This study examined theeffect of knowing the answer as a factor affecting the illusion of transparency. Previous studies showed that people have the illusion of transparency, or a tendency to believe that their internal states are more discernible to others than they actually are. Meanwhile, previous studies showed that people have a tendency to overestimate the extent of easiness of presented tasks when they know the answers. We divided 70 subjects into 3 groups; actors (n=12), observers being taught the answer (n=29) and observers not being taught the answer (n=29). Actors drank five cups of soft drink, including a vinegar-mixed one while pretending to be impassive in front of a video camera, and estimated the number of correct identifiers for the vinegar-mixed one out of 10 observers. Observers being taught the answer estimated the same thing as actors after watching each actors' video. Observers not being taught the answer tried to identify the number of the vinegar-mixed one correctly after watching each actors' video. As compared to the actual number of correct identifiers, actors and observers being taught the answer estimated more correct identifiers. The result implied that knowing the answer is one of the factors affecting the illusion of transparency. Furthermore, the result showed that the magnitude of illusion caused by knowing the answers is approximately 10 percent and the magnitude of illusion caused by subjective experience of this experimental task (“drink vinegar-mixed soft drink”) is approximately 11 percent.

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2000年代後半より,日本の上場企業がメザニン・ファンドによる資金調達を行うケースが登場した。メザニン・ファイナンス(mezzanine finance)は,デッド・ファイナンスとエクイティ・ファイナンスの中間に位置付けられる資金調達方法であり,優先株式,劣後社債,劣後ローンなどを指す。本論文では,日本で上場企業がメザニン・ファンドより資金調達を行ったケースの一つであるウエストホールディングスの事例を取り上げ,案件の背景(資金調達前の財務状況や業績),優先株式の概要,資金調達後の財務状況の変化と経営改善,メザニン・ファンドによる投資の回収の状況について明らかにした。ウエストホールディングスの優先株式には普通株式への転換請求権が付与されていたが,経営改善が順調に進捗したためその権利が行使されることはなく,結果として普通株式が希薄化されることもなかったことから,メザニン・ファイナンスの成功事例であると位置付けられる。

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わが国のロボアドバイザーサービスは、2016年に開始され、3社が代表的なサービスであるが、その中でもWealthNaviの成長が他を圧倒している。3サービスに関して、データ比較、ヒアリング、学生へのアンケート等を通して分析した。その結果、WealthNaviの成長の要因は、認知度、サービス開発力、他企業との提携戦略、金融リテラシー向上のための取組みそして成長戦略の適切さだと考える。

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Mergers of regional banks through pure holding companies have been increasing since the latter 1990s. Such mergers were examined for this study, with emphasis on determinants of such mergers and banks’ post-merger business performance.
A cause of the increase in mergers is that, in addition to the conventional methods of mergers, a ban on the method using a bank holding company was lifted in 1998. In advance of empirical analysis, we reviewed changes in bank mergers after lifting of the ban. We categorized merger methods into (1) business consolidation, (2) combination by establishing a holding company, and (3) purchase of a bank by an existing holding company, which revealed that many mergers in recent years used the second method.
Subsequently, we examined determinants of becoming a merging bank and a merged bank. Our estimation revealed that a regional bank with low local market power and particularly intense competition with large banks was more likely to become a merging bank. The results for efficiency suggest that a bank that had raised profitability through a merger was less likely to become a merged bank. Another finding was that a bank with a high baddebt ratio was more likely to participate in a merger as a merged bank.
Additionally, we divided and assessed the sample to ascertain whether the form of merger and other conditions created differences in the subsequent business performance. First, results suggest that, as forms of merger, business consolidation was more likely to promote corporate downsizing than establishing a holding company. Secondly, analysis of the holding company method performed by dividing sellers and buyers revealed an increase in buyers’ net interest spread and sellers’ rationalization effects. Differences between mergers within an area and between areas included net interest spread growth in the former and active restructuring in the latter.

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