以下のとおり、産業経営研究所のイベントを開催します。
【産研講演会】
◎2025年10月13日(月) 講演会（詳細はこちら）
| テーマ | Waseda Organizational and Financial Economics Seminar： Money is the Root of Asset Bubbles |
| 講演者 | 岩﨑 康平 氏（京都大学 経済学部 准教授） |
| 概要 | This paper examines how monetary expansion causes asset bubbles. When there is no monetary expansion, a bubbly asset is not created due to a hold-up problem. Monetary expansion increases buyers’ money holdings, and as long as it does not cause high inflation, dealers are willing to buy a worthless asset from sellers, in hopes of selling it to buyers who may not know that it is worthless—a bubble now occurs. |
| 対象 | 学生・教職員・一般 |
| 世話人 | 宮島 英昭（早稲田大学商学学術院 教授） |
◎2025年10月20日(月) 講演会（詳細はこちら）
| テーマ | Waseda Organizational and Financial Economics Seminar： Commitment through Lemons: A Theory of Relationship Trading in OTC Markets |
| 講演者 | John Kuong 氏（Associate Professor, CUHK Business School, The Chinese University of Hong Kong） |
| 概要 | This paper endogenizes the value and persistence of trading relationships in non-anonymous over-the-counter (OTC) markets. In the model, a liquidity-driven client initially chooses to trade with a number of dealers. She would like to commit to trading with these dealers again in the future in exchange for better pricing or service today. When non-anonymity allows dealers to infer the client’s trading motives (i.e., whether driven by liquidity needs or private information) from past trading, the client can credibly commit to these valuable relationships by trading information-sensitive assets, because deviating to trade with alternative dealers would incur an adverse selection discount. This mechanism yields three unconventional results: liquidity-driven, uninformed clients could benefit from 1) trading risky assets that are subject to adverse selection, 2) with a costly and inefficient technology, 3) in an opaque environment. These results help rationalize why investors trade risky, complex, and illiquid assets. The paper also derives novel testable predictions about how the number of relationships depends on client and dealer characteristics. |
| 対象 | 学生・教職員・一般 |
| 世話人 | 宮島 英昭（早稲田大学商学学術院 教授） |
◎2025年10月22日(水) 講演会（詳細はこちら）
| テーマ | Business Scholars on Boards and Firm Innovation |
| 講演者 | Cornelia Storz 氏（Professor, Faculty of Economics and Business, Goethe University Frankfurt） |
| 概要 | Why do business scholars-directors, rather than STEM scholar-directors, drive firm innovation? This paper addresses this unexpected pattern through an abductive research design combining panel data, interviews, and publication analysis. Drawing on a hand-collected dataset of Chinese listed firms (2008–2018), we show that business scholars on corporate boards enhance innovation by contributing strategic knowledge – higher-order, portable insights rooted in frameworks, heuristics, and theories that help firms navigate the uncertainty inherent in innovation across market dynamics, organizational design, and competitive positioning. We theorize strategic knowledge as a distinct asset, whose impact is contingent on insider technology directors’ presence and social validation. By challenging prevailing assumptions about scientific expertise, we contribute to the knowledge-based view and corporate governance literature, reframing how strategy-related higher-order expertise can support firm-level innovation. |
| 対象 | 学生・教職員・一般 |
| 世話人 | 山野井 順一（早稲田大学商学学術院 教授） |
◎2025年10月24日(金) 講演会（詳細はこちら）
| テーマ | Corporate borrowing, Eurodollar markets, private financial Intermediation from the 1960s through the energy crises |
| 講演者 | Simone Selva 氏（早稲田大学 訪問研究員・ナポリ・オリエンターレ大学 教授） |
| 概要 | This presentation, based on previously unresearched archival collection and data from Europe, the United States, and Latin America, pinpoints the relationship between the oil producers’ wealth and its financial reflowing on global scale by exploring the relationship between the oil producers’ financial assets, financial intermediation offered by globally-oriented western banks, and the borrowing patterns of a specific category of global borrowers as corporations by focusing on a specific financial tool for global reflowing as the Eurodollar markets from the 1960s to the international economic meltdown of the 1970s. |
| 対象 | 学生・教職員・一般 |
| 世話人 | 矢後 和彦（早稲田大学商学学術院 教授） |
◎2025年10月27日(月) 講演会（詳細はこちら）
| テーマ | Making sense of AI-generated speech: challenges and opportunities for phonetics and speech science research |
| 講演者 | James Tanner 氏（Research Associate, University of Glasgow ） |
| 概要 |
Recent years have seen the substantial increase in the use and adoption of Artificial Intelligence (AI) across many spheres of daily life. For speech, AI models are capable of producing fluent and natural speech of a given speaker with only limited input data (‘voice cloning’), raising a wide range of risks for security, privacy, and personal identity. In spite of these risks, however, there remains little scientific understanding of the properties of AI-generated speech, including how AI speech models learn linguistic information from the speech signal and the extent to which AI-generated speech patterns similarly or differently to human speech. Decades of research within linguistics and phonetics, however, has uncovered how speakers manipulate patterns of acoustic variability to signal linguistic structure, social indexicality, and speaker-specific properties, and so provides a unique perspective with which to explain the behaviours of AI speech models. In this talk, I will explore how methodologies from phonetics and speech science research help provide a window into understanding the properties of AI-generated speech, and how these properties may systematically differ from human speech. By examining patterns of acoustic variability in AI-generated English and Japanese stops in both the same language (e.g. Japanese-Japanese) and opposite language of the target speaker (e.g., Japanese-English), it is found that AI-generated speech both differs from the expected human speech patterns and exhibits preference for the language-specific phonetic implementation of stops when synthesising a speaker into the opposite language. These initial findings demonstrate the potential of acoustic-phonetic approaches to the study of AI-generated speech and point the way towards phonetically-motivated and interpretable methods for AI speech detection. |
| 対象 | 学生・教職員・一般 |
| 世話人 | 篠原 靖明（早稲田大学商学学術院 准教授） |
◎2025年11月3日(月) 講演会（詳細はこちら）
| テーマ | Waseda Organizational and Financial Economics Seminar： 金融教育は個人投資家のデリバティブ取引参加を促すか：日本の個人調査データに基づく実証分析 |
| 講演者 | 安藤 希 氏（昭和女子大学 グローバルビジネス学部 専任講師） |
| 概要 | 本研究は、2024年の個人投資家調査を用いて、金融教育がデリバティブ取引参加に与える影響を実証分析したものである。線形確率モデルとロジット回帰によって、金融教育を受けた投資家は有意に取引参加率が高いことが確認された。さらに限界効果の検証から、性別・年齢・株式保有などによって教育効果の強弱が異なることが明らかとなった。 |
| 対象 | 学生・教職員・一般 |
| 世話人 | 宮島 英昭（早稲田大学商学学術院 教授） |
◎2025年12月1日(月) 講演会（詳細はこちら）
| テーマ | Waseda Organizational and Financial Economics Seminar：
Intraday and Daily Price Discovery in Carbon Markets: EUA Futures vs. Carbon ETFs |
| 講演者 | 大坪 陽一 氏（神戸大学 経済学研究科 准教授） |
| 概要 | This study investigates price discovery in European Union’s Emissions Allowances (EUAs), focusing on futures contracts and exchange traded funds (ETF). Using a state-space model with Kalman filtering on intraday data, we find that EUA futures consistently exhibit faster price discovery, while the ETF displays a less noisy price process. |
| 対象 | 学生・教職員・一般 |
| 世話人 | 宮島 英昭（早稲田大学商学学術院 教授） |
◎2025年12月8日(月) 講演会（詳細はこちら）
| テーマ | Waseda Organizational and Financial Economics Seminar：
Patent Invalidation: Firm and Bank’s response |
| 講演者 | Po-Lin Chen 氏（早稲田大学 国際教養学部 助教） |
| 概要 | Patents are the final product of firms’ R&D investment; therefore, both these firms and the banks heavily exposed to them may change their behavior when patents are invalidated. Using the random assignment of judges’ leniency as an instrument, we identify the causal effect of patent invalidation on bank loan provision. We find a significant decline in lending after invalidation. This decline is driven by banks’ reduced exposure to affected firms, as the decrease is concentrated among bank-dependent firms with limited access to alternative financing sources and is not correlated with the patent’s value. Moreover, we show that bank-dependent firms reduce their R&D investment and file fewer patent applications following invalidation. The evidence establishes a causal link between intellectual capital and bank lending and indicates that Japanese banks’ conservative attitudes toward risky investments continue to shape credit allocation despite policy advocacy for the past decades. |
| 対象 | 学生・教職員・一般 |
| 世話人 | 宮島 英昭（早稲田大学商学学術院 教授） |
◎2025年12月15日(月) 講演会（詳細はこちら）
| テーマ | Waseda Organizational and Financial Economics Seminar：
Private Equity Investment with Voluntary Exit ＊英語でのご報告 |
| 講演者 | 井坂 直人 氏（上智大学 国際教養学部 教授） |
| 概要 | We develop and calibrate a model in which the manager exits voluntarily from private equity investment. The manager considers the trade-off between revenues before, upon, and after the exit, including indirect pay for performance. Exit events reveal the manager’s preference for these revenues. The estimated amount of indirect revenue after the exit is significant. Our model allows quantifying the degree of potential agency conflict between the manager and investors as a deterministic monetary schedule. |
| 対象 | 学生・教職員・一般 |
| 世話人 | 宮島 英昭（早稲田大学商学学術院 教授） |
【その他イベント】
2025年7月22日（火）早稲田大学第28回ビジネスプランコンテストが開催されました。
【アカデミック・フォーラム】（2024年度）
2025年3月15日(土) 第29回産研アカデミック・フォーラム「経営学研究の軌跡と展望」が開催されました。 早稲田大学商学学術院 坂野友昭教授退職記念
