2026年度 産業経営研究所イベントのお知らせ

Cost of Research and Education Production in the U.S. Higher Education and Merger Analysis

―台湾半導体産業の発展を実業と政策の両面から支えてきたリーダーが語る（日本語でのご報告）

本ワークショップでは、台湾の半導体企業を率いる経営者で、台湾の前経済産業大臣の郭智輝先生を特別ゲストにお招きします。熾烈なグローバル競争の最前線で培われた、経営者及び政治家としてのリアルな経験談を交えながら、台湾が世界をリードする強力な「エコシステム」を構築できた真髄に迫ります。激変する東アジア経済の中で、現在の半導体産業が直面する課題とは何か。そして、日本の強みと台湾の強みは何か、この二つを掛け合わせる「日台共創」は、どのようなイノベーションとスタートアップ体制を生み出し得るのか。第一線のトップ経営者の視点に触れながら、次世代のアジア経済とイノベーションの未来について共に議論を深める貴重な機会です。経済やテクノロジーの動向に関心のある方はもちろん、将来グローバルに活躍したい、あるいは起業を志す学生の皆さんの積極的なご参加をお待ちしています。

「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」

Agency Frictions and Underwriting Compensation : Evidence From Japanese Initial Public Offerings

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.

From Index Trackers to Risk Managers: The Expanding Role of Derivatives in ETFs

Using regulatory data from the SEC’s N-PORT filings, we provide the first systematic study of derivative use by exchange-traded funds (ETFs). Nearly 60% of ETFs use derivatives, with greater derivative weight and exposure than mutual funds. Derivative use varies across ETF types: passive ETFs primarily use futures and forwards to reduce costs, while active ETFs rely on options strategies to improve risk profiles. Despite charging higher fees, active derivative-using ETFs attract more flows and exhibit reduced fee sensitivity. We show that these flows appear to be driven by superior downside protection, suggesting that investors value this benefit. Moreover, the extent of derivative reliance predicts both improved risk profiles and higher fees. Overall, our study highlights the strategic role of derivatives in ETF market competition.

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.