Education of FinancialEducation of FinancialEducation of Financial Education of Financial EngineeringEngineeringEngineeringEngineering

atat HitotsubashiHitotsubashi and Japanand Japanat at HitotsubashiHitotsubashi and Japanand JapanPersonal View from 1990Personal View from 1990Personal View from 1990Personal View from 1990

By By Hajime TAKAHASHIHajime TAKAHASHI

Hit t b hiHit t b hi U i itU i itHitotsubashiHitotsubashi UniversityUniversityKunitachiKunitachi JapanJapan

PreliminaryPreliminaryPreliminaryPreliminary

Education System in JapanEducation System in Japan (Mathematics)(Mathematics)ScienceScience : Natural Sciences: Natural SciencesScienceScience : Natural Sciences: Natural Sciences

Math, Physics, Chemistry,…Math, Physics, Chemistry,…Engineering, Medicine, etc.Engineering, Medicine, etc.

NonNon--ScienceScience (Literature(Literature・・Arts SocialArts SocialNonNon--Science Science (Literature(Literature Arts, Social Arts, Social Sciences):Sciences):

Law, Economics, Literature, …. etcLaw, Economics, Literature, …. etc

High SchoolHigh SchoolHigh School High School

Students have to choose which “Course” Students have to choose which “Course” he/she want to enter at college.he/she want to enter at college.gg

ENTRANCE EXAMENTRANCE EXAMENTRANCE EXAMENTRANCE EXAMScience: Required high level MathScience: Required high level MathSc e ce equ ed g e e aSc e ce equ ed g e e aNonNon--Science, Arts: Some university don’t Science, Arts: Some university don’t

require mathrequire math

High School Math High School Math andandand and

College MathCollege MathHi h S h lHi h S h l

ggHigh SchoolHigh School: :

Math 1Math 1 (Most(Most of them who want to enter collegeof them who want to enter collegecomplete)complete)

Equation, Quadratic function, Equation, Quadratic function, InequalityInequalityInequality, Inequality,

Math 2 Algebraic geometry Higher order equationMath 2 Algebraic geometry Higher order equationMath 2 Algebraic geometry, Higher order equation, Math 2 Algebraic geometry, Higher order equation, Proof, Trigonometric, Exponential, Proof, Trigonometric, Exponential, Logarithm, Idea of differentiation and Logarithm, Idea of differentiation and g ,g ,

integrationintegration

High SchoolHigh School ContContHigh SchoolHigh School ContCont

Math 3 Limit, Math 3 Limit, Differentiation: chain ruleDifferentiation: chain ruleDifferentiation: chain ruleDifferentiation: chain ruleIntegationIntegation: integration, by parts, : integration, by parts,

area, volumearea, volume

55

Continue;Continue;Continue;Continue;

Math A Geometry, Set and & Logic,Math A Geometry, Set and & Logic,CombinatricsCombinatricsCombinatricsCombinatrics

Math B Sequence, Vector, Math B Sequence, Vector, Stat & ComputerStat & ComputerStat & Computer, Stat & Computer, Numerical AnalysisNumerical Analysis

Math C Matrix, Curve and its equations,Math C Matrix, Curve and its equations,Probability DistributionProbability Distribution Stat’lStat’l AnalAnalProbability Distribution, Probability Distribution, Stat lStat l Anal Anal

66

Entrance ExamEntrance ExamEntrance ExamEntrance Exam

Science course: Math 1,2,3Science course: Math 1,2,3Math A B CMath A B CMath A,B,CMath A,B,C

Non Science course: Math 1 A (?)Non Science course: Math 1 A (?)Non Science course: Math 1, A (?)Non Science course: Math 1, A (?)Major Univ. Math 1,2: Major Univ. Math 1,2:

Math A,BMath A,B

77

At College:At College:Science major: Calculus LinearScience major: Calculus LinearScience major: Calculus, Linear Science major: Calculus, Linear

AlgebraAlgebraLot of exercisesLot of exercises

NonNon Science major:Science major:NonNon--Science major:Science major:Usually, Math is not required !Usually, Math is not required !y qy q

E i C l l Li Al bE i C l l Li Al bEconomics: Calculus, Linear AlgebraEconomics: Calculus, Linear AlgebraNo home works !No home works !

Statistics and ProbabilityStatistics and ProbabilityStatistics and ProbabilityStatistics and Probability

There are no department of statistics in There are no department of statistics in Japan !Japan !Japan !Japan !

Probability: Mainly taught at Math Dept.Probability: Mainly taught at Math Dept.

Stat: Econ, Engineering,…..Stat: Econ, Engineering,…..

Movement at early 90’sMovement at early 90’sMovement at early 90 sMovement at early 90 s

Deregulation:Deregulation:Security company Bank InsuranceSecurity company Bank InsuranceSecurity company, Bank, Insurance Security company, Bank, Insurance

company stared dealing with derivatives.company stared dealing with derivatives.

LOST a lot of MONEY !LOST a lot of MONEY !OS a o o OOS a o o Osome said insurance companiessome said insurance companies

$ $$ $lost $200 billion (US$) lost $200 billion (US$)

What they thought ?What they thought ?What they thought ? What they thought ?

They thought they need a good “QUANTS”They thought they need a good “QUANTS”

1111

QuantsQuants (?)(?)QuantsQuants (?)(?)

MathematicsBasic Knowledge

MathematicsAnalysis

OfProb and Stat

Computational Skill

New GraduateWho can

1212

Who canWork immediately

They started hiring newlyThey started hiring newlyThey started hiring newly They started hiring newly graduated students fromgraduated students fromgraduated students from graduated students from the department ofthe department ofthe department of the department of

M th ti !M th ti !Mathematics !Mathematics !1313

ResultsResultsResultsResultsMost of the cases the failed !!Most of the cases the failed !!Most of the cases they failed !!Most of the cases they failed !!

Financial engineering is “not” a pureFinancial engineering is “not” a pureFinancial engineering is not a pure Financial engineering is not a pure mathematics !mathematics !

What we need:What we need:Probability Statistics EconomicsProbability Statistics EconomicsProbability, Statistics, Economics, Probability, Statistics, Economics,

Econometrics, Computer Econometrics, Computer

Statistics and Probability in Statistics and Probability in JapanJapan

Stat is not considered as mathematics.Stat is not considered as mathematics.(=> some dept of Math don’t have stat(=> some dept of Math don’t have stat( > some dept of Math don t have stat( > some dept of Math don t have stat

program.)program.)Probability isn’t a main stream in math Probability isn’t a main stream in math dept.dept.depdep

1. There are no dept. of stat in Japan1. There are no dept. of stat in Japan2. Stat are mainly educated in2. Stat are mainly educated in2. Stat are mainly educated in 2. Stat are mainly educated in

Econ, Engineering,,,,Econ, Engineering,,,,

At the same time outside the At the same time outside the Univ.Univ.

Request from the industriesRequest from the industriesEducate their employeeEducate their employeeEducate their employee.Educate their employee.Their back ground: Their back ground:

Science; Not enough knowledge ofScience; Not enough knowledge ofecon statecon statecon. , stat, …. econ. , stat, ….

NN--Science; Stat, Science; Stat, ProbProb, (Econ Too ??), (Econ Too ??)

Is OJT Possible ?Is OJT Possible ?Is OJT Possible ?Is OJT Possible ?

They thought theyThey thought they could train their youngy gworker easily and

d d t dmade understood these new theorythese new theory without too muchwithout too much effort !

Need to Educate Students at Need to Educate Students at Graduate LevelGraduate Level

At Hitotsubashi:At Hitotsubashi:We were planning to start a “BusinessWe were planning to start a “BusinessWe were planning to start a Business We were planning to start a Business

School” at the center of Tokyo.School” at the center of Tokyo.Th l iTh l iThere were many young people in There were many young people in

financial industries who wanted to brush financial industries who wanted to brush up their skills.up their skills.

=> We decided to start evening school=> We decided to start evening school=> We decided to start evening school.=> We decided to start evening school.Students should have at least 2 Students should have at least 2 years of working experience.years of working experience.

International CorporateInternational CorporateInternational Corporate International Corporate StrategiesStrategiesgg

ICS was Founded April 1998ICS was Founded April 1998ICS was Founded April 1998,ICS was Founded April 1998,First Student Enrolled First Student Enrolled

April 2000April 2000

International Business StrategyInternational Business StrategyICSICS Financial StrategyFinancial Strategy

Business LawBusiness LawBusiness LawBusiness Law(Asian Public Policy)(Asian Public Policy)

Ad i i R i tAd i i R i tAdmission RequirementsAdmission RequirementsThe program is targeted for students who already The program is targeted for students who already h k ih k i i th f fii th f fihave work experience have work experience in the areas of finance, in the areas of finance, manufacturing, trading or services. To be eligible manufacturing, trading or services. To be eligible for admission candidates are expected to havefor admission candidates are expected to havefor admission, candidates are expected to have for admission, candidates are expected to have appropriate background knowledge in English, appropriate background knowledge in English, mathematics and statistics equivalent to mathematics and statistics equivalent to qqbachelor’s degree holders. Consideration will also bachelor’s degree holders. Consideration will also be given to the quality of the required thesis be given to the quality of the required thesis

l d l t h t ti l b dl d l t h t ti l b dproposal and relevant research potential based on proposal and relevant research potential based on work experience.work experience.

At our Main CampusAt our Main CampusAt our Main CampusAt our Main Campus

University of Social Sciences:University of Social Sciences:A Students at Econ;A Students at Econ;A. Students at Econ; A. Students at Econ;

Most of them have a Most of them have a strong Math back ground.strong Math back ground.

B. Level of Math, Stat are fairly high !B. Level of Math, Stat are fairly high !C. Some of our students can be C. Some of our students can be

(potentially ) very good QUANTS !(potentially ) very good QUANTS !(potentially ) very good QUANTS !(potentially ) very good QUANTS !(and Actuary)(and Actuary)

5 year BA5 year BA・・MA programMA program5 year BA5 year BA・・MA programMA program

Need more knowledge on Need more knowledge on Stat Econometrics Prob FinanceStat Econometrics Prob FinanceStat., Econometrics, Prob., FinanceStat., Econometrics, Prob., Finance

4 years are too short to learn everything4 years are too short to learn everything6 years are too much !6 years are too much !6 years are too much !6 years are too much !

55 year BAyear BA・・MA ProgramMA Program55--year BAyear BA・・MA ProgramMA Program

4 Years College + 1 year MA = 5 year 4 Years College + 1 year MA = 5 year Senior year : Combination of BA & MASenior year : Combination of BA & MASenior year : Combination of BA & MASenior year : Combination of BA & MA( Residence unit for College is very ( Residence unit for College is very

stringent in Japan )stringent in Japan )３３ major fieldmajor field３３ major fieldmajor field（１）（１）Public PolicyPublic Policy、、（２）（２）Stat FinanceStat Finance、、（ ）（ ）（３）（３）Regional Studies, (4) Other Regional Studies, (4) Other Selection: Junior year (December)Selection: Junior year (December)

2424

Selection: Junior year (December)Selection: Junior year (December)Grade Point Average, RecommendationGrade Point Average, Recommendation

Stat Finance Course at College and Stat Finance Course at College and Grad SchoolGrad School

Selected

BA-MA Program

Senior・MA 1st

M

Selected2nd SemesterJunior Year B

Year

Stat Finance Course

MA

A

Selectedh h S dWhen they Started

2 Year Regular Grad StudentMA 1st,2nd Year

2525

2 Year Regular Grad Student

What is Stat Finance Course ?What is Stat Finance Course ?What is Stat Finance Course ?What is Stat Finance Course ?

One of the Education Program atOne of the Education Program atOne of the Education Program at One of the Education Program at Hitotsubashi Dept of Econ (Hitotsubashi Dept of Econ (Grad+UnderGrad+Under))G l T h Fi i l E i iG l T h Fi i l E i iGoal: Teach Financial EngineeringGoal: Teach Financial Engineering

as well as as well as as e asas e asStatistics+Probability+EconometricsStatistics+Probability+Econometrics in a in a limited timelimited timelimited time. limited time. We have an organized curriculum to We have an organized curriculum to

2626materialize the idea.materialize the idea.

Before Who Became Before Who Became QuantsQuants ??

Graduate from Science Dept:Graduate from Science Dept:Math EngineeringMath EngineeringMath, Engineering,Math, Engineering,Over sea’s Business SchoolOver sea’s Business School

Very rare from the nonVery rare from the non--Science dept.Science dept.(Even from Hitotsubashi)(Even from Hitotsubashi)

2727

This might have caused a problem ! This might have caused a problem !

Why Financial Engineering at EconWhy Financial Engineering at Econ？？y g gy g g

Basic KnowledgegOf

Economic Theory

lTimely Topic

RetirementGlobalization of

Economics RetirementOf

1st BabyBoomer

Economics Sub Prime Loan

Financial EngineeringQuants ?

y

2828

We have enoughWe have enoughfaculty membersfaculty members

MathProb.and

EonometricsSt ti tti lMath and

Stat.Statisttical

FinanceMathematical

Finance

Well Organized Education

2929

http://www.econ.hithttp://www.econ.hit--u.ac.jp/~finmodel/jpn/staff.htmlu.ac.jp/~finmodel/jpn/staff.html

Basic Concept of our Basic Concept of our CurriculumCurriculum

Under Graduate:Under Graduate:

IntroductionIntroductionInter mediateInter mediate“Advanced” (in college level)“Advanced” (in college level)Advanced (in college level)Advanced (in college level)

EconEcon, Stat, (Math) : All of these have such a , Stat, (Math) : All of these have such a sequence !sequence !sequence !sequence !

3030

Graduate SchoolGraduate SchoolGraduate SchoolGraduate School

Basically 2 step+1:Basically 2 step+1:

IntroductoryIntroductoryAdvancedAdvancedSeminar ClassesSeminar ClassesSeminar ClassesSeminar ClassesResearch Level (MA thesis)Research Level (MA thesis)

3131

CurriculumCurriculum(Core)(Core)

11stst Intro stat (no calculus) : Intro stat (no calculus) : ProbProb and Stat (some calculus)and Stat (some calculus)ProbProb and Stat (some calculus)and Stat (some calculus)

22ndnd Basic Econometrics (without Matrix)Basic Econometrics (without Matrix)

33rdrd Statistics (Statistics (Hogg+CraigHogg+Craig level)level)Computer SciencesComputer SciencesIntermediate EconometricsIntermediate EconometricsIntermediate EconometricsIntermediate Econometrics

(some matrix alg.)(some matrix alg.)3232

Introduction to Financial EngineeringIntroduction to Financial Engineering( easier than Hull)( easier than Hull)( easier than Hull) ( easier than Hull)

Quantitative Economics: (Sometimes Quantitative Economics: (Sometimes used as preparation for advancedused as preparation for advanced

econometrics)econometrics)econometrics)econometrics)Financial Economics (Macro econ)Financial Economics (Macro econ)

3333

Basic Mathematical AnalysisBasic Mathematical AnalysisBasic Mathematical AnalysisBasic Mathematical AnalysisReal AnalysisReal AnalysisIntroductory computer analysisIntroductory computer analysisStatistical analysis of economicsStatistical analysis of economicsStatistical analysis of economicsStatistical analysis of economics

3434

Graduate SchoolGraduate SchoolGraduate SchoolGraduate School

11stst Advanced EconometricsAdvanced EconometricsIntermediate Micro MacroIntermediate Micro MacroIntermediate Micro, Macro Intermediate Micro, Macro

Financial Economics A,BFinancial Economics A,B(Stochastic Calculus)(Stochastic Calculus)(Stochastic Calculus)(Stochastic Calculus)

Quantitative Economics A,BQuantitative Economics A,BMonetary Economics (Macro Econ)Monetary Economics (Macro Econ)Special Topics Quantitative EconSpecial Topics Quantitative EconSpecial Topics Quantitative EconSpecial Topics Quantitative EconAdvanced Advanced ProbProb, Advanced Stat…, Advanced Stat…

3535

OthersOthersOthersOthers

11stst Intro EconomicsIntro Economics22ndnd Intermediate MicroIntermediate Micro22 Intermediate MicroIntermediate Micro

Intermediate Macro Intermediate Macro Math for EconomicsMath for Economics

Also, most students complete more Also, most students complete more advanced Micro and Macro Economics in advanced Micro and Macro Economics in their Junior and Senior year. their Junior and Senior year. yy

3636

Stat Finance ProgramStat Finance ProgramNumber of StudentsNumber of StudentsNumber of StudentsNumber of Students

２２003003 Dec.Dec. First Selection for 2004 Junior First Selection for 2004 Junior students students 44

20042004 44 Stat Finance Start : 1 Grad StudentStat Finance Start : 1 Grad Student20042004 44 Stat Finance Start : 1 Grad StudentStat Finance Start : 1 Grad Student1+4 =51+4 =5

20072007 44 U d J iU d J i 0020072007 44 Under JuniorUnder Junior 00Senior 3Senior 3

Grad MA1 2 (BAGrad MA1 2 (BA・・MAMA））, 2, 2MA2 2MA2 2MA2 2MA2 2

20072007 1010 MA1 we have 7 moreMA1 we have 7 more2 52 5

37372 52 5

Totally 12 more studentsTotally 12 more students

3838

統計・ファ学生総数推移統計・ファ学生総数推移((第第11四半期毎四半期毎))

3939

Number of Students as of July 08Number of Students as of July 08Number of Students as of July 08Number of Students as of July 08(7/30/2008)(7/30/2008)BABA・・MAMA Ｍ１：３Ｍ１：３

Ｍ２：７、Ｍ１：４Ｍ２：７、Ｍ１：４

BABA・・MA SeniorMA Senior：３：３ TotalTotal１７１７BABA MA SeniorMA Senior：３、：３、 TotalTotal１７１７Number of Grad. Number of Grad. ９９ (07), 9(07), 9 (08)(08)Faculty:Faculty:１２（＋１）、１２（＋１）、Staff Staff ２２

4040

Big Government SupportBig Government Support$400,000/year for 3 years (??)$400,000/year for 3 years (??)

Data Base: NEEDS FQ ,Data Base: NEEDS FQ , Bloomberg Bloomberg Soft Ware: (Soft Ware: (MatlabMatlab GAUSSGAUSS））Soft Ware: (Soft Ware: (MatlabMatlab, GAUSS, GAUSS））High Speed PC (Vista 64bit) High Speed PC (Vista 64bit) ３３Printer etc.Printer etc.Desks for each StudentDesks for each StudentDesks for each StudentDesks for each StudentFor the detail, CFEE For the detail, CFEE ＨＰ：ＨＰ：

http://www.econ.hithttp://www.econ.hit--u.ac.jp/~finmodel/jpn/index.htmlu.ac.jp/~finmodel/jpn/index.html

4141

Organized CFEEOrganized CFEEOrganized CFEEOrganized CFEE

Center for Financial Engineering Center for Financial Engineering Education Education CFEECFEE

atatatat2007 2007

4242

Stat & Finance and CFEEStat & Finance and CFEEStat & Finance and CFEEStat & Finance and CFEETsunemasa ShibaTsunemasa ShibaTsunemasa ShibaTsunemasa Shiba

March 3, 2008March 3, 2008

Statistics&FinanceStatistics&Finance ProgramProgramStatistics&FinanceStatistics&Finance ProgramProgram

5-yr CBMA

B MA

Accepted junior year

BA

in E

c

Stat&Finance

in E

con

.

conAccepted when entering

graduate program .g p g

Group of classes in Stat&FinanceGroup of classes in Stat&FinanceGroup of classes in Stat&FinanceGroup of classes in Stat&Finance

(1) (1) Statistics and ProbabilityStatistics and Probability, , (2)(2) Econometrics and FinancialEconometrics and Financial(2) (2) Econometrics and Financial Econometrics and Financial

EconometricsEconometrics, and , and (3) (3) Financial Engineering Financial Engineering : includes : includes

mathematical finance, finance theory, mathematical finance, finance theory, a e a ca a ce, a ce eo y,a e a ca a ce, a ce eo y,computational finance and so on.computational finance and so on.

Two pictures of the CFEE Two pictures of the CFEE opening day 12/21/2007opening day 12/21/2007opening day, 12/21/2007 opening day, 12/21/2007 followfollowfollow.follow.

Stat & FinanceStat & Finance ProgramProgramStat & FinanceStat & Finance ProgramProgram

Financial Engineering Education with solid Financial Engineering Education with solid base in statistics and econometricsbase in statistics and econometricsbase in statistics and econometrics.base in statistics and econometrics.In the past 2 years, In the past 2 years, FIVEFIVE each have finished. each have finished. This This a.ya.y., ., NINENINE are expected to finish!are expected to finish!They all got jobs at the frontiers of financialThey all got jobs at the frontiers of financialThey all got jobs at the frontiers of financial They all got jobs at the frontiers of financial engineering industry.engineering industry.

Placement RecordPlacement RecordPlacement Record Placement Record including 2008 including 2008 a.ya.y..

Nomura Asset Management (4)Nomura Asset Management (4)Nomura Asset Management (4)Nomura Asset Management (4)Nippon Life Insurance Co. (3) Nippon Life Insurance Co. (3) SompoSompo Japan Insurance (2) Japan Insurance (2) NissayNissay Asset Management (1)Asset Management (1)NissayNissay Asset Management (1)Asset Management (1)Meiji Yasuda Insurance Co. (1) Meiji Yasuda Insurance Co. (1) B St J (1)B St J (1)Bear Sterns Japan (1) Bear Sterns Japan (1) Chuo Mitsui Trust Holdings (1) Chuo Mitsui Trust Holdings (1) g ( )g ( )Daido Life Insurance Co.(1)Daido Life Insurance Co.(1)Nomura Securities (4)Nomura Securities (4)Nomura Securities (4) Nomura Securities (4) Accenture Technology Solutions Japan (1) Accenture Technology Solutions Japan (1)

FundingFundingFundingFunding

Support Program for Improving Graduate Support Program for Improving Graduate School Education (JSPS) announced School Education (JSPS) announced ( )( )spring of 2007spring of 2007Stat&Finance proposal submittedStat&Finance proposal submittedStat&Finance proposal submittedStat&Finance proposal submittedTitle “Improving Financial Engineering Title “Improving Financial Engineering Education in Economics MA Program”Education in Economics MA Program”Accepted fall 2007Accepted fall 2007Accepted fall, 2007.Accepted fall, 2007.CFEE room opened: 12/2007CFEE room opened: 12/2007

Seven pictures of outside and Seven pictures of outside and inside of CFEE room followinside of CFEE room followinside of CFEE room follow.inside of CFEE room follow.

Where do we go from here?Where do we go from here?Where do we go from here?Where do we go from here?

New courses coming/planned: New courses coming/planned: actuarial science, ERM (enterprise risk actuarial science, ERM (enterprise risk ( p( pmanagement), mathematical programmingmanagement), mathematical programming

By supporting Stat & Finance students betterBy supporting Stat & Finance students betterBy supporting Stat & Finance students better, By supporting Stat & Finance students better, We expect to recruit more good students.We expect to recruit more good students.

Collaboration with financial engineering Collaboration with financial engineering academic institutions both domestically and academic institutions both domestically and internationally.internationally.

What our students did 2007 ?What our students did 2007 ?・・What our students did 2007 ?What our students did 2007 ?・・

Some passed CFA and/or Actuarial exam.Some passed CFA and/or Actuarial exam.Some of the students published theirSome of the students published theirSome of the students published their Some of the students published their research paper at the refereed journalresearch paper at the refereed journalP t th i t th f i lP t th i t th f i lPresent their paper at the professionalPresent their paper at the professional

meetingsmeetingsee gsee gs

6161

ＣＦＥＥ国際コンファレンス 3/3/2008

6262

The Future of EducationThe Future of EducationThe Future of EducationThe Future of Educationat Hitotsubashiat Hitotsubashiat Hitotsubashiat Hitotsubashi

Economics

CommComm& FinancialFinancial

ManagementEE

EngineeringEngineeringEducEduc・・ReseachReseach

ＩＣＳEEEducEduc ReseachReseach

6363

ＩＣＳ

Other UniversityOther UniversityOther UniversityOther University

The Univ. of Tokyo: Math and EconThe Univ. of Tokyo: Math and EconMeiji Univ Business SchoolMeiji Univ Business SchoolMeiji Univ. Business SchoolMeiji Univ. Business SchoolThe Univ. of Tsukuba Tokyo CampusThe Univ. of Tsukuba Tokyo CampusWasedaWaseda Univ. Business SchoolUniv. Business School

Osaka Univ. Center for the Study of Osaka Univ. Center for the Study of Finance and InsurancesFinance and Insurances

RitsumeikanRitsumeikanRitsumeikanRitsumeikan6464

Professional OrganizationProfessional OrganizationProfessional OrganizationProfessional OrganizationJAFEEJAFEE JJ A i ti f Fi i lA i ti f Fi i lJAFEE:JAFEE: JapaneseJapanese Association of FinancialAssociation of Financial

Economics and EngineeringEconomics and EngineeringNi Fi A i tiNi Fi A i tiNippon Finance AssociationNippon Finance Association

LaterLaterJARIP Japanese Association of RiskJARIP Japanese Association of RiskJARIP Japanese Association of Risk, JARIP Japanese Association of Risk,

Insurance and PensionsInsurance and PensionsJAREFE Japan Japanese Association ofJAREFE Japan Japanese Association ofJAREFE Japan Japanese Association of JAREFE Japan Japanese Association of

Real Estate Financial Engineering Real Estate Financial Engineering

PrePre existing Associationsexisting AssociationsPrePre--existing Associationsexisting Associations

Japan Statistical SocietyJapan Statistical SocietyJapan Society for Industrial and AppliedJapan Society for Industrial and AppliedJapan Society for Industrial and Applied Japan Society for Industrial and Applied MathematicsMathematicsM th ti l S i t f JM th ti l S i t f JMathematical Society of JapanMathematical Society of Japan

6767Thanks for Listening