Updated on 2022/12/02

写真a

 
TANIGAWA, Yasuhiko
 
Affiliation
Faculty of Commerce, School of Commerce
Job title
Professor

Concurrent Post

  • Faculty of Commerce   Graduate School of Commerce

Research Institute

  • 2019
    -
     

    産業経営研究所   兼任研究所員

Degree

  • 大阪大学   経済学修士

  • Master in Economics

Professional Memberships

  •  
     
     

    日本ファイナンス学会

  •  
     
     

    日本経済学会

 

Research Areas

  • Public economics and labor economics

Research Interests

  • Corporate Finance, Market Microstructure

Papers

  • JGBインデックス運用における指数銘柄入替え時のマーケット・インパクト

    谷川 寧彦, 大村 敬一, 山下 隆, 高橋 秀之, 岡野 圭祐

    早稲田商学   ( 435 ) 33 - 69  2013.03

  • 自社株取得とその消却

    谷川 寧彦

    早稲田商学   ( 431 ) 709 - 730  2012.03

  • Dividend Policy in Japan: a break in 2004

    Yasuhiko TANIGAWA

    Waseda Business $ Economics Studies   ( 47 ) 67 - 81  2011

  • M&Aにおける株式持ち合いの意味-経営権が移転する株価レベルは正しいのか-

    谷川 寧彦

    M&Aと企業経営研究会報告書『業界大再編成時代のM&A-敵対的買収の意義を考える』(社)日本経済研究センター   第6章   99 - 120  2007.03

  • マーケットマイクロストラクチャーの展開

    谷川寧彦

    『みずほ年金レポート』みずほ年金研究所   2006・9/10 ( 69 ) 7 - 16  2006.10

  • 株主還元のあり方

    谷川寧彦

    日本企業の構造変革研究会報告書『株主圧力の高まりと日本企業の変革』(社)日本経済研究センター   第6章   85 - 110  2006.03

  • ボラティリティ・スマイルとスプレッド

    谷川寧彦

    早稲田商学   ( 406 ) 173 - 199  2005.12

  • ランチタイムの取引所外株式取引について

    谷川寧彦

    『ファイナンシャル・レビュー』財務省財務総合政策研究所   Vol.70   29 - 49  2004.03

  • 再建中企業の証券流通市場の整備に関する研究

    谷川寧彦

    (社)大阪銀行協会   Vol.8   1 - 28  2004

  • Execution Probabilities of Limit Orders on the Tokyo Stock Exchange

    Omura, K, Y. Tanigawa, J. Uno

    MODSIM 2001 Proceedings   Vol.3   1583 - 1588  2001

  • 市場間競争とその経済厚生について

    谷川寧彦

    『インベストメント』   Vol.53 ( (2) ) 16 - 38  2000

    CiNii

  • 日本における転換社債の転換

    谷川寧彦, 古家潤子

    『郵政研究所ディスカッションペーパー』   No.1999-09  1999.12

  • 転換社債とワラント債による潜在株式の株価への影響

    谷川寧彦, 古家潤子

    『郵政研究所ディスカッションペーパー』   No.1999-05  1999.07

  • 最近の企業経済学について

    谷川寧彦

    『現代ファイナンス』   No.5 ( 5 ) 69 - 87  1999

    CiNii

  • 転換社債市場と株式市場間の裁定機会

    谷川寧彦, 古家潤子

    『郵政研究所ディスカッションペーパー』   No.1998-16  1998.10

  • 信用取引制度に内在するオプションコスト

    谷川寧彦, 古家潤子

    『郵政研究所ディスカッションペーパー』   No.1998-17  1998.10

  • 日本の転換社債市場について

    谷川寧彦

    『インベストメント』   Vol.50 ( (2) ) 16 - 45  1997

    CiNii

  • 転換パズルへの接近-日本の転換社債市場における実証分析-

    谷川寧彦, 西村佳子

    『現代ファイナンス』   No.2 ( 2 ) 23 - 48  1997

    CiNii

  • 定額郵便貯金のオプション性評価

    谷川寧彦

    『研究報告書』岡山大学産業経営研究会   Vol.29  1994

  • 消費データを用いた資産価格の実証分析

    谷川寧彦

    『岡山大学経済学会雑誌』   Vol.25 ( No.3 ) 315 - 332  1994

  • On Construction of Stochastic Pricing Operator from Asset Market Data

    Yasuhiko Tanigawa

    『岡山大学経済学会雑誌』   Vol.25 ( No.4 ) 315 - 331  1994

  • 家計の資産選択-保有パターンの計量分析-

    橘木俊詔, 谷川寧彦

    『ファイナンス研究』   Vol.12   1 - 20  1990

  • An Economic Analysis of Government-owned Financial Institutions

    Y.Tanigawa, K. Ikeo

    The Kyoto University Economic Review   Vol.124 ( 1 ) 21 - 32  1988

    CiNii

  • On the Existence of Financial Intermediaries

    Yasuhiko Tanigawa

    The Economic Studies Quarterly (『季刊理論経済学』)   Vol.38 ( (1) ) 61 - 75  1987

  • On Mutual Share Holding by Corporations

    Yasuhiko Tanigawa

    The Economic Studies Quarterly (『季刊理論経済学』)   Vol.37 ( (4) ) 319 - 335  1986

    CiNii

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Books and Other Publications

  • 会社法における種類株式設計の柔軟化とそのコスト

    谷川寧彦, 久保田安彦

    宮島英昭 編著『企業統治分析のフロンティア』日本評論社  2008.09

  • 金融工学の経済的意義

    谷川寧彦

    仁科一彦, 小谷眞一, 長井英生編『金融工学』大阪大学出版会  2003.05

  • 指値注文の執行確率

    宇野淳, 大村敬一, 谷川寧彦

    笹井均・浅野幸弘編『資産運用の最先端理論』日本経済新聞社  2002

  • マーケット・マイクロストラクチャーと流動性

    谷川寧彦

    齋藤誠・柳川範之編著『流動性の経済学 〜金融市場への新たな視点〜』東洋経済新報社  2002

  • コーポレート・ガバナンス

    谷川寧彦

    筒井義郎編『金融分析の最先端』東洋経済新報社  2000.07

  • 生産性ショックのリスク分担と政府貸出し

    谷川寧彦

    小佐野広・本多佑三編著『現代の金融と政策』日本評論社  2000

  • 転換社債の取引について

    谷川寧彦

    橘木俊詔・筒井義郎編著『日本の資本市場』日本評論社  1996

  • 家計資産選択のクロスセクション分析-連立方程式アプローチ-

    谷川寧彦, 橘木俊詔

    松浦克己・橘木俊詔編著『金融機能の経済分析』東洋経済新報社  1991

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Research Projects

  • Debt and its Maturity Structure

    Project Year :

    2017.04
    -
    2021.03
     

  • Economics of creating new financial products and of providing their transaction opportunities

    Project Year :

    2012.04
    -
    2015.03
     

     View Summary

    We propose to see creation of financial new products and provision of their trading opportunities as economic activities themselves by private economic entities based on economic profit motives, and see whether there is a market failure there, which brings vulnerability in the financial system. For derivatives traded on an exchange, the Nikkei 225 options, we find the debt value inherent in the options is 16.6 times of the option value outstanding. Although the ratio is large, its absolute value is not if compared it with the balances of Japanese Government Bonds and of Japanese corporate bonds. We also confirm that general financial institutions have incentives to carry out the interest rate swap on over-the-counter bases. What are factors that affect the degree of heterogeneity between the economic entities, the main cause of the creating and providing activities, remains to be explored in the future

  • Issues related to financial risk measurement and its statistical inference

    Project Year :

    2010.04
    -
    2013.03
     

     View Summary

    Inappropriate risk evaluation can be potential source of financial instability and reduction of market liquidity. As a result, we have a serious impact on the economic activities. In this study, we conduct research on,risk index which does not depend on the specific model, building a predictive model of risk index and the analysis of high frequency financial market data

  • Behavioral Biases among Institutional Investors and Price Mechanism of Japanese Securities Market : Fusion of Survey and Experimental Study Approaches

    Project Year :

    2005
    -
    2007
     

     View Summary

    Behavioral Biases and Incentive Structure of Japanese Institutional Investors investigated relation of both explicit and implicit incentives with behavioral biases based upon the survey data of questionnaire conducted in 2005 and 2003. Longer working and research hours a week mitigates the fund managers' behavioral biases. However, we did not find the fact which indicates the Japanese fund management companies have appropriate internal incentive structure for fund managers.
    Risk Consistency and Professional Fund Managers` Investment Behavior : Questionnaire-based Analysis on Japanese Market investigated risk consistency, herding behavior and disposition effect in Japanese fund managers. They found that 'risk inconsistent' fund managers have a tendency to show disposition behavior.
    More Evidence of Home Bias used field surveys to show that Japanese institutional investors held relatively optimistic views for their domestic stock market than for the foreign stock market. Their one-year expected returns for the Nikkei Stock Average were on average much higher than those for the Dow Jones Industrial Average. Such home bias seems to be consistent with a cognitive bias hypothesis. Older and more experienced investors tended to show stronger home bias in the 2005 survey.
    When does a noise trader affects stock prices? An experimental study creates laboratory stock market in which informed traders and noise traders co-exist. Their laboratory results suggest that stock prices are vulnerable to noisy information in the financial market.
    Index Fund and Liquidity : Empirical and Experimental Examination examines the pattern of pricing before/after two important changes of the passive investment guideline and the timing of benchmark index revisions. The changes affect a behavior of hedge fund who provides liquidity at the events. An experimental study shows that profitability of hedged fund strategy is reduced after an index fund behavior becomes less predictable, market liquidity is lowered and it results in higher cost of rebalancing for index funds.

  • Japanese Corporate Finance in the Light of Recent Developments in Principal Agent Problems

     View Summary

    Stylized facts of corporate finance in the postwar Japan are interpreted and analyzed in a model of multi-lateral principal agent problem, wherein managers finance the project by issuing stocks as well as borrowing money from banks. We show that, in a two period model, the following features arise as the equilibrium with longterm commitments by banks and stockholders: (1) share holdings by banks to optimally choose the reward schedule for the manager, (2) delegation of minitoring as well as intervening functions against the management to the bank, and (3) dismissal of the manager as a discipline device which dominates the bankruptcy option. These features are in broad accordance with the stylized facts of the Japanese economy from 1950 through mid-1970s

  • Empirical Studies on Exercises of the Japanese Convertible Bonds.

     View Summary

    Our empirical studies on convertible bonds (CB) that the Japanese firms have issued inside and outside Japan from 1985 to 1995 have found the followings :a) CB's looked as an American Option, have been voluntary exercised even when it didn't seem to be optimal for investors,b) Identities (their reason) for exercises are (i) large institutional investors and/or securities houses (to avoid price changes that their large transactions would cause), and (ii) securities houses (to appropriately control CB inventories providing necessary liquidity to the market as market markters, and as current or future syndicate leaders in issuing markets). Their different motives for conversions than individual investors may explain the puzzle a).c) The first conversion occurs while trading volume is large and prices of CB are mostly higher than its parity value. Subsequent conversions follow when trading volumes are low and CB prices are near its parity value. This suggests that identities and their reasons for conversion between these two cases are different.d) In primary markets, the conditions of issues such as coupon rates and conversion prices have been rather inflexible, and quota occurred to equate supply with demand. Due to this inflexibility of a adjusting effective price of an issue, and to a rule requiring an issue must be distributed among large numbers of investors, we observe high trading volumes during one to two years after the issue, but quickly decreases thereafter.e) Not only in the late 1980's but also in recent year, CB prices seem to be too low compared with its stock prices, as if there had been riskless arbitrage opportunities. However, it depends on costs for short selling of stocks, especially possible payments of maintenance margin, whether there were actually riskless arbitrage opportunities or not

  • Roles of Securities Houses for Market Incompleteness and Asset Pricing

     View Summary

    After the demolition of obligatory trades at the designated exchanges in December 1998, traders became to use other places for securities trading than the floor at the Tokyo Stock Exchange, such as off-the-hour trades at the TSE and off-the-exchange trades. This is primarily because of the regulatory change that made it possible to provide alternative places to trade, but it is evidence that many agents started to search the way to utilize this opportunity. A competition for trading places began. I summarized welfare implications of this movement in "Competition among exchanges as a place for trade and its welfare implications, " in Investment 2000.The TSE is a purely order-driven market, where the only source of the liquidity is the limit orders on the book. When a trader chooses a type of orders, either market or limit, she compares price gain the limit order provides with a possibility that it might not be executed within a day. With preliminary tick-by-tick data of December 1998, I estimated the execution probabilities of limit orders, and reported the results in a discussion paper, "Execution Probabilities of Limit Orders."Most of traded financial securities are those issued by corporations. Holders are entitled to have some rights to control the firm, as well as some claims in cash flows of it. It is a concern of market participants what kind of securities corporate managers decide to circulate publicly, and what kinds of services financial intermediaries provide. I review these points in the fifth chapter "Corporate Governance" of the book, Advances in Financial Analysis 2000, and in an article "Recent Development of Theories of Firms, " published in Gendai Fainansu 1999. These are necessary ingredients to study how a trading place is supplied, because this determines the characteristics of the securities traded

  • Studies on Modeling for of Credit Risk Valuation

     View Summary

    Nishina has investigated the theoretical structure of credit risk analysis by reexamination of existing models. Along with the theoretical approach, he has explored the mechanism of bond rating as a typical application of credit risk analysis. Recognizing the strong necessity of improvement in risk models, he expects a potential power or factor structure approach in the determination of bond prices.Tabata investigated the topics on index funds and their properties in the framework of an investment decision making problem under uncertainty. The efficient genetic algorithm to design the index fund is developed and the new procedure to revise parameters included in the algorithm is suggested from the view point of a Bayesian approach when the stock prices are available sequentially.Ohnishi mainly examined an optimal stopping problem for a geometric Brownian motion with Poissonian jumps. Although it has been argued that so called smooth pasting technique (see Dixit (1993), and Dixit and Pindyck (1994)) is useful for such stochastic optimization problems, it seems that its mathematical validity is not sufficiently discussed so far. In this project, by taking a martingale approach, he showed that it is indeed mathematically valid under a set of some mild conditions on the parameters of the problem.Tanigawa (2000a) considered implications of defaults on the ex-post moral hazard problem of corporate managers, noting that different types of debt contracts place different disciplinary burdens on the managers. Tanigawa and Koie (1999) studied exercises of corporate convertible bonds may be attributed to investors' liquidity demand, which is typical in the case of financial difficulties. Securities transaction itself involves risk of not executed. Omura, Uno, and Tanigawa (2000) estimated execution probabilities of limit orders of stock in the Tokyo Stock Exchange, to see how large such execution risk is incurred in limit orders with a more favorable price the limit order provides.The data that is available at financial market is not an ideal one. The data is supposed to be well-behaved by theories established at fields of statistical and mathematical finance, In this project, Oya has derived some properties of statistics with missing data and without any information about missing data. It is reported that the usual statistics for panel data analysis have an upward bias in the case mentioned above

  • Estimation of liquidity-providing costs with tick-by-tick transaction data

     View Summary

    We study the roles of securities houses in the Tokyo Stock Exchange (TSE) as a market maker who provides liquidity to the market. Although there is no designated market maker in the TSE, securities houses interfere with transactions through buying and selling on their own account in order to earn profit. With tick-by-tick data that record all transactions and the changes in the limit order book, we capture the cost of such profit-oriented, liquidity providing activities.The TSE is a pure order-driven market. Executions are carried out by matching limit orders with incoming market orders. The former type of orders is ones that have been placed on the book with a designated limit price, but they have any guarantee for execution. The latter type has no specified execution price, but will be executed immediately if there are limit orders waiting. When investors choose a type of an order, they weigh the price gain versus the possible loss of trading opportunity. We estimate execution probabilities of limit orders to find evidences that traders well understand the implications of the factors of limit orders that affect the priorities for their execution. We present the results at an international conference (Omura, Tanigawa, and Uno [2001]), and published as a chapter in a book (Uno et al.[2002]). The relationships between market liquidity and characteristics of market microstructure are surveyed in Tanigawa [2002].Lunchtime basket trades deserve special investigation, for securities houses always interfere to provide market liquidity. We examined the competition in the lunchtime auction and the following transactions for the stocks traded at the auction, to find liquidities on the TSE floor are the most important factor for aggressiveness of the securities houses. After presenting this result at an academic conference, we are now in the process of preparation for submission with revised results

  • TOTAL STUDY ON QUANTIFICATION OF CREDIT RISK AND ITS APPLICATIONS

     View Summary

    In this research project, we have totally investigated the methodologies for measurement and modeling of various credit risks in finance theory and their applications, and we have obtained, a lot of academically interesting and/or practically useful results

  • Transaction Cost Savings with Stock Index Options and Liquidities provided by Securities Dealers

     View Summary

    In analyzing option prices, it is very important to use data with exactly the same time-stamps. Daily data, of closing prices with unknown time when the closing transactions were done, don't guarantee such simultaneousness. This research utilizes tick-by-tick data for Nikkei 225 put and call options from January 2000 to December 2000. They are records of price, volume, bid, ask, and time of each transactions, that make us to keep the simultaneousness. We investigate volatility smile, which is a nonlinear relationship between moneyness (= a ratio of an exercise price to a price of the underlying asset of the option) and the implied volatility (IV), those documented in previous studies using daily data.We found that (1)IV's from daily data don't necessarily coincide with ones from tick data, (2)IV's are affected whether the transaction occurred at the ask side or the bid side, (3)After adjusting these, we still observe volatility smile, and (4)a large IV which is far off from the fitted smile curve occurs with deep-in-the-money options of a small volume, whose price sensitivity to the volatility of the underlying securities is small.These findings are consistent with the following theoretical predictions ; (a)effects of a change in the volatility on the option price are greatest for near-the-money (NTM) options, and trading volumes are highest for NTM options, (b)NTM options need relatively large adjustments when the volatility changes, and therefore prices for NTM options should be compensated for transactions costs that the NTM options would incur, (c)option trading is motivated by differences of opinions among traders, on the value of volatilities, which can not be observed directly but must be inferred from option prices

  • A Stakeholder Theory of Firms

  • Corporate Payout Policy : Empirical investigation

     View Summary

    We conduct an empirical study on the total payout policy of Japanese firms, which includes dividend, stock repurchase, and cancellation. The life-cycle theory of De Angle et al.(2006) is supported. While in 1990's the Japanese firms employed a stable dividend policy, we find a break in 2004 after which some firms deviate from it. We also find both relationship between dividend and stock repurchase and one between cancellation and stock repurchase are different according to the institution that decides the repurchase

  • The Interaction between Company Law and Securities Regulations on Deregulation of Financial Regulations of Listing Corporations

     View Summary

    After many amendments of Japanese Commercial Code and the enforcement of Japanese Company Law in the age of Heisei, huge deregulation of financial dimension of public corporations seems to worse governance functions of them and effectiveness of security markets. At the first, deregulation of equities financial securities lowered the efficiency of security markets. On the other hand, it is necessary more effective data research on parent-subsidiary listing and covenants clauses of debts securities

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Specific Research

  • 生産活動にもとづく資本資産価格モデルの検証

    2017  

     View Summary

    企業による効率的なインプット投入を考慮して、労働力減少が資本資産価格に与える影響を分析した。2017年3月末に東証第一部・第二部上場の非金融企業を対象に、1984年1月以降2017年12月までの決算期データから不完備パネルデータを構築した。「時価総額成長率−10年国債利回り」を被説明変数とし、TOPIXの超過収益率、規模、時価簿価比率、有形固定資産成長率、レバレッジなど標準的な説明変数の他、労働力に関係した変数を用いて固定効果モデルを計測した。正社員数/総資産額比の差分は、有意水準0.1%で正の係数推定値を得た。この結果は、労働力人口減に伴い株式投資収益率が低下することを示しており、政策対応が必要であろう。

  • 市場流動性供給者の行動分析

    2016  

     View Summary

     2015年2月から2016年1月までの決算期で記念配当を実施し、これにかかる情報のみを企業サイトで開示した東証一部上場企業50社、及び、この期間以後2016年3月末までの決算期の記念配当に関する新聞記事が掲載された12社を加えた計62社を対象に、情報開示日10日前から10日後の21日間の出来高に対するイベントスタディを行った。新聞記事を伴わないイベントでは、公表日翌日及び翌々日に、この21日間の平均的な出来高に比べて有意水準5%で有意なプラスの出来高増加が認められたが、新聞記事があるイベントでは、公表日翌日及び翌々日に出来高は増加するものの、統計的には有意ではないという結果を得た。

  • 記念配当の決定要因

    2016  

     View Summary

     東証一部上場の非金融企業の2012年1月から2016年12月までの決算期についてパネルデータを作成し、記念配当実施に関するロジット分析を行った。5年間で得られた8717企業・年サンプルのうち、約20%にあたる1783企業・年が、創立○○周年記念や東証一部上場記念などの記念配当を実施した。固定効果モデルによると、株式時価総額の対数値、株主資本収益率(ROE)、過去5年間の株主資本成長率平均値という変数は、記念配当実施に有意水準5%でプラスの影響を、前年に比べ普通配当を増やしたり自社株買いを行ったりしている場合は有意水準1%でマイナスの影響を与えることがわかった。

  • 日本企業の現金保有要因の分析

    2015  

     View Summary

    日本企業の現金等保有額(短期保有有価証券を含む)は、近年増加している。その要因を明らかにするため、2015年3月末で東京証券取引所に上場していた企業(銀行、証券、保険を除く)について、1999年度から2014年度まで16年分の財務データを用いたパネル分析を行った。その結果、設備投資等による投資キャッシュフロー(支出項目のため負値でその絶対値)と、事業債発行と長期借入れを合計した長期資金純調達額(償還額、返済をさしひいたもの)は、現金等保有額を増加させること、現金配当金額が大きい企業は現金等保有額も大きいこと、外国人投資家等の株式保有割合は、現金等保有額と統計的に有意な関係を持っていないことが明らかになった。

  • 企業の財務政策に事業規模変更が及ぼす影響の検証

    2015  

     View Summary

    労働力人口の減少に対応して日本企業は事業内容と規模を変化させてきている。これが資金調達方法にもたらした影響を明らかにするため、2015年3月末で東京証券取引所に上場していた企業(銀行、証券、保険を除く)について、1999年度から2014年度まで16年分のデータを用いて資金調達手段毎にパネル・ロジット分析を行った。その結果、過去5年間の自己資本増加、従業員数増加は増資を行う確率を高めること、設備投資等による投資キャッシュフロー(支出項目のため負値でその絶対値)が大きいと事業債発行の確率が高まること、設備投資/売上高比率、従業員数増加率が高いと長期および短期借入れを行う確率が高まることなどが明らかになった。

  • 株式市場における流動性変動の発生と拡大メカニズム

    2005  

     View Summary

     消費財の取引では売り手(生産者)と買い手(消費者)が予め決まっているが,証券取引ではある価格が証券の価値に比べて高すぎると考えた人が売り手となり,低すぎると考えた人が買い手となる。「高すぎる」か「低すぎる」かの判断の差は,(潜在的な)市場参加者間に何らかの違い-例えば,アクセスできる情報内容が違うなど-があって初めてもたらされる。証券市場における流動性は,「買い手」や「売り手」ばかりに偏ることなく,どちらのサイドも,相応の「数量」の取引を望むということによって提供されている。市場参加者間の相違に基づくこうした流動性の説明では,取引が成立し約定価格が市場に知られるということ自体が市場参加者にとって新たな情報源となり,もし何らかの理由によって「間違った」約定価格がつくと,そのことに市場参加者が反応して,大きな注文の流入をよびおこすことがありえる。反対に,そうした「変な」価格に対しては,市場参加者が用心してスプレッドを広げて様子を見るなど,流動性を低める行動に出る可能性もある。 どちらがおこるかを明らかにするため,大阪大学の西條教授を主査とする証券の裁定取引に関する経済実験の一部として,(1)株式の本源的価値である「配当」について正しい値を知っている主体と,ノイズがのった値を知らされた主体とが混在する状況を作り出し,(2)正しい値を知っている主体だけが取引に参加する期間,ノイズがのった値を知らされた主体だけが取引に参加する期間,両方の主体が取引に参加する期間を設定の上,(3)各期間内で何度も約定が成立しうる「ザラバ取引」の場合と,各期間一度だけ約定が成立する「板寄せ取引」の場合とについて,経済実験を行ったところ,次のような結果を得た。ザラバ取引では実験参加者の勘違いなどにより「間違った」価格がつくとそれに引っ張られた約定が起こる傾向があるが,板寄せ取引では理論が予測する「正しい価格」でほぼ約定し,ノイズがあることにより流動性が膨らむということがなかった。

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