第80回研究会 （2024年度 第5回）
開催日時: 2025年3月12日（水）15:00～17:00
開催方法：対面形式
会場：場所：慶應義塾大学 三田キャンパス 研究室棟4階 446研究集会室
プログラム：
15:00～16:00
株式保有ネットワークにおける株価共時性とリスク伝播
報告者：矢倉 賢範氏（東京海上アセットマネジメント，埼玉大学大学院生）
16:00～17:00
Certainty equivalent and uncertainty premium of time-to-build
報告者：ジョン ヘジュン氏（東京理科大学）
備考：日本金融学会関東部会，中央大学企業研究所，慶應義塾大学商学会との共催
第79回研究会 （2024年度 第4回）
開催日時: 2025年2月19日（水）16:30～18:00
開催方法：対面形式
会場：東京経済大学キャンパス 第4号研究センター4422研究室
報告者：古賀裕也（中央大学）
報告タイトル：Stock market listing and real earnings management in a debt-oriented country: Evidence from Japan
要旨：Stock market listing can increase firms’ incentives to provide transparent accounting information under “demand” hypothesis, while it can induce managers' incentives to manipulate earnings under “opportunistic behavior” hypothesis. In this regard, prior studies have mainly focused on equity-oriented countries and provided mixed results. This study examines the real earnings management of listed and unlisted firms in a debt-oriented country, Japan. We select a sample of 16,704 firm-years (8,352 listed and 8,352 unlisted firm-years) from 2001 to 2021 through propensity score matching. The main results indicate that listed firms engage in real earnings management less than unlisted firms. Additional analyses reveal that listed firms with less debt financing reduce real earnings management. These findings support the “demand” hypothesis, suggesting that stock market listings increase firms’ incentives to provide investors with transparent financial information. Overall, the findings of this study enhance the understanding of earnings management behavior in a debt-oriented country’s context, contributing the debate on the myopic managerial behavior of listed firms.
第78回研究会 （2024年度 第3回）
開催日時: 2024年11月28日（木）16:30～18:00
開催方法：対面形式
会場：東京経済大学キャンパス 第4号研究センター4422研究室
報告者： 木村遥介氏（東京科学大学）
報告タイトル：Corporate network, co-patenting, and technological innovation
要旨：This paper empirically investigates the interplay among corporate networks, co-patenting activities, and technological innovation among Japanese listed companies. By constructing a dataset that integrates corporate shareholdings and patent data, we analyze the extent to which inter-firm relationships foster collaborative innovation, as proxied by co-patenting practices. Our findings indicate that closer inter-firm proximities enhance the propensity for collaboration, effectively reducing the barriers posed by geographical and technological distances. Additionally, we assess the value of co-patenting using both citation-based and market-based measures of innovation, providing a multifaceted view of its impact on technological advancement.
第77回研究会 （2024年度 第2回）
開催日時: 2024年11月6日（水）17:00～18:30
開催方法：対面開催
会場：慶應義塾大学三田キャンパス 研究室棟 4階 446 会議室
報告者： Dr. Anin Dhanasin Rupp (Lecturer, Department of Finance, Chiang Mai University Business School, Thailand)
報告言語：英語
報告タイトル：Strategic Implications of Corporate Disclosure via Twitter
要旨：We investigate the information and strategic aspects of corporate tweets. Despite limits on message length, tweets stimulate information acquisition by investors, as indicated by post-tweet downloads from the SEC-EDGAR website. Corporations appear effective at leveraging tweets to enhance their information environment. Specifically, tweets are associated with reduction in firms’ earnings surprise and stock return volatility. There is decrease in negative skewness of stock returns, suggesting a more even release of favorable and unfavorable news, especially in high litigation industries. These effects are more evident when the CEO has greater equity incentives and when firms are smaller and less visible.
備考：慶應義塾大学商学会との共催（予定）
第76回研究会 （2024年度 第1回）
開催日時: 2024年7月24日（水）16:00～18:00
開催方法：対面開催
会場：東京経済大学国分寺キャンパス第４研究センター4422室
報告者： Jungwon Min（Inha University, Korea） https://p-jmin.inha.ac.kr/p-jmin/13531/subview.do
報告言語：日本語
報告タイトル：Organizational Learning through Rare Crises
要旨：Rare crises, such as disasters and serious accidents, cause tremendous harm to organizations. To utilize these events as an opportunity, it is crucial to understand whether and what organizations learn through these events. Hence, this study, grounded in organizational learning literature, examines how rare crises make shifts in the organizational routines to prioritize human capital resources, particularly soft skills. It posits that rare crises reveal organizational weaknesses in existing routines, leading them to address these weaknesses by prioritizing complementary soft skills among employees. For empirical testing, this study utilizes the context of the Great East Japan Earthquake in 2011 and conducts topic modeling by using data on Ideal Candidate Profiles from 1588 Japanese firms between 2006 and 2015. The findings reveal a notable shift in the soft skills prioritized by organizations from traditional collaborative skills to self-reliance skills following the crisis. Furthermore, the study finds that maintaining a balance between these traditional and newly prioritized soft skills is crucial for performance benefits post-crisis. The results offer theoretical and practical implications for organizational learning through rare but salient events.