Keio University Graduate School of Business and Commerce

Field of Study

Economy and Industry

The field of Economy and Industry covers a wide variety of subjects including: “Finance & Securities,” “Insurance,” “Transport, Public Policy & Industrial Organization,” “Econometrics,” “International Economics,” “Industrial History & Business History” and “Industrial Relations.” The academic foundation these disciplines share is applied microeconomics and macroeconomics. However, each discipline modifies their research objective and methodology for analyses and hence each course structure is varied and unique. These courses are designed to enable the student to debate each issue that characterizes the industrial and economic world in a multifaceted and flexible manner through changes in time, from the perspective of various stakeholders and on the international stage. For example, through participating in lectures, seminars and collaboration projects that our graduate program offers, the student can sincerely pursue subjects such as, the Financial & Insurance System, Market Mechanism, Cost-Benefit Analysis of Policy Management, Methodology of Micro and Macro Econometric Analysis, Trade and Investment Issues in Global Economies, the Historical Analysis of the Development of Industry and Economy, Internal Labor Markets within a Corporation and Labor Management Issues. The student can then learn to apply these to actual situations. Practical applications in each discipline arms the student with the ability to arrive at their own conclusions and to understand the essence of various phenomena in the industrial economic system. All this will help them to nurture more mature insights.

Faculty Members

Finance and Securities

Lecturer	Field	Publications
Professor Yukitami Tsuji	Finance (Corporate Finance & Security Market)	“Corporate Finance & Economic Theory.” (Soseisha, Co., Ltd., 2002) “Evaluating the Price of a Derivative: The Interest Rate Option.” (Mita Business Review, 42-1, 1999) “The Issues of Swap Transactions in the U.S. Tax System.” (Mita Business Review, 41-3, 1998)
Professor Kenji Wada	Finance (Asset Valuation)	“Uninsurable Risk and Financial Market Puzzles”, Journal of International Money and Finance 30, 1055-1089, 2011 (with P.Basu and A. Semenov) “Estimation of consumption-capital asset pricing model(C-CAPM) with two clusters of consumption expenditures”, Economics Bulletin 31, 1183-1187, 2011(with A. Maki) “Consumption Behavior, Asset Returns, and Risk Aversion: Evidence from the Japanese Household Survey”, Japan and the World Economy 20, 1-18, 2008 (with K. Kubota and T. Tokunaga)
Associate Professor Shintaro Tomita	Finance (Corporate Finance)	“Investment Banks Underwriting Debenture (社債): An Analysis of the Offering Price (発行価格) of Bonds.” (Mita Business Review, 52-6, 2010) “Verifying the Conflict of Interest of Investment Banks with regards to Underwriting Debenture: An Analysis of Underwriting Commissions (引受手数料) in Issuing Bonds. (社債発行)” (Mita Business Review, 54-4, 2011)

Insurance Theory

Lecturer	Field	Publications
Professor Kazuyoshi Hotta	Insurance Risk Management	“Contemporary Risk & Insurance Theory.” (Toyo Keizai Inc., 2014) “Strategies and Issues in Private Insurance for Medicare. (民間医療保険)” (Written and Edited by Keiso Shobo, 2006) “Insurance Theory and Policy: The Principles & Mechanisms.” (Toyo Keizai Inc., 2003)

Transport, Public Policy & Industrial Organization

Lecturer	Field	Publications
Professor Miki Takahashi	Industrial Organization Small and Medium-Sized Enterprises and New Ventures	“Innovation and New Business Creation by Small and Medium-Sized Enterprises.” (Co-Authored, Doyukan, Inc., 2012) “Research on the development of Chinese industries.” (Co- Authored, Keio University Press, 2014) “Industrial Cluster in Japan and East Asia.” (Co-Authored, Doyukan, Inc., 2007) “Innovation and Restructuring.” (Co-Authored, Keio University Press, 2006)
Professor Katsumi Tanabe	Transport Economics Public Benefit Service Industry Industrial Organization	“The Determining Factor for Allocation of Funds as well as the Breakdown of Funding for Public Roads Maintenance.” (Co-Authored, Highways and Automobiles, Volume 57, Issue 7，2014) “A Study of Automobile Taxes in our Nation in Relation to the Tax System: A Gasoline Consumption Model with Consideration to Fuel Consumption and Ownership Ratio.” (The Japanese Journal of Transportation Economics, Volume 57, 2014) “Price Cap Regulation with a Total Revenue Limit and its Implications to Social Welfare: The Development of the KTO Model and Suggestions for a Price Regulation Policy.” (The Japanese Journal of Transportation and Economics, Volume 55, 2011)
Professor Kazusei Kato	Transport Economics American Economy	”Airport Management and its Locality.” (Co-Authored/Co-Edited, Seizando-Shoten Publishing Co. Ltd., 2014) “Transport Infrastructure & Finance.” (Co-Authored, Seizando-Shoten Publishing Co. Ltd., 2014) “Current Accounts of Japanese Airports.” (Co-Authored，Journal of Air Transport Management, 2011) “An Analysis of the Correlation Between Industrial Demands and Transportation.” (Co-Authored, Nippon Hyronsha Co., Ltd., 2006)

Econometrics

Lecturer	Field	Publications
Professor Takanobu Nakajima	Empirical Analysis of Economics	“Productivity Analysis of the Japanese Economy.” (Nikkei, Inc., 2001) “The Economics of the Physically Challenged Person – Revised and Augmented Edition.” (Toyo Keizai Shimpo, Inc., 2011) “How to Look at things from the Perspective of Economics.” (Keio University Press, 2014)
Professor Hitoshi Hayami	Econometrics & Inter-industry Relations Analysis	“Environmental Input Output Analysis (IOA).” (Co-Authored, Nippon Hyoronsha Co., Ltd., 2003) “The Asian Environment – A Children’s Pictorial Guide.” (Co-Authored, Keio University Press, 2003) “Application of the Input Output Analysis to Environmental Analysis.” (Co-Authored, Keio University Press, 2008) “The Interindustry Propagation of Technical Change.” (Keio Economic Observatory Monograph No.10, 2008)
Professor Wako Watanabe	Applied Econometrics Bank Behavior Corporate Finance Household Behavior	“Prudential Regulation and the’Credit Crunch’: Evidence from Japan,” Journal of Money, Credit and Banking, 2007, 39(2-3) “Information Verifiability, Bank Organization, Bank Competition and Bank-Borrower Relationships,” Journal of Banking and Finance, 2011, 35(4). (with M. Kano, H. Uchida and G.F. Udell) “Foreign Direct Investment and Regulatory Remedies for Banking Crises: Lessons from Japan,” Journal of International Business Studies, 2011, 42(7), (with L. Allen and S. Chakraborty)
Professor Isamu Yamamoto	Applied Microeconomics Labor Economics Empirical Analysis (Micro & Macro)	“An Economic Analysis of Working Time.” (Co-Authored, Nikkei Publishing Inc., 2014) “Wage Fluctuation (賃金変動) During a Period of Deflation: Downward Nominal Wage Rigidity and Monetary Policy. (金融政策)” (Co-Authored, University of Tokyo Press, 2006) “Effect of Work-Life Balance Practices on Firm Productivity,” (Co-Authored, The B.E. Journal of Economic Analysis and Policy, 14(4), 2014) “Do peers affect determination of work hours? Evidence based on unique employee data from global Japanese firms in Europe.” (Co-Authored, Journal of Labor Research, 34(3), 2013)
Professor Tomoyoshi Yabu	International Finance Econometrics	“What prompts Japan to intervene in the Forex market: A new approach to a reaction function,” (with T.Ito), Journal of International Money and Finance, Vol.26, 2007, pp.193-212 “Testing for shifts in trend with an integrated or stationary noise component,” (with P.Perron), Journal of Business and Economic Statistics, Vol.27, 2009, pp.369-396 “Estimating deterministic trends with an integrated or stationary noise component,” (with P. Perron), Journal of Econometrics, Vol. 151, 2009 pp56-69
Professor Yukako Ohno	Applied Microeconomics Industrial Organization Urban Economics	“Where Do Manufacturing Firms Locate Their Headquarters?” (with J.Vernon Henderson), Journal of Urban Economics, Vol.63, 2008 “Spatial Organization of Firms: The Decision to Split Production and Administration.” (with Kristin Aarland, Jim Davis, and J,Vernon Henderson), Rand Journal of Economics, Vol.38, 2007 “Market Thickness and Outsourcing Services.” Regional Science and Urban Economics, Vol. 37, 2007
Professor Yuki Teranishi	Applied Economics Monetary Policy	“Optimal Monetary Policy at the Zero-Interest-Rate Bound.” (Co-Authored with Taehun Jung and Tsutomu Watanabe). Journal of Money, Credit and Banking, 37, 2005 “Credit Spread and Monetary Policy.” Economics Letters, 114, 2012 “Real Exchange Rate Dynamics under Staggered Loan Contracts.” (Co-Authored with Ippei Fujiwara), Journal of International Money and Finance, 30(7), 2011 “Global Liquidity Trap.” (Co-Authored with Ippei Fujiwara, Tomoyuki Nakajima, and Nao Sudo), IMES Discussion Paper, Institute for Monetary and Economic Studies, Bank of Japan, No.2010-E-11

International Economics

Lecturer	Field	Publications
Professor Masahiro Endoh	International Economics	“A Multifaceted Analysis of the Hokkaido Economy.” (Keio University Press, 2014) “Can a Regional Trade Agreement Benefit a Nonmember Country without Compensating It?” (Co-Authored)，Review of International Economics, 21，2013 “Cross-Border Political Donations and Pareto-Efficient Tariffs.” The Journal of International Trade & Economic Development, 21, 2012
Professor Kotaro Tsuru (Taisho Pharmaceutical Chairship Fund)	Comparative Institutional Analysis Economic Systems	“What Does a Temporary Help Service Job Offer? Empirical Suggestions from a Japanese Survey.”Co-Authored, Journal of the Japanese and International Economies, 28, 2013 “The Corporate Perspective on Increasing Fixed-Term Employment: Background, Impact & Countermeasures.” Organizational Science 44-2, 2010 “The Reformation of the Japanese Economic System: Overcoming the Lost 15 Years.” (Nikkei Inc., 2006)
Professor Ichiroh Daitoh	International Economics Economic Development International Trade Environmental Economics	“The Optimal Environmental Tax and Urban Unemployment in an Open Economy.” Review of Development Economics, 15(1), pp.168-179, 2011. (with Masaya Omote) “Productive Consumption and Population Dynamics in an Endogenous Growth Model.” Journal of Economic Dynamics and Control, 34(4), pp.696-709, 2010 “Financial Liberalization, Urban Unemployment and Welfare: Some Implications of the Artificial Low Interest Rate and High Wage Rage Policies in LDCs.” Journal of Development Economics, 72(1), pp.163-179, 2003
Professor Mitsuyo Ando	International Economics (International Trade) Development Economics	“International Production & Distribution Networks in East Asia with a Focus on Industrial Machinery.” (2006) “Impacts of Japanese FTAs/EPAs: Preliminary Post Evaluation.” The International Economy, 11, 2007 “Fragmentation and Vertical Intra-industry Trade in East Asia.” North American Journal of Economics and Finance, 17 (3), 2006 “Two-dimensional Fragmentation in East Asia: Conceptual Framework and Empirics.” International Review of Economics and Finance, 14, 2005

Industrial History & Business History

Lecturer	Field	Publications
Professor Takashi Hirano	Industrial History / Business History	“The Colonial Expansion of Japanese Department Stores in the Prewar Period: A Case Study of Keijo (Seoul).” Journal of Law, Politics, and Sociology, 77-1, 2004 “Retailing in Urban Japan, 1868-1945.” Urban History, 26-3，1999 “The Provincial Expansion of Department Stores and their Relationship to Small and Mid-Sized Stores.” (The Cultural History of Department Stores: The Consumer Revolution in Japan, Edited by Taketoshi Yamamoto and Tamotsu Nishizawa, Sekai Shyoin，1999
Professor Toshiaki Ushijima	Modern Japanese History of Economy History of Industry	“The Economic History of Japan (1600 – 2000).” (Co-Authored, Keio University Press, 2009) “The Cotton Industry.” In 200 Years of Japanese Economy.” Co-Authored, Edited by Shunsaku Nishikawa, Konosuke Odaka, Osamu Saito, Nippon Hyoron Sha, Co. Ltd., 1996) “Industrial Structure Adjustment and Corporate Restructuring in the Post War Coal Industry: The Uemura Plan and the 4th Coal Policy.” (Mita Business Review, 50-6, 2008)
Professor Chikage Hidaka	Business History	“The Decline of the British Cotton Industry.” (University of Tokyo Press, 1995) “A Re-examination of Japan’s Postwar Financing System.” E. Abe and T. Gourvish (eds.), Japanese Success? British Failure? (Oxford U.P.,1997) “Japan’s Monetary Policy.” (Co-Authored, University of Tokyo Press, 2009)

Industrial Relations

Lecturer	Field	Publications
Professor Yoshikazu Kenjoh	Social Security (Political Economy of the Redistribution Policy)	“The Political Economics of the Redistribution Policy: Social Security and Medicare in Japan, Second Edition.” (Keio University Press, 2005) “Pension Reform & a Proactive Social Security Theory: The Political Economics of the Redistribution Policy.” (Keio University Press, 2004) “An Approach to Medical Pension Funds: The Political Economy of the Redistribution Policy.” (Keio University Press, 2006)
Professor Atsushi Yashiro	Human Resources Management Labor Economics	“White Collar Workers in Large Corporations: An Empirical Analysis of Personnel Reshuffling and Promotions.” (Japan Institute for Labor Policy and Training, 1995) “Managing Human Resources in terms the Managerial Strata: Perspective from the Labor Market.” (Yuhikaku Publishing, 2002) “Managing Human Resources: Theories & Systems (Second Edition).” Chuokeizai-sha, Inc., 2013)
Professor Toshiko Kikkawa	Organizational Psychology Social Psychology	“A Guidebook to Organizational Surveying.” (Co-Authored, Yuhikaku Publishing Co., Ltd., 2001)