社会科学高等研究院マネジメント・イノベーション研究センターと経営管理研究科マネジメント先端研究教育開発センターの共催により、2025年度第10回国際リサーチセミナーを下記のとおり開催いたします。

日時: 1月 6日 (火)　午後4:30 ~ 6:00

題目: Navigating the Regulatory Maze: Impact on the Cost of Bank Debt
要約: Does regulatory fragmentation impose deadweight costs or generate information benefits? We examine how the U.S. system of dispersed federal oversight affects corporate borrowing costs. Exploiting variation in firm-level regulatory fragmentation, we find that fragmentation reduces loan spreads. Assessments generated by multiple federal agencies produce cross-validated quality signals that improve lenders’ screening accuracy and substitute for costly bank monitoring. These benefits arise only when baseline information quality is high, as occurs in firms with simple operations, precise analyst forecasts, and established banking relationships. Overall, the findings offer a different perspective on the conventional view that regulatory fragmentation creates wasteful duplication. Instead, dispersed oversight can produce valuable information complementarities that outweigh coordination costs.
発表者: Mong Shan Ee, Associate Professor, Faculty of Business and Law, Deakin Business School, Deakin University
会場: Room # 3403 (Conference Room No.1), 4th Floor, Mercury Tower, Kunitachi East Campus

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