Assignment of obligations, especially transfer of monetary claims has character of the financial transaction. At present, transfer of monetary claims in future which includes asst-based lending, project finance, whole business securitization, and revenue bond has significance in the financial system. In Japan, revision of the civil law in progress now will have a great influence on the transfer of monetary claims.

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We study the value of public signal in a moral hazard problem. A principal offers a wage contract to an agent after they receive a public signal according to an information system. An information system stochastically associates public signals with states of the world that may describe the task difficulty. We characterize a partial order over information systems. For every public signal, the optimal incentive scheme is cheaper for the principal with a superior information system in the order than an inferior system.

This paper discusses a relationship between commitment of a local government and a performance of industry policy in the regenerative medicine industry. In Japan, industry policy is not decentralized and the central government takes the initiative. The case of Saxony suggests that a local government’s high commitment to the industry policy can enhance the policy performance, because propinquity enables a local government to evaluate a real value of local firms.
KEYWORD：Regenerative medicine, Local economy, Germany

This paper surveys the recent studies which empirically examines the relationship between outward foreign direct investment (FDI) and the hollowing out of industry in Japan, focusing in particular on the findings of quantitative studies. One of the contributions of this paper is to evaluate what we can say with relative confidence and what we cannot have much confidence in about the effects of Japanese outward FDI on domestic economy. Suggestions are made for future research directions.