2008 Spring Semi-Annual Meeting

Program Summary

Saturday 17 May

09:00              Registration
09:30~11:45    Panel Session: Subprime and Central Banks (3rd.bldg.003)
                     Session A (3rd.bldg.311) Session C (3rd.bldg.312)
                     Session D (3rd.bldg.321) Session E (3rd.bldg.322)
                     Session B (3rd.bldg.Main Conference Room)
11:50~12:35    Keynote Address from President
12:35~13:35    Lunch Break
13:35~15:50    Panel Session: Revitalizing Society (3rd.bldg.003)
                     Session A (3rd.bldg.311) Session C (3rd.bldg.312)
                     Session D (3rd.bldg.321) Session E (3rd.bldg.322)
                     Session B (3rd.bldg.Main Conference Room)
16:00~17:00    Speech by Commissioner of the FSA (3rd.bldg.003)
17:10~18:10    General Membership Meeting (3rd.bldg.003)
18:15~20:15    Welcome Reception (3rd.bldg.Student Hall)

Sunday 18 May

09:30              Registration
10:00~12:15    Panel Session: Development of Subprime Loan Issues (3rd.bldg.003)
                     Session A (3rd.bldg.311) Session C (3rd.bldg.312)
                     Session D (3rd.bldg.321) Session E (3rd.bldg.322)
12:15~13:15    Lunch Break
13:15~16:00    Symposium (3rd.bldg.003)
                     Financial Innovation: Revelation of New Settlement System

2008 Spring Annual Meeting

Saturday 17 May

09:00                 Registration
09:30~11:45     Morning Session

Panel Session: Subprime and Central Banks (3rd.bldg.003)
Saturday 17 May 09:30~11:45
Organizer: Central Bank Section

Chair:KURODA, Iwao (Chuo University)
AMEMIYA, Masayoshi (Bank of Japan)
KONISHI, Ryuji (Kyushu University)
KUROSAWA, Yoshitaka (Nihon University)

Session A: Indirect Finance (3rd.bldg.311)
Saturday 17 May 09:30~11:45

Chair:KAMOIKE, Osamu (Tohoku University)
HANASAKI, Masaharu (Development Bank of Japan)
ZUI, Seien (Yokohama City University)
SAITO, Hisahiko (Chiba University of Commerce)

Are Local Banks Needed for Local Economic Growth? Evidence from Japan’s Lost DecadeOHKUMA, Masanori (Graduate School of Waseda University)
Debt Forgiveness during the “Lost Decade”: Implication from Excess Burdens of Main BankKOIBUCHU, Satoshi (Chiba University of Commerce)
An Essay on Market-Oriented Indirect FinancingKAMETANI, Shoji (Nihon University)

Session B: Verification of Bank Lending (3rd.bldg.main conference room)
Saturday 17 May 09:30~11:00

Chair:HORIE, Yasuhiro (Kyushu University)
OGAWA, Kazuo (Osaka University)
OHTA, Tomoyuki (Mizuho Research Institute)
ONO, Arito (Mizuho Research Institute)
NODA, Akihiko (Mizuho Research Institute)

Banks’ Lending Behavior under Uncertain Macroeconomic EnvironmentsKITAMURA, Kimiyo (Graduate School of Chuo University)
Is Credit Scoring Reliable?HASUMI, Ryo (Graduate School of Keio University)
HIRATA, Hideaki (Hosei University)

Session C: Corporate Finance and Stock Market (3rd .bldg.312)
Saturday 17 May 09:30~11:45

Chair:KANEKO, Takashi (Keio University)
TESHIMA, Nobuyuki (Senshu University)
ARIKAWA, Yasuhiro (Waseda University)

A Event Study of Earnings Announcement – Differences of the Market by the Bank Lending Dependence DegreeISHIKAWA, Masaya (Graduate School of Hitotsubashi University)
Effect of Corporate Diversification and Internal Capital Market in JapanTSUCHIMURA,Yoshiaki (Kanagawa University)
SUGIURA, Yasuyuki (Nikko Financial Intelligence)
Impact of the Debt Ratio on Firm Investment: A Case Study of Listed Companies in ChinaYUAN, Yuan (Graduate School of Hosei University)
MOTOHASHI, Kazuyuki (Tokyo University)

Session D: Financial Crisis and Asia (3rd.bldg.321)
Saturday 17 May 09:30~11:45

Chair: SUTO, Megumi (Waseda University)
ARIKAWA, Yasuhiro (Waseda University)
YONEZAWA, Yasuhiro (Waseda University)
KAMISAKA, Akiko (Aoyama Gakuin University)

The Investment Environments and Firm behaviors in Southeast Asia after the Financial Crisis: An Empirical
Study of the Investment  Functions in Indonesia, Malaysia, Philippines, and Thailand
TAKE, Yasushi (Graduate School of Hitotsubashi University)
New Evidence on the Volatility Spillover between Chinese and Major International Stock Markets:
A Causality-in-Variance Approach
CHEN, Sichong (Graduate School of Hitotsubashi University)
An Empirical Analysis of Stock Prices in Major Asian CountriesZhang, Yan (Fukuoka Women’s University)

Session E: Finance in America (3rd.bldg.322)
Saturday 17 May 09:30~11:45

Chair: UCHDA, Mahito (Seijo University)
MAEDA, Shin-ichiro (Meijo University)
KAZUSAKA, Takashi (Kanagawa University)
SHIRATSUKA, Shigenori (Bank of Japan)

Nonbanking Companies Compete in the Banking Business through Industrial Loan CompaniesTAKAYAMA, Koji (Graduate School of Osaka City University)
Two Aspects of Financial System in the United States: raison d’etre of Main Street FinanceUCHIDA, Satoshi (Ibaraki University)
Estimates of the Sticky Price/Wage Models for Japan and the U.S.SUZUKI, Masaaki (Mizuho Research Institute)

Keynote Address from President (3rd.bldg.003)
Saturday 17 May 11:50~12:35

SHIMIZU, Yoshinori (Hitotsubashi University)
Globalization and Financial Regulation

Lunch Break
Saturday 17 May 12:35~13:35

Panel Session: Reinvigorating our JSME and its Field of Monetary Economics (3rd.bldg.003)
Saturday 17 May 13:35~15:50

Chair:HARUI, Hisashi (Kwansei Gakuin University)
HANAWA, Toshiya (Hitotsubashi University)
SENDA, Jun-ichi (Chubu Gakuin University)
TSUTSUI, Yoshiro (Osaka University)
MURAMOTO, Tsutomu (Seijo University)

Session A: Securitization (3rd.bldg.311)
Saturday 17 May 13:35~15:50

Chair:TAKAHASHI, Toyoji (Chuo University)
IMURA, Shin-ya (Chuo University)
YONEZAWA, Yasuhiro (Waseda University)
FUKUMITSU, Hiroshi (Seijo University)

Recent Turmoil in the Securitization Products MarketNAKAI, Hiroyuki (Nomura Asset Management)
The Development of Securitization and the Concept of SecuritiesTAKAHASHI, Masahiko (Yokohama National University)
Recent Development of Securitization Market in JapanFUKAURA, Atsuyuki (Nagasaki University)

Session B: International Finance (3rd.bldg.main conference room)
Saturday 17 May 13:35~15:50

Chair: KATSU, Etsuko (Meiji University)
KITANO, Shigeto (Kobe University)
KAWASAKI, Kentaro (Toyo University)
NISHIGAKI, Narunto (Okayama University)

A Model of Currency Basket with Balance Sheet EffectsNAKAMURA, Chikafumi (Graduate School of Hitotsubashi University)
Dollarization and Optimal Currency Area in Central American Region from the Viewpoint of Labor Migration and RemittanceMATAUI, Ken-ichiro (Institute for International Monetary Affairs)
Transnational Transmission of Exogenous Shocks under Financial Integration: Evidence from New ZealandSUZUKI, Tomoya (Kansai University)

Session C: Finance in Households (3rd .bldg.312)
Saturday 17 May 13:35~15:50

HIRUMA, Fumihiko (Waseda University)
HOTTA, Mari (Toyo University)
MIYAKAWA, Shigeyoshi (Kyoto Gakuen University)
KAMIBAYASHI, Takanori (Tokyo International University)

New Consumer FinanceMIMURA, Satoshi (Aichi Gakusen University)
Financial Anxieties; Comparing Firms versus HouseholdsSAWADA,Yoshitaka (Kwansei Gakuin University)
The Increase of Households without Savings and its Impacts on the Regional EconomyHORIE, Yasuhiro (Kyushu University)

Session D: Issues at Present (3rd.bldg.321)
Saturday 17 May 13:35~15:50

Chair: KURIHARA, Yutaka(Aichi University)
Discussant: MISUMI, Takashi (Hitotsubashi University)
FUJITA, Seiichi (Kobe University)
KAMAE, Hiroshi (Hitotsubashi University)

On the Significance of Bank-Examination by the Central Bank: How the Bank of Japan began and
developed its Bank-Examinations?
KUMAKURA, Shuichi (Bank of Japan)
Monitalization of Gold under the Unconvertible SystemMATSUMOTO, Akira (Ritsumeikan University)
Do Funds Contribute to Venture Business Growth? ~Evaluation of SMRJ’s Venture Fund Program~UCHDA, Mahito (Seijo University)
ISHII, Yoshiaki (RIETI)

Session E: Finance in Small Business (3rd.bldg.322)
Saturday 17 May 13:35~15:50

Chair: SHIKANO, Yoshiaki (Doshisya University)
Discussant: UCHIDA, Shigeru (Nagasaki University)
KANO, Shoji (Osaka Prefecture University)

On Rules of the Policy Finance Reform in Japan―Mainly the Small Business Finance―NISHIGAKI, Narunto (Okayama University)
Do Governmental Financial Institutions Help Startups Grow?NEMOTO, Tadanobu (Chuo University)
WATANEBE, Wako (Keio University)
FUKANUMA, Hikaru (National Life Finance Corporation)

Speech by Commissioner of the FSA (3rd.bldg.003)
Saturday 17 May 16:00~17:00

SATO, Takafumi (Financial Services Agency)

General Membership Meeting (3rd.bldg.003)
Saturday 17 May 17:10~18:10

Welcome Reception (3rd.bldg.Student Hall)
Saturday 17 May 18:15~20:15

Sunday 18 May

09:30 Registration
10:00~12:15 Morning Session

Panel Session: Development of Subprime Loan Issues (3rd.bldg.003)
Sunday 18 May 10:00~12:15
Organizer: International Finance Section

SASAKI, Yuri (Meiji Gakuin University)
IGARASHI, Takanobu (Mitsubishi UFJ Research and Consulting)
HIMINO, Ryozo (Financial Services Agency)
UEDA, Kazuo (Tokyo University)

Session A: Verification in Financial Market (3rd.bldg.311)
Sunday 18 May 10:00~12:15

YANO, Junji (Hiroshima University)
SUTO, Megumi (Waseda University)
HIROTA, Shin-ichi (Waseda University)
OKUYAMA, Eiji (Chuo University)

The Firm-Specific Volatility of Stock Returns, Credibility of Management Forecasts,and Media Coverage: Evidence from Japanese FirmsAMAN, Hiroyuki (Nagasaki University)
Executive Compensation and Firm Performance in Japan: The Role of Bank MonitorsSAKAWA, Hideaki (Osaka University)
WATANEBE, Naoki (Graduate School of Osaka University)
Long-term Time Series Analysis on Cash- flows and Cost of Capital Recognition of TSE
1st Section Listed Corporations, Study on Recognition Channel and Perceived Cost
TAKEMI, Hiromitsu (Chiba University of Commerce)

Session C: Finance in Asia (3rd .bldg.312)
Sunday 18 May 10:00~11:30

OGAWA, Eiji (Hitotsubashi University)
ARAKAWA, Yoshizo (Ritsumeikan University)
MIENO, Fumiharu (Kobe University)

Microfinance as a Strategy for Economic Development and the Pathway out of Poverty:
The Provision of Financial Service for the Poorest of the Poor
Dammika Padmakanthi (Graduate School of Saga University)
On the Problem Indonesia’s Financial Stability: Harnessing the Central Bank IndependenceSyafriadi Adwan (Graduate School of Saga University)

Session D: Monetary Policy (3rd.bldg.321)
Sunday 18 May 10:00~12:15

KITANO, Shigeto (Kobe University)
SUGO, Tomohiro (Bank of Japan)
TERANISHI, Yuuki (Bank of Japan)
HONDA, Yuzo (Osaka University)

Optimal Monetary Policy under Low Inflation: Application to the Open Economy ModelIDA, Daisuke (Graduate School of Kobe University)
Inflation Targeting with Consideration for the Linearity of Control Variables in the Hamiltonian: A Continuous Time AnalysisARAI, Souichi (Graduate School of Tohoku University)
Did Quantitative Monetary-Easing Policy Effective?HARADA, Yutaka (Daiwa Institute of Research)

Session E: Finance in Small Business (3rd.bldg.322)
Saturday 18 May 10:00~12:15

AKASHI, Shigeo (Seijo University)
YAMORI, Nobuyoshi (Nagoya University)
TERANKSHI, Shigero (Nihon University)
MIYAO, Tatsuzo (Kobe University)

A VAR Analysis of the Effect of Housing Loan PolicyNOSSE HIRONO, Keiko (Nihon University)
Long-Term Interest Rates during the Inter-War Period in Japan: An Estimate Using
Market Prices of Government Bonds on Tokyo Stock Exchange
SHIZUME, Masato (Kobe University)
How Many Did Structural Changes in the Relation between the Yield Spread and
Future Real Economic Activity in Japan Occur Over Time?
NAKAOTA, Hiroshi (Miyazaki Sangyo-Keiei University)
FUKUTA, Yuichi (Osaka Universty)

Lunch Break
Sunday 18 May 12:15~13:15

Symposium: Financial Innovation: Revelation of New Settlement System (3rd.bldg.003)
Sunday 18 May 13:15~16:00

2008 Spring Meeting Program Committee
IKEO, Kazuhito (Keio University)
SHIMADA, Hiroshi (Bank of Tokyo-Mitsubishi UFJ)
NAKASHIMA, Masashi (Reitaku University)
OHGAKI, Naoshi (Ritsumeikan University)
KOMIYA, Yoshinori (Ministry of Economy, Trade and Industry)

2008 Spring Meeting Program Committee

ASAI, Yoshio;
KATSU, Etsuko;
SUTO, Megumi;
HARUI, Hisashi;
HONDA, Yuzo;
YAGO, Kazuhiko; UCHIDA, Mahito;
KANEKO, Takashi;
HIRUMA, Fumihiko;
HORIE, Yasuhiro;
YANO, Junji OGAWA, Eiji
SHIKANO, Yoshiaki
JINUSHI, Toshiki

2008 Spring Meeting Organizing Committee

AKASHI, Shigeo; ASAI, Yoshio; UCHIDA, Mahito;
KAKIHARA, Tomohiro; FUKUMITSU, Hiroshi;

Chair: MURAMOTO, Tsutomu
Secretariat: FUKUMITSU, Hiroshi