Analysis, 20, no. 2 (June 1985), p. 248.
'  : Yasushi Hamato, Fifteen-Year Performance of Japanese Capital Markets, in
Japanese Capital Markets, Edwin J. EIton and Martin J. Gruber, eds. (New York: Ballinger, 1990), p. 10.

A.3.2     

 . 17.11  ,       -
  64.          ,
    () . 17.10;  ()    , 
Morgan Stanley Capital International Perspective.      ,
     ,    11  . ,
        ,     -
,   .