Meetings
September 15th, Saturday
＜9:30～ ＞Registration：Front Entrance of the Main Building
＜10:00 ～12:15＞
A（Room D201）
Panel Session: Financial History
Beginning of the BOJ underwriting of government bonds in 1932
Chair Hosei University Masayoshi Tsurumi
| （1）Changing of Ways of Government Bonds Issue in 1932 | Presenter Konan University Akira Ehiro |
| （2）Syndicate Banks and Selling Operation, 1931-1937 | Presenter Reitaku University Masanori Sato Discussant Keio University Eisaku Ide Tokyo Keizai University Hiroshi Kamae Nihon University Juro Teranishi |
B（Room D202）
Panel Session: Economic Reconstruction after the Earthquake Disaster
Agenda on Financial System, Public Finance and Regulations for Post-earthquake Recovery
Chair Tohoku Fukushi University Osamu Kamoike
| （1）Issues and Agenda on Small-firm Finance in Tohoku Area: Evidence from Tohoku University Earthquake Recovery Firm Survey （TERFS） | Presenter Tohoku University Shin-Ichi Nishiyama |
| （2）Financial Issues and Agenda in Tohoku Area after the Earthquake | Presenter Tohoku Local Financial Bureau Koji Myouse |
| （3）Post-earthquake Recovery and Public Finance | Presenter Hitotsubashi University Motohiro Sato Discussant Aoyamagakuin University Tomoko Aizawa Mizuho Research Institute Arito Ono |
C（Room D301）
Session: Asian Finance
Chair Aichi University Yutaka Kurihara
| （1）Capital Structure, Investment, and Growth of Listed Companies in Vietnam: An Estimation of the Influence of State Ownership by 3SLS | Presenter Ph.D. Student, Hitotsubashi University Lai Thi Phuong Nhung Discussant Hiroshima Shudo Univerisity Nguyen Duc Lap |
| （2）Concentration and Competition in the Banking Sector of Bangladesh: An Empirical Investigation | Presenter Ritsumeikan Asia Pacific University Yasushi Suzuki University of Chittagong, Bangladesh S.M.Sohrab Uddin Discussant Institute of Developing Economies – Japan External Trade Organization Jun Saito |
| （3）Islamic Rates of Return and Conventional Interest Rates in Malaysian Deposit Market | Presenter Niigata University Takayasu Ito Discussant Toyo University Rika Nakagawa |
D（Room D302）
Session: Empirical Analysis of Financial Markets
Chair Hitotsubashi University Takashi Misumi
| （1）The Fisher Effect under the Zero Interest Rate Policy | Presenter Soka University Koji Kobayashi Discussant Niigata University Takayasu Ito |
| （2）Long Memory in the Japanese Commodity Futures Market Volatility | Presenter Nihon University Hidetoshi Mitsui Discussant Nagasaki University Hiroshi Moriyasu |
E（Room D401）
Session: Retail and Regional Finance
Chair Nagoya University Nobuyoshi Yamori
| （1）Study on the Financial Inclusion Policy in the UK: Impact of the Legislative Reform Order in Credit Union | Presenter Seijo University Shinya Minegishi Discussant Nihon University Tsutomu Hasegawa |
| （2）Support Network through the Combined Efforts of the Government and the Private Sector in U. S. Community Developments | Presenter Osaka City University Yuki Morinaka Discussant Komazawa University Tadashi Saito |
| （3）US Consumer Credit and Retail Finance | Presenter Meijo University Shin-ichiro Maeda Discussant Shizuoka University Hiromu Ishiro |
F（Room D402）
Session: Monetary Policy
Chair Kobe University Teruyoshi Kobayashi
| （1）How Does Oligopolistic of Banking Market Affects Monetary Policy? | Presenter Hirosaki University Yasuhiro Yamamoto Discussant Chuo University Eiji Okuyama |
| （2）Robust Control and Asymmetries in Central Bank Forecasting | Presenter Kurume University Taro Ikeda Discussant Bank of Japan Ichiro Muto |
| （3）The Balance Sheet Channel of Monetary Policy: Evidence from the Panel Data of Japanese Manufacturing Firms | Presenter Chuo University Koichi Masuda Discussant Kansai University Yuzo Honda |
G（Room D403）
Session: Financial System
Chair Matsuyama University Tatsuro Kakeshita
| （1）Frontier of the Payment System Theory: Ontology to Epistemology | Presenter Social Science Laboratory Association Kenji Kouno Discussant Reitaku University Nakajima Masashi |
| （2）Financial System as a Public Good in an Overlapping-Generations Economy | Presenter Keio University Shuhei Shiozawa Discussant Kanagawa University Yoshikiyo Sakai |
＜12:15～13:30＞Lunch
＜13:30～15:45＞
A（Room D201）
Panel Session: Central Banking
Central Bank Communication with Financial Markets
Chair Kobe University Toshiki Jinushi
| （1）Central Bank Independence Reconsidered: A Case of the Bank of Japan | Presenter Sophia University Yosuke Takeda NLI Research Institute Yasuhide Yajima Discussant Kobe University Wataru Takahashi |
| （2）Is the ECB Communication Policy Effective?―European Central Bank Communication with Financial Markets― | Presenter Kansai University Sadayoshi Takaya Discussant Bank of Tokyo-Mitsubishi UFJ Mitsuru Yaguchi |
| （3）Fed’s Communications with Markets under the Non-conventional Monetary Policies | Presenter Osaka Prefecture University Minoru Tachibana Discussant Mitsubishi UFJ Morgan Stanley Masatoshi Moriyama |
B（Room D202）
Panel Session: International Finance
Japan-China Financial Cooperation and Stability of International Markets
Chair Meiji University Etsuko Katsu
| （1）Japan-China Financial Cooperation and the Internationalization of RMB | Presenter Ministry of Finance Tsuyoshi Kurihara |
| （2）Yen-RMB Direct Foreign Exchange Markets and International Payment System in Asia | Presenter Shinkin Central Bank Yosuke Tsuyuguchi |
| （3）Internationalization of RMB and Hong Kong International Financial Market | Presenter Kyoto Women’s University Kazuo Toritani Discussant Yokohama National University Takao Kamikawa |
C（Room D301）
Session: International Finance 1
Chair Hitotsubashi University Eiji Ogawa
| （1）Global Retail Banking in Emerging Markets: Developments in Brazil & Beyond | Presenter Ph. D. Student, Kyushu University Dustin J. Brewer Discussant Tohoku Gakuin University Masashi Igakura |
| （2）Changing Operational Efficiency of Major Southeast Asian Commercial Banks Including Foreign Banks | Presenter Hitotsubashi University Hidenobu Okuda Ph.D. Student, Hitotsubashi University Yasushi Take Discussant Japan Research Institute Satoshi Shimizu |
| （3）The Surroundings around the Financing for Japanese Overseas Subsidiaries, and the Classification of Actual Financing Schemes | Presenter Japan Finance Corporation Yasuo Unakami Discussant Chuo University Tadanobu Nemoto |
D（Room D302）
Session: Macro Prudential Policy
Chair Kagawa University Hiroshi Fujii
| （1）Revision of BIS Capital Adequacy and the Impact on Global Economy | Presenter Hiroshima Shudo University Norio Nakai Discussant Chukyo University Kunihiro Hanabusa |
| （2）Macro-Prudential and Monetary Policies in a Small Open Economy | Presenter Nagoya University Kenya Takaku Kobe University Shigeto Kitano Discussant Kyushu University Chikafumi Nakamura |
E（Room D401）
Session: The Roles of Public Sector in the Financial System
Chair Meiji University Yoshio Watanabe
| （1）Analyses of Public Investment Shock in Japan: Factor Augmented Vector Autoregressive Approach | Presenter Keio University Kazuki Hiraga Kobe University Takao Fujii University of Marketing and Distribution Sciences Masufumi Kozuka Discussant Shiga University Masaaki Tokuda |
| （2）The Effect of Preventing Business Failures by Emergency Credit Guarantee System | Presenter Ph. D. Student, Doshisha University Eriko Naiki Discussant Nagoya University Nobuyoshi Yamori |
F（Room D402）
Session: Theoretical and Empirical Analyses of Stock Markets
Chair Keio University Takashi Kaneko
| （1）Effects of Differences of Opinion on Trading Volume and Volatility | Presenter Ph. D. Student, Keio University Naoshi Ikeda Discussant Osaka University Wataru Ohta |
| （2）Short Selling Restrictions and Asset Price Fluctuation | Presenter Okayama Shoka University Hisashi Kojima Discussant Kansai University Katsuya Ue |
G（Room D403）
Session: Household Financial Behavior
Chair Waseda University Fumihiko Hiruma
| （1）The Effect of Financial Education on Household Portfolio Selection | Presenter Prefectural University of Hiroshima Keiko Murakami Kyoto Sangyo University Yoshiko Nishimura Discussant Hokusei Gakuen University Takeo Minaki |
| （2）Risk Perception and Formation Processes in the Financial Products Demands as Life Security: Life Insurance, General Insurance, Saving Deposit, Securities | Presenter Japan Institute of Life Insurance Susumu Hayashi Discussant Kagoshima University Kunikazu Nagata |
| （3）How Bequests Change Regional Household Financial Assets | Presenter Nomura Institute of Capital Markets Research Sachiko Miyamoto Discussant Waseda University Fumihiko Hiruma |
＜16:00～17:00＞Invited Lecture
H（Room A101）
The Rise of China: Opportunities and Challenges for Japan
Chair President of the Japan Society of Monetary Economics,
Doshisha University Hideo Fujiwara
Speaker Nomura Institute of Capital Markets Research Chi Hung Kwan
＜17:10～18:10＞
H（Room A101）General Meeting
＜18:30～20:30＞ Reception
COOP Restaurant Room
September 16th, Sunday
＜9:30～ ＞ Registration： Front Entrance of the Main Building
＜10:00～12:30＞
I（Room C302）
Japan-Korea Partnership Session:
Towards Stabilization of Financial Markets
Chair University of Tokyo Shin-ichi Fukuda
| （1）Estimating Monetary Policy Rules When Interest Rates Are Stuck at Zero | Presenter Korea University Jinill Kim Discussant Bank of Japan Ryou Katou |
| （2）Bayesian Stock Market Instability Index | Presenter Keimyung University Tae Yoon Kim Yonsei University Kyung Ju Oh Hana Institute of Finance Chiho Kim Discussant Hitotsubashi University Toshiaki Watanabe |
| （3）A Unified Model: Arbitrage-free Term Structure Movements of Flow Risks | Presenter Thomas Ho Company Thomas S. Y. Ho Presenter Hanyang University Sang Bin Lee Discussant University of Tokyo Shin-ichi Fukuda |
C（Room D301）
Session: International Finance 2
Chair Nagoya University Yuichi Kanai
| （1）Vision for a Basket Currency in Asia from a Corporate Finance Viewpoint | Presenter Mizuho Corporate Bank Hiroshi Akabane Discussant Kyushu University Kenji Iwata |
| （2）The Modern Feature of International Capital Movement: U. S. Financial Market and International Capital Movement | Presenter Meijo University Akio Takayama Discussant Hiroshima Shudo University Akito Kawamoto |
D（Room D302）
Session: Finance
Chair Aichi Gakuin University Shigeru Uchida
| （1）Organizational Complexity and the Speed of Adjustment toward Target Leverage | Presenter Hitotsubashi University Masaru Konishi Ph.D. Student, Hitotsubashi University Kan Nakajima Discussant Tokyo Keizai University Masaya Ishikawa |
| （2）The Relationship between Business Cycle and Personal Default: Using Hierarchical Bayes Panel Probit Model for Testing | Presenter Mitsubishi Research Institute Hiroshi Okumura Kobe University Yoichi Matsubayashi Discussant Bank of Japan Takashi Isogai |
E（Room D401）
Session: International Finance 3
Chair Tokyo Keizai University Hiroshi Kamae
| （1）Financial Market Imperfection in an Open Economy | Presenter Okayama Shoka University Daisuke Ida Discussant Aichi University Hiroshi Kurihara |
| （2）Life-time of Limit Orders in the EBS Foreign Exchange Spot Market | Presenter Nagasaki University Masayuki Susai Kyushu Sangyo University Yushi Yoshida Discussant Hokusei Gakuen University Takeo Minaki |
F（Room D402）
Session: Financial System in China
Chair Osaka City University Takumi Kiyota
| （1）Essential for Improving the Rural Financial System of China: Rural Land System Reform | Presenter Ph. D. Student, Hitotubashi University Zhang Yan Discussant Kumamoto Gakuen University Tadashi Sakamoto |
| （2）Private Equity Placements and the Market Responses in China | Presenter Ph. D. Student, Doshisha University Yu Jie Doshisha University Mikiyo Niizeki Discussant Aoyama Gakuin University Akiko Kamesaka |
G（Room D403）
Session: Financial History
Chair Reitaku University Masanori Sato
| （1）Dajokan-satsu, Government Treasury and the Shoho-ji | Presenter Doshisha University Yoshiaki Shikano Discussant Kokushikan University Yasutoshi Noshita |
| （2）The Business Model and Decline of Modern China “Qianzhuang” | Presenter Reitaku University Yuxiong Chen Discussant Waseda University Kazuhiko Yago |
＜12:15～13:30＞Lunch
＜13:30～16:30＞
H（Room A101）
Symposium: Economic Growth of Asia and Financial Linkage with Japan
Chair Keio University Naoyuki Yoshino
| （1）Infrastructure Investment and Finance by JBIC to Asia | Presenter Japan Bank for International Cooperation Hiroshi Watanabe |
| （2）Financial Cooperation around Asia | Presenter Ministry of Finance Osamu Nakamura |
| （3）Growth Opportunity for Japanese Financial Institutions in Asia | Presenter Deutsche Securities Yoshinobu Yamada |
| （4）Role and Impact of Foreign Banks in Asia: Focusing on Thailand and China | Presenter Yamagata University Masaki Yamaguchi |
Closing Remarks
University of Kitakyushu Yurio Mukai
Program committee
Yoichi Kawanami （Kyushu University, Chair）
Tatsuro Kakeshita （Matsuyama University）
Takashi Kaneko （Keio University）
Yutaka Kurihara （Aichi University）
Toshiki Jinushi （Kobe University）
Yasushi Hayashi （Rissho University）
Shin-ichi Fukuda （University of Tokyo）
Seiichi Fujita （Kobe University）
Jun Maeda （University of Kitakyushu）
Junji Yano （Hiroshima University）
Yoshio Watanabe （Meiji University）
Eiji Ogawa （Hitotsubashi University）
Yuichi Kanai （Nagoya University）
Takumi Kiyota （Osaka City University）
Masanori Sato （Reitaku University）
Shin-ichi Nishiyama （Tohoku University）
Fumihiko Hiruma （Waseda University）
Hiroshi Fujii （Kagawa University）
Takashi Misumi （Hitotsubashi University）
Yurio Mukai （University of Kitakyushu）
Nobuyoshi Yamori （Nagoya University）
Preparatory Committee （University of Kitakyushu）
Yurio Mukai （Chair）
Naohisa Goto
Hiroshi Takeda
Jun Maeda
Access to Kitagata Campus, University of Kitakyushu
http://www.kitakyu-u.ac.jp/access/kitagata.html