
This is the official monthly journal of the Association with a circulation of 25,000. The Editing Committee, consisting of SAAJ members and scholars, selects special topics and articles. Contributions from the public are welcome.
Point of View
The Importance of Intangible Assets in Corporate Reporting - (29kb) Giampaolo Trasi, Chairman of the EFFAS
The Financial Crisis and the Role of Professional Organisations - (30kb) Fritz H. Ran, ACIIA Chairman
Securities Analysts Journal Prizes
Since 1989, distinguished articles appearing in the Journal are awarded Securities Analysts Journal Prizes.
For 2008, the following articles were selected:
- The Explanatory Power of Policy Asset Allocation - (270kb) Tadaaki Komatsubara,CMA
- Ownership Structure and Equity Returns in Japan-Effectiveness of market-oriented corporate governance - (262kb) Yosuke Mitsusada,CMA / Toyohiko Hachiya
For 2007, the following articles were selected:
- Application of Liability Driven Investment (LDI) Strategy in Japan. Can it be a solution to bail out defined benefit pension plans? - (288kb) Masaharu Usuki
- Continuity of Bias in Management Forecasts and Mispricing - (245kb) Yasuhiro Shimizu,CMA
- Attribution Analyses of Value Premium in the Japanese Stock Market - (314kb) Heita Nishioka,CMA
For 2006, the following articles were selected:
- Dividend Policy that Boosts Shareholder Value - (331kb) Takashi Suwabe,CMA
- Size Effect and Firm Size -new relationship with the value effect - (237kb) Kengo Okada,CMA
For 2005, the following articles were selected:
- Evaluating Active Fund Managers Using Time Series of Ex-ante Risk Estimates - (245kb) Hideki Nakashima
- Factors Driving Correlations Between Fixed Income and Equity Returns — Asset Allocation and ALM for Pension Funds - (269kb) Junichi Iwamoto,CMA
- Supply-side Estimate of Expected Equity Return on Industrial Japan— Analysis of Aggregate Accounting Data by Industries over Four Decades - (348kb) Katsunari Yamaguchi,CMA
- Management Forecast Precision and Cost of Equity Capital - (180kb) Katsuhiko Muramiya
For 2004, the following articles were selected:
- Investigation of Manager Trading and Herding - Using Composition Data of Equity Portfolios - (9,130kb) Nobuhito Asakura / Yoko Uno,CMA
- Effects of Valuation Model on RMBS Investment - (521kb) Hiroshi Kasari,CMA / Atsushi Kaji,CMA / Jun Kataoka,CMA
- Changes in Nikkei 225 Composite Stocks - Trading Simulation and Implication - (408kb) Katsuhiko Okada,CMA
For 2003, the following articles were selected:
- Individual Investor Behavior - (470kb) Hisashi Kaneko,CMA
- Active Management and Portfolio Constraints - (410kb) Norihiro Sodeyama,CMA/Manabu Yano,CMA
For 2002, the following articles were selected:
- Interest Rate Risk and Strategic Asset Allocation of Pension Funds - (409kb) Kozo Omori,CMA
- Current Trends in Style Investing and Benchmarks - (893kb) Kazuko Fukushima
For 2001, the following articles were selected:
- Abnormal Returns on New Additions to TOPIX; From the Perspective of an Index Fund Manager - (3,892kb) Yasukazu Nakaguma,CMA/Fumihiko Ishii,CMA
- Global Equity Investment in a Borderless World; From Country Factor to Global Industry Factor - (9,130kb) Takashi Suwabe,CMA
For 2000, the following articles were selected:
- Listing of Stocks of both Parent Company and its Subsidiaries' Stocks on the Same Exchange , and Some Thought on the Benchmark of Japanese Stocks - (270kb) Akihiko Ohba
- Empirical Study of Risk Premiums in the JGB Market and Its Application to Investment Strategies - (244kb) Satoshi Yamada,CMA
For 1999, the following articles were selected:
- Evaluation of Companies with Under-funded Retirement Benefits Under FAS87 - (749kb) Masaharu Usuki / Susumu Sasaki,CMA
- Market Portfolio, Benchmark Indices and Universal Hedge Ratio - (536kb) Tomoyuki Ohta
- The Benchmark for Bonds - Characteristics and Noteworthy Points in Using It - (182kb) Hiroshi Ohzeki,CMA
Other Articles Translated into English
Cross-Shareholdings and Japanese Benchmark Stock Indexes - (786kb) Akihiko Ohba
This paper discusses the impact of cross-shareholdings on Japan's stock market using the same quantitative model as used for another paper, "Listing of Stocks of both Parent Company and its Subsidiaries' Stocks on the Same Exchange, and Some Thought on the Benchmark of Japanese Stocks" (November 2000 issue, Securities Analysts Journal) that was awarded a Securities Analysts Journal Prize.
Cross-Shareholdings and Equity Valuation in Japan - (435kb) Seiji Ogishima/Takao Kobayashi
This is an expanded version of a paper appearing in the July 2001 issue of the Securities Analysts Journal that analyzes the practice of cross-shareholding among Japanese companies and the impact on stock prices using three alternative measures of the extent of stable ownership of individual companies.
Publication of Books and Introduction of Articles in Japan and from Overseas
SAAJ publishes books, translates articles from abroad, and introduces various articles from Japan and abroad. Some are used as main texts or sub-texts for correspondence courses.
