KEIO RESEARCHERS INFORMATION SYSTEM

Career 【 Display / hide 】

Career 【 Display / hide 】

• 2019.04

  -

  Present

  Keio University, 商学部, Professor

• 2024.06

  -

  Present

  公益財団法人生命保険文化センター , 理事（非常勤）

• 2015.06

  -

  Present

  公益財団法人損害保険事業総合研究所, 理事（非常勤）

• 2021.08

  -

  Present

  公益財団法人東京経済研究センター（TCER）, フェロー

• 2023.12

  -

  Present

  金融庁 公認会計士試験試験委員（経営学）

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Academic Background 【 Display / hide 】

Academic Background 【 Display / hide 】

• 1993.04

  -

  1998.03

  Hitotsubashi University, 商学部

  University, Graduated, Other

• 1998.04

  -

  2000.03

  Hitotsubashi University, 大学院商学研究科

  Graduate School, Completed, Master's course

• 2000.04

  -

  2003.03

  Hitotsubashi University, 大学院商学研究科

  Graduate School, Completed, Doctoral course

Academic Degrees 【 Display / hide 】

Academic Degrees 【 Display / hide 】

• Ph.D, Hitotsubashi University, Coursework, 2003.03

Research Areas 【 Display / hide 】

Research Areas 【 Display / hide 】

• Humanities & Social Sciences / Money and finance (Insurance)

• Humanities & Social Sciences / Money and finance (Corporate Finance)

Research Keywords 【 Display / hide 】

Research Keywords 【 Display / hide 】

• Insurance

• Corporate Finance

• Corporate Risk Management

• Corporate Governance

• Catastrophic Risk

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Research Themes 【 Display / hide 】

Research Themes 【 Display / hide 】

• Corporate Pension, Employee Benefits, 

  1998.04

  -

  Present

• Corporate Risk Management, 

  2005.04

  -

  Present

• Insurance Industries, 

  2005.04

  -

  Present

• CAT Risks and Insurance Market, 

  2008.04

  -

  Present

• Corporate Governanc, 

  2008.04

  -

  Present

Books 【 Display / hide 】

Books 【 Display / hide 】

• Japan’s Financial System: New Perspectives and Potential Risks in the Post-Global Financial Crisis Era (Eds. Tokuo Iwaisako)

  Springer Nature, 2025.05

  Scope: Enterprise Risk Management and Corporate Insurance: Issues and Practice Based on Survey on Risk Managers in Japan

• リスクマネジメントと損害保険（2026年度版）

  損害保険事業総合研究所, 2026.04

  Scope: 第4章「リスクマネジメントのプロセス」，第5章「リスクプーリングと保険の原理」，第6章「期待効用理論と保険市場」および「コラム」

• リスクマネジメント戦略としての企業保険実務

  中央経済社, 2026.02

  Scope: 第1章「企業のリスクマネジメントの高度化に向けた課題と展望―企業向け保険市場の構造と変容―」

• 保険リスクマネージャーの視点と実務

  中央経済社, 2024.07

  Scope: 第1章「日本企業を取り巻く環境変化と企業リスクマネジメントの役割」

• はじめて学ぶリスクと保険 第5版

  下和田功，米山高生，岡田太，金瑢，諏澤吉彦，柳瀬典由，岩瀬泰弘, 有斐閣, 2024.04

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Papers 【 Display / hide 】

Papers 【 Display / hide 】

• Context Comes to Mind: Evidence and Implications for Protection against Catastrophes

  Kakamu K., S. Kamiya S., P. Staufer-Steinnocher, N. Yanase and T. Yamasaki

  North American Actuarial Journal, (Taylor & Francis)   2025.05

  Research paper (scientific journal), Joint Work, Accepted

  　View Summary

  Natural disasters, particularly in the Asia-Pacific region, are causing increasing uninsured losses, with Japan facing high seismic risks. Despite an affordable national earthquake insurance program introduced in 1966, take-up rates remain low, likely due to public underestimation of earthquake probabilities. This study investigates how subjective risk perceptions are updated after disasters, focusing on Japan’s earthquake insurance uptake following the 1995 Great Hanshin-Awaji Earthquake (Kobe earthquake). We find that the urban context of the Kobe earthquake significantly influenced insurance purchases in other major cities, such as Tokyo, despite these areas being unaffected. Population size played a greater role than urban density, and similar effects were absent in non-urban areas. Our results suggest the representativeness heuristic of “urban-ness,” rather than risk aversion. These findings highlight how heuristics can reduce the protection gap and inform policies to enhance disaster resilience.

  • Access to Document (DOI)

• Corporate Governance and Shareholder-Employee Risk-Shifting: Evidence from Corporate Pension Plan Sponsors

  Shingo Goto, Noriyoshi Yanase

  Finance Research Letters (Elsevier)  58 2023.12

  Research paper (scientific journal), Joint Work, Accepted

  　View Summary

  This study examines how corporate governance affects pension plan sponsors’ conflicting motives—risk-shifting vs. risk management—and their future pension funding status, R&D investments, and shareholder values. We focus on managers’ discretionary choices of expected rates of return on plan assets and discount rates for pension liabilities to capture risk-shifting motives and measure corporate governance quality through foreign equity ownership (strong monitoring) and stable equity ownership (weak monitoring). The evidence shows that well-governed firms use managerial risk-shifting to finance R&D and increase shareholder values. Risk-shifting by poorly-governed firms results in larger pension underfunding without increasing shareholder values.

  • Access to Document (DOI)

• Pension Return Assumptions and Shareholder-Employee Risk-Shifting

  Shingo Goto, Noriyoshi Yanase

  Journal of Corporate Finance (Elsevier)  70 2021.10

  Research paper (scientific journal), Joint Work, Accepted

  　View Summary

  Firm managers of defined-benefit (DB) pension plan sponsors reveal their primary motives — risk-shifting or risk-management — through their assumed expected rates of return (ERRs) on the plan assets. Managers with risk-shifting motives choose high ERRs to exploit flexible internal financing from employees via pension underfunding. Those with risk-management motives choose low ERRs to reduce future cash-flow uncertainty by improving the pension funding status. We examine if ERRs predict the firms’ future cash-flow allocation between pension funding and corporate investments, in a Japanese sample that mitigates the selection bias concern for US DB plan sponsors. Using dynamic panel regressions that control for lagged dependent variables, firms’ business prospects, and unobserved fixed effects, we show that higher ERRs precede higher capital investments, R&D expenses, and net pension obligations while revealing managerial aggression, especially among firms with high external financing costs. Higher ERRs predict higher market-to-book ratios for the firms with larger R&Ds and/or underfunding, suggesting that the risk-shifting channel of internal financing with high ERRs can help alleviate underinvestment problems.

  • Access to Document (DOI)

• Bank Equity Ownership and Corporate Hedging: Evidence from Japan

  Piman Limpaphayom, Daniel Rodgers, Noriyoshi Yanase

  Journal of Corporate Finance (Elsevier)  58   765 - 783 2019.10

  Research paper (scientific journal), Joint Work, Accepted

  　View Summary

  This study examines the relation between bank equity ownership and corporate hedging in Japan, an economy where banks are allowed, to a certain limit, to hold shares of firms to which they lend funds. The results show that bank equity ownership is positively related to the corporate usage of derivatives. We also find very little evidence that firm-level financial constraints affect derivatives usage. We further analyze the relation between derivatives usage and firm value to assess whether derivatives usage is driven by bank rent-seeking or speculative behavior. We find that derivatives usage is positively related to firm value providing support to the notion that bank equity ownership increases corporate hedging which, in turn, leads to high firm valuation. Robustness tests show that the relation between hedging and main bank equity ownership is not driven by endogeneity. In the end, our findings suggest that corporate hedging is driven by risk-averse incentives resulting from bank monitoring. We conclude that, in addition to relevant economic factors, ownership structure can also affect corporate hedging behavior.

  • Access to Document (DOI)

• Learning from Extreme Catastrophes

  Shinichi Kamiya, Noriyishi Yanase

  Journal of Risk and Uncertainty (Springer Nature)  59 ( 1 ) 85 - 124 2019.08

  Research paper (scientific journal), Joint Work, Accepted

  • Access to Document (DOI)

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Papers, etc., Registered in KOARA 【 Display / hide 】

Papers, etc., Registered in KOARA 【 Display / hide 】

• Survey on the risk management and insurance practices of Japanese companies

  Yanase, Noriyoshi

  学事振興資金研究成果実績報告書 (慶應義塾大学)  2023

• Corporate demand for risk management and insurance

  Yanase, Noriyoshi

  学事振興資金研究成果実績報告書 (慶應義塾大学)  2022

• An empirical study on the internal resource allocation between shareholders and employees in corporate pension plans

  Yanase, Noriyoshi

  学事振興資金研究成果実績報告書 (慶應義塾大学)  2021

• An empirical study on corporate risk management : integration of corporate finance and insurance science

  Yanase, Noriyoshi

  科学研究費補助金研究成果報告書 2020

• Corporate pension and corporate governance

  Yanase, Noriyoshi

  学事振興資金研究成果実績報告書 (慶應義塾大学)  2019

Reviews, Commentaries, etc. 【 Display / hide 】

Reviews, Commentaries, etc. 【 Display / hide 】

• 退職給付制度は人的資本投資か―DB型企業年金の「見える化」と人的資本開示

  柳瀬典由

  週刊社会保障 (法研)   ( 3372 ) 36 - 41 2026.06

  Article, review, commentary, editorial, etc. (trade magazine, newspaper, online media), Single Work

• 人的資本開示をめぐる最近の動向

  柳瀬典由

  年金ストラテジー   ( 357 ) 2 - 3 2026.03

  Article, review, commentary, editorial, etc. (trade magazine, newspaper, online media), Single Work

• 退職給付信託をめぐる潜在的な利益相反の可能性

  柳瀬典由

  週刊社会保障 (法研)   ( 3308 ) 44 - 49 2025.03

  Article, review, commentary, editorial, etc. (trade magazine, newspaper, online media), Single Work

• 「アセットオーナー・プリンシプル」と企業年金

  柳瀬典由

  年金ストラテジー   ( 345 ) 2 - 3 2025.03

  Article, review, commentary, editorial, etc. (trade magazine, newspaper, online media), Single Work

• コーポレートガバナンス改革と退職給付信託

  柳瀬典由

  年金ストラテジー   ( 333 ) 2 - 3 2024.03

  Article, review, commentary, editorial, etc. (trade magazine, newspaper, online media), Single Work

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Presentations 【 Display / hide 】

Presentations 【 Display / hide 】

• 保険募集チャネルの多様性に関する経済学的考察

  [Domestic presentation] 

  2026.11

  , 

  Symposium, workshop panel (nominated)

• 企業年金とコーポ―レートファイナンス

  [Domestic presentation]  日本アクチュアリー会年次大会, 

  2025.11

  , 

  Oral presentation (invited, special)

• Corporate Governance Beyond Shareholders: Employee Interests and Shareholder-Employee Risk-Shifting in Pension Plans

  [International presentation]  Vietnam Symposium in Entrepreneurship, Finance and Innovation, 

  2025.07

  , 

  Oral presentation (general)

• 企業リスクマネジメントと損害保険：「理論」から「今と将来」を考える

  [Domestic presentation]  現代経営学研究所（RIAM）第35回シンポジウム, 

  2024.12

  , 

  Symposium, workshop panel (nominated)

• De Facto Cross-Shareholding using a Pension Trust: Its Implications for Management Entrenchment and Corporate Governance

  [Domestic presentation]  日本金融学会全国大会, 

  2024.10

  , 

  Oral presentation (general)

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Research Projects of Competitive Funds, etc. 【 Display / hide 】

Research Projects of Competitive Funds, etc. 【 Display / hide 】

• 日本企業のリスクマネジメント：株主構成の変容・ガバナンス・自然災害と市場評価

  2026.04

  -

  2030.03

  基盤研究(C), Principal investigator

• 気候変動リスク情報の強制開示の影響分析：リスクとサステナビリティの統合的研究

  2023.04

  -

  Present

  科学研究費補助金　基盤研究（C）, Research grant, Coinvestigator(s)

• An Empirical Study on Firms' Incentive in Corporate Pension Plans

  2022.04

  -

  Present

  MEXT,JSPS, Grant-in-Aid for Scientific Research, 基盤研究(C), Research grant, Principal investigator

  　View Summary

  本研究では、給付建て企業年金（DB年金）における経営者裁量が企業の内部資源を株主・従業員間でどのように配分するかを検証し、そうした資源配分に対する資本市場評価についても実証的に検討する。具体的には、①企業のコーポレートガバナンスのあり様が、DB年金を通じた内部資源の配分に対する資本市場の評価に与える影響、② DB年金とイノベーションとの関係、③グローバルデータの活用による国際比較の3点を検証する。
  
  

• 日本企業の財務特性に関する実証研究：「ガバナンス改革」と既得権益の相克の観点から

  2021.04

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  Present

  MEXT,JSPS, Grant-in-Aid for Scientific Research, 基盤研究(A), Research grant, Coinvestigator(s)

  　View Summary

  本研究は、2000年代以降に積極的に行われてきた一連の「コーポレート・ガバナンス改革」を分析視角として、日本企業における財務特性に関する実証的知見の蓄積を行うことを目的とする。アフターコロナを見据えた成長戦略の重要性が増す中で、上場によるショートターミズム（短期志向）と長期的投資のトレードオフ問題、銀行・企業間関係の変容とその作用、経営者の保身行動（在任期間中は平穏に過ごしたいとするQuiet Life仮説）などの重要な学術的課題に対して、日本企業の検証による情報発信をすることが本研究の最終的な到達目標である。

• ERM情報の価値関連性の分析：非財務情報研究とERM研究の統合

  2019.04

  -

  2023.03

  科学研究費補助金　基盤研究（C）, Research grant, Coinvestigator(s)

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Awards 【 Display / hide 】

Awards 【 Display / hide 】

• GPIF Finance Awards

  2024.03, Government Pension Investment Fund (GPIF)

  Type of Award： International academic award (Japan or overseas)

• 奨励賞

  柳瀬典由, 2016.10, 生活経済学会

  Type of Award： Award from Japanese society, conference, symposium, etc.

• 学会賞

  柳瀬典由, 2014.10, 日本経営財務研究学会

  Type of Award： Award from Japanese society, conference, symposium, etc.

• 調査研究優秀研究賞

  柳瀬典由, 2013.03, 公益財団法人かんぽ財団

  Type of Award： Award from publisher, newspaper, foundation, etc.

• 学会賞（論文の部）

  柳瀬典由, 石坂元一, 2012.10, 日本保険学会

  Type of Award： Award from Japanese society, conference, symposium, etc.

Courses Taught 【 Display / hide 】

Courses Taught 【 Display / hide 】

• RISK MANAGEMENT

  2026

• SEMINAR (DA)

  2026

• DATA SCIENCE FOR BUSINESS AND COMMERCE

  2026

• RISK MANAGEMENT AND INSURANCE

  2026

• CORPORATE RISK MANAGEMENT

  2026

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Courses Previously Taught 【 Display / hide 】

Courses Previously Taught 【 Display / hide 】

• リスクマネジメント論

  帯広畜産大学（農畜産プロフェッショナル）

  2027.01

  , 

  Other, Other, Lecture, Outside own faculty (within Keio)

• Risk Management & Insurance

  中央大学商学部

  2026.04

  -

  2026.09

  , 

  Spring Semester, Undergraduate (specialized), Lecture, Outside own faculty (within Keio)

• リスクマネジメント論

  帯広畜産大学（農畜産プロフェッショナル）

  2025.09

  -

  2025.10

  , 

  Other, Other, Lecture, Outside own faculty (within Keio)

• リスクマネジメント論

  帯広畜産大学（農畜産プロフェッショナル）

  2024.09

  -

  2024.10

  , 

  Other, Other, Lecture, Outside own faculty (within Keio)

• 損害保険論

  明治大学商学部

  2024.04

  -

  2025.03

  , 

  Full academic year, Undergraduate (specialized), Lecture, Outside own faculty (within Keio)

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Social Activities 【 Display / hide 】

Social Activities 【 Display / hide 】

• 共同研究「保有契約データを活用したビックデータ分析」

  東京海上日動あんしん生命株式会社

  2023.06

  -

  2024

Memberships in Academic Societies 【 Display / hide 】

Memberships in Academic Societies 【 Display / hide 】

• 慶應義塾保険学会（理事長）, 

  2019.04

  -

  Present

• 日本金融学会, 

  2006.04

  -

  Present

• 日本経営財務研究学会, 

  2006.04

  -

  Present

• 日本リスク・保険・年金学会, 

  2004.01

  -

  Present

• 生活経済学会, 

  2003.05

  -

  Present

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Committee Experiences 【 Display / hide 】

Committee Experiences 【 Display / hide 】

• 2026.10

  -

  Present

  金融審議会 専門委員（保険制度WG）, 金融庁

• 2023.12

  -

  Present

  公認会計士試験　試験委員, 金融庁

• 2021

  -

  Present

  食料・農業・農村政策審議会農業保険部会　臨時委員, 農林水産省

• 2018

  -

  2020

  大学設置・学校法人審議会（大学設置分科会）専門委員（経済学）, 文部科学省

• 2026.06

  -

  Present

  自賠責保険の経費の計算方法等に関する第三者委員会　委員長, 日本損害保険協会

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