＜ 9:30  -  10:00 ＞ Presidential Address

1st Floor, Forward Hall

“Local Currency Trade Settlement under the International Monetary System with the US Dollar as a Key Currency”

• Speaker
• Hitotsubashi University
• Eiji Ogawa

＜ 10:10  -  12:10 ＞

A304 Room, Building #1

Panel Session: Financial History
“Which Financial Institution Did the Small Company of the City Make a Deal with? :Consideration by Aichi ken shōgyō meikan and Nagoya shōkō meikan”

• Chair
• Chiba University of Commerce
• Hisahiko Saito

（1）The Relationship of Merchants and Banks in Nagoya in the 1920s

• Presenter
• Aichi University
• Daisuke Hayakawa

（2）Business Relationship of Small Company and Financial Institution: Analysis by Nagoya shōkō meikan 1967

• Presenter
• Reitaku University
• Masanori Sato

（3）Development of Relationship Banking in Small Business Lending: With a Focus on Competition against City Banks from 1970s onwards

• Presenter
• Meijo University
• Daisuke Arai

• Discussant
• Hannan University
• Toru Imajou

• Discussant
• Hosei University
• Masayoshi Tsurumi

＜ 10:10  -  12:10 ＞

A305 Room, Building #1

Session: Financial Institutions Ⅰ

• Chair
• Hitotsubashi University
• Masaru Konishi

（1）The Number of Bank Relationships and Small Business Bankruptcies

• Presenter
• PhD student, Nagoya University
• Yuta Ogane

• Discussant
• Chuo University
• Arito Ono

（2）Empirical Study on the Effect of the Capital Injection Policy

• Presenter
• Kyoto Tachibana University
• Takanori Kondo

• Discussant
• Nagoya University
• Katsutoshi Shimizu

（3）International Syndicated Loans and Japanese Regional Banks: Comparison between the First and Second Internationalization

• Presenter
• Yamagata University
• Masaki Yamaguchi

• Discussant
• Senshu University
• Takahiko Watanabe

A306 Room, Building #1

Session: International Finance Ⅰ

• Chair
• Kobe University
• Kentaro Iwatsubo

（1）Industry-specific Exchange Rate Fluctuations, Japanese Exports and Financial Constraints: Evidence from Panel VAR Analysis

• Presenter
• PhD student, Yokohama National University
• Shajuan Zhang

• Discussant
• Kobe City University of Foreign Studies
• Taro Esaka

（2）On the Exchange Rate Variation - Asset Approach and Monetary Approach -

• Presenter
• Tokyo International University
• Makoto Shimizu

• Discussant
• Osaka University of Economics
• Yukio Fukumoto

（3）Paradox of Narrowing Current Account Deficit and Expansion of Net External Liabilities of the US

• Presenter
• Ryukoku University
• Masaharu Takenaka

• Discussant
• Meiji University
• Etsuko Katsu

A404 Room, Building #1

Session: Finance and Law

• Chair
• Tohoku University
• Ayumu Sugawara

（1）Reconsidering "Extraterritorial Application" of Financial Laws

• Presenter
• Waseda University
• Takashi Kubota

• Discussant
• Aichi University
• Yutaka Kurihara

（2）Credit Risks Involved in Finance by Assignment of Obligations

• Presenter
• Yokohama National University
• Masahiko Takahashi

• Discussant
• Waseda University
• Takashi Kubota

（3）Laws and Finance - Introductory Note to Its Methodology

• Presenter
• Ritsumeikan University
• Hisashi Ohgaki

• Discussant
• Seijo University
• Tsutomu Muramoto

A405 Room, Building #1

Session: Open Macroeconomics

• Chair
• Tohoku University
• Jun Nagayasu

（1）On the Role of Volatility in Prediction with Constant Gain Learning

• Presenter
• Kurume University
• Taro Ikeda

• Discussant
• Yokohama City University
• Yoshiyuki Nakazono

（2）What Investment Motive Does Tobin's q Affect?:A Bootstrap Granger Causality Approach

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

• Kobe City University of Foreign Studies
• Takao Fujii

• Discussant
• Meiji University
• Ryokichi Chida

（3）Choice of Inflation Targeting: Some International Evidence

• Presenter
• International University of Japan
• Makoto Kakinaka

• Central bank of Uzbekistan
• Shakhzod Ismailov

• Tokyo University
• Hiroaki Miyamoto

• Discussant
• Kwansei Gakuin University
• Atsushi Tanaka

＜12:10 - 13:40＞ Lunch

＜ 13:40  -  15:40 ＞

A304 Room, Building #1

Panel Session: Central Bank
“Two Years after the Introduction of the "Quantitative and Qualitative Monetary Easing（QQE）”

• Chair
• Osaka University of Economics
• Wataru Takahashi

（1）

• Presenter
• Meiji University
• Yasuyuki Iida

（2）

• Presenter
• Bank of Japan
• Yutaka Harada

（3）

• Presenter
• BNP Paribas Securities (Japan) Limited
• Ryutaro Kono

（4）

• Presenter
• Fujitsu Research Institute
• Hideo Hayakawa

＜ 13:40  -  15:40 ＞

A305 Room, Building #1

Session: Insurance and Risk Management

• Chair
• Tokyo Keizai University
• Noriyoshi Yanase

（1）The Prudential Regulation and its Scope of Life Insurance

• Presenter
• Waseda University
• Tadayoshi Otsuka

• Discussant
• Capitas Consulting
• Nobuyasu Uemura

（2）The Effects of Systematic Risk after Nuclear Accident: Evidence from Kalman Filter Methods

• Presenter
• Aoyama Gakuin University
• Yoko Shirasu

• Waseda University
• Soichiro Moridaira

• Tokyo Keizai University
• Yasushi Yoshida

• Discussant
• International University of Japan
• Haruyoshi Ito

（3）Moral Hazard Premium: Valuation of Moral Hazard under Diffusive and Jump Risks

• Presenter
• Hitotshubashi University
• Hisashi Nakamura

• Hitotsubashi University
• Koichiro Takaoka

• Hitotsubashi University
• Takashi Misumi

• Discussant
• Yokohama National University
• Katsumasa Nishide

A306 Room, Building #1

Session: Corporate Finance

• Chair
• Kyushu University
• Kenji Iwata

（1）Internal Governance Mechanism and Payout Policy

• Presenter
• Ph.D. Student, Hitotsubashi University
• Junyu Saito

• Discussant
• Toyo University
• Toshinori Sasaki

（2）Empirical Analysis of the Hold-Up Problem in Debt Financing: Evidence from Japanese Listed Firms

• Presenter
• Ph.D. Student, Hitotsubashi University
• Hiromichi Iwaki

• Discussant
• Waseda University
• Yoshiaki Ogura

（3）Bank Relationships and Cash Holdings: Evidence from Japanese Firms

• Presenter
• Nagasaki University
• Masayo Shikimi

• Discussant
• Tokyo University of Science
• Takafumi Sasaki

A404 Room, Building #1

Session: Financial Institutions in Different Countries

• Chair
• Kyoto University
• Fumiharu Mieno

（1）Interest Rates and Reserve Requirement as Policy Instruments: The Case of Indonesia

• Presenter
• PhD student, Hosei University
• Yayoi Ogaki

• Discussant
• Hitotshubashi University
• Hidenobu Okuda

（2）"Heterodox Perspectives on Islamic Prohibition of Riba and Gharar: Towards Transcending the Trend of Financialization"

• Presenter
• Ritsumeikan Asia Pacific University
• Yasushi Suzuki

• University of Nizwa
• MD. Dulal Miah

• Discussant
• Waseda University
• Toshiharu Kitamura

（3）On Modern Russian Banking System - Especially Its Structure

• Presenter
• Takushoku University
• Nobuo Yamamura

• Discussant
• Ryukoku University
• Krawczyk Mariusz Konrad

A405 Room, Building #1

Session: Regional and SME Finance

• Chair
• Yamaguchi University
• Takashi Hyodo

（1）Effectiveness of Venture Finance Data

• Presenter
• PhD student Seijo University
• Takayuki Fujikura

• Discussant
• Aichi University
• Yutaka Kurihara

（2）The Proposal about the Financial Evaluation Method of the Small and Medium-Sized Enterprises by Financial Institutions

• Presenter
• PhD student Sakushingakuin University
• Katsumi Anzai

• Discussant
• Kobe University
• Nobuyoshi Yamori

（3）Management of Regional Financial Institutions in the Depopulating Society

• Presenter
• Kansaigaidai University
• Yasuhiro Horie

• Discussant
• Fukuoka University
• Ritsuko Arioka

＜ 16:00 - 17:00 ＞ Invited Lecture

1st Floor, Forward Hall

“On the Recent Financial Administration”

• Chair
• Keio University
• Kazuhito Ikeo

• Speaker
• Commissioner, Financial Services Agency,
• Kiyoshi Hosomizo

＜ 17:00 - 17:50 ＞　General Meeting

1st Floor, Forward Hall

＜ 18:00  -  20:00 ＞　Reception

1st Floor of Kiryo Kaikan

＜ 10:00  -  12:00 ＞

A304 Room, Building #1

Session: Market Analysis

• Chair
• Aoyama Gakuin University
• Takeo Minaki

（1）A Gold Pricing and Its Structural Change for Demand and Supply

• Presenter
• Musashi University
• Tsutomu Chano

• Discussant
• World Gold Council
• Takahiro Morita

（2）Management Buyouts in Japan

• Presenter
• International University of Japan
• Haruyoshi Ito

• University of Hawaii
• Eric L. Mais

• Discussant
• Tokyo Keizai University
• Yasushi Yoshida

（3）Why Do International Stock Markets Co-move? Evidence from Accessible and Inaccessible Stocks in China

• Presenter
• University of International Business and Economics
• Yusaku Nishimura

• Konan University
• Yoshihiro Tsutsui

• Kwansei Gakuin University
• Kenjiro Hirayama

• Discussant
• Fukuoka Women’s University
• Yan Zhang

A305 Room, Building #1

Session: Financial Institutions Ⅱ

• Chair
• Chuo University
• Eiji Okuyama

（1）Market Discipline and Forbearance Lending

• Presenter
• Kagoshima University
• Kunikazu Nagata

• Discussant
• Kyushu Kyoritsu University
• Yuji Mori

（2）Bank Competition, Ownership Structure and Risk Taking: Evidence from Japan

• Presenter
• Okayama University
• Masanori Ohkuma

• Kyushu Kyoritsu University
• Yuji Mori

• Discussant
• Ritsumeikan University
• Naoki Watanabe

（3）Are Bank Mergers Good News for Shareholders? The Effect of Bank Mergers on Client Firm Value

• Presenter
• International Christian University
• Heather Montgomery

• State University of New York
• Yuki Takahashi

• Discussant
• Saitama University
• Takeshi Osada

A306 Room, Building #1

Session: International Finance Ⅱ

• Chair
• Shiga University
• Yushi Yoshida

（1）Causal Relationship between Onshore/offshore RMB and Interest Rate: An Empirical Study Using VAR Model

• Presenter
• Ph D student, Hitotsubashi University
• Pengfei Luo

• Discussant
• Toyo University
• Kentaro Kawasaki

（2）What Factors Determined CDS Spreads of Financial Institutions during the Financial Turmoil?

• Presenter
• Musashi University
• Sanae Ohno

• Discussant
• Aichi University
• Yutaka Kurihara

（3）Asymmetric Exchange Rate Pass-Through in Japanese Exports: Application of the Threshold Vector Autoregressive Model

• Presenter
• PhD student, Yokohama National University
• Thi Ngoc Anh Nguyen

• Yokohama National University
• Kiyotaka Sato

• Discussant
• Hitotsubashi University
• Etsuro Shioji

A404 Room, Building #1

Session: Chinese Finance

• Chair
• Kobe University
• Takuji Kinkyo

（1）The Formation of Shadow Banking in China and Its Future Challenges

• Presenter
• Nomura Institute of Capital Market Research
• Lirong Li

• Discussant
• Fukuoka Women’s University
• Yan Zhang

（2）State Ownership, Government-affiliated Director, and Bank Profitability

• Presenter
• Hitotsubashi University
• Ling Lang

• Discussant
• Fukuyama University
• Yoshio Kojima

（3）What are They Talking about Shadow Banking in China

• Presenter
• Seijo University
• Hiroshi Fukumitsu

• Discussant
• Osaka City University
• Donming Wan

A405 Room, Building #1

Session: Monetary Macroeconomics

• Chair
• Tohoku University
• Shin-ichi Nishiyama

（1）Currency Substitution and Monetary Policy Effects: The Case of Latin American Countries

• Presenter
• Fukushima University
• Hisao Kumamoto

• Tokyo Keizai University
• Masao Kumamoto

• Discussant
• Seikei University
• Masanori Ono

（2）The Role of Bank Capital Requirements in the Propagation of Monetary Policy

• Presenter
• Fukushima University
• Shin Fukuda

• Discussant
• Yamagata University
• Kenichi Tamegawa

（3）Macroeconomic Analysis of Relationship Lending

• Presenter
• Yamagata University
• Kenichi Tamegawa

• Discussant
• Fukushima University
• Hisao Kumamoto

＜ 12:00  -  13:30 ＞ Lunch

＜ 13:30  -  16:00 ＞

1st Floor, Forward Hall

Symposium: Japan's Current Account Balance: Current Situation and its Optimal Policy

• Chair
• Meiji Gakuin University
• Yuri Sasaki

（1）

• Presenter
• Ministry of Finance, Tokyo University
• Masatsugu Asakawa

（2）

• Presenter
• Shinsei Bank
• Takako Masai

（3）

• Presenter
• Columbia University GRIPS
• Takatoshi Ito

• Discussant
• Kobe University
• Yoichi Matsubayashi

• Asian Development Bank Institute
• Naoyuki Yoshino