第21回 社研・森口賞 受賞者


森口賞  青柳 潤 / Jun Aoyagi (University of California, Berkeley) 
論文
Strategic Speed Choice by High-Frequency Traders under Speed Bumps
講評
証券市場において、新情報をもとに高速で取引を行う市場参加者(HFT: High-Frequency Traders)が存在すると、情報取得に遅れがあるマーケットメーカーは損をするため、その損を挽回するためにBid-Askスプレッドを大きく設定する必要がある。HFT以外の市場参加者はBid-Askスプレッドに相当する取引費用を負担することになるので、結果的に一般市場参加者の負担でHFTに儲けさせる結果になっている。この問題を緩和するため、取引タイミングをランダムに遅らせてHFTの優位性を相対的に弱体するSpeed Bumpがいくつかの市場に導入されている。青柳論文では、HFTが費用をかけると取引速度を内生的に上げることができるという設定を考えている。この設定下では、Speed Bumpの導入が HFTをさらに高速化させる投資を促すため、市場の効率性を改善させないことが示されている。ただし、この理論結果はHFTの数が少ない場合にのみ有効であり、現実の証券市場において実際にSpeed Bumpが無効であるかどうか、データによるサポートが得られればさらに良い論文になると思われる。本論文は、ファイナンス理論と経済学の双方を横断する野心的な論文で、実際の市場設計にも直結する研究であることから、極めて高く評価できる。

   




入選 笠松 怜史 (東京大学大学院経済学研究科博士課程) / Satoshi Kasamatsu (University of Tokyo)
論文
When Populism Meets Globalization: Analysis of Tax Competition (with Daiki Kishishita)
講評
This paper investigates the welfare consequences of tax competition under populist governments. It illustrates that populist governments, with reputation concerns, may have an incentive to set capital-tax rates relatively low, in an effort to signal their type vis-à-vis a leviathan type (which seeks to maximize tax revenue). This is shown to be social-welfare reducing when the economy is closed. However, when the economy is opened, the social-welfare effects of a low capital-tax rate are more nuanced (both at the country and world level). Specifically, when the country in question is relatively productive, the lower tax rate induced by a populist government can increase world social welfare, while it only increases domestic welfare when the country in question is less productive. Furthermore, when the two countries are similarly productive, world social welfare is reduced under a populist government. This paper tackles a difficult and important issue, and is worth consideration by scholars interested in government tax policy. Given the importance of this issue at present, we encourage the authors to do further work modeling the interaction between governments and their constituents in the context of populism. I.e., how does the nature of populism change the analysis? This is a central issue of the paper, and further research on this front will certainly bolster the paper’s impact. 

   



入選 Gabriel Fuentes Cordoba (東北大学 / Tohoku University, Graduate School of Economics and Management)
論文
Does the Recognition of Indigenous Territories Impact Household Economic Situations?
Evidence from Western Panama.
講評
The study investigates the effect of the recognition of common property land to indigenous groups on consumption. It is done in the context of Panama with unique household level data. By using difference-in-differences approach, the study has an interesting result: that non-migrant indigenous households living in the semi-autonomous territory declined their consumption relative to their counterparts living outside. The main mechanism is the decline in agricultural market activities. Overall, Mr. Cordoba's paper has exhibited a novel dataset & has attempted to explain the mechanism that drives consumption decline after recognition of indigenous lands.

   



2018年12月6日におこなわれた報告会の様子です。

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