Details of a Researcher - YANASE Noriyoshi

Papers - YANASE Noriyoshi

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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

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

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.

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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

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.

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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)

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

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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The Information Content of Corporate Pension Funding Status in Japan

Shingo Goto, Noriyoshi Yanase

Journal of Business Finance & Accounting (Wiley) 43 ( 7-8 ) 903 - 949 2016.07

Research paper (scientific journal), Joint Work, Accepted

Access to Document (DOI)

Financial Flexibility and Tax Incentives: Evidence from Defined Benefit Corporate Pension Plans in Japan

Shingo Goto, Noriyoshi Yanase

Geneva Papers on Risk and Insurance - Issues and Practice (Springer Nature) 38 ( 4 ) 753 - 776 2013.10

Research paper (scientific journal), Joint Work, Accepted

Access to Document (DOI)

What Is the Driving Force behind Consolidations in the Insurance Market?

Mahito Okura, Noriyoshi Yanase

Journal of Risk Finance (Emerald) 14 ( 2 ) 108 - 119 2013.06

Research paper (scientific journal), Joint Work, Accepted

Access to Document (DOI)

The Impact of the September 11 Terrorist Attack on the Global Insurance Markets: Evidence from the Japanese Property-Casualty Insurance Industry

Noriyoshi Yanase, Yukihiro Yasuda

Journal of Insurance Issues 33 ( 1 ) 85 - 107 2010

Research paper (scientific journal), Joint Work, Accepted

生命保険・生活保障に関する調査の学術的活用のあり方

柳瀬典由

生命保険論集 (生命保険文化センター) ( 226 ) 1 - 18 2024.03

Research paper (scientific journal), Single Work, Lead author, Last author, Corresponding author

ファイナンス理論と保険研究～リスクと保険の経済学の系譜から

柳瀬典由・山﨑尚志

損害保険研究 85 ( 3 ) 173 - 210 2023.11

Research paper (scientific journal), Joint Work

ERMと企業保険－日本企業のリスクマネジメントに関する実態調査（2022年度版）より－

柳瀬典由

保険研究（慶應義塾保険学会） (慶應義塾大学出版会) 75 67 - 94 2023.10

Research paper (bulletin of university, research institution), Single Work

コーポレートガバナンスと退職給付信託

柳瀬典由，後藤晋吾，上野雄史

東京経大学会誌経営学 (東京経済大学経営学会) ( 316 ) 105 - 122 2022.12

Research paper (bulletin of university, research institution), Joint Work

コーポレートガバナンス改革と企業年金

柳瀬典由

保険研究（慶應義塾保険学会） (慶應義塾出版会) 74 55 - 73 2022.09

Research paper (bulletin of university, research institution), Single Work

大震災と個人の地震保険加入行動 —「地震保険統計」を用いた実証分析の可能性と課題—

柳瀬典由

保険学雑誌 (日本保険学会) ( 656 ) 85 - 103 2022.03

Research paper (scientific journal), Single Work

地震保険等，災害保険の加入率を高めプロテクションギャップを縮減することは，保険が社会的役割を果たすという観点から重要な政策課題である。大災害をめぐる人々の保険加入行動の実証的な理解は，EBPM（証拠に基づく政策立案）の出発点として重要であり，そのための有用な観察事実として，長年，研究者が注目してきたのは，大災害前後の非対称な保険需要という現象である。本稿の目的は，大災害をめぐる個人の保険需要に関する研究動向を整理することで，今後の研究の方向性を展望することにある。特に，わが国の2つの大震災—阪神淡路大震災と東日本大震災—に注目した研究（Kamiya and Yanaseó 2019）の紹介を通じて，「地震保険統計」を研究利用することの有用性についても言及する。

企業年金におけるステークホルダーとしての従業員と企業価値

柳瀬典由，後藤晋吾

証券アナリストジャーナル 60 ( 1 ) 65 - 77 2022.01

Research paper (scientific journal), Joint Work

ESG投資と企業成果・企業価値

柳瀬典由

保険研究（慶應義塾保険学会） (慶應義塾出版会) 73 35 - 56 2021.09

Research paper (bulletin of university, research institution), Single Work

三菱重工の保険リスクマネジメント改革について

柳瀬典由

損害保険研究 (損害保険事業総合研究所) 82 ( 4 ) 139 - 160 2021.02

Research paper (scientific journal), Single Work

日本企業における地震リスクファイナンスの現状と課題

柳瀬典由

保険研究（慶應義塾保険学会） (慶應義塾出版会) ( 72 ) 43 - 71 2020.09

Research paper (bulletin of university, research institution), Joint Work

企業の財務健全性と年金資産運用－パネルデータによる分析－

柳瀬典由, 後藤晋吾

東京経大学会誌経営学 ( 306 ) 277 - 286 2020.02

Research paper (bulletin of university, research institution), Joint Work

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