"Assessing the Consequences of a Horizontal Merger and its Remedies in a Dynamic Environment"

This paper estimates a dynamic oligopoly model to assess the economic consequences of a horizontal merger that took place in 1970 to create the second largest global producer of steel. The paper solves a Markov perfect Nash equilibrium for the model and simulates the welfare effects of the horizontal merger. Estimates reveal that the merger enhanced the production efficiency of the merging party by a magnitude of 4.1 %, while the exercise of market power was restrained primarily by the presence of fringe competitors. Our simulation result also indicates that structural remedies endorsed by the competition authority failed to promote competition. model.

現行英語カリキュラム体系とその運用

本報告書は､2002年の施行以来現在に至るまで神奈川大学経営学部で運用中である英語カリキュラムについて､その作成背景､科目体系の特徴､有効性､問題点といった角度から現時点での再検討を試みることによって､将来新たにカリキュラム改革が行われる場合に備える目的で作成されたものである｡現行カリキュラムの1言語選択必修制､週4回1年次集中型の履修方法､基礎･初級･中級･上級英語という習熟度別に設定された科目体系などの現行カリキュラムの大きな特徴が､経営学部の英語教育にどのような影響を及ぼしてきたかについて､毎年実施しているプレイスメントテストのデータの分析をもとに理学部との比較も交えながら考察した｡教育報告

Application of Collateralized Debt Obligation Approach for Managing Inventory Risk in Classical Newsboy Problem

In the midst of the ongoing world financial crisis, the Collateralized Debt Obligation (CDO) became notorious. However, the fact that the misuse of the CDO resulted in collapse of the world economy does not necessarily imply that the CDO itself would be hazardous. The purpose of this paper is to explore the potential of the CDO approach for controlling general risks, by applying it to the classical Newsboy Problem (NBP). The underlying opportunity loss of NBP replaces the credit risk of CDO. For VaR (Value at Risk) problems formulated without or with CDO, extensive numerical experiments reveal that the overall effect of CDO is rather limited. It could be effective, however, if (i) the underlying risk is high in that the variability of the stochastic demand D is substantially large; (ii) the expected profit should be held above a high level; (iii) the probability of having a huge loss should be contained; and (iv) the detachment point Kd should be held relatively low