「Waseda Organizational and Financial Economics Seminar
Conglomerates, Credit Shocks, & Innovation-Led Growth」
| 日時 | 2025年7月28日（月）13:10～14:50 |
|---|---|
| 開催方法 | ①対面 ＊11号館504教室にお越しください。 ②Zoom＊お申込み完了の自動返信メールにて、参加用URLをお知らせいたします。 |
| 対象 | 学生・教職員・一般 |
| 講演者 | Payne Hennigan 氏 （Assistant Professor, School of Economics Peking University） |
| 要旨 | Many economies rely on large conglomerates to allocate capital internally across affiliated firms, especially during times of financial stress. This paper develops a dynamic model of how such internal capital markets respond to liquidity shocks when firms differ in their long-term innovation potential. I begin with a two-period model that yields closed-form cutoff rules for when a conglomerate should liquidate low-potential firms, coerce intermediate types into short-term investment, or preserve high-potential firms for long-horizon R&D. I then embed these allocation margins into an endogenous growth framework in which the relative payoff to short-run versus long-horizon innovation evolves with development. A key insight is that optimal reallocation strategies shift endogenously over time: early in development (far from the innovation frontier), a larger coercion margin helps maintain a wide base of viable innovation projects; later, liquidation becomes more efficient as long-term innovation grows in relative importance. I characterize two forms of persistent misallocation—the coercion trap and the liquidation fallacy—that arise when static rules are applied to changing innovation environments. By linking a discrete reallocation problem to the evolution of aggregate productivity, the model provides a tractable framework for understanding how internal financial structure shapes long-run growth. |
| 世話人 | 宮島 英昭 （早稲田大学商学学術院 教授） |
| 参加申し込み方法 | 参加はこちらからお申込みください。※7月24日（木）17:00締切 |
| その他 | 早稲田大学商学部・産業経営研究所・谷川寧彦分科会 |
