2013年度
日時: 2013年6月1日(土)
場所: 政策研究大学院大学 4階 会議室4A
地図: http://www.grips.ac.jp/jp/docs/map.pdf
14:00-15:50
講演者: 滝澤美帆 氏 (東洋大学)
題目: 資金制約下にある企業の無形資産投資と企業価値
概要: 企業が保有する資産は、建物や構築物などの「見える資産（有形資産）」と、知識・技術や人的資本などの「見えない資産（無形資産）」に大別される。近年、後者を定量的に評価（可視化）し、その役割を正確に理解しようとする試みが進んでいる。本研究では、Hulten and Hao(2008)に従い、上場企業の財務データより、研究開発ストック、組織資本という２つの無形資産を計測し、無形資産が企業価値に与える影響を観察した。その結果、日本においては、無形資産の蓄積が、企業価値に強いプラスの影響を与えていることが分かった。また、トービンのQを説明変数とする通常の設備投資関数を有形の資産のみの場合と無形資産を含む場合の二通りで推計した。その結果、有形資産のみの結果と異なり、無形資産を含む場合、トービンのQの係数はプラスで有意な結果が得られた。このことから、設備投資行動のモデル化に当たって、無形資産を考慮する必要性が確認された。加えて、無形資産を含んだ設備投資モデルの推定結果から、より強い資金制約に直面している企業ほど、無形資産を含む設備投資が阻害されている可能性が示唆された。
16:10-18:00
講演者: 大湾秀雄 氏 (東京大学）
題目: Multi-tasking Incentives and Biases in Subjective Performance Evaluation: An Empirical Analysis
概要: Subjective performance evaluation serves as a double-edged sword in an incentive contract. It can mitigate multi-tasking problems, however, it opens the door for biases, resulting in turnover costs. We provide evidence for both sides of subjective performance evaluation. Using performance evaluation data of new-car sales representatives in a large car sales company in Japan, we show that subjectivity is used to incorporate hard-to-measure tasks, such as mentoring of junior workers and building of long term customer relationship, in an incentive contract. Specifically, we show that (1) the weight for an observable performance measure is a decreasing function of the marginal productivity of a hard-to-measure task, and (2) the weight for a hard-to-measure task is an increasing function of its own marginal productivity. We then use the residuals of the evaluation regressions to construct bias indicators where substantially negative and positive residuals indicate discrimination and favoritism, respectively. We provide tests to show that these indicators capture perceived bias as described in Macleod (2003). We then show that perceived discrimination would substantially increase worker quits.
日時: 2013年7月20日(土)
場所: 政策研究大学院大学 4階 会議室4B
地図: http://www.grips.ac.jp/jp/docs/map.pdf
14:00-15:50
講演者: 明城聡 氏 (法政大学)
題目: Estimating Structural Demand and Supply Models with Additional Market Information
概要: We derive asymptotic properties of an estimator for supply and demand models extended with additional moments relating consumer demographics to the characteristics of purchased products. We clarify the structure of a practical sampling scheme in which the extended estimator is consistent, asymptotically normal, and more efficient than the original estimator. We provide conditions guaranteeing the asymptotic theorems hold for the random coefficient logit model of demand with oligopolistic suppliers. Extensive simulation studies demonstrate significant benefits of the additional moments in estimating the random coefficient logit model.
16:10-18:00
講演者: 中島賢太郎 氏 (東北大学)
題目: 移住による人的資本のソーティングと地域間賃金格差：日本の個票データによる分析
概要: 現実に観察される地域間賃金格差には、集積や自然条件の違いなど地域固有の生産性の違いに由来する部分と、生産性の異なる個人の地域的に不均一な分布（ソーティング）に由来する部分からなる。本稿は、日本における地域間賃金格差の中で個人スキルのソーティングの効果を抽出すると同時に、その中でさらに出身地の環境に基づくソーティングと移住によるソーティングの効果を測定する。そのために、現住地および出身地の分かる個票データを用いて、Mincer型賃金方程式において現住地ダミーとともに移住情報から作られる変数を追加して推定を行う。その結果、高学歴、正規雇用の労働者について、移住者は非移住者よりも高い賃金を得ていることが確認される。さらにこの推定結果を用いる反実仮想シミュレーションによって、移住者が出身地に留まった状況における仮想賃金を予測する。その結果、低賃金地域において仮想賃金が実測賃金を上回り高賃金地域において下回る。これにより、仮想的賃金の地域間格差は実測賃金による格差に比べ縮小し、移住を通じたスキルのソーティングが確認される。さらに出身地において発生する学歴等のソーティングもコントロールすることにより、真の地域間生産性格差を得る。これらの3つの格差の比較によりソーティング効果全体に占める移住のソーティングの寄与度を測定する。
日時: 2013年10月5日(土)
場所: 政策研究大学院大学 4階 会議室4A
地図: http://www.grips.ac.jp/jp/docs/map.pdf
14:00-15:50
講演者: 水野貴之 氏 (国立情報学研究所)
題目: Empirical properties of online product prices: stylized facts and stochastic modeling
概要: Why are product prices in online markets dispersed in spite of very small search costs? Price dispersion in online markets stems from heterogeneity in customers' preferences over retailers; that is, customers choose a set of candidate retailers based on their preferences, which are heterogeneous across customers, and then pick a particular retailer among the candidates based on the price ranking. Thus, some retailers know that some customers will choose them even at high price. The retailers set prices at a level substantially higher than the lowest price. Next, we introduce a stochastic model of online markets, where product prices basically follow a random walk, but sometimes exhibit a sharp decline. In this model, each retailer stochastically places a limit sell order, stochastically reviews its quote price, and revise the quote price if necessary. Customers stochastically pick a particular e-retailer and purchase its product. We conduct a numerical simulation to show that the model successfully reproduces some important facts regarding price dynamics in online product markets, including a Hurst exponent around 0.5, non-autocorrelation of price fluctuations, non-trivial complex correlation of the sign of price changes, and the fat tails of price change distributions.
16:10-18:00
講演者: 大山睦 氏 (北海道大学)
題目: Acquisitions, Productivity, and Profitability: Evidence from the Japanese Cotton Spinning Industry
概要: We explore how changes in ownership and managerial control affect the productivity and profitability of producers. Using detailed operational, financial, management, and ownership data from the Japanese cotton spinning industry at the turn of the last century, we find a more nuanced picture than the straightforward “higher productivity buys lower productivity” story commonly appealed to in the literature. Acquired firms' production facilities were not on average any less physically productive than the plants of the acquiring firms before acquisition, conditional on operating. They were much less profitable, however, due to consistently higher inventory levels and lower capacity utilization-differences which reflected problems in managing the inherent uncertainties of demand in the industry. When these less profitable plants were purchased by more profitable establishments, the acquired plants saw drops in inventories and gains in capacity utilization that raised both their productivity and profitability levels, consistent with acquiring owner/managers spreading their better demand management abilities across the acquired capital.
日時: 2013年11月9日(土)
場所: 政策研究大学院大学 4階 会議室4B
地図: http://www.grips.ac.jp/jp/docs/map.pdf
14:00-15:50
講演者: 伊藤恵子 氏 (専修大学)
題目: Expansion of Overseas Production and the Impact on Employment in Domestic Supporting Industries: An Empirical Analysis Based on Buyer-Supplier Transaction
概要: This paper focuses on non-internationalized supplier firms and investigates how the expansion of overseas activities by their main customer firms affects their employment, utilizing a unique dataset that includes information on buyer-supplier transaction relationships for Japanese manufacturing firms for the period 1998-2007. We do not find any negative effect of top buyers' overseas expansion on domestic suppliers' employment. Instead, we find a significant positive effect. Our result implies that, contrary to fears of a potential hollowing out of domestic supporting industries, the expansion of overseas activities of customer firms has a positive impact on suppliers' employment. Expansion of overseas production by downstream firms may increase purchases from upstream firms in Japan and this would be the case if downstream firms can increase their world-wide sales by expanding overseas production. Therefore, our result suggests that having a transaction relationship with successful downstream multinational firms that expand their global sales through overseas production is important for non-internationalized suppliers in Japan.
16:10-18:00
講演者: 細野薫 氏 (学習院大学)
題目: Financial Shocks and Firm Exports: A Natural Experiment Approach with a Massive Earthquake
概要: This paper investigates the effect of financial shocks on firms' exports. To circumvent endogeneity problems, we utilize the natural experiment provided by Japan's Great Hanshin-Awaji earthquake in 1995. Using a unique firm-level dataset, we single out the effect of exogenous financial shocks on firms' exports by focusing on exports of those firms that were not directly damaged by the earthquake but had main bank relationships with damaged banks. Our main findings are twofold. First, as for the extensive margins of exports, the probabilities of starting exports or of expanding export destination areas were smaller for undamaged firms transacted with a damaged main bank than for those transacted with an undamaged main bank. Second, as for the intensive margins of exports, undamaged firms transacted with a damaged main bank had a lower export-to-sales ratio than those transacted with an undamaged main bank. These findings lend support to the existence of the financial constraint on firm exports.
日時: 2013年12月7日(土)
場所: 政策研究大学院大学 4階 会議室4F
地図: http://www.grips.ac.jp/jp/docs/map.pdf
14:00-15:50
講演者: 祝迫達郎 氏 (大阪大学)
題目: Product Cycles and Growth Cycles (with Hitoshi Tanaka)
概要: This paper explores the equilibrium path in a two-country overlapping generations model where new technologies in developed countries (the North) are transferred by imitation to developing countries (the South). We find the equilibrium path of this North--South two-country economy exhibits perpetual fluctuation, including the period-2 cycle, even if the preference and production settings are conventional, e.g. utility of a Cobb--Douglas form. Importantly, when the equilibrium path exhibits perpetual fluctuation, innovation and imitation continue to fluctuate. Consequently, the growth rate of the world economy and the difference in the technology level between the North and the South continue to fluctuate, even while the world economy grows. This finding suggests that the product cycle can be a source of endogenous economic fluctuation. Moreover, the model suggests that the growth path tends to be unstable when imitation in the South is more active than innovation in the North, and this implies that stronger intellectual property rights in the South may stabilize fluctuations in the growth rate of the world economy.
16:10-18:00
講演者: 奥平寛子 氏 (岡山大学)
題目: Minimum Wage Effects across Heterogeneous Labor Markets Direct Evidence from Plants' Internal Adjustments (with Miho Takizawa, Fumio Ohtake, and Kotaro Tsuru)
概要: Recent developments in empirical studies have shown that an increase in minimum wage has a non-negative overall employment effect, which is inconsistent with the prediction generated by the textbook competitive labor market model. This paper examines the mechanism that explicitly explains this “inconsistent” evidence by directly estimating how far a plant is from its optimal decision in a competitive environment. In particular, we estimate the gap between each plant's value of marginal product of labor (VMPL) and wage rate using a plant-level dataset from the Japanese manufacturing census. We find that in response to an increase in minimum wage, plants do not necessarily reduce its employment level but experience an increase in the negative gap (i.e., VMPL - wage rate < 0). We conclude that plants are irrational in the sense that they do not cancel out this increase in the negative gap even in subsequent years. Interestingly, the employment effect becomes significantly positive for plants with a small number of competitors in the local labor market.
日時: 2014年2月1日(土)
場所: 政策研究大学院大学 4階 会議室4B
地図: http://www.grips.ac.jp/jp/docs/map.pdf
14:00-15:50
講演者: 伊藤萬里 氏 (専修大学)
題目: Does Agglomeration Promote the Internationalization of Chinese Firms?
概要: This study empirically examines the role of agglomeration in enabling firms to begin exporting, using a large dataset of Chinese firms. Knowledge spillover caused by the agglomeration of exporters can reduce the initial cost of export, thereby lowering the “productivity cut-off” required to export. A parametric estimation of an export entry model indicates that the agglomeration of incumbent exporters contributes significantly to export participation, although its magnitude is limited. These spillover effects are generated not only by the agglomeration of exporting foreign invested firms (FIFs), but also, more importantly, by that of indigenous Chinese exporters. In fact, the agglomeration of exporting FIFs only contributes to the export entry of FIFs, but has a negative impact on indigenous Chinese firms' export participation.
16:10-18:00
講演者: 寳多康弘 氏 (南山大学)
題目: Redirected Technical Change and Sustainable Growth (with Yuichi Furukawa)
概要: This study aims to explain an endogenous emergence of an open patent pool for environmentally friendly inventions, like the Eco-Patent Commons. We achieve this, by thinking of a possibility that private firms internalize production externalities in a standard endogenous and directed technical change model with environmental constraints, in which the final good is manufactured from "clean" and "dirty" inputs and the inputs of each type are endogenously innovated. We demonstrate that, in equilibrium, firms may voluntarily conduct an open-resource patent pool for clean inventions (eco-patent commons). If a coordination cost is negligibly small, this endogenous emergence of eco-patent commons necessarily expands a set of initial knowledge stocks with which the economy can achieve sustainable growth under laissez-faire.