Hi Wataru,
I'm not going to be as clear tonight as I was last night because I worked about 16 hours today and I've got to get to bed. I would guess that the issue is tilde, '~'.
Here's a quote from the zshoptions man page on GLOB_SUBST:
Treat any characters resulting from parameter expansion as being eligible for file expansion and filename generation, and any characters resulting from command substitution as being eligible for filename generation.
File expansion is the replacement of the tildes with home directories. Thus, without GLOB_SUBST, file expansion doesn't occur after parameter expansion. Of course, I don't understand why it doesn't occur in the assignment statement. I'm not sure if I would be able to figure that one out even if I had enough information. I'll look at my scripts and see if I can find anything similar. What other "glob options" do you have set?
--
Gary
~~~~
Laugh, and the world ignores you.
Crying doesn't help either.