{"id":15897,"date":"2026-06-17T10:00:55","date_gmt":"2026-06-17T01:00:55","guid":{"rendered":"https:\/\/www.waseda.jp\/fcom\/soc\/?p=15897"},"modified":"2026-06-18T11:10:35","modified_gmt":"2026-06-18T02:10:35","slug":"2022%e5%b9%b47%e6%9c%88-%e7%94%a3%e6%a5%ad%e7%b5%8c%e5%96%b6%e7%a0%94%e7%a9%b6%e6%89%80%e3%82%a4%e3%83%99%e3%83%b3%e3%83%88%e3%81%ae%e3%81%8a%e7%9f%a5%e3%82%89%e3%81%9b-2-2-3-3","status":"publish","type":"post","link":"https:\/\/www.waseda.jp\/fcom\/soc\/news\/15897","title":{"rendered":"2026\u5e74\u5ea6 \u7523\u696d\u7d4c\u55b6\u7814\u7a76\u6240\u30a4\u30d9\u30f3\u30c8\u306e\u304a\u77e5\u3089\u305b"},"content":{"rendered":"

\u4ee5\u4e0b\u306e\u3068\u304a\u308a\u3001\u7523\u696d\u7d4c\u55b6\u7814\u7a76\u6240\u306e\u30a4\u30d9\u30f3\u30c8\u3092\u958b\u50ac\u3057\u307e\u3059\u3002<\/p>\n

\u3010\u7523\u7814\u8b1b\u6f14\u4f1a\u3011<\/p>\n

\u25ce2026\u5e746\u670824\u65e5(\u6c34) \u8b1b\u6f14\u4f1a\uff08\u8a73\u7d30\u306f\u3053\u3061\u3089<\/a>\uff09<\/p>\n

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\u30c6\u30fc\u30de<\/td>\n\n

Cost of Research and Education Production in the U.S. Higher Education <\/span>and Merger Analysis<\/span><\/p>\n<\/td>\n<\/tr>\n

\u8b1b\u6f14\u8005<\/td>\n\u5cf6\u5c3e\u3000\u582f \u6c0f(Assistant Professor, Penn State Great Valley School of Graduate Professional Studies, Penn State University)<\/td>\n<\/tr>\n
\u6982\u8981<\/td>\nThis project estimates the cost efficiency of U.S. higher education institutions using detailed data on finance and research output. We model universities and colleges as multi-output producers that jointly provide education and research, and estimate a flexible cost function to recover institution-level measures of cost efficiency. The analysis quantifies how costs vary with scale, scope, research intensity, and institutional type, allowing us to distinguish unavoidable cost differences from inefficiency in resource use. We then use the estimated cost structure to simulate the potential efficiency gains and losses from institutional consolidations. These simulations evaluate whether mergers between schools generate economies of scale or scope, or whether they create diseconomies due to increased complexity, mission mismatch, or changes in the education\u2013research production mix. Finally, the project examines the role of for-profit institutions in shaping the broader higher education industry.<\/td>\n<\/tr>\n
\u5bfe\u8c61<\/td>\n\u5b66\u751f\u30fb\u6559\u8077\u54e1\u30fb\u4e00\u822c<\/td>\n<\/tr>\n
\u4e16\u8a71\u4eba<\/td>\n\u5c71\u91ce\u4e95\u3000\u9806\u4e00 \uff08\u65e9\u7a32\u7530\u5927\u5b66\u5546\u5b66\u5b66\u8853\u9662 \u6559\u6388\uff09<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

\u25ce2026\u5e746\u670825\u65e5(\u6728) \u8b1b\u6f14\u4f1a\uff08\u8a73\u7d30\u306f\u3053\u3061\u3089<\/a>\uff09<\/p>\n

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\u30c6\u30fc\u30de<\/td>\nWhen Digitalization Doesn\u2019t Help: Behavioral and Organizational Barriers to Patient-Facing Technology in Hospitals<\/td>\n<\/tr>\n
\u8b1b\u6f14\u8005<\/td>\nSiliang Tong \u6c0f <\/span>(Assistant Professor, Nanyang Technological University)<\/td>\n<\/tr>\n
\u6982\u8981<\/td>\nHospitals worldwide are increasingly adopting patient-facing digital technologies to improve operational efficiency and patient experience. Yet, rigorous causal evidence on their real-world effectiveness remains limited. We conducted a large-scale randomized field experiment with a major public hospital system in China to evaluate a digital navigation system designed to guide patients through complex outpatient workflows. Over a three-month period, the system was deployed to nearly one million patients, spanning 1.7 million outpatient visits. Contrary to expectations, we find no significant reduction in total visit duration. Further analyses reveal that these null effects are driven by two factors: extremely low patient adoption (3.2%) of the digital navigation system and the system\u2019s inability to address core operational bottlenecks, such as limited physician capacity and rigid scheduling, as reflected by unchanged stage-to-stage time intervals within the outpatient process. These findings underscore how behavioral frictions and institutional constraints can undermine the intended benefit of patient-facing digital technologies, highlighting the need for integrated design strategies that align AI technologies with patient behavior, clinical workflows, and organizational processes.<\/td>\n<\/tr>\n
\u5bfe\u8c61<\/td>\n\u5b66\u751f\u30fb\u6559\u8077\u54e1\u30fb\u4e00\u822c<\/td>\n<\/tr>\n
\u4e16\u8a71\u4eba<\/td>\n\u5b88\u53e3\u3000\u525b\uff08\u65e9\u7a32\u7530\u5927\u5b66\u5546\u5b66\u5b66\u8853\u9662 \u6559\u6388\uff09<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

\u25ce2026\u5e746\u670826\u65e5(\u91d1) \u8b1b\u6f14\u4f1a\uff08\u8a73\u7d30\u306f\u3053\u3061\u3089<\/a>\uff09<\/p>\n

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\u30c6\u30fc\u30de<\/td>\nImplications of Unethical Pro-Social Behavior<\/td>\n<\/tr>\n
\u8b1b\u6f14\u8005<\/td>\nElizabeth Umphress<\/span> \u6c0f\uff08<\/span>Professor, Foster School of Business,\u3000<\/span>University of Washington<\/span>\uff09<\/span><\/td>\n<\/tr>\n
\u6982\u8981<\/td>\nIn my research, I examine unethical behavior in organizations, with a particular focus on unethical prosocial behavior \u2014 acts intended to help, rather than harm, one\u2019s organization or workgroup. In this talk, I will share research from this stream of work, highlighting why people engage in unethical prosocial behavior and what the consequences may be for work relationships and performance.<\/td>\n<\/tr>\n
\u5bfe\u8c61<\/td>\n\u5b66\u751f\u30fb\u6559\u8077\u54e1\u30fb\u4e00\u822c<\/td>\n<\/tr>\n
\u4e16\u8a71\u4eba<\/td>\n\u4e09\u6a4b \u3000\u5e73\uff08\u65e9\u7a32\u7530\u5927\u5b66\u5546\u5b66\u5b66\u8853\u9662 \u6559\u6388\uff09<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

\u25ce2026\u5e746\u670826\u65e5(\u91d1) \u8b1b\u6f14\u4f1a\uff08\u8a73\u7d30\u306f\u3053\u3061\u3089<\/a>\uff09<\/p>\n

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\u30c6\u30fc\u30de<\/td>\n\u6771\u30a2\u30b8\u30a2\u534a\u5c0e\u4f53\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u306e\u5168\u8c8c\u3068\u65e5\u53f0\u5171\u5275\u306e\u672a\u6765<\/p>\n

\u2015\u53f0\u6e7e\u534a\u5c0e\u4f53\u7523\u696d\u306e\u767a\u5c55\u3092\u5b9f\u696d\u3068\u653f\u7b56\u306e\u4e21\u9762\u304b\u3089\u652f\u3048\u3066\u304d\u305f\u30ea\u30fc\u30c0\u30fc\u304c\u8a9e\u308b\uff08\u65e5\u672c\u8a9e\u3067\u306e\u3054\u5831\u544a\uff09<\/td>\n<\/tr>\n

\u8b1b\u6f14\u8005<\/td>\n\u90ed\u3000\u667a\u8f1d \u6c0f\uff08\u56fd\u7acb\u53f0\u5317\u5927\u5b66\u3000\u5ba2\u54e1\u6559\u6388\uff09<\/td>\n<\/tr>\n
\u6982\u8981<\/td>\n\u30b9\u30de\u30fc\u30c8\u30d5\u30a9\u30f3\u304b\u3089\u6700\u5148\u7aefAI\u3001\u81ea\u52d5\u8eca\u306b\u81f3\u308b\u307e\u3067\u3001\u73fe\u4ee3\u793e\u4f1a\u306e\u30a4\u30f3\u30d5\u30e9\u3092\u652f\u3048\u308b\u534a\u5c0e\u4f53\u3002\u73fe\u5728\u3001\u30b0\u30ed\u30fc\u30d0\u30eb\u306a\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u518d\u7de8\u3068\u5730\u653f\u5b66\u7684\u30ea\u30b9\u30af\u306e\u53f0\u982d\u306b\u3088\u308a\u3001\u6771\u30a2\u30b8\u30a2\u306e\u534a\u5c0e\u4f53\u7523\u696d\u306f\u4e16\u754c\u4e2d\u304b\u3089\u304b\u3064\u3066\u306a\u3044\u6ce8\u76ee\u3092\u6d74\u3073\u3066\u3044\u307e\u3059\u3002TSMC\u306e\u65e5\u672c\u9032\u51fa\u306b\u8c61\u5fb4\u3055\u308c\u308b\u3088\u3046\u306b\u3001\u65e5\u53f0\u306e\u7d4c\u6e08\u5354\u529b\u306f\u4eca\u3001\u5358\u306a\u308b\u88fd\u9020\u59d4\u8a17\u3092\u8d85\u3048\u305f\u65b0\u305f\u306a\u5c40\u9762\u3092\u8fce\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u672c\u30ef\u30fc\u30af\u30b7\u30e7\u30c3\u30d7\u3067\u306f\u3001\u53f0\u6e7e\u306e\u534a\u5c0e\u4f53\u4f01\u696d\u3092\u7387\u3044\u308b\u7d4c\u55b6\u8005\u3067\u3001\u53f0\u6e7e\u306e\u524d\u7d4c\u6e08\u7523\u696d\u5927\u81e3\u306e\u90ed\u667a\u8f1d\u5148\u751f\u3092\u7279\u5225\u30b2\u30b9\u30c8\u306b\u304a\u62db\u304d\u3057\u307e\u3059\u3002\u71be\u70c8\u306a\u30b0\u30ed\u30fc\u30d0\u30eb\u7af6\u4e89\u306e\u6700\u524d\u7dda\u3067\u57f9\u308f\u308c\u305f\u3001\u7d4c\u55b6\u8005\u53ca\u3073\u653f\u6cbb\u5bb6\u3068\u3057\u3066\u306e\u30ea\u30a2\u30eb\u306a\u7d4c\u9a13\u8ac7\u3092\u4ea4\u3048\u306a\u304c\u3089\u3001\u53f0\u6e7e\u304c\u4e16\u754c\u3092\u30ea\u30fc\u30c9\u3059\u308b\u5f37\u529b\u306a\u300c\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u300d\u3092\u69cb\u7bc9\u3067\u304d\u305f\u771f\u9ac4\u306b\u8feb\u308a\u307e\u3059\u3002\u6fc0\u5909\u3059\u308b\u6771\u30a2\u30b8\u30a2\u7d4c\u6e08\u306e\u4e2d\u3067\u3001\u73fe\u5728\u306e\u534a\u5c0e\u4f53\u7523\u696d\u304c\u76f4\u9762\u3059\u308b\u8ab2\u984c\u3068\u306f\u4f55\u304b\u3002\u305d\u3057\u3066\u3001\u65e5\u672c\u306e\u5f37\u307f\u3068\u53f0\u6e7e\u306e\u5f37\u307f\u306f\u4f55\u304b\u3001\u3053\u306e\u4e8c\u3064\u3092\u639b\u3051\u5408\u308f\u305b\u308b\u300c\u65e5\u53f0\u5171\u5275\u300d\u306f\u3001\u3069\u306e\u3088\u3046\u306a\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u3068\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u4f53\u5236\u3092\u751f\u307f\u51fa\u3057\u5f97\u308b\u306e\u304b\u3002\u7b2c\u4e00\u7dda\u306e\u30c8\u30c3\u30d7\u7d4c\u55b6\u8005\u306e\u8996\u70b9\u306b\u89e6\u308c\u306a\u304c\u3089\u3001\u6b21\u4e16\u4ee3\u306e\u30a2\u30b8\u30a2\u7d4c\u6e08\u3068\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u306e\u672a\u6765\u306b\u3064\u3044\u3066\u5171\u306b\u8b70\u8ad6\u3092\u6df1\u3081\u308b\u8cb4\u91cd\u306a\u6a5f\u4f1a\u3067\u3059\u3002\u7d4c\u6e08\u3084\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u306e\u52d5\u5411\u306b\u95a2\u5fc3\u306e\u3042\u308b\u65b9\u306f\u3082\u3061\u308d\u3093\u3001\u5c06\u6765\u30b0\u30ed\u30fc\u30d0\u30eb\u306b\u6d3b\u8e8d\u3057\u305f\u3044\u3001\u3042\u308b\u3044\u306f\u8d77\u696d\u3092\u5fd7\u3059\u5b66\u751f\u306e\u7686\u3055\u3093\u306e\u7a4d\u6975\u7684\u306a\u3054\u53c2\u52a0\u3092\u304a\u5f85\u3061\u3057\u3066\u3044\u307e\u3059\u3002<\/td>\n<\/tr>\n

\u5bfe\u8c61<\/td>\n\u5b66\u751f\u30fb\u6559\u8077\u54e1\u30fb\u4e00\u822c<\/td>\n<\/tr>\n
\u4e16\u8a71\u4eba<\/td>\n\u4e45\u4fdd\u3000\u514b\u884c\uff08\u65e9\u7a32\u7530\u5927\u5b66\u5546\u5b66\u5b66\u8853\u9662 \u6559\u6388\uff09<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

\u25ce2026\u5e746\u670827\u65e5(\u571f) \u8b1b\u6f14\u4f1a\uff08\u8a73\u7d30\u306f\u3053\u3061\u3089<\/a>\uff09<\/p>\n

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\u30c6\u30fc\u30de<\/td>\n\u5730\u57df\u4f01\u696d\u306e\u56fd\u969b\u5c55\u958b\uff1a\u30ed\u30fc\u30ab\u30eb\u00d7\u30b0\u30ed\u30fc\u30d0\u30eb\u306e\u30c0\u30a4\u30ca\u30df\u30ba\u30e0<\/td>\n<\/tr>\n
\u8b1b\u6f14\u8005<\/td>\n\u7af9\u4e4b\u5185\u3000\u79c0\u884c \u6c0f\uff08\u4e0a\u667a\u5927\u5b66\u3000\u6559\u6388\uff09<\/p>\n

\u300c\u9769\u65b0\u3078\u306e\u3053\u3060\u308f\u308a\u304c\u4e16\u754c\u306e\u5148\u99c6\u8005\u3078\u3000\u30ed\u30fc\u30c1\u30a7\u300d<\/p>\n

\u5c71\u672c\u3000\u5d07\u96c4 \u6c0f\uff08\u795e\u5948\u5ddd\u5927\u5b66\u3000\u6559\u6388\uff09<\/p>\n

\u300c\u4e16\u754c\u306e\u793e\u4f1a\u554f\u984c\u3092\u30d3\u30b8\u30cd\u30b9\u3067\u89e3\u6c7a\u3059\u308b\u3000\u30dc\u30fc\u30c0\u30ec\u30b9\u30fb\u30b8\u30e3\u30d1\u30f3\u300d<\/p>\n

\u7af9\u4e4b\u5185\u3000\u73b2\u5b50 \u6c0f\uff08\u6210\u57ce\u5927\u5b66\u3000\u6559\u6388\uff09<\/p>\n

\u300c\u30b9\u30d4\u30f3\u30a2\u30a6\u30c8\u3068\u9023\u643a\u304c\u751f\u3080\u56fd\u969b\u7684\u306a\u7af6\u4e89\u529b\u3000\u591a\u6469\u5ddd\u7cbe\u6a5f\u300d<\/p>\n

\u6e05\u6c34\u3000\u3055\u3086\u308a \u6c0f\uff08\u9ad8\u5d0e\u7d4c\u6e08\u5927\u5b66\u3000\u6559\u6388\uff09
\n\u300c\u4f1d\u7d71\u3092\u57fa\u790e\u306b\u9769\u65b0\u3057\u3001\u4e16\u754c\u3078\u7fbd\u3070\u305f\u304f\u3000\u30b7\u30ca\u30ce\u30b1\u30f3\u30b7\u300d<\/td>\n<\/tr>\n

\u5bfe\u8c61<\/td>\n\u5b66\u751f\u30fb\u6559\u8077\u54e1\u30fb\u4e00\u822c<\/td>\n<\/tr>\n
\u4e16\u8a71\u4eba<\/td>\n\u6a2a\u7530\u3000\u4e00\u5f66\uff08\u65e9\u7a32\u7530\u5927\u5b66\u5546\u5b66\u5b66\u8853\u9662 \u6559\u6388\uff09<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

\u25ce2026\u5e746\u670829\u65e5(\u6708) \u8b1b\u6f14\u4f1a\uff08\u8a73\u7d30\u306f\u3053\u3061\u3089<\/a>\uff09<\/p>\n

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\u30c6\u30fc\u30de<\/td>\nWaseda Organizational and Financial Economics Seminar<\/p>\n

Agency Frictions and Underwriting Compensation\u00a0: Evidence From Japanese Initial Public Offerings<\/td>\n<\/tr>\n

\u8b1b\u6f14\u8005<\/td>\n\u8521\u3000\u8d8a \u6c0f\uff08\u65b0\u6f5f\u770c\u7acb\u5927\u5b66 \u56fd\u969b\u7d4c\u6e08\u5b66\u90e8 \u8b1b\u5e2b\uff09<\/td>\n<\/tr>\n
\u6982\u8981<\/td>\nThis paper quantifies the monetary value of agency frictions in Japanese IPO underwriting by estimating a structural principal-agent model using data from 2000 to 2022. It reveals that information rents and moral hazard significantly inflate compensation, acting as a rational insurance premium against the massive potential losses associated with underwriter shirking. Additionally, the analysis provides structural evidence supporting the universal banking hypothesis, showing that bank-affiliated underwriters face substantially lower effort costs compared to independent firms.<\/td>\n<\/tr>\n
\u5bfe\u8c61<\/td>\n\u5b66\u751f\u30fb\u6559\u8077\u54e1\u30fb\u4e00\u822c<\/td>\n<\/tr>\n
\u4e16\u8a71\u4eba<\/td>\n\u8c37\u5ddd \u3000\u5be7\u5f66\uff08\u65e9\u7a32\u7530\u5927\u5b66\u5546\u5b66\u5b66\u8853\u9662 \u6559\u6388\uff09<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

\u25ce2026\u5e747\u67081\u65e5(\u6c34) \u8b1b\u6f14\u4f1a\uff08\u8a73\u7d30\u306f\u3053\u3061\u3089<\/a>\uff09<\/p>\n

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\u30c6\u30fc\u30de<\/td>\nThe Emergence of AI-powered Advertising Platforms: Opportunities and Challenges\u3000\u203b\u82f1\u8a9e\u3067\u306e\u3054\u5831\u544a\u3001\u8cea\u7591\u5fdc\u7b54\u306f\u82f1\u8a9e\u307e\u305f\u306f\u65e5\u672c\u8a9e<\/td>\n<\/tr>\n
\u8b1b\u6f14\u8005<\/td>\n\u5e9c\u5ddd\u3000\u4fe1\u5e78 \u6c0f\uff08Associate Professor of Marketing,\u00a0<\/span>Missouri University of Science and Technology\uff09<\/span><\/td>\n<\/tr>\n
\u5bfe\u8c61<\/td>\n\u5b66\u751f\u30fb\u6559\u8077\u54e1\u30fb\u4e00\u822c<\/td>\n<\/tr>\n
\u4e16\u8a71\u4eba<\/td>\n\u6069\u85cf\u3000\u76f4\u4eba\uff08\u65e9\u7a32\u7530\u5927\u5b66\u5546\u5b66\u5b66\u8853\u9662 \u6559\u6388\uff09<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

\u25ce2026\u5e747\u67088\u65e5(\u6c34) \u8b1b\u6f14\u4f1a\uff08\u8a73\u7d30\u306f\u3053\u3061\u3089<\/a>\uff09<\/p>\n

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\u30c6\u30fc\u30de<\/td>\nCloaked in Data: How Creative Brokers Overcome Data Resistance in Media <\/span><\/span>Format Development<\/span><\/span>\u200b<\/span><\/td>\n<\/tr>\n
\u8b1b\u6f14\u8005<\/td>\nJoris Ebbers<\/span><\/span>\u00a0<\/span><\/span>\u6c0f<\/span><\/span>\uff08<\/span><\/span>Full <\/span><\/span>Professor, <\/span><\/span>Entrepreneurship and Innovation<\/span><\/span>, <\/span><\/span>Luiss <\/span><\/span>Business School<\/span><\/span>\uff09<\/span><\/span>\u200b<\/span><\/td>\n<\/tr>\n
\u6982\u8981<\/td>\nIn the creative industries<\/span><\/span>, <\/span><\/span>big data <\/span><\/span>and <\/span><\/span>analytics have the potential to create insights into audience behavior <\/span><\/span>and <\/span><\/span>technological, <\/span><\/span>cultural<\/span><\/span> or content trends<\/span><\/span>, <\/span><\/span>offering new possibilities for rationally informing creative decisions<\/span><\/span>. <\/span><\/span>Yet our study <\/span><\/span>of a <\/span><\/span>data-rich media company known for producing internationally acclaimed formats reveals a striking contradiction: <\/span><\/span>despite its strategic commitment to data-driven creativity and data\u2019s potential to support idea generation and evaluation, <\/span><\/span>data was routinely resisted by both creators and managers. This empirical surprise prompted an abductive inquiry into <\/span><\/span>how data <\/span><\/span>and <\/span><\/span>creativity coexist in practice. Drawing on a 26-month qualitative study<\/span><\/span>, we find that <\/span><\/span>creators and managers <\/span><\/span>resisted data because they perceived data as uninspiring, unreliable, or unconvincing in creative work<\/span><\/span>. <\/span><\/span>Instead, we reveal <\/span><\/span>how creative brokers\u2014who <\/span><\/span>operate<\/span><\/span> at the intersection of idea generation and evaluation\u2014perform strategic work <\/span><\/span>to <\/span><\/span>overcome data resistance <\/span><\/span>through <\/span><\/span>a patterned<\/span><\/span>, <\/span><\/span>time-sensitive repertoire <\/span><\/span>of <\/span><\/span>inspiring<\/span><\/span>, <\/span><\/span>guiding<\/span><\/span>, <\/span><\/span>and legitimizing tactics<\/span><\/span>. <\/span><\/span>These <\/span><\/span>tactics combine into three temporal pathways <\/span><\/span>through <\/span><\/span>which brokers <\/span><\/span>render<\/span><\/span> data meaningful without provoking <\/span><\/span>resistance<\/span><\/span>. Our <\/span><\/span>findings reveal how data becomes workable in creative organizations through the strategic work of <\/span><\/span>creative brokers, thereby extending brokerage theory <\/span><\/span>and <\/span><\/span>recasting data as a processual mechanism through which <\/span><\/span>brokers can reconcile intuition-rationality tensions<\/span><\/span>.<\/span><\/span><\/td>\n<\/tr>\n
\u5bfe\u8c61<\/td>\n\u5b66\u751f\u30fb\u6559\u8077\u54e1\u30fb\u4e00\u822c<\/td>\n<\/tr>\n
\u4e16\u8a71\u4eba<\/td>\n\u4e09\u6a4b \u3000\u5e73\uff08\u65e9\u7a32\u7530\u5927\u5b66\u5546\u5b66\u5b66\u8853\u9662 \u6559\u6388\uff09<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

\u25ce2026\u5e747\u670813\u65e5(\u6708) \u8b1b\u6f14\u4f1a\uff08\u8a73\u7d30\u306f\u3053\u3061\u3089<\/a>\uff09<\/p>\n

\n\n\n\n\n\n\n
\u30c6\u30fc\u30de<\/td>\nWaseda Organizational and Financial Economics Seminar<\/p>\n

Single-Crossing Average Contracts and the Direction of Risk-Taking<\/td>\n<\/tr>\n

\u8b1b\u6f14\u8005<\/td>\n\u5ddd\u4e0a\u3000\u572d \u6c0f\uff08\u9752\u5c71\u5b66\u9662\u5927\u5b66 \u7d4c\u6e08\u5b66\u90e8 \u51c6\u6559\u6388\uff09<\/td>\n<\/tr>\n
\u6982\u8981<\/td>\n\n

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.<\/span><\/p>\n<\/td>\n<\/tr>\n

\u5bfe\u8c61<\/td>\n\u5b66\u751f\u30fb\u6559\u8077\u54e1\u30fb\u4e00\u822c<\/td>\n<\/tr>\n
\u4e16\u8a71\u4eba<\/td>\n\u8c37\u5ddd \u3000\u5be7\u5f66\uff08\u65e9\u7a32\u7530\u5927\u5b66\u5546\u5b66\u5b66\u8853\u9662 \u6559\u6388\uff09<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

\u25ce2026\u5e747\u670817\u65e5(\u91d1) \u8b1b\u6f14\u4f1a\uff08\u8a73\u7d30\u306f\u3053\u3061\u3089<\/a>\uff09<\/p>\n

\n\n\n\n\n\n\n
\u30c6\u30fc\u30de<\/td>\nFocal-Point Replacement under a Non-Binding Disclosure Recommendation \u3000 (\u82f1\u8a9e\u3067\u306e\u3054\u5831\u544a)<\/td>\n<\/tr>\n
\u8b1b\u6f14\u8005<\/td>\n\u85e4\u8c37\u3000\u6dbc\u4f51 \u6c0f\uff08\u4e00\u6a4b\u5927\u5b66\u5927\u5b66\u9662 \u7d4c\u55b6\u7ba1\u7406\u7814\u7a76\u79d1 \u8b1b\u5e2b\uff09<\/td>\n<\/tr>\n
\u6982\u8981<\/td>\nHow does a soft-law disclosure recommendation carrying no statutory penalty reshape corporate disclosure behavior? I study Japan\u2019s 45-Day Rule, a 2006 Tokyo Stock Exchange recommendation enforced only by a comply-or-explain provision above 50 days. The rule operates through a compound revelation-coordination mechanism. The regulator\u2019s announcement reveals 45 days as the socially appropriate target, and firms condition their behavior on this named threshold as a self-fulfilling coordination point. After the rule, the reporting-lag distribution undergoes a focal-point replacement. The pre-existing 50-day peak dissolves while a sharper peak emerges at exactly 45 days; bunching concentrates at the named threshold rather than at the 50-day comply-or0explain threshold; and firms that reach the target decelerate rather than continuing toward 30, consistent with a coordination target rather than a \u201cfaster-is-better\u201d norm. Adjustment is gradual, with a partial-adjustment half-life of approximately two years and a distinctive post-rule asymmetry around the named threshold (a pattern that reverses in the pre-rule placebo); cross-sectional heterogeneity points to resource slack (firm size, cash holdings) as the dominant moderator of adjustment speed.<\/td>\n<\/tr>\n
\u5bfe\u8c61<\/td>\n\u5b66\u751f\u30fb\u6559\u8077\u54e1\u30fb\u4e00\u822c<\/td>\n<\/tr>\n
\u4e16\u8a71\u4eba<\/td>\n\u6cb3\u5185\u5c71\u3000\u62d3\u78e8\uff08\u65e9\u7a32\u7530\u5927\u5b66\u5546\u5b66\u5b66\u8853\u9662 \u51c6\u6559\u6388\uff09<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

\u25ce2026\u5e747\u670820\u65e5(\u6708) \u8b1b\u6f14\u4f1a\uff08\u8a73\u7d30\u306f\u3053\u3061\u3089<\/a>\uff09<\/p>\n

\n\n\n\n\n\n\n
\u30c6\u30fc\u30de<\/td>\nWaseda Organizational and Financial Economics Seminar<\/p>\n

From Index Trackers to Risk Managers: The Expanding Role of Derivatives in ETFs<\/td>\n<\/tr>\n

\u8b1b\u6f14\u8005<\/td>\nAneel Keswani \u6c0f\uff08Professor, Bayes Business School, City University\uff09<\/td>\n<\/tr>\n
\u6982\u8981<\/td>\n\n

Using regulatory data from the SEC\u2019s 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.<\/span><\/p>\n<\/td>\n<\/tr>\n

\u5bfe\u8c61<\/td>\n\u5b66\u751f\u30fb\u6559\u8077\u54e1\u30fb\u4e00\u822c<\/td>\n<\/tr>\n
\u4e16\u8a71\u4eba<\/td>\n\u8c37\u5ddd \u3000\u5be7\u5f66\uff08\u65e9\u7a32\u7530\u5927\u5b66\u5546\u5b66\u5b66\u8853\u9662 \u6559\u6388\uff09<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

\u25ce2026\u5e747\u670822\u65e5(\u6c34) \u8b1b\u6f14\u4f1a\uff08\u8a73\u7d30\u306f\u3053\u3061\u3089<\/a>\uff09<\/p>\n

\n\n\n\n\n\n\n
\u30c6\u30fc\u30de<\/td>\nMandatory vs voluntary disclosure in the dynamic market for lemons.<\/td>\n<\/tr>\n
\u8b1b\u6f14\u8005<\/td>\nCyrus Aghamolla \u6c0f\uff08Rice University, Jones Graduate School of Business, Associate Professor of Accounting\uff09<\/td>\n<\/tr>\n
\u6982\u8981<\/td>\nWe consider a dynamic adverse selection setting where a privately informed seller\u00a0can choose to reveal or withhold past trade information to privately informed buyers.\u00a0Buyers naturally receive less information when the seller can strategically withhold\u00a0negative news relative to a setting where current buyers always observe the seller’s\u00a0history of trade, i.e., mandatory disclosure. Despite the informational disadvantage,\u00a0we find that strategic disclosure by the seller can be welfare-increasing relative to<\/p>\n

mandatory disclosure, under which past trade is always disclosed. This occurs because voluntary disclosure attenuates the seller’s incentive to engage in destructive\u00a0signaling and can lead to more efficient trade.<\/p>\n

Our model of repeated trade has applications to financial markets, particularly\u00a0over-the-counter markets. Various OTC markets have been subject to increased\u00a0post-trade transparency regulations in recent years, including a number of debt\u00a0securities markets through TRACE, the European bond market through MiFID II,\u00a0and the municipal bond market through MSRB Rule G-14. The empirical literature\u00a0examining the impacts of these regulations has been mixed, with studies generally\u00a0documenting both positive and negative effects of increased transparency depending\u00a0on factors such as liquidity or yield of the asset. Our setting sheds light on possible\u00a0improvements to transparency regulations, where permitting voluntary disclosure of\u00a0past trade for certain asset types can improve trade frequency and welfare. In particular,\u00a0when interpreting parameters of our model in the context of the OTC bond market,\u00a0our results imply that voluntary disclosure can be advantageous relative to mandatory disclosure when adverse selection frictions are not too severe for high- and\u00a0low-inventory cost bonds.<\/span><\/td>\n<\/tr>\n

\u5bfe\u8c61<\/td>\n\u5b66\u751f\u30fb\u6559\u8077\u54e1\u30fb\u4e00\u822c<\/td>\n<\/tr>\n
\u4e16\u8a71\u4eba<\/td>\n\u82e5\u6797\u3000\u5229\u660e\uff08\u65e9\u7a32\u7530\u5927\u5b66\u5546\u5b66\u5b66\u8853\u9662 \u51c6\u6559\u6388\uff09<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

 <\/p>\n

\u3010\u7523\u7814\u30d5\u30a9\u30fc\u30e9\u30e0\u3011<\/p>\n

2026\u5e741\u670819\u65e5\uff08\u6708\uff09\u7b2c46\u56de\u7523\u7814\u30d5\u30a9\u30fc\u30e9\u30e0\u300c\u65e5\u672c\u306b\u304a\u3051\u308bPR\uff08\u30d1\u30d6\u30ea\u30c3\u30af\u30ea\u30ec\u30fc\u30b7\u30e7\u30f3\u30ba\uff09\u306e\u6b74\u53f2\u3068\u4eca\u5f8c\u306e\u5c55\u671b\u300d<\/a>\u304c\u958b\u50ac\u3055\u308c\u307e\u3057\u305f\u3002<\/p>\n

\u3010\u305d\u306e\u4ed6\u30a4\u30d9\u30f3\u30c8\u3011<\/p>\n

2025\u5e747\u670822\u65e5\uff08\u706b\uff09\u65e9\u7a32\u7530\u5927\u5b66\u7b2c28\u56de\u30d3\u30b8\u30cd\u30b9\u30d7\u30e9\u30f3\u30b3\u30f3\u30c6\u30b9\u30c8<\/a>\u304c\u958b\u50ac\u3055\u308c\u307e\u3057\u305f\u3002<\/p>\n

\u3010\u30a2\u30ab\u30c7\u30df\u30c3\u30af\u30fb\u30d5\u30a9\u30fc\u30e9\u30e0\u3011\uff082024\u5e74\u5ea6\uff09<\/p>\n

2025\u5e743\u670815\u65e5(\u571f) \u3000\u7b2c29\u56de\u7523\u7814\u30a2\u30ab\u30c7\u30df\u30c3\u30af\u30fb\u30d5\u30a9\u30fc\u30e9\u30e0\u300c\u7d4c\u55b6\u5b66\u7814\u7a76\u306e\u8ecc\u8de1\u3068\u5c55\u671b\u300d<\/a>\u304c\u958b\u50ac\u3055\u308c\u307e\u3057\u305f\u3002\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u65e9\u7a32\u7530\u5927\u5b66\u5546\u5b66\u5b66\u8853\u9662\u3000\u5742\u91ce\u53cb\u662d\u6559\u6388\u9000\u8077\u8a18\u5ff5<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

\u4ee5\u4e0b\u306e\u3068\u304a\u308a\u3001\u7523\u696d\u7d4c\u55b6\u7814\u7a76\u6240\u306e\u30a4\u30d9\u30f3\u30c8\u3092\u958b\u50ac\u3057\u307e\u3059\u3002 \u3010\u7523\u7814\u8b1b\u6f14\u4f1a\u3011 \u25ce2026\u5e746\u670824\u65e5(\u6c34) \u8b1b\u6f14\u4f1a\uff08\u8a73\u7d30\u306f\u3053\u3061\u3089\uff09 \u30c6\u30fc\u30de Cost of Research and Education Production in […]<\/p>\n","protected":false},"author":5,"featured_media":8322,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[100,1],"tags":[73,45],"class_list":["post-15897","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-en","category-news","tag-events-en","tag-events"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.waseda.jp\/fcom\/soc\/wp-json\/wp\/v2\/posts\/15897","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.waseda.jp\/fcom\/soc\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.waseda.jp\/fcom\/soc\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/soc\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/soc\/wp-json\/wp\/v2\/comments?post=15897"}],"version-history":[{"count":2,"href":"https:\/\/www.waseda.jp\/fcom\/soc\/wp-json\/wp\/v2\/posts\/15897\/revisions"}],"predecessor-version":[{"id":16142,"href":"https:\/\/www.waseda.jp\/fcom\/soc\/wp-json\/wp\/v2\/posts\/15897\/revisions\/16142"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/soc\/wp-json\/wp\/v2\/media\/8322"}],"wp:attachment":[{"href":"https:\/\/www.waseda.jp\/fcom\/soc\/wp-json\/wp\/v2\/media?parent=15897"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/soc\/wp-json\/wp\/v2\/categories?post=15897"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/soc\/wp-json\/wp\/v2\/tags?post=15897"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}