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At our annual seminar in 2017, we provided a broad introduction to cutting-edge economic analysis and how it can be used in regulatory and litigation responses, primarily in light of recent experiences in Japan. NERA economists based in Japan explained cutting-edge economic analysis in connection with statistical evidence on liability for defects in inter-company transactions; the valuation of companies and stocks related to disputes under the Companies Act and the Financial Instruments and Exchange Act; the amount of damages and the sales contribution rate related to intellectual property infringements; and the regulation of mergers under antitrust laws. 

"Using Statistical Analysis In Lawsuits And Disputes: The Example Of The Suspicions Surrounding Professional Shogi Players”

In recent years, the use of statistical evidence when investigating whether a problem lies with an individual or a company in cases of discrimination at work and pollution trials, etc., has been drawing attention not only in the U.S., but also in Japanese courts. In particular, statistical evidence has the potential to provide a source of evidence when the associated facts and personal evidence are scarce and it is not clear whether or not there has been a defect or an impropriety. At the lecture, an explanation was given on the general points to note in any statistical analysis that underlies statistical evidence. Last year's example of the suspicions surrounding a professional shogi player’s use of personal skill was also used to introduce the statistical concepts and analytical approaches needed if analysis is to be used as evidence, and an explanation was given on the potential for using statistics in legal settings. 

 

"DISPUTES CONCERNING THE VALUE OF FINANCIAL ASSETS: APPROPRIATE VALUATION METHODS FOR STOCKS AND STOCK ACQUISITION RIGHTS” Tomohiko Yano, NERA

It is not uncommon for stock valuations to be required in a corporate restructuring deals such as mergers, splits and MBOs, when negotiations or lawsuits, etc., involve a contest for management leadership, or a dispute with an investment fund - for example, the case to determine the Jupiter Telecom stock acquisition price, which was decided by the Supreme Court in 2016. In recent years, there has also been a gradual increase in cases in which the valuation of stock acquisition rights and stock options has been a point of contention. Therefore, in the lecture, we used case studies to explain the methods used to evaluate these financial assets and examined how to assess value and use third-party experts. 

 

"USING EMPIRICAL ANALYSIS IN INTELLECTUAL PROPERTY DISPUTES: ESTIMATING THE AMOUNT OF COMPENSATION FOR DAMAGES BASED ON ECONOMIC ANALYSIS AND QUESTIONNAIRES” Naoya Kaneko, NERA

After Samsung was ordered to pay a huge amount of compensation for infringing an Apple smart phone design patent, the U.S. Supreme Court ruled that the case be recalled and ordered that the huge amount of compensation, which had been based on gross profits, be reviewed. In practice, the issue of whether gross profit should be used as the basis for calculating compensation, or whether only the profit attributable to the intellectual property in question should be considered, is an extremely important one. If gross profit is not used, then the degree to which the intellectual property contributes to sales must be determined, which is an excellent empirical question. In Japan, specialist statutes such as Article 102 of the Patent Act, Article 38 of the Trademark Act, and Article 39 of the Design Act can be used to calculate the amount of compensation for damages, but neglecting to prove the contribution rate to sales may lead to unexpected consequences. This lecture used recent case studies such as the Kirimochi Case to explain how to use empirical analysis that employs economic analysis and questionnaire surveys, and also examined the precautions to note. 

 

“TRENDS IN CUTTING-EDGE ECONOMIC ANALYSIS IN ANTITRUST MERGER REGULATION AND REVIEWS” Hiroaki Ishigaki, NERA

In 2016, five large-scale mergers were planned in the oil wholesale industry, the steel industry, the regional banking sector, and the can manufacturing industry, and all were examined in a secondary review. This has not been limited to large-scale cases. Indeed, in recent years it has become the norm for reviews themselves to explicitly take economic analysis into account, and for quantitative evidence based on economic analysis to also be required from the companies involved. In addition, the relevant authorities have started to make practical changes - conducting more detailed merger reviews and applying the viewpoints in guidelines in a stricter manner. In this lecture, recent case studies were used to explain the content and usage of the economic analysis performed in merger reviews, and recent trends in merger reviews conducted by JFTC were then examined.

2017年の年次セミナーでは、主に近年の日本での経験に照らした、規制・訴訟対応における経済分析の活用方法の最前線について幅広く紹介しました。日本拠点のNERAエコノミストが、企業間取引の瑕疵担保責任に関わる統計的証拠、会社法・金商法上の紛争に関わる企業・株式価値評価、知財侵害に関わる損害賠償額や寄与率の評価、独禁法上の企業結合規制に関わる経済分析の最前線について解説しました。

 

『訴訟・紛争における統計分析の活用:プロ将棋における疑惑を例に』

雇用における差別事件、公害裁判等、個人または企業に瑕疵があったかどうかを調べる際に近年米国だけでなく日本の法廷でも統計的証拠を活用することが注目されております。特に関連事実や人的証拠が乏しく、瑕疵や不正があったのかどうか不透明な際に、統計的証拠が、材料の1つになる可能性があります。本講演では、統計学的証拠の背景にある統計分析で一般的に注意すべきことを解説しました。また昨年のプロ将棋の技巧使用疑惑を例に、仮に証拠として使用する場合に、必要な統計概念・分析のアプローチは何かを紹介し、法的な場での統計学の活用可能性について解説しました。

 

『金融資産の価値に関わる紛争:株式と新株予約権の適切な価値評価方法について』NERA 矢野智彦

昨年最高裁決定が出たジュピターテレコム株式取得価格決定事件をはじめ、企業合併、分割、MBOなど企業組織再編に関わる経営の主導権争いや投資ファンドとの紛争にかかわり、交渉・訴訟等の場面で株式の価値評価が求められることは珍しくありません。また、近年、新株予約権や株式オプションの、金融派生商品としての価値評価が重要な争点となる事件も徐々に増加しています。そこで、本講演では、これらの金融資産の価値評価に用いられる手法を事例を交えて説明し、価値評価や第三者専門家の活用方法のあり方について解説しました。

 

『知財紛争における実証分析の活用:経済分析とアンケートによる損害賠償額の推定』NERA 金子直也

アップルのスマートフォンのデザイン特許侵害で、サムスンは高額の賠償金支払いを命じられていましたが、米連邦最高裁は総利益に基づく高額な賠償金額の算定見直しを命ずる差し戻し判決を下しました。賠償金額の算定ベースは総利益なのか、当該知的財産に帰着すべき利益だけなのかは、実務上極めて重要な問題になります。総利益でなければ、当該知的財産がどのぐらい売上に寄与するかを決定しなければなりませんが、これはすぐれて実証的な問題です。我が国では、特許法102条、商標法38条、意匠法39条のような特例法によって損害賠償額が算定できることになっていますが、寄与率について立証をおろそかにすれば、思わぬ結果を招くおそれがあります。本講演では、切り餅事件等、近年の事例に基づいて、経済分析やアンケート調査を用いた実証的な分析の活用方法と注意点と併せて解説しました。

 

『独禁法上の企業結合規制における経済分析の最先端と審査の動向』NERA 石垣浩晶

2016年度においては、石油元売業界、鉄鋼業界、地方銀行業界、製缶業界において5つもの大型合併が計画され、全てにおいて第2次審査における検討が行われました。これら大型事例に限らず、近年は、経済分析を明示的に考慮した審査自体が常態化しており、企業側からも経済分析に基づく定量的な証拠に依拠した説明が必要になっています。また、関連して当局は企業結合審査をより詳細に行うようになり、ガイドラインの見方をより厳密に適用しようとする実務に変わってきています。本講演では、近年の事例を用いて企業結合審査において行われる経済分析の内容と活用方法、そして、公取委の企業結合審査の最近動向について解説しました。