{"id":82285,"date":"2025-10-03T14:00:38","date_gmt":"2025-10-03T05:00:38","guid":{"rendered":"https:\/\/www.waseda.jp\/inst\/research\/?p=82285"},"modified":"2025-10-02T09:48:30","modified_gmt":"2025-10-02T00:48:30","slug":"%e6%a0%aa%e5%bc%8f%e5%b8%82%e5%a0%b4%e3%81%a8%e8%b2%b8%e6%a0%aa%e5%b8%82%e5%a0%b4%e3%81%ae%e7%9b%b8%e4%ba%92%e9%80%a3%e9%96%a2","status":"publish","type":"post","link":"https:\/\/www.waseda.jp\/inst\/research\/news\/82285","title":{"rendered":"\u682a\u5f0f\u5e02\u5834\u3068\u8cb8\u682a\u5e02\u5834\u306e\u76f8\u4e92\u9023\u95a2"},"content":{"rendered":"<h2 style=\"text-align: center;\"><strong>\u682a\u5f0f\u5e02\u5834\u3068\u8cb8\u682a\u5e02\u5834\u306e\u76f8\u4e92\u9023\u95a2<br \/>\n<\/strong><strong style=\"font-size: 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\/>\n<p>\u65e5\u672c\u9280\u884c\u304c\u8fd1\u5e74\u5b9f\u65bd\u3057\u3066\u304d\u305f\u3001ETF\uff08Exchange Traded Funds\u3001\u4e0a\u5834\u6295\u8cc7\u4fe1\u8a17\uff09\uff08\u203b1\uff09\u306e\u5927\u898f\u6a21\u306a\u8cb7\u5165\u308c\u653f\u7b56\u304c\u3001\u682a\u5f0f\u5e02\u5834\u306b\u304a\u3044\u3066\u76f4\u63a5\u7684\u306b\u682a\u4fa1\u3092\u62bc\u3057\u4e0a\u3052\u308b\u3060\u3051\u3067\u306f\u306a\u304f\u3001\u7a7a\u58f2\u308a\uff08\u203b2\uff09\u306a\u3069\u3092\u884c\u3046\u305f\u3081\u306b\u682a\u3092\u8cb8\u3057\u501f\u308a\u3059\u308b\u5e02\u5834\uff08\u8cb8\u682a\u5e02\u5834\uff09\u306b\u3082\u5f37\u3044\u5f71\u97ff\u3092\u4e0e\u3048\u3066\u3044\u305f\u3053\u3068\u304c\u660e\u3089\u304b\u306b\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n<p>\u5f93\u6765\u306e\u7814\u7a76\u306f\u682a\u4fa1\u306e\u62bc\u3057\u4e0a\u3052\u52b9\u679c\u306b\u6ce8\u76ee\u3057\u3066\u304d\u307e\u3057\u305f\u304c\u3001\u672c\u7814\u7a76\u306f\u3001ETF\u767a\u884c\u6b8b\u9ad8\u304c\u5897\u52a0\u3059\u308b\u306b\u5f93\u3044\u3001\u8cb8\u682a\u5e02\u5834\u306b\u682a\u5f0f\u304c\u4f9b\u7d66\u3055\u308c\u3001\u7a7a\u58f2\u308a\u304c\u3057\u3084\u3059\u304f\u306a\u308b\u3053\u3068\u3067\u3001\u305d\u3082\u305d\u3082\u306e\u682a\u4fa1\u306e\u62bc\u3057\u4e0a\u3052\u52b9\u679c\u304c\u5f31\u307e\u3063\u3066\u3044\u304f\u30e1\u30ab\u30cb\u30ba\u30e0\u3092\u660e\u3089\u304b\u306b\u3057\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u3001\u8fd1\u5e74\u4e16\u754c\u7684\u306b\u307f\u3066\u3082\u6025\u901f\u306b\u30d7\u30ec\u30bc\u30f3\u30b9\u3092\u9ad8\u3081\u3066\u3044\u308bETF\u3092\u901a\u3058\u3001\u682a\u5f0f\u5e02\u5834\u3068\u8cb8\u682a\u5e02\u5834\u304c\u76f8\u4e92\u9023\u95a2\u3057\u306a\u304c\u3089\u682a\u4fa1\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u3066\u3044\u308b\u3053\u3068\u3092\u793a\u3059\u3001\u56fd\u969b\u7684\u306b\u3082\u65b0\u3057\u3044\u77e5\u898b\u3067\u3059\u3002<\/p>\n<p>\u672c\u7814\u7a76\u306f\u3001<a href=\"https:\/\/www.waseda.jp\/fcom\/\" target=\"_blank\" rel=\"noopener\">\u65e9\u7a32\u7530\u5927\u5b66\u5546\u5b66\u5b66\u8853\u9662<\/a>\u306e<a href=\"https:\/\/w-rdb.waseda.jp\/html\/100004350_ja.html\" target=\"_blank\" rel=\"noopener\">\u7247\u6850 \u6e80<\/a>\uff08\u304b\u305f\u304e\u308a \u307f\u3064\u308b\uff09 \u51c6\u6559\u6388\u3001<a href=\"https:\/\/www.waseda.jp\/fire\/\" target=\"_blank\" rel=\"noopener\">\u65e9\u7a32\u7530\u5927\u5b66\u56fd\u969b\u5b66\u8853\u9662<\/a>\u306e<a href=\"https:\/\/w-rdb.waseda.jp\/html\/100001438_ja.html\" target=\"_blank\" rel=\"noopener\">\u7be0 \u6f64\u4e4b\u4ecb<\/a>\uff08\u3057\u306e \u3058\u3085\u3093\u306e\u3059\u3051\uff09 \u51c6\u6559\u6388\u3001\u65e5\u672c\u9280\u884c\u91d1\u878d\u7814\u7a76\u6240\u306e\u9ad8\u6a4b \u8015\u53f2\uff08\u305f\u304b\u306f\u3057 \u3053\u3046\u3058\uff09 \u4f01\u753b\u5f79\u306b\u3088\u308b\u5171\u540c\u7814\u7a76\uff08\u203b3\uff09\u3067\u30012025\u5e749\u67084\u65e5\u306b\u300c<a href=\"https:\/\/academic.oup.com\/raps\" target=\"_blank\" rel=\"noopener\">The Review of Asset Pricing Studies<\/a>\u300d\u306b\u63b2\u8f09\u3055\u308c\u307e\u3057\u305f\u3002<br \/>\n\u8ad6\u6587\u540d\uff1a<a href=\"https:\/\/academic.oup.com\/raps\/advance-article\/doi\/10.1093\/rapstu\/raaf008\/8248082?login=true\" target=\"_blank\" rel=\"noopener\">To Lend or Not to Lend: The Bank of Japan\u2019s ETF Purchase Program and Securities Lending<\/a><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-82287\" src=\"https:\/\/www.waseda.jp\/inst\/research\/assets\/uploads\/2025\/10\/shutterstock_325626650.jpg\" alt=\"\" width=\"2400\" height=\"1800\" srcset=\"https:\/\/www.waseda.jp\/inst\/research\/assets\/uploads\/2025\/10\/shutterstock_325626650.jpg 2400w, https:\/\/www.waseda.jp\/inst\/research\/assets\/uploads\/2025\/10\/shutterstock_325626650-610x458.jpg 610w, https:\/\/www.waseda.jp\/inst\/research\/assets\/uploads\/2025\/10\/shutterstock_325626650-940x705.jpg 940w, https:\/\/www.waseda.jp\/inst\/research\/assets\/uploads\/2025\/10\/shutterstock_325626650-360x270.jpg 360w, https:\/\/www.waseda.jp\/inst\/research\/assets\/uploads\/2025\/10\/shutterstock_325626650-768x576.jpg 768w, https:\/\/www.waseda.jp\/inst\/research\/assets\/uploads\/2025\/10\/shutterstock_325626650-1536x1152.jpg 1536w, https:\/\/www.waseda.jp\/inst\/research\/assets\/uploads\/2025\/10\/shutterstock_325626650-2048x1536.jpg 2048w, https:\/\/www.waseda.jp\/inst\/research\/assets\/uploads\/2025\/10\/shutterstock_325626650-720x540.jpg 720w\" sizes=\"auto, (max-width: 2400px) 100vw, 2400px\" 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7\u3057\u305f\u3002<\/p>\n<p>\u793e\u4f1a\u7684\u306b\u306f\u3001\u4e2d\u592e\u9280\u884c\u306e\u8cc7\u7523\u8cb7\u5165\u308c\u653f\u7b56\u304c\u3001\u76f4\u63a5\u7684\u306a\u7d4c\u8def\u3060\u3051\u3067\u306f\u306a\u304f\u3001\u591a\u69d8\u306a\u7d4c\u8def\u3092\u901a\u3058\u3066\u91d1\u878d\u5e02\u5834\u3084\u8cc7\u7523\u4fa1\u683c\u306b\u6ce2\u53ca\u3059\u308b\u3053\u3068\u3092\u660e\u3089\u304b\u306b\u3057\u305f\u70b9\u3067\u91cd\u8981\u3067\u3059\u3002\u3053\u308c\u306f\u3001\u5c06\u6765\u306e\u8cc7\u7523\u8cb7\u5165\u308c\u653f\u7b56\u3084\u91d1\u878d\u5e02\u5834\u306e\u5236\u5ea6\u8a2d\u8a08\u306e\u969b\u306b\u3001\u3088\u308a\u5e45\u5e83\u3044\u8996\u70b9\u3067\u5f71\u97ff\u3092\u8a55\u4fa1\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u3053\u3068\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002\u3068\u308a\u308f\u3051\u3001\u65e5\u672c\u9280\u884c\u306f\u73fe\u5728\u3082\u6570\u5341\u5146\u5186\u898f\u6a21\u306eETF\u3092\u4fdd\u6709\u3057\u3066\u3044\u308b\u3053\u3068\u304b\u3089\u3001\u3053\u306e\u4fdd\u6709\u3092\u5c06\u6765\u524a\u6e1b\u3057\u3066\u3044\u304f\u904e\u7a0b\u3067\u3069\u3046\u3044\u3063\u305f\u5f71\u97ff\u304c\u751f\u3058\u3046\u308b\u306e\u304b\u3092\u8003\u3048\u308b\u3046\u3048\u3067\u3082\u3001\u91cd\u8981\u306a\u8996\u5ea7\u3092\u63d0\u4f9b\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3055\u3089\u306b\u3001\u6d77\u5916\u306e\u4e2d\u592e\u9280\u884c\u3084\u56fd\u969b\u6a5f\u95a2\u306b\u3068\u3063\u3066\u3082\u3001\u672c\u7814\u7a76\u306e\u77e5\u898b\u306f\u8cb4\u91cd\u3067\u3042\u308a\u3001\u4e2d\u592e\u9280\u884c\u306b\u3088\u308b\u5927\u898f\u6a21\u306a\u682a\u5f0f\u6307\u6570\u9023\u52d5\u578bETF\u306e\u8cb7\u5165\u308c\u3068\u3044\u3046\u3001\u4e16\u754c\u3067\u3082\u985e\u3092\u307f\u306a\u3044\u65e5\u672c\u306e\u7d4c\u9a13\u306f\u4eca\u5f8c\u306e\u653f\u7b56\u5224\u65ad\u306e\u53c2\u8003\u306b\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u307e\u305f\u3001\u6295\u8cc7\u5bb6\u3084\u5e02\u5834\u53c2\u52a0\u8005\u306b\u3068\u3063\u3066\u3082\u3001ETF\u304c\u8cb8\u682a\u5e02\u5834\u306b\u53ca\u307c\u3059\u5f71\u97ff\u3092\u7406\u89e3\u3059\u308b\u3053\u3068\u306f\u3001\u8cc7\u7523\u904b\u7528\u3084\u30ea\u30b9\u30af\u7ba1\u7406\u3092\u884c\u3046\u4e0a\u3067\u6709\u7528\u306a\u60c5\u5831\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u3088\u3046\u306b\u3001\u672c\u7814\u7a76\u306f\u5b66\u8853\u7684\u306a\u767a\u5c55\u306b\u3068\u3069\u307e\u3089\u305a\u3001\u653f\u7b56\u5b9f\u52d9\u3084\u5e02\u5834\u53c2\u52a0\u8005\u306e\u610f\u601d\u6c7a\u5b9a\u306b\u8cc7\u3059\u308b\u5b9f\u8df5\u7684\u306a\u793a\u5506\u3092\u63d0\u4f9b\u3059\u308b\u3082\u306e\u3067\u3059\u3002<\/p>\n<h4>\uff08\uff14\uff09\u8ab2\u984c\u3001\u4eca\u5f8c\u306e\u5c55\u671b<\/h4>\n<p>\u4eca\u56de\u306e\u7814\u7a76\u3067\u306f\u3001\u65e5\u672c\u9280\u884c\u306e\u5927\u898f\u6a21\u306aETF\u8cb7\u5165\u308c\u306b\u3088\u308bETF\u767a\u884c\u6b8b\u9ad8\u306e\u5897\u52a0\u304c\u3001\u8cb8\u682a\u5e02\u5834\u3084\u7a7a\u58f2\u308a\u5236\u7d04\u3092\u901a\u3058\u3066\u682a\u4fa1\u3084\u8cb8\u682a\u53d6\u5f15\u306b\u5f71\u97ff\u3092\u53ca\u307c\u3059\u7d4c\u8def\u3092\u660e\u3089\u304b\u306b\u3057\u307e\u3057\u305f\u3002\u672c\u7814\u7a76\u306f2011\u5e74\u304b\u30892019\u5e74\u307e\u3067\u306e\u30c7\u30fc\u30bf\u3092\u7528\u3044\u307e\u3057\u305f\u304c\u3001\u305d\u306e\u5f8c\u306e\u5e02\u5834\u74b0\u5883\u306e\u5909\u5316\u3084\u8cb7\u5165\u308c\u653f\u7b56\u306e\u5909\u66f4\u304c\u3082\u305f\u3089\u3057\u305f\u5f71\u97ff\u307e\u3067\u306f\u5341\u5206\u306b\u6349\u3048\u3089\u308c\u3066\u3044\u307e\u305b\u3093\u3002\u4eca\u56de\u8b58\u5225\u3057\u305f\u30e1\u30ab\u30cb\u30ba\u30e0\u304c\u305d\u306e\u5f8c\u3082\u3069\u306e\u7a0b\u5ea6\u4f5c\u7528\u3057\u3066\u3044\u308b\u306e\u304b\u3001\u5f15\u304d\u7d9a\u304d\u8ffd\u8de1\u3057\u3066\u3044\u304f\u3053\u3068\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n<h4>\uff08\uff15\uff09\u7814\u7a76\u8005\u306e\u30b3\u30e1\u30f3\u30c8<\/h4>\n<p>\u65e5\u672c\u9280\u884c\u306eETF\u8cb7\u5165\u308c\u653f\u7b56\u306f\u3001\u300c\u4e2d\u592e\u9280\u884c\u306e\u8cc7\u7523\u8cb7\u5165\u308c\u653f\u7b56\u306f\u3001\u3069\u306e\u7a0b\u5ea6\u8cc7\u7523\u4fa1\u683c\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u306e\u304b\u300d\u3068\u3044\u3046\u554f\u3044\u3092\u8003\u3048\u308b\u3046\u3048\u3067\u91cd\u8981\u3067\u3042\u308b\u3060\u3051\u3067\u306f\u306a\u304f\u3001\u300c\u682a\u4fa1\u6307\u6570\u9023\u52d5\u578bETF\u306a\u3069\u306e\u30d1\u30c3\u30b7\u30d6\u30fb\u30d5\u30a1\u30f3\u30c9\uff08\u203b4\uff09\u306e\u30d7\u30ec\u30bc\u30f3\u30b9\u304c\u9ad8\u307e\u308b\u3053\u3068\u3067\u3001\u91d1\u878d\u5e02\u5834\u3084\u5e02\u5834\u306e\u76f8\u4e92\u9023\u95a2\u306b\u3069\u306e\u3088\u3046\u306a\u69cb\u9020\u5909\u5316\u304c\u3082\u305f\u3089\u305b\u308b\u304b\u300d\u3068\u3044\u3046\u70b9\u3092\u8003\u5bdf\u3059\u308b\u3046\u3048\u3067\u3082\u975e\u5e38\u306b\u8cb4\u91cd\u306a\u6a5f\u4f1a\u3092\u63d0\u4f9b\u3057\u3066\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u3053\u306e\u653f\u7b56\u306b\u3064\u3044\u3066\u3001\u4eca\u56de\u306e\u8ad6\u6587\u4ee5\u5916\u306b\u3082\u69d8\u3005\u306a\u5206\u6790\u3092\u516c\u8868\u3057\u3066\u304d\u307e\u3057\u305f\u3002\u3054\u8208\u5473\u304c\u3042\u308c\u3070\u4ee5\u4e0b\u306e\u8ad6\u6587\u3082\u3054\u89a7\u304f\u3060\u3055\u3044\u3002<\/p>\n<ul>\n<li>Bank of Japan\u2019s ETF purchase program and equity risk premium: A CAPM interpretation (Journal of Financial Markets \/ March 2025)<br \/>\n<a href=\"https:\/\/www.sciencedirect.com\/science\/article\/pii\/S1386418125000011?via%3Dihub\">https:\/\/www.sciencedirect.com\/science\/article\/pii\/S1386418125000011?via%3Dihub<\/a><\/li>\n<\/ul>\n<ul>\n<li>The announcement effects of a change in the Bank of Japan\u2019s ETF purchase program: An event study (Finance Research Letters \/ December 2022)<br \/>\n<a href=\"https:\/\/www.sciencedirect.com\/science\/article\/pii\/S1544612322004329?via%3Dihub\">https:\/\/www.sciencedirect.com\/science\/article\/pii\/S1544612322004329?via%3Dihub<\/a><\/li>\n<\/ul>\n<h4>\uff08\uff16\uff09\u7528\u8a9e\u89e3\u8aac<\/h4>\n<p><strong>\u203b1\u3000ETF\uff08\u4e0a\u5834\u6295\u8cc7\u4fe1\u8a17\uff09<br \/>\n<\/strong>ETF\u3068\u306f\u3001\u8a3c\u5238\u53d6\u5f15\u6240\u306b\u4e0a\u5834\u3057\u3066\u3044\u308b\u6295\u8cc7\u4fe1\u8a17\u3002\u6295\u8cc7\u4fe1\u8a17\u3068\u306f\u3001\u6295\u8cc7\u5bb6\u304b\u3089\u96c6\u3081\u305f\u8cc7\u91d1\u3092\u30d7\u30fc\u30eb\u3057\u3001\u305d\u308c\u3092\u904b\u7528\u306e\u5c02\u9580\u5bb6\uff08\u30d5\u30a1\u30f3\u30c9\u30fb\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\uff09\u304c\u682a\u3084\u50b5\u5238\u306a\u3069\u306b\u6295\u8cc7\u30fb\u904b\u7528\u3059\u308b\u91d1\u878d\u5546\u54c1\u3092\u6307\u3059\u3002\u3053\u306e\u3046\u3061\u3001\u65e5\u672c\u9280\u884c\u306e\u4e3b\u306a\u8cb7\u5165\u308c\u5bfe\u8c61\u3068\u306a\u3063\u3066\u3044\u305f\u306e\u306f\u3001\u6771\u8a3c\u682a\u4fa1\u6307\u6570\uff08TOPIX\uff09\u306a\u3069\u306e\u682a\u4fa1\u6307\u6570\u306b\u9023\u52d5\u3059\u308bETF\uff08\u682a\u4fa1\u6307\u6570\u9023\u52d5\u578bETF\uff09\u3002<\/p>\n<p><strong>\u203b2\u3000\u7a7a\u58f2\u308a<br \/>\n<\/strong>\u4fdd\u6709\u3057\u3066\u3044\u306a\u3044\u682a\u5f0f\u3092\u8a3c\u5238\u4f1a\u793e\u3084\u4ed6\u306e\u6295\u8cc7\u5bb6\u306a\u3069\u304b\u3089\u501f\u308a\u3066\u58f2\u5374\u3057\u3001\u305d\u306e\u5f8c\u682a\u4fa1\u304c\u4e0b\u304c\u3063\u305f\u3068\u3053\u308d\u3067\u8cb7\u3044\u623b\u3057\u3066\u3001\u305d\u306e\u5dee\u984d\u304b\u3089\u5229\u76ca\u3092\u5f97\u308b\u3053\u3068\u3092\u76ee\u7684\u3068\u3059\u308b\u53d6\u5f15\u3002<\/p>\n<p><strong>\u203b3\u3000\u65e9\u7a32\u7530\u5927\u5b66\u5546\u5b66\u5b66\u8853\u9662\u306e\u7247\u6850 \u6e80 \u51c6\u6559\u6388\u3001\u65e9\u7a32\u7530\u5927\u5b66\u56fd\u969b\u5b66\u8853\u9662\u306e\u7be0 \u6f64\u4e4b\u4ecb \u51c6\u6559\u6388\u3001\u65e5\u672c\u9280\u884c\u91d1\u878d\u7814\u7a76\u6240\u306e\u9ad8\u6a4b \u8015\u53f2 \u4f01\u753b\u5f79\u306b\u3088\u308b\u5171\u540c\u7814\u7a76<br \/>\n<\/strong>2023\u5e74\u306b\u56fd\u969b\u6c7a\u6e08\u9280\u884c\uff08BIS\uff09\u306e\u30ef\u30fc\u30ad\u30f3\u30b0\u30da\u30fc\u30d1\u30fc\u3068\u3057\u3066\u516c\u8868\uff08*1\uff09\u3055\u308c\u305f\u5f8c\u3001Financial Times\u8a8c\u306a\u3069\u306e\u30e1\u30c7\u30a3\u30a2\u306b\u3082\u53d6\u308a\u4e0a\u3052\u3089\u308c\u3066\u304d\u307e\u3057\u305f\uff08*2, *3\uff09\u3002<br \/>\n*1 <a href=\"https:\/\/www.bis.org\/publ\/work1113.htm\">https:\/\/www.bis.org\/publ\/work1113.htm<\/a><br \/>\n*2 <a href=\"https:\/\/www.ft.com\/content\/80e76f5a-5e74-4b76-95da-6a0aaa549f0f\">https:\/\/www.ft.com\/content\/80e76f5a-5e74-4b76-95da-6a0aaa549f0f<\/a><br \/>\n*3 <a href=\"https:\/\/www.ft.com\/content\/a7ba7f34-82ef-404b-a346-168084c9693c\">https:\/\/www.ft.com\/content\/a7ba7f34-82ef-404b-a346-168084c9693c<\/a><\/p>\n<p><strong>\u203b4\u3000\u30d1\u30c3\u30b7\u30d6\u30fb\u30d5\u30a1\u30f3\u30c9<br \/>\n<\/strong>\u5e02\u5834\u5168\u4f53\u306e\u30ea\u30bf\u30fc\u30f3\uff08\u30d9\u30f3\u30c1\u30de\u30fc\u30af\uff09\u3068\u540c\u3058\u6295\u8cc7\u6210\u679c\u3092\u76ee\u6307\u3059\u30d5\u30a1\u30f3\u30c9\u306e\u3053\u3068\u3002\u4f8b\u3048\u3070\u3001TOPIX\u3092\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3068\u3059\u308b\u30d1\u30c3\u30b7\u30d6\u30fb\u30d5\u30a1\u30f3\u30c9\u306f\u3001TOPIX\u306b\u9023\u52d5\u3057\u305f\u6295\u8cc7\u6210\u679c\u3092\u7372\u5f97\u3059\u308b\u3053\u3068\u3092\u76ee\u7684\u3068\u3059\u308b\u3002\u3053\u308c\u306b\u5bfe\u3057\u3001\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30d5\u30a1\u30f3\u30c9\u306f\u3001\u6295\u8cc7\u9298\u67c4\u3092\u53b3\u9078\u3057\u3001\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3092\u4e0a\u56de\u308b\u6295\u8cc7\u6210\u679c\u306e\u7372\u5f97\u3092\u76ee\u6307\u3059\u3002<\/p>\n<h4>\uff08\uff17\uff09\u8ad6\u6587\u60c5\u5831<\/h4>\n<p>\u96d1\u8a8c\u540d\uff1a<a href=\"https:\/\/academic.oup.com\/raps\" target=\"_blank\" rel=\"noopener\"><em>The Review of Asset Pricing Studies<\/em><\/a><br \/>\n\u8ad6\u6587\u540d\uff1a<a href=\"https:\/\/academic.oup.com\/raps\/advance-article\/doi\/10.1093\/rapstu\/raaf008\/8248082?login=true\" target=\"_blank\" rel=\"noopener\">To Lend or Not to Lend: The Bank of Japan\u2019s ETF Purchase Program and Securities Lending<\/a><br \/>\n\u57f7\u7b46\u8005\u540d\uff08\u6240\u5c5e\u6a5f\u95a2\u540d\uff09\uff1a\u7247\u6850 \u6e80\uff08\u65e9\u7a32\u7530\u5927\u5b66\uff09\u3001\u7be0 \u6f64\u4e4b\u4ecb*\uff08\u65e9\u7a32\u7530\u5927\u5b66\uff09\u3001\u9ad8\u6a4b \u8015\u53f2\uff08\u65e5\u672c\u9280\u884c\u91d1\u878d\u7814\u7a76\u6240\uff09<br \/>\n\u63b2\u8f09\u65e5\uff1a2025\u5e749\u67084\u65e5<br \/>\n\u63b2\u8f09URL\uff1a<a href=\"https:\/\/academic.oup.com\/raps\/advance-article\/doi\/10.1093\/rapstu\/raaf008\/8248082?login=true\" target=\"_blank\" rel=\"noopener\">https:\/\/academic.oup.com\/raps\/advance-article\/doi\/10.1093\/rapstu\/raaf008\/8248082?login=true<\/a><br \/>\nDOI\uff1a<a href=\"https:\/\/doi.org\/10.1093\/rapstu\/raaf008\" target=\"_blank\" rel=\"noopener\">https:\/\/doi.org\/10.1093\/rapstu\/raaf008<\/a><\/p>\n<h4><strong>\uff08\uff18\uff09\u7814\u7a76\u52a9\u6210<\/strong><\/h4>\n<p>KAKENHI, grant nos. 19K01743 and 21H00704<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u682a\u5f0f\u5e02\u5834\u3068\u8cb8\u682a\u5e02\u5834\u306e\u76f8\u4e92\u9023\u95a2 \u2015\u65e5\u9280\u306eETF\u8cb7\u5165\u308c\u304c\u8cb8\u682a\u4f9b\u7d66\u306b\u5bc4\u4e0e\u3057\u3001\u7a7a\u58f2\u308a\u5236\u7d04\u3092\u7de9\u3081\u308b\u300c\u30ec\u30f3\u30c7\u30a3\u30f3\u30b0\u30fb\u30c1\u30e3\u30cd\u30eb\u300d\u3092\u5b9f\u8a3c\u2015 \u767a\u8868\u306e\u30dd\u30a4\u30f3\u30c8 \u672c\u7814\u7a76\u3067\u306f\u3001\u65e5\u672c\u9280\u884c\u306e\u5927\u898f\u6a21\u306aETF\u8cb7\u5165\u308c\u653f\u7b56\u306b\u7740\u76ee\u3057\u3001\uff1cETF\u306e\u767a\u884c\u6b8b\u9ad8\u304c\u5897\u52a0 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":82287,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[145,178],"class_list":["post-82285","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-pressrelease","tag-research"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.waseda.jp\/inst\/research\/wp-json\/wp\/v2\/posts\/82285","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.waseda.jp\/inst\/research\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.waseda.jp\/inst\/research\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/research\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/research\/wp-json\/wp\/v2\/comments?post=82285"}],"version-history":[{"count":2,"href":"https:\/\/www.waseda.jp\/inst\/research\/wp-json\/wp\/v2\/posts\/82285\/revisions"}],"predecessor-version":[{"id":82301,"href":"https:\/\/www.waseda.jp\/inst\/research\/wp-json\/wp\/v2\/posts\/82285\/revisions\/82301"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/research\/wp-json\/wp\/v2\/media\/82287"}],"wp:attachment":[{"href":"https:\/\/www.waseda.jp\/inst\/research\/wp-json\/wp\/v2\/media?parent=82285"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/research\/wp-json\/wp\/v2\/categories?post=82285"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/research\/wp-json\/wp\/v2\/tags?post=82285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}