論文 - 吉野　直行

LEVERAGING ON ENERGY SECURITY TO ALLEVIATE POVERTY IN ASIAN ECONOMIES

Taghizadeh-Hesary, F; Zakari, A; Yoshino, N; Khan, I

SINGAPORE ECONOMIC REVIEW 68 （ 04 ） 1063 - 1090 2023年06月

共著,  ISSN  0217-5908

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SMEs and carbon neutrality in ASEAN: the need to revisit sustainability policies

Yoshino N., Rasoulinezhad E., Phoumin H., Taghizadeh-Hesary F.

Economic Research-Ekonomska Istrazivanja （Economic Research-Ekonomska Istrazivanja）  36 （ 2 ）  2023年

共著,  ISSN  1331677X

　概要を見る

Most rules and regulations for protecting the environment and reducing greenhouse gas emissions target large enterprises. Although small and medium-sized enterprises (SMEs) have major shares in most Asian economies, they remain outside the purview of most environmental rules and regulations. The primary purpose of this study is to assess the association between SMEs’ activities and carbon emissions in the Association of Southeast Asian Nations (ASEAN) countries from 2010 to 2020. To this end, a fully modified ordinary least squares (FMOLS) model was developed. The results show that SMEs’ activities do not align with environmental protection goals and sustainable development, as the estimation results revealed their significant contributions to CO2 emissions. Other practical implications of this study for carbon-neutral SMEs are introducing green finance policies, revisiting the environmental and carbon reduction rules and regulations that cover SMEs, and changing banks’ lending mechanisms based on SMEs’ green economic performance.

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Aftermarket performance of green IPOs and portfolio allocation

Mumtaz Muhammad Zubair, Yoshino Naoyuki

GREEN FINANCE （Green Finance）  5 （ 3 ） 321 - 342 2023年

共著,  ISSN  2643-1092

　概要を見る

This study examines the aftermarket performance of high-green and low-green IPO and how green IPOs can optimize portfolio allocation. We assume the higher level of greenness increases investors’ participation in IPOs. To this end, we develop the utility function and determine that investors prefer to participate in new issues when firms account for greenness measures. This study proposes the global aspects of green measure: the desired level of greenness a firm maintains. We find that IPOs in our sample are far below the global standards of greenness. This evidence suggests they must adopt the necessary actions to make the environment green. Another significant contribution of this study is to measure the performance of high and low-green IPOs in short-and long-run horizons. This study reveals that high-green IPOs are less underpriced. This study estimates the effect of greenness on initial returns and finds an inverse relationship suggesting that high-green IPOs are less underpriced due to lower risk associated with new issues. In terms of measuring longer-term performance, this study determines that high-green IPOs underperform less than low-green IPOs.

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コロナ後を見据えた財政・金融政策

吉野 直行, 岩田 一政, 清水 順子, 松元 崇, 井堀 利宏

現代経済学の潮流 （一般社団法人 日本経済学会）  2023 （ 0 ） 239 - 293 2023年

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Measuring concentration in the Japanese loan and deposit markets

Uesugi I., Hiraga K., Manabe M., Yoshino N.

Japan and the World Economy （Japan and the World Economy）  63   101148 - 101148 2022年09月

共著, 査読有り,  ISSN  09221425

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This study is the first to exhaustively calculate the degree of concentration in regional banking markets using the outstanding amount of loans and deposits at branches and headquarters of financial institutions in Japan. Calculating the Herfindahl-Hirschman Index (HHI) for loans and deposits for each prefecture and for each urban employment area for the period 2005–2019, we show differences in the HHI across regions and developments in these differences over time. Furthermore, we decompose the level of and changes in the HHI into two components: the contribution of the number of financial institutions and the contribution of the deviation of individual financial institutions’ market share from the mean. We also examine the extent of the increase in the HHI caused by mergers of financial institutions and its persistence. The main results obtained are as follows. First, while the HHIs for loans and deposits show an upward trend, the HHI for loans in large metropolitan areas, which was already low, continued to further decline, indicating that competition among financial institutions in large metropolitan regions, which already was severe, has continued to intensify. Second, increases in the HHI are not only due to reductions in the number of financial institutions but also to the growing variation in financial institutions’ market share. And third, while an increase in the loan HHI due to a merger of financial institutions is sustained for a certain period, the duration of such an increase tends to be shorter in regions with a low market concentration.

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INTRODUCTION: WAYS TO ACHIEVE GREEN ECONOMIC RECOVERY AND MITIGATE GREENHOUSE GASES IN THE POST-COVID-19 ERA

Taghizadeh-Hesary Farhad, Yoshino Naoyuki, Mohsin Muhammad, Mirza Nawazish

CLIMATE CHANGE ECONOMICS （WORLD SCIENTIFIC PUBL CO PTE LTD）  13 （ 03 ）  2022年05月

共著,  ISSN  2010-0078

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Observation of the bands with $d_{xy}$ orbital character near the Fermi level in NdFeAs$_{1-x}$P$_{x}$O$_{0.9}$F$_{0.1}$ using angle-resolved photoemission spectroscopy

Z. H. Tin, T. Adachi, A. Takemori, K. Yoshino, N. Katayama, S. Miyasaka, S. Ideta, K. Tanaka, S. Tajima

2022年05月

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We studied the band structure of NdFeAs$_{1-x}$P$_{x}$O$_{0.9}$F$_{0.1}$ ($x$ = 0, 0.2, 0.4 and 0.6) using angle-resolved photoemission spectroscopy (ARPES) measurements. Two of the hole bands, $α_1$ $(d_{xz})$ and $α_3$ $(d_{z^2})$, were observed at the Brillouin zone center in the $P$-polarized light configuration, while the other two hole bands, $α_2$ $(d_{yz})$ and $γ$ $(d_{xy})$, were observed in the $S$-polarized alternative. The observed $γ$ band shifts downwards as $x$ increases, which is consistent with the theoretical prediction for the change in bond angle of As/P-Fe-As/P. Furthermore, a small amount of the $d_{xy}$ orbital component was observed at the same binding energy as that of the top of the $α_1$ band, thus indicating the band reconstruction of the originally degenerate $α_1$ and $α_2$ $(d_{xz}/d_{yz})$ bands by the unoccupied $d_{xy}$ band. The change in the energy level of the $α_1$ band top with $d_{xy}$ orbital character is accompanied by a $T_{c}$ upturn at $0.2 < x < 0.4$. The $T_{c}$ continues to increase as the $α_1$ band shifts downward, crossing the Fermi level. The incipient band with the $d_{xy}$ orbital character on its top could be an important ingredient for high $T_{c}$ 1111-type iron-based superconductors.

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Nonlinear tail dependence between the housing and energy markets

Stenvall D., Hedström A., Yoshino N., Uddin G.S., Taghizadeh-Hesary F.

Energy Economics （Energy Economics）  106 2022年02月

研究論文（学術雑誌）, 共著,  ISSN  01409883

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This paper examines the quantile dependence between energy commodities (oil, coal, and natural gas) and the real housing returns of the nine US census divisions for the period 1991–2019. In contrast to the literature on the association between oil and housing markets, we contribute by studying the effect of additional commodities on the housing market returns. We use a cross-quantilogram and quantile regression approach and find regional variation in the impact of energy commodities on housing returns. The effect within the same region varies over the quantile distributions. In general, we observe that all energy commodities are negatively associated with real housing returns. Significant correlations are found more often when the oil and housing returns are in similar quantiles. Coal and natural gas show a stronger relationship with higher quantiles of housing returns. Further, the results for coal and natural gas remains relatively stable after controlling for macroeconomic variables.

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LEVERAGING ON ENERGY SECURITY TO ALLEVIATE POVERTY IN ASIAN ECONOMIES

Farhad Taghizadeh-Hesary, Abdulrasheed Zakari, Naoyuki Yoshino, Irfan Khan

SINGAPORE ECONOMIC REVIEW 2022年01月

共著,  ISSN  0217-5908

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LEVERAGING on ENERGY SECURITY to ALLEVIATE POVERTY in ASIAN ECONOMIES

Farhad Taghizadeh-Hesary, Abdulrasheed Zakari, Naoyuki Yoshino, Irfan Khan

Singapore Economic Review 68 （ 4 ） 1063 - 1090 2022年

共著,  ISSN  0217-5908

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Greenness, mood, and portfolio allocation: A cross-country analysis

Mumtaz M.Z., Yoshino N.

Environmental Challenges （Environmental Challenges）  5 2021年12月

研究論文（学術雑誌）, 共著

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This study estimates the utility function, including the rate of return, riskiness, greenness, and mood across selected countries. We incorporate mood as investors’ sensitivity or momentum towards environmental issues. This study assumes that higher sensitivity of environmental issues compels the firms to follow green measures. We report that the proportion of investment is higher if the firms account for greenness measures. This study compares the results of five Asian economies and reports that Japanese and South Korean firms are following the greenness measures. However, the firms locating in developing countries are far behind in implementing greenness measures. Our regression results also suggest that greenness and mood x greenness positively influence stock returns.

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Determinants of the Russia and Asia–Pacific energy trade

Taghizadeh-Hesary F., Rasoulinezhad E., Yoshino N., Sarker T., Mirza N.

Energy Strategy Reviews （Energy Strategy Reviews）  38 2021年11月

研究論文（学術雑誌）, 共著,  ISSN  2211467X

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Asia remained the largest energy consumer in 2020. The Russian Federation hopes to gain a greater share of the Asian energy market. This study examined the Russian Federation–Asia and Pacific energy trade patterns using gravity trade theory and GMM panel estimation for 17 selected Asia and Pacific economies. We found that the Russian Federation's energy exports to the Asia–Pacific region (APR) followed the Linder hypothesis, and economic growth positively influenced Russian energy exports in the region. Furthermore, The results indicated that the sanctions against Russia since 2014 stimulated an increase in Russian energy exports to the APR. To improve the region's energy security, we recommend developing an energy trading hub in the APR to increase regional pricing power.

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Power purchase agreements with incremental tariffs in local currency: An innovative green finance tool

Taghizadeh-Hesary, F; Yoshino, N; Rasoulinezhad, E; Rimaud, C

GLOBAL FINANCE JOURNAL 50 2021年11月

共著,  ISSN  1044-0283

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Power purchase agreements with incremental tariffs in local currency: An innovative green finance tool

Farhad Taghizadeh-Hesary, Naoyuki Yoshino, Ehsan Rasoulinezhad, Cedric Rimaud

Global Finance Journal 50 2021年11月

共著,  ISSN  1044-0283

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Power purchase agreements with incremental tariffs in local currency: An innovative green finance tool

Taghizadeh-Hesary F., Yoshino N., Rasoulinezhad E., Rimaud C.

Global Finance Journal 50 2021年11月

共著,  ISSN  10440283

　概要を見る

Investment volume in green projects, specifically in the green electricity market, suffers from limitations such as inadequate long-term financing, various risks, and a low rate of return on investment. Renewable energy power purchase agreements (PPAs), as a direct legal contract between a power provider and a power buyer, are one of the most popular instruments to increase investment. In this study, we model an adjusted PPA in the local currency framework to lower exchange rate risk and incremental tariffs by having the government pay part of the spillover tax revenues to the PPA, leading to a higher return on investment. The major conclusion of this study is that the use of tax revenue through the spillover effect of green electricity supply is a suitable source of financing for PPAs. As one policy implication, we recommend that developing countries allocate 50% of the tax revenue originating from power supply and adopt incremental PPAs to encourage private investment in green projects.

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Power purchase agreements with incremental tariffs in local currency: An innovative green finance tool

Farhad Taghizadeh-Hesary, Naoyuki Yoshino, Ehsan Rasoulinezhad, Cedric Rimaud

GLOBAL FINANCE JOURNAL 50 2021年11月

共著,  ISSN  1044-0283

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Greenness index: IPO performance and portfolio allocation

Mumtaz M.Z., Yoshino N.

Research in International Business and Finance （Research in International Business and Finance）  57 2021年10月

研究論文（学術雑誌）, 共著,  ISSN  02755319

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This study examines how the greenness of the firm affects the short- and long-term performance of IPOs. To measure the greenness of the firm, we develop the Greenness Index based on the emissions produced. We find that the greenness of the firms operating in services and financial sectors is higher than in other sectors. To examine the short- and long-run performance of IPOs, we classify our sample into high and low green firms. In the short-run, high green firms obtain a lower return than low green firms. However, high green firms perform better than low green firms in the long-run. This study also determines the factors that cause short- and long-run performance, and the results suggest that the firm's greenness negatively influences initial returns and underperformance of IPOs. Finally, we develop a theoretical model in terms of the portfolio's allocation and assert that investors participate in high-green firms to optimize their portfolio.

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A Database of Quantum Codes

Nuh Aydin, Peihan Liu, Bryan Yoshino

2021年08月

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Quantum error correcting codes (QECC) is becoming an increasingly important branch of coding theory. For classical block codes, a \href{codetables.de} {comprehensive database of best known codes} exists which is available online at \cite{codetables}. The same database contains data on best known quantum codes as well, but only for the binary field. There has been an increased interest in quantum codes over larger fields with many papers reporting such codes in the literature. However, to the best of our knowledge, there is no database of best known quantum codes for most fields. We established a new database of QECC that includes codes over $\mathbb{F}_{q^2}$ for $q\leq 29$. We also present several methods of constructing quantum codes from classical codes based on the CSS construction. We have found dozens of new quantum codes that improve the previously known parameters and also hundreds new quantum codes that did not exist in the literature.

Introduction: Investment in startups and small business financing

Farhad Taghizadeh-Hesary, Naoyuki Yoshino, Chul Ju Kim, Peter J. Morgan, Daehee Yoon

Investment In Startups And Small Business Financing    ix - xvii 2021年08月

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Analyzing the factors influencing the demand and supply of solar modules in Japan – Does financing matter

Taghizadeh-Hesary F., Yoshino N., Inagaki Y., Morgan P.J.

International Review of Economics and Finance （International Review of Economics and Finance）  74   1 - 12 2021年07月

研究論文（学術雑誌）, 共著,  ISSN  10590560

　概要を見る

This paper analyzes the influence of certain factors on the demand and supply of solar modules by employing the fully modified ordinary least squares method using Japanese data. Our regression analysis shows that interest rates and money supply (M2) significantly impact the solar photovoltaic module supply, indicating that lower interest rates and more funding channels for the renewable energy sector will increase solar photovoltaic module production. Based on this finding, the paper concludes that, for Japan to increase its energy self-sufficiency rate, the Government of Japan should implement green financing policies, providing renewable energy business owners with a wider variety of funding channels with lower interest rates, and ultimately invigorating investments in solar photovoltaic installation.

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