2013 Spring Annual Meeting Program

Saturday, May 25th

<9:30- > Registration:1st Floor of the Main Building, Kunitachi West Campus

A (Room 31)
Panel Session: Financial History
Regulation and Reform of the International Monetary System: OECD-WP3 in the 1960s and the 70s
Chair Waseda University Kazuhiko Yago

(1)Is it Possible to Regulate International Finance? Evidences from the Debate on the Eurodollar Market in Basel, Washington and ParisPresenter Université de Genève Carlo Edoardo Altamura
(2)Debate over International Monetary Reform in the OECD WP3: Transition to a Floating Exchange RatePresenter Yokohama National University Teru Nishikawa
(3)Coping with Globalization: France at the OECD WP3 and the Reform of the International Monetary System (1961-1979)Presenter Ph.D. Student, Université de Rouen Floriane Galeazzi
Discussant Université de Rouen Olivier Feiertag

B (Room 36)
Session: Industrial Organization in the Banking Sector
Chair Waseda University Yoshiaki Ogura

(1)Market Evaluations and Strategic Factors: A Comparison from Asian Banks’ M&A and AlliancesPresenter Aoyama Gakuin University Yoko Shirasu
Discussant Bank of Canada Naoaki Minamihashi
(2)Bank Diversification into the Insurance Business: Effects of Deregulation of Bank-sales Channel at Japanese BanksPresenter Hitotsubashi University Masaru Konishi
Chuo University Eiji Okuyama
Tokyo Keizai University Yukihiro Yasuda
Discussant Chuo University Satoshi Koibuchi
(3)Who Becomes Arranger? : Evidence from Matched Data of Bilateral and Syndicated LoansPresenter Osaka University of Economics Fumio Akiyoshi
Bank of Canada Naoaki Minamihashi
Discussant Hitotsubashi University Iichiro Uesugi

C (Room 38)
Session: Financial Institutions in Different Countries
Chair Ritsumeikan University Kozo Harimaya

(1)The Finance of Taylors & Lloyds: Its Early Dependence on the Insider Lending and BeyondPresenter Ph.D. Student, St. Paul’s University Yukimi Suyama
Discussant Reitaku University Chen Yuxiong
(2)The Reason of Low Foreign Bank’s Rate of Return in China: The Necessity of Financial DeregulationPresenter Ph.D. Student, Hitotsubashi University Lang Ling
Discussant Nagoya University Nobuyoshi Yamori
(3)Economies of Scale and Scope in the GCC Islamic BanksPresenter University of Tsukuba Hajime Kamiyama
Discussant Ritsumeikan University Kozo Harimaya

D (Room 24)
Session: Japanese Financial System
Chair Ritsumeikan University Kohei Aono

(1)Empirical Analysis of Profitability and the Loss on Disposal of Distressed Assets in Shinkin Banks and Credit CooperativesPresenter Kansai Gaidai University Yasuhiro Horie
Discussant Fukuoka University Ritsuko Arioka
(2)Financial Analyses in Labor BankPresenter Okayama University Satoshi Mimura
Discussant Yokohama City University Tsuguo Fujino
(3)Behavior of Japanese Mutual Fund Companies and Investors in Emerging Equity FundsPresenter Seikei University Masashi Toshino
Discussant Gakushuin University Ken-ichi Tatsumi

E (Room 26)
Session: International Finance
Chair Toyo University Kentaro Kawasaki

(1)The AMU Deviation Indicators Based on the Purchasing Power Parity and Adjusted by the Balassa-Samuelson EffectPresenter Hitotsubashi University Eiji Ogawa
Ph.D. Student, Hitotsubashi University Wang Zhiqian
Discussant Chuo University Soko Tanaka
(2)Feature of Currency Basket by Use of Singapore Dollar as a SamplePresenter Mizuho Corporate Bank, Ltd. Hiroshi Akabane
Discussant Yokohama National University Kiyotaka Sato
(3)How Does the Regional Monetary Unit Work as a Surveillance Tool in East Asia?Presenter Toyo University Kentaro Kawasaki
Discussant Gakushuin University Junko Shimizu

F (Room 28)
Session: Monetary Policy
Chair Chiba Keizai University Eiji Okano

(1)The Effectiveness of Unconventional Monetary Policy in the United StatesPresenter Kwansei Gakuin University Yoshitaka Sawada
Discussant Waseda University Yutaka Harada
(2)The Japanese Economic Recovery in the Middle 2000s and the Quantitative Easing Policy:A Cointegrated VAR AnalysisPresenter Okinawa International University Naoya Ikemiyagi
Discussant University of Marketing and Distribution Sciences Masafumi Kozuka
(3)Is the Quantitative Easing Policy Effective under Zero Interest Rate?Presenter Waseda University Tomohiro Inoue
Waseda University Shunsuke Shinagawa
Chuo University Eiji Tsuzuki
Tokyo Denki University Moto Kamiura
Discussant Chuo University Toichiro Asada

<12:00-13:20> Lunch

A (Room 31)
Panel Session: Central Banking
Extricating Japan from Deflation: Effectiveness and Limitations of the Central Banks’ Unconventional Monetary Policies
Chair Kobe University Wataru Takahashi

(1)Unconventional Monetary Policy of the FRB and BOE: Their Means, Effectiveness and ProblemsPresenter Senshu University Takayuki Tanaka
(2)Limits of Unconventional Monetary Policy and the Collapse of Inflation TargetingPresenter University of Tokyo Yasushi Iwamoto
(3)End of Deflation and MonetizationPresenter BNP Paribas SA Ryutaro Kono
Discussant Asia and Pacific Department, International
Monetary Fund Masahiko Takeda

<12:15~13:30>  Lunch

C (Room 38)
Japan-Korea Partnership Session: New Trends in Financial Economic Analysis
Chair Hitotsubashi University Hidenobu Okuda

(1)Term Structure Dynamics with Macro Factors Using High Frequency DataPresenter Texas A&M University Hwagyun Kim
Bank of Korea Hail Park
Discussant Hitotsubashi University Hideyuki Takamizawa
(2)The Impact of Sudden Change on Long Memory between Japanese and Korean Stock MarketPresenter Pusan National University Sang Hoon Kang
Pusan National University Seong-Min Yoon
Discussant Musashi University Sanae Ohno
(3)Measuring Core Inflation under Price DivergencePresenter Bureau of Economic Analysis Ryan Greenaway-McGrevy
Sungkyunkwan University Youngse Kim
University of Texas at Dallas Donggyu Sul
Discussant Surugadai University Hidehiro Ikeno

B (Room 36)
Session: Financial Regulation and Financial Contracting
Chair Mizuho Research Institute Arito Ono

(1)Study to Use of Basel III (Capital Buffer) in JapanPresenter Ministry of Finance Yoshikazu Suzuki
Aoyama Gakuin University Yoko Shirasu
Kyoto University Hidetaka Kawakita
Discussant Bank of Japan Yoshiyuki Kurachi
(2)Function of Collateral when Asset Class is Account Receivables and Inventory: A Comparative Analysis of Japanese and US Bank Inspection ManualsPresenter Kansai Gaidai University Aki Kinjo
Discussant University of Tokyo Tomoko Amaya

D (Room 24)
Session: Regional Banking
Chair Nagoya University Nobuyoshi Yamori

(1)The Analysis of Discretionary Factors in Loan Interest Rates of Regional Financial InstitutionsPresenter Osaka Sangyo University Shohei Ishibashi
Discussant Ritsumeikan University Kozo Harimaya
(2)An Analysis about Borrowing Rates of Japanese SMEs: Are There Any Differences among Bank Categories?Presenter Japan Finance Corporation Research Institute Isao Morioka
Discussant Kinki University Yuichi Abiko
(3)Empirical Analysis of the Influence of “the Act on Temporary Measures to Facilitate Financing for Small and Medium-Sized Enterprises” on Corporate Financing in JapanPresenter Ph.D. Student, Hitotsubashi University Takanori Kondo
Discussant Kobe University Hirofumi Uchida

E (Room 26)
Session: Corporate Finance
Chair Keio University Yukitami Tsuji

(1)Event Study of Credit RatingPresenter Akita Prefectural University Michiko Miyamoto
Discussant Senshu University Nobuyuki Teshima
(2)Cash Holdings and Stock Price Reactions to Exogenous Shocks: Comparison with Commitment LinesPresenter Mitsubishi Economic Research Institute Naoshi Ikeda
Keio University Shintaro Tomita
Discussant University of Marketing and Distribution Sciences Shimon Fukuda
(3)Structure of Bank Loan Debt: Evidence from Newly Listed Firms in JapanPresenter Nagasaki University Masayo Shikimi
Discussant Waseda University Yoshiaki Ogura

F (Room 28)
Session: Regional Banking and Risk Sharing
Chair Hitotsubashi University Hisashi Nakamura

(1)Social Media and Regional Financial InstitutionsPresenter Ibaraki University Satoshi Uchida
Discussant Kanagawa University Takashi Kazusaka
(2)Bank Competition and Local Employment in Japan: A Causal LinkPresenter Waseda University Masanori Ohkuma
Discussant Development Bank of Japan Daisuke Miyakawa
(3)Optimal Risk Sharing in the Presence of Moral Hazard under Market Risk and Jump RiskPresenter Hitotsubashi University Takashi Misumi
Hitotsubashi University Hisashi Nakamura
Hitotsubashi University Koichiro Takaoka
Discussant Aoyama Gakuin University Hirotaka Fushiya

<15:40-16:40> Invited Lecture Ⅰ
G (Kanematsu Auditorium)
Chair Hitotsubashi University Yukinobu Kitamura

Speaker IDEI, Université Toulouse 1 Jean Tirole
What Future for the Eurozone Governance?

<16:50-17:30> General Meeting
G (Kanematsu Auditorium)

<18:00-20:00> Reception
7th Floor of Mercury Tower, Kunitachi East Campus

Sunday, May 26th

<9:00- > Registration: 1st Floor of the Main Building, Kunitachi West Campus

B (Room 36)
Session: Macroeconomic Analyses
Chair Senshu University Hidehiko Ishihara

(1)Macro Financial Market and Risk PremiumPresenter Waseda University Yasuhiro Yonezawa
Sumitomo Mitsui Trust Bank, Limited Kozo Omori
Discussant Development Bank of Japan Daisuke Miyakawa
(2)Non-regular Workers and the Stagnant EconomyPresenter Ph.D. Student, Kobe University Shingo Umino
Discussant Tohoku University Shin-Ichi Nishiyama
(3)Effects of Public Investment on Private Investment of Manufacturing Industries: a FAVAR ApproachPresenter University of Marketing and Distribution Sciences Masafumi Kozuka
Tokai University Kazuki Hiraga
Fukuyama University Takao Fujii
Discussant Kobe University Takashi Hatakeda

C (Room 38)
Session: Finance Related Fields -Revision of the Civil Code & Local Prices-
Chair Tokyo Keizai University Yukihiro Yasuda

(1)Revision of the Civil Code from the Viewpoint of FinancePresenter Yokohama National University Masahiko Takahashi
Discussant Kinki University Yuichi Abiko
(2)Pairwise Tests of Convergence of Japanese Local Price LevelsPresenter Surugadai University Hidehiro Ikeno
Discussant Aichi University Yutaka Kurihara

D (Room 24)
Session: Finance in Asia
Chair Kyoto University Fumiharu Mieno

(1)Business Cycle Co-movement and Economic Integration in East AsiaPresenter Ph.D. Student, Yokohama National University Shajuan Zhang
Discussant Toyo University Kentaro Kawasaki
(2)Exchange Rate Appreciation and Export Price Competitiveness: Industry-Specific Real Effective Exchange Rates of Japan, Korea and ChinaPresenter Yokohama National University Kiyotaka Sato
Gakushuin University Junko Shimizu
Yokohama National University Nagendra Shrestha
Ph.D. Student, Yokohama National University Shajuan Zhang
Discussant Keio University Naoyuki Yoshino
(3)Internationalization of the Renminbi and China’s Capital ControlPresenter The Bank of Tokyo-Mitsubishi UFJ, Ltd. Yasuo Kunieda
Discussant Ritsumeikan University Yozo Nishimura

E (Room 26)
Session: New Topics of International Finance
Chair University of Tokyo Shin-ichi Fukuda

(1)Does Exchange Rate Volatility Deter Japan-China Trade? Evidence from the Pre- and Post-Exchange Rate Reform in ChinaPresenter University of International Business and Economics Yusaku Nishimura
Kwansei Gakuin University Kenjiro Hirayama
Discussant Seikei University Masanori Ono
(2)Revisiting Big Mac IndexPresenter Osaka University of Economics Yukio Fukumoto
Discussant Kobe City University of Foreign Studies Taro Esaka
(3)Exchange Rate Risk Management of Japanese Firms: New Findings from Questionnaire SurveyPresenter Gakushuin University Junko Shimizu
University of Tokyo Takatoshi Ito
Chuo University Satoshi Koibuchi
Yokohama National University Kiyotaka Sato
Discussant Chuo University Seiichi Nakajo

F (Room 28)
Session: Euro Economy
Chair Kobe University Kentaro Iwatsubo

(1)The Sustainability of the External Debts of the PIIGS CountriesPresenter Sumitomo Mitsui Asset Management Hideki Nishigaki
Discussant Tokyo Keizai University Masao Kumamoto
(2)The Euro Crisis and the Financial Regulation: A Viewpoint of a “Banking Union”Presenter Kanazawa University Hideki Sato
Discussant Kyushu University Kenji Iwata
(3)A Fear of Euro Disintegration Caused by Financial Active Defaulting Zone – Target 2 Imbalances IssuePresenter Saga University Shigeru Yonekura
Discussant Fukuyama University Harutoshi Oda

<11:30-12:50> Lunch

<12:50-13:50> Invited Lecture Ⅱ
G (Kanematsu Auditorium)

Chair Hitotsubashi University Eiji Ogawa
Speaker Governor, Bank of Japan Haruhiko Kuroda

G (Kanematsu Auditorium)
Symposium: Global Finance and Governance
Chair Hitotsubashi University Eiji Ogawa

(1)Sovereign Risk and Global GovernancePresenter University of Tokyo Takatoshi Ito
(2)Is Global Financial Reform Addressing the Right Issues?Presenter University of Tokyo Tomoko Amaya
(3)The Subjects in One Reform of Accounting, Auditing and GovernancePresenter Aoyama Gakuin University Shinji Hatta
Discussant Keio University Mitsuhiro Fukao
Discussant Japan Research Institute, Limited Yuri Okina
Closing Remarks
Hitotsubashi University Eiji Ogawa

Program committee

Takashi Misumi (Hitotsubashi University, Chair)
Hidehiko Ishihara (Senshu University)
Sanae Ohno (Musashi University)
Eiji Ogawa (Hitotsubashi University)
Yoshiaki Ogura (Waseda University)
Kentaro Kawasaki (Toyo University)
Masanori Sato (Reitaku University)
Yosuke Takeda (Sophia University)
Hisashi Nakamura (Hitotsubashi University)
Hisashi Harui (Kwansei Gakuin University)
Fumiharu Mieno (Kyoto University)
Nobuyoshi Yamori (Nagoya University)
Kohei Aono (Ritsumeikan University)
Kentaro Iwatsubo (Kobe University)
Eiji Okano (Chiba Keizai University)
Hidenobu Okuda (Hitotsubashi University)
Arito Ono (Mizuho Research Institute)
Yutaka Kurihara (Aichi University)
Koichiro Takaoka (Hitotsubashi University)
Yukitami Tsuji (Keio University)
Kozo Harimaya (Ritsumeikan University)
Shin-ichi Fukuda (University of Tokyo)
Yukihiro Yasuda (Tokyo Keizai University)

Preparatory Committee (Hitotsubashi University)

Eiji Ogawa (Chair)
Koichiro Takaoka
Masaharu HanazakiHidenobu Okuda
Hideyuki Takamizawa
Takashi MisumiYukinobu Kitamura
Jun-ichi NakamuraMasaru Konishi
Hisashi Nakamura

Access to Kunitachi Campus, Hitotsubashi University