YANASE Noriyoshi

写真a

Affiliation

Faculty of Business and Commerce (Mita)

Position

Professor

Related Websites

External Links
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Career 【 Display / hide 】

  • 2019.04
    -
    Present

    Keio University, 商学部, Professor

  • 2018.04
    -
    Present

    東京経済大学,  TKU ファイナンス研究所, 客員研究員

  • 2018.04
    -
    2019.03

    Tokyo University of Science, 経営学部, Professor

  • 2017.04
    -
    2018.03

    Tokyo University of Science, 経営学部, Associate Professor

  • 2013.04
    -
    2017.03

    Tokyo Keizai University, 経営学部, Professor

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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

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Academic Degrees 【 Display / hide 】

  • Ph.D, Hitotsubashi University, Coursework, 2003.03

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Research Areas 【 Display / hide 】

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

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

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Research Keywords 【 Display / hide 】

  • Insurance

  • Corporate Finance

  • Corporate Risk Management

  • Catastrophic Risk

  • Employee Benefit and Corporate Pension

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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

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Books 【 Display / hide 】

  • 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

  • 企業のリスクマネジメントと保険－日本企業を取り巻く環境変化とERM・保険戦略

    柳瀬典由（編著）, 慶應義塾大学出版会, 2024.04

    　View Summary

    グローバル化の進展、ICTの進歩、気候変動など不確実な経営環境のなかで、企業のリスクマネジメントはどうあるべきか？　最新の理論研究を踏まえ、リスクマネジャーへの独自調査や多彩な事例研究から、新たなリスクファイナンス手法や保険の活用方法を提案する。

  • 日本の金融システム―ポスト世界金融危機の新しい挑戦とリスク

    祝迫得夫（編）, 東京大学出版会, 2023.10

    Scope: 第9章「全社的意思決定としての企業保険の意義―理論と現状分析を踏まえた課題と将来展望」

  • リスクマネジメントと損害保険（2022年度版）

    諏澤吉彦;柳瀬典由;内藤和美, 損害保険事業総合研究所, 2022.05

    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と損害保険（2020年度版）

    諏澤吉彦;柳瀬典由;内藤和美, 損害保険事業総合研究所, 2020.11

    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」

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Papers 【 Display / hide 】

  • 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.

  • 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.

  • 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.

  • 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

  • Organization Structure and Corporate Demand for Reinsurance: The Case of the Japanese Keiretsu

    Noriyoshi Yanase, Piman Limpaphayom

    Journal of Risk and Insurance (Wiley)  84 ( 2 ) 599 - 629 2017.06

    Research paper (scientific journal), Joint Work, Accepted

    　View Summary

    This study investigates the impact of organization structure on corporate demand for reinsurance. Previous research has shown that the unique corporate groupings in Japan known as the "keiretsu" have relatively low bankruptcy costs, low agency conflicts, low information asymmetry, and low effective taxes. These conditions should mitigate the benefits of reinsurance purchase. This conjecture is tested by examining demand for reinsurance of Japanese non-life insurance companies during 1974–2010. Consistent with the prediction, keiretsu non-life insurers have lower reinsurance purchase than independent non-life insurance companies. The effects of the keiretsu structure also receded when keiretsu groupings' power was weakened after the asset bubble burst and the breakdown of the convoy system in mid 1990s. Consistent with previous studies, Japanese mutual insurers also purchase more reinsurance than stock insurers.

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

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Reviews, Commentaries, etc. 【 Display / hide 】

  • ESG投資と企業年金の受託者責任めぐる最近の動向

    柳瀬典由

    週刊社会保障 (法研)   ( 3242 ) 44 - 49 2023.10

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

  • 自然災害と企業のリスクファイナンス～地震リスクを中心に～

    柳瀬典由

    運輸と経済 (交通経済研究所)   ( 915 ) 55 - 59 2023.09

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

  • 法定開示としてのサステナビリティ情報の開示の方向性

    柳瀬典由

    年金ストラテジー   ( 321 ) 2 - 3 2023.03

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

  • 巨大災害リスクにおける保険の意味と重要性

    柳瀬典由（監修）

    教育機関・研究機関の専門家インタビュー記事 (コのほけん！)   2022.09

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

  • 書評：プロが教えるキャプティブ自家保険の考え方と活用（マーシュ ブローカー ジャパン）

    柳瀬典由

    ビジネス法務（2022年6月号） (中央経済社)     117 - 117 2022.06

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

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Presentations 【 Display / hide 】

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

    Shingo Goto, Noriyoshi Yanase

    2023 Asia Pacific Risk and Insurance Association Annual Meeting (Kansai University (Japan) ) , 

    2023.07
    -
    2023.08
    , 

    Oral presentation (general)

  • 企業=従業員関係と企業価値の関係: 企業年金政策の観点から

    柳瀬 典由

    日本リアルオプション学会　DMI研究部会 (オンライン開催) , 

    2022.02
    , 

    Public lecture, seminar, tutorial, course, or other speech

  • 大震災と家計の地震保険加入行動 － 地震保険統計を用いた実証分析 －

    柳瀬 典由

    2021年度　日本保険学会 全国大会 (神戸大学（オンライン開催）) , 

    2021.10
    , 

    Symposium, workshop panel (nominated)

  • 巨大災害と保険加入行動

    柳瀬典由

    日本金融学会秋季大会, 

    2020.11
    , 

    Oral presentation (general)

  • 企業年金と母体企業の財務的意思決定

    柳瀬典由

    日本保険学会大会, 

    2020.10
    , 

    Oral presentation (general)

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

  • 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
    -
    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)

  • 巨大災害（CAT）とリスクファイナンス

    2018.04
    -
    2021.03

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

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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.

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Courses Taught 【 Display / hide 】

  • SEMINAR: RISK MANAGEMENT, INSURANCE

    2024

  • SEMINAR (DB)

    2024

  • SEMINAR (DA)

    2024

  • SEMINAR

    2024

  • RISK MANAGEMENT AND INSURANCE

    2024

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Courses Previously Taught 【 Display / hide 】

  • 損害保険論

    明治大学商学部

    2024.04
    -
    Present
    , 

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

  • コンピューターリテラシー応用

    東京経済大学

    2023.09
    -
    Present
    , 

    Autumn Semester, Lecture, Outside own faculty (within Keio)

  • 証券分析とポートフォリオマネジメント

    中央大学商学部

    2023.09
    -
    2024.03
    , 

    Autumn Semester, 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）

    2023.09
    -
    2023.10
    , 

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

  • コンピューターリテラシー入門

    東京経済大学

    2022.04
    -
    Present
    , 

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

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Memberships in Academic Societies 【 Display / hide 】

  • 日本経営分析学会, 

    2010.04
    -
    Present

  • American Risk and Insurance Association, 

    2009.08
    -
    Present

  • 日本金融学会, 

    2006.04
    -
    Present

  • 日本経営財務研究学会, 

    2006.04
    -
    Present

  • Asia Pacific Risk and Insurance Association, 

    2005.08
    -
    Present

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Committee Experiences 【 Display / hide 】

  • 2023.12
    -
    Present

    公認会計士試験　試験委員, 金融庁

  • 2023
    -
    Present

    契約監視委員会　委員, 郵便貯金簡易生命保険管理・郵便局ネットワーク支援機構

  • 2023
    -
    Present

    資金運用基本問題研究会　委員, 警察共済組合

  • 2022
    -
    Present

    JSDAキャピタルマーケットフォーラム　研究委員, 日本証券業協会

  • 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

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