＜ 10:00  -  12:00 ＞

Building No.3 2^nd F 203^rd Room of Faculty of Law, Economics and the Humanities
Session: Corporate finance 1

• Chair
• Hitotsubashi University
• Yukihiro Yasuda

（1）Investment trend of Japanese company after Lehman Shock -evidence based on Non-Consolidated and Consolidated financial information-

• Presenter
• Hitotsubashi University
• Tetsuya Hada

• Discussant
• Chuo University
• Satoshi Koibuchi

（2）Geographical Distribution of Production-Sales Structure and Capital Investments of Major Japanese Exporters

• Presenter
• Chuo University
• Satoshi Koibuchi

• Hitotsubashi University
• Mizuki Goto

• Discussant
• Hitotsubashi University
• Yukihiro Yasuda

（3）A Firm’s External Financing and Investment Decisions

• Presenter
• Kansai University
• Katsuya Ue

• Discussant
• Hitotsubashi University
• Takashi Misumi

Building No.3 1^st F 103^rd Room of Faculty of Law, Economics and the Humanities
Session: Monetary Policy 1

• Chair
• Doshisha University
• Shin-ichi Kitasaka

（1）The spillover effects of FRB’s Quantitative Easing Policy; an examination with TVP-VAR models

• Presenter
• Okayama Shoka University
• Hiroyuki Ijiri

• Kobe University
• Toshiki Jinushi

• Discussant
• Osaka Prefecture University
• Minoru Tachibana

（2）Revisiting Finance-Trade Linkage during the Great Trade Collapse

• Presenter
• Shiga University
• Yushi Yoshida

• Discussant
• Hitotsubashi University
• Iichiro Uesugi

（3）Money Creation under the Quantitative and Qualitative Easing Policy: Evidence from a Panel Data of Japanese Banks

• Presenter
• Hitotsubashi University
• Etsuro Shioji

• Discussant
• Sapporo Gakuin University
• Hitoshi Inoue

Building No.3 1^st F 104^th Room of Faculty of Law, Economics and the Humanities
Session: Financial Intermediary 1

• Chair
• Nihon University
• Michiru Sawada

（1）Intensified competition and financial stability among regional financial institutions

• Presenter
• Bank of Japan
• Mayumi Ojima

• Discussant
• Okayama University
• Masanori Ohkuma

（2）Old Boy Network, Capital Injection and Banks' Returns: Evidence from Japanese Banks

• Presenter
• Saitama University
• Takeshi Osada

• Osaka University
• Kazuki Onji

• California State University
• Fresno David Vera

• Discussant
• Waseda University
• Yoshiaki Ogura

（3）Evaluating Lenders through Borrowers’ Financial Constraints

• Presenter
• Kyushu University
• Wataru Nozawa

• Kyushu University
• Shunsuke Managi

• Discussant
• Development Bank of Japan
• Kenji Tanaka

Building No.1 1^st F 101^st Room of Faculty of Law, Economics and the Humanities
Session: Stock Market

• Chair
• Tokyo University of Science
• Noriyoshi Yanase

（1）Effect from Japan and China for World Stock Price Contagion

• Presenter
• Hitotsubashi University
• Kunitoshi Yamasaki

• Discussant
• Musashi University
• Sanae Ohno

（2）An empirical analysis of the largest sovereign foreign wealth fund investing in the Japanese Stock Market

• Presenter
• SOAS, University of London
• Yoshikatsu Shinozawa

• Discussant
• Musashi University
• Tsutomu Chano

（3）Oil Shocks, Exchange Rate Shocks, and Japanese Stock Markets

• Presenter
• Meisei University
• Hayato Nakata

• Ritsumeikan University
• Kohei Aono

• Hitotsubashi University
• Tokuo Iwaisako

• Discussant
• Tohoku University
• Jun Nagayasu

Building No.1 2^nd F 201^rd Room of Faculty of Law, Economics and the Humanities
Session: Financial System/Financial Transaction Analysis

• Chair
• Chuo University
• Eiji Okuyama

（1）The Single Supervisory Mechanism in the European Banking Union: From the Viewpoint of Big Bank in Europe

• Presenter
• Rikkyo University
• Amane Ishida

• Discussant
• Kanazawa University
• Hideki Sato

（2）The Cost of Trading during Federal Funds Rate Announcements: Evidence from Cross-listed Stocks

• Presenter
• University of Manchester
• Yoichi Otsubo

• Auckland University of Technology
• Bart Frijns

• Auckland University of Technology
• Ivan Indriawan

• Auckland University of Technology
• Alireza Tourani-Rad

• Discussant
• Kobe University
• Kentaro Iwatsubo

（3）Human resource allocation among business divisions of diversified firm： An Empirical analysis on Japanese electrical machinery industry

• Presenter
• Tokoha University
• Yoshiaki Tsuchimura

• Discussant
• Keio University
• Shintaro Tomita

2^nd F 203^rd Room of General Education and Research Building
Session: Price

• Chair
• Meiji University
• Takayasu Ito

（1）Inflation and Bubbles in the Japanese Condominium Market

• Presenter
• Tohoku University
• Jun Nagayasu

• Discussant
• Nagasaki University
• Masayuki Susai

（2）The Effect on Price of Change in Value-Added TAX

• Presenter
• Nihon University
• Yasuyuki Komaki

• Discussant
• Meiji University
• Takayasu Ito

（3）Public Investment and Stock Price Returns: The Case of Japan

• Presenter
• University of Marketing and Distribution Sciences
• Masafumi Kozuka

• Tokai University
• Kazuki Hiraga

• Kobe University
• Tomomi Miyazaki

• Discussant
• Kyoto University
• Takayuki Tsuruga

＜ 12:00  -  13:20 ＞ Lunch

＜ 13:20 – 15:20 ＞

Building No.3 2^nd F 203^rd Room of Faculty of Law, Economics and the Humanities
Panel Session: Monetary easing policy from a standpoint of market participants

• Chair
• Fujitsu Research Institute
• Hideo Hayakawa

（1）Quantitative and qualitative monetary easing and financial markets

• Presenter
• Bank of Japan
• Yoshiaki Azuma

（2）Changes in Japanese Government Bond Market during the new phase of monetary easing for four years and a half

• Presenter
• Deutsche Securities
• Tomoya Shimizu

（3）BoJ's monetary easing and Yen over the last few years

• Presenter
• Citigroup Global Markets Japan
• Osamu Takashima

＜ 13:20 – 15:20 ＞

Building No.3 1^st F 103^rd Room of Faculty of Law, Economics and the Humanities
Session: Regional Finance 1

• Chair
• Kyushu University
• Kenji Iwata

（1）Education Opportunity Gap and Regional Financial Support in Japan

• Presenter
• University of Nagasaki
• Atsuji Ohara

• Kagoshima Sougo Sinyoukinko
• Shunei Shiraishi

• Discussant
• Central Council for Financial Services Information
• Shinichi Yoshikuni

（2）Consideration about the Way of Balancing Local Finance Institution's Business Model and Local Problem Solution

• Presenter
• Yamato University
• Hideaki Fujiki

• Discussant
• Kyoto Sangyo University
• Tomoyoshi Terasaki

（3）Identifying the Dual Hypotheses in Lending Market: Evidence from Japanese Regional Lending Markets

• Presenter
• Tokai University
• Kazuki Hiraga

• Kaetsu University
• Masashi Manabe

• Asian Development Bank Institute
• Naoyuki Yoshino

• Discussant
• Hitotsubashi University
• Iichiro Uesugi

Building No.3 1^st F 104^th Room of Faculty of Law, Economics and the Humanities
Session: Financial Intermediary 2

• Chair
• Shimonoseki City University
• Yuji Mori

（1）Relationship of new listed firms and financial institutions

• Presenter
• Hitotsubashi University
• Tomohito Honda

• Discussant
• Nagasaki University
• Kazuo Yamada

（2）When Japanese Banks Become Pure Creditors: Effects of declining shareholding by banks on bank lending and firms' risk taking

• Presenter
• Chuo University
• Arito Ono

• Hitotsubashi University
• Katsushi Suzuki

• Hitotsubashi University
• Iichiro　Uesugi

• Discussant
• Konan University
• Kiyotaka Nakashima

（3）The Emergence of a Parallel World: The Misperception Problem for Bank Balance Sheet Risk and Lending Behavior

• Presenter
• Sapporo Gakuin University
• Hitoshi Inoue

• Konan University
• Kiyotaka Nakashima

• Bank of Japan
• Koji Takahashi

• Discussant
• Kobe University
• Takashi Hatakeda

Building No.1 1^st F 101^st Room of Faculty of Law, Economics and the Humanities
Session: Corporate Governance

• Chair
• Tokyo Keizai University
• Masao Kumamoto

（1）PPP payment scheme that incentivizes private companies

• Presenter
• Keio University
• Yukari Fukuda

• Discussant
• Hitotsubashi University
• Masaharu Hanazaki

（2）The Determinants of Convertible Bond Issuance-- from the Perspective of Corporate Governance

• Presenter
• Hitotsubashi University
• Yan Juxin

• Discussant
• Keio University
• Takashi Kaneko

（3）The Role of the Board of Directors in Companies in Gulf Arab Countries

• Presenter
• Institute of Developing Economies
• Jun Saito

• Discussant
• Ritsumeikan Asia Pacific University
• Yasushi Suzuki

Building No.1 2^nd F 201^st Room of Faculty of Law, Economics and the Humanities
Session: Currency

• Chair
• Kansai University
• Sadayoshi Takaya

（1）Will Fin-Tech Change the Fundamental Function of Deposit money?

• Presenter
• University of Nagasaki
• Kazuhiko Ishida

• Discussant
• Kyoto Tachibana University
• Koji Sakuma

（2）Future of Bitcoin: Focusing on Light and Shadow of Virtual Currency

• Presenter
• Reitaku University
• Masashi Nakajima

• Discussant
• Senshu University
• Takahiko Watanabe

（3）The Benefit of Common Currency as a Medium of Exchange

• Presenter
• Nihon University
• Kenta Toyofuku

• Discussant
• Senshu University
• Hidehiko Ishihara

2^nd F 203^rd Room of General Education and Research Building
Session: Chinese Financial System

• Chair
• Ritsumeikan University
• Kozo Harimaya

（1）The Effect of the 2015 Renminbi Reform on the Relationship between Onshore and Offshore Exchange Markets

• Presenter
• Hitotsubashi University
• Pengfei Luo

• Discussant
• Kobe University
• Takuji Kinkyo

（2）The current state and its reason of zombie firm in China

• Presenter
• Hitotsubashi University
• Le Wang

• Discussant
• Development Bank of Japan
• Jun-ichi Nakamura

（3）Hurst Exponent Analysis of Chinese and Japanese Stock Market

• Presenter
• Kyushu University
• Meifen Chu

• Discussant
• Meiji Gakuin University
• Yan Zhang

2^nd F 201^rd Room of General Education and Research Building
Special Session: Japan and Korea Society of Monetary Economics

• Chair
• Tohoku Gakuin University
• Masashi Igakura

（1）Another Reason for Non-Neutrality of Financial Liquidity

• Presenter
• Sejong University
• Jong-Eun Lee

• Discussant
• Nishogakusha University
• Katsushi Tabata

（2）Conditional Cross-Section: Belief Difference and Characteristic Explanations

• Presenter
• Chungnam National University
• Hogyu Jhang

• Texas State University
• Emmanuel Alanis

• Discussant
• Meisei University
• Hayato Nakata

（3）May Monetary Policy Affect Long Run Expectations of Non-Stationary Real Interest Rates?

• Presenter
• Dankook University
• Yun yeong Kim

• Discussant
• Bank of Japan
• Ryo Kato

＜ 15:40 – 16:40 ＞ Invited Lecture

Building No.3 2^nd F 203^rd Room of Faculty of Law, Economics and the Humanities

• Chair
• Kobe University
• Nobuyoshi Yamori

• Speaker
• The Minami-Nippon Bank, President
• Toshihide Mori

TBD （To Be Determined）

＜ 16:50 – 17:40 ＞ General Meeting

Building No.3 2nd F 203th Room of Faculty of Law, Economics and the Humanities

＜ 18:00 – 20:00 ＞ Reception

Kagoshima University Student Community Plaza

＜ 9:30 – 11:30 ＞

Building No.3 2^nd F 203^rd Room of Faculty of Law, Economics and the Humanities
Panel Session: Financial History

Financial Networks in History: a View from the Early-Modern/Modern Japan

• Chair
• Reitaku University
• Masanori Sato

（1）Financial Network in Tokugawa Japan: the Case of Osaka Financial Market

• Presenter
• Kobe University
• Yasuo Takatuki

（2）Relationship Banking in Modern Japan: Joint Stock Bank to Deposit Bank

• Presenter
• Hosei University
• Masayoshi Tsurumi

（3）Banking Networks and Financial Market Integration: the Case of Japan during the Late 19th Century

• Presenter
• Waseda University
• Masato Shizume

• Discussant
• Konan University
• Yoshiro Tsutsui

＜ 9:30 – 11:30 ＞

Building No.3 1^st F 103^rd Room of Faculty of Law, Economics and the Humanities
Session: Finance in Foreign Countries

• Chair
• Okinawa International University
• Naoya Ikemiyagi

（1）Japanese Bank’s Business in India

• Presenter
• Aichi University of Education
• Keiichiro Nishio

• Discussant
• Kobe University
• Nobuyoshi Yamori

（2）Financial Structure and Economic Growth - Is it a right way forward to assist capital market enhancement in Southeast Asia? -

• Presenter
• Dokkyo University
• Takashi Kihara

• Discussant
• Hitotsubashi University
• Hidenobu Okuda

（3）International Comparison of Management Characteristics of MFIs: A Case Study of Cambodia and The Philippines

• Presenter
• Hitotsubashi University
• Hidenobu Okuda

• Hitotsubashi University
• Yusuke Toyama

• Discussant
• Okinawa International University
• Naoya Ikemiyagi

Building No.3 1^st F 104^th Room of Faculty of Law, Economics and the Humanities
Session: Regional Finance 2

• Chair
• Aichi Gakuin University
• Kazumine Kondo

（1）Evaluation of Regional Financial Competitiveness and Its Impact on the Area

• Presenter
• Saitama University
• Toshihiro Sugiyama

• Discussant
• Nagoya University of Economics
• Shinya Minegishi

（2）The Impact of the Competitive Environment of Regional Financial Institutions on the Opening and Closing of Business Establishments

• Presenter
• Kushiro Public University
• Yasufumi Ozaki

• Ritsumeikan University
• Kozo Harimaya

• Discussant
• Nagasaki University
• Masayo Shikimi

（3）How does Employee Sovereignty effect Risk-taking of Shinkin Banks?

• Presenter
• Musashi University
• Tsutomu　Chano

• Discussant
• Ritsumeikan University
• Kozo Harimaya

Building No.1 1^st F 101^st Room of Faculty of Law, Economics and the Humanities
Session: Monetary Policy 2

• Chair
• Kobe University
• Shin-Ichi Nishiyama

（1）A Note on Nominal Rigidities and Model Misspecification

• Presenter
• Matsuyama University
• Kohei Hasui

• Discussant
• Kobe University
• Shin-Ichi Nishiyama

（2）Market Concentration and Sectoral Inflation under Imperfect Common Knowledge

• Presenter
• Bank of Japan
• Ryo Kato

• Bank of Japan
• Tatsushi Okuda

• Discussant
• Kobe University
• Takeki Sunakawa

（3）Delegating optimal monetary policy inertia in a small open economy: An analytical investigation

• Presenter
• Osaka Gakuin University
• Mitsuhiro Okano

• Momoyama Gakuin University
• Daisuke Ida

• Discussant
• Hiroshima City University
• Kenya Takaku

Building No.1 2^nd F 201^st Room of Faculty of Law, Economics and the Humanities
Session: Cooperate Finance 2

• Chair
• University of Marketing and Distribution Sciences
• Masafumi Kozuka

（1）Effects of being multinationals on cash and debt activities in Japan

• Presenter
• Kobe University
• Tsuguyuki Umene

• Discussant
• Tokyo University of Science
• Takafumi Sasaki

（2）Does impaired asset accounting affect firms' investment?

• Presenter
• Hitotsubashi University
• Iichiro Uesugi

• Hitotsubashi University
• Kentaro Nakajima,

• Gakushuin University
• Kaoru Hosono

• Discussant
• Tokyo Keizai University
• Hyonok Kim

（3）Forgiveness versus financing: The determinants and impact of SME debt forbearance in Japan

• Presenter
• Hitotsubashi University
• Yukihiro Yasuda

• Chuo University
• Arito Ono

• Discussant
• University of Tokyo
• Shin-ichi Fukuda

2^nd F 203^rd Room of General Education and Research Building
Session: Insurance and Risk Management

• Chair
• Yamaguchi University
• Takashi Hyodo

（1）Empirical test of the opinion about e-retailing property-casualty insurance companies

• Presenter
• Chigin Network Service
• Satoru Yano

• Musashi University
• Tsutomu Chano

• Discussant
• Tokyo University of Science
• Noriyoshi Yanase

（2）A Procedure for Value-at-Risk Estimates corresponding to a Distortion of the Observation Distributions

• Presenter
• Kumamoto Gakuen University
• Youich Yoshida

• Discussant
• Yamaguchi University
• Takashi Hyodo

2^nd F 201^st Room of General Education and Research Building
Session: Housing Finance

• Chair
• Doshisha University
• Toshihiko Marumo

（1）House price and credit cycles: effects of global liquidity and risk perception

• Presenter
• Keio University
• Satoshi Tobe

• Discussant
• Tohoku University
• Jun Nagayasu

（2）Revitalization of Urban Function in Japan ~Considering the possible use of Tax Increment Finance（“TIF”） to enhance redevelopment of urban function~

• Presenter
• Development Bank of Japan
• Shigeki Wakabayashi

• Discussant
• Nagasaki University
• Atsuyuki Fukaura

（3）Why Japanese can not sell their houses?

• Presenter
• Hosei University
• Shimono Keiko

• Discussant
• Osaka University
• Mototsugu Fukushige

＜ 12:00  -  13:20 ＞ Lunch

＜ 13:00 – 16:00 ＞

Building No.3 2^nd F 203^rd Room of Faculty of Law, Economics and the Humanities
Symposium: Competitiveness of Tokyo Financial Market in Asia

• Chair
• Nagasaki University
• Masayuki Susai

（1）TBD

• Presenter
• State Street Trust & Banking Company
• Hideyuki Takahashi

（2）Competing financial centers: Reflections from Europe

• Presenter
• University of Portsmouth
• Alexis Stenfors

• Discussant
• Financial Service Agency
• Takuro Komori

• Discussant
• Hitotsubashi University
• Hidenobu Okuda

• Discussant
• Kansai University
• Sadayoshi Takaya