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9月25日(木) 講演会（詳細はこちら）
| テーマ | Waseda Organizational and Financial Economics Seminar： The Economic and Financial Implications of Land and Water Pollution: Evidence from the 2011 Great East Japan Earthquake |
| 講演者 | Song Jun Myung 氏（一橋大学 商学部 講師） |
| 概要 | This paper examines how the 2011 Great East Japan Earthquake influenced firms’ land and water pollution (LWP), environmental practices, and financial outcomes. Using a panel of 5,940 firms from Japan, Korea, and China between 2002 and 2022, the study finds that Japanese firms increased both absolute and relative LWP after the disaster, prioritizing rapid recovery over environmental efficiency. Industry-level evidence shows that while high-salience sectors contained pollution under public scrutiny, construction firms became the epicenter of rising pollution during reconstruction. At the firm level, Japanese companies showed limited ability to offset LWP with lower greenhouse gas (GHG) costs, and higher pollution was increasingly penalized in performance measures such as Tobin’s Q and sales growth. Finally, monthly return analysis reveals that pollution was priced in financial markets: before 2011, firms with higher indirect LWP earned a pollution premium, but after the earthquake this premium shifted into a pollution discount as risks materialized and investors penalized additional environmental damage. Overall, the findings suggest that natural disasters not only increase firms’ environmental impacts but also reshape how markets value pollution. |
| 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6日(月) 講演会（詳細はこちら）
| テーマ | Waseda Organizational and Financial Economics Seminar： Have Bank–Firm Relationships in Japan Changed? Evidence from the Past Half Century |
| 講演者 | 鶴田 大輔 氏（日本大学 経済学部 教授） |
| 概要 | This paper examines how Japan’s bank–firm relationships have changed over the past half century – a period characterized by financial liberalization and globalization, increased corporate internal funds, and corporate governance reforms. Using data on Japanese firms and banks from 1974 to 2023, we find that bank borrowing is negatively associated with firms’ cash flow and positively associated with their leverage throughout the sample period. These results suggest that Japanese banks have continued to provide credit to firms during times of liquidity shortage or difficulty accessing external finance. Furthermore, we find that the main bank has consistently played the central role in supplying credit during such periods. Overall, our results indicate that Japanese banks—particularly the main bank—have functioned as implicit providers of credit insurance through long-term relationships, and that this role of banks has remained largely stable over the past fifty years. |
| 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） |
【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
