Abstract
The purpose of this study is to evaluate a portfolio made with the human capital-related information. It is to examine how to the information is evaluated in the stock market. Specifically, it is to calculate a MP (marginal-productivity) indicator on the human capital. Next, it is to make some portfolios with it and evaluate performance of each portfolio with the Treynor measure. Portfolio is made with the decision tree model. The model is to calculate a statistically significant value with a nonparametric method. As a result of analysis, the high-performance portfolio can be gotten between 6 and 10 of the MP value in the Japanese companies.
