2026年度 産業経営研究所イベントのお知らせ

Single-Crossing Average Contracts and the Direction of Risk-Taking

This paper studies how contracts affect risk-taking under expected utility. We identify a class of contracts — single-crossing average (SCA) contracts — for which a simple local condition on the average slope determines the direction of risk-taking for all risk-averse agents. Contracts that amplify losses more than gains discourage risk-taking, while those that attenuate losses encourage it. The result does not rely on global concavity of the contract and accommodates general nonlinear transformations. SCA contracts are closed under composition, so their effects on risk-taking are preserved under layering. We also propose a local riskiness index that provides a complete ordering of contracts and admits a natural interpretation alongside the Arrow–Pratt measure of risk aversion.

Waseda Organizational and Financial Economics Seminar

How do investor complaints change the market for fund management services?

mandatory disclosure, under which past trade is always disclosed. This occurs because voluntary disclosure attenuates the seller’s incentive to engage in destructive signaling and can lead to more efficient trade.

Our model of repeated trade has applications to financial markets, particularly over-the-counter markets. Various OTC markets have been subject to increased post-trade transparency regulations in recent years, including a number of debt securities markets through TRACE, the European bond market through MiFID II, and the municipal bond market through MSRB Rule G-14. The empirical literature examining the impacts of these regulations has been mixed, with studies generally documenting both positive and negative effects of increased transparency depending on factors such as liquidity or yield of the asset. Our setting sheds light on possible improvements to transparency regulations, where permitting voluntary disclosure of past trade for certain asset types can improve trade frequency and welfare. In particular, when interpreting parameters of our model in the context of the OTC bond market, our results imply that voluntary disclosure can be advantageous relative to mandatory disclosure when adverse selection frictions are not too severe for high- and low-inventory cost bonds.

「革新へのこだわりが世界の先駆者へ　ローチェ」

山本　崇雄 氏（神奈川大学　教授）

「世界の社会問題をビジネスで解決する　ボーダレス・ジャパン」

竹之内　玲子 氏（成城大学　教授）

「スピンアウトと連携が生む国際的な競争力　多摩川精機」

清水　さゆり 氏（高崎経済大学　教授）
「伝統を基礎に革新し、世界へ羽ばたく　シナノケンシ」

・Wang Jingru　（Waseda University)

「Sentiment-Driven IPO Mispricing Even in Almost Perfect Markets:

Experimental Evidence」

・Pham Thi Quynh Lien　(Waseda University)

「Trade Network Position and Home-Currency Invoicing」

・Abel Gonzales-Hishinuma 　(HEC Paris)

「The Cross-Section of Nonprofit Financing」

・Taisei Noda　(NUCB)

「 Weighting for Performance」

・Won-chang Choi　(Yonsei University)

「Transaction Costs and Endogenously Slow-Moving Arbitrage Capital」

・Adem Atmaz　(Purdue University)

「 Belief Distortions and Endogenous Risk Aversion」

・Diego Garcia　(University of Colorado Boulder)

「Shades of Attention and Stock Price Dynamics」

・Hengjie Ai　(University of Wisconsin–Madison)

「Using Asset Prices to Measure the Long-run Impact of Monetary Policy」

・Motohiro Yogo　(Princeton University)

「Asset Embeddings」

７月２６日（日）

・Harrison Hong　(Columbia University)

「タイトル未定」

・Stephen Dimmock　(National University of Singapore)

「 Misconduct by Insurance Agents」

・Junnosuke Shino　(Waseda University)

「Nonlinearities in Passive Demand Shocks:

An Explainable AI Approach to the Bank of Japan’s ETF Purchases」

・Thomas Ernst　(University of Maryland)

「 Direct Indexing and the Limits of ETF Tax Efficiency」

・Sophie Moinas　(Toulouse School of Economics)

「Asset Pricing and Risk Sharing in Electricity Futures Markets」

・Nichole Garleanu　(Washington University in St. Louis)

「Climate Risk Pricing」

・Kuo-Bin Lin氏（国立政治大学法学員リスク管理・保険学科 教授）
「Applying Liquidation Trust in Insurance Insolvency Cases

to Protect Policyholders」

・Davide Luigi Totaro 氏（一橋大学社会科学高等研究院 講師）
「AI Governance of Insurance Services in the EU and Japan:

Seeking Compliance Interoperability Between Shared Principles

and Diverging Approaches」

・Johnny Kuan－Chun Chang 氏（CTBC Business School）
「From Human Error to Machine Judgment:

Rethinking Medical Liability Insurance in AI-Driven Diagnosis and Treatment」

・山下　徹哉 氏（京都大学大学院法学研究科 教授）
「Incentives, Liability, and Insurance under Japan’s Agile Governance Model

for Society 5.0」

・Yao-Feng Tseng氏（国立台中科技大学商学院 副教授兼副院長）
「The Legal Characterization of Parametric Agricultural Insurance:

A Taiwan-Japan Comparative Study」