2015 Autumn Annual Meeting Program

October 24 , Saturday

< 9:30 – > Registration: 1st Floor of Building B

< 10:00 – 12:00 >

Rm B200
Panel Session: Financial History
International Financial Centers and International Banking: Competition and Complementarity from a Historical Perspective
Chair Tohoku University Ayumu Sugawara

(1)The Banking Network and Foreign Exchange Business of the British and American Giant Banks in the Early Twentieth CenturyPresenter Yamaguchi University Daisuke Koga
(2)The international Money Market (1914-1930)-The Chartered Bank of India Australia and China in London and New York-Presenter Sapporo Gakuin University Masashi Kitabayashi
(3)The Development of Market Linkages in the Japanese Government Foreign Loan Issues before and after the First World War (1870-1930)Presenter Teikyo University Toshio Suzuki
Discussant Reitaku University Masanori Sato
Discussant Waseda University Kazuhiko Yago

< 10:00 – 12:00 >

Rm B101
Session: Monetary Policy
Chair Keio University Yuki Teranishi

(1)Credible Escape from a Liquidity TrapPresenter Tokyo University Takeki Sunakawa
FRB Taisuke Nakata
Discussant Qeensland University Yuichiro Waki
(2)Inflation Persistence and Optimal Liftoff from the Zero Lower BoundPresenter Kobe University Kohei Hasui
Bank of Japan Tomohiro Sugo
Keio University Yuki Teranishi
Discussant Tokyo University Takeki Sunakawa

Rm B102
Session: Financial Intermediaries
Chair Keio University Wako Watanabe

(1)Unviable Relationship and Bank Lending: Evidence from Loan-level Matched dataPresenter Sapporo Gakuin University Hitoshi Inoue
Konan University Kiyotaka Nakashima
University of California, San Diego Koji Takahashi
Discussant Saitama University Ken Nagata
(2)The Dissolution of Inappropriate Relationships: Why Do Banks and Borrowers Divorce?Presenter Konan University Kiyotaka Nakashima
University of California, San Diego Koji Takahashi
Discussant International Christian University Heather Montgomery
(3)A Treatise on the Conditions to Make Microfinance WorkPresenter Okayama University Naruto Nishigaki
Discussant Niijima Gakuen Junior College Shinichi Matsuda

Rm B103
Session: Financial Markets
Chair Chuo University Toyoharu Takahashi

(1)Factors behind Credit Rating Differences between Japanese and US AgenciesPresenter PhD student Hitotsubashi University Naoko Nemoto
Discussant Saitama Gakuen University Yoshitaka Kurosawa
(2)Government Intervention and Liquidity in the Japanese Sovereign Bond MarketPresenter Kobe University Kentaro Iwatsubo
PhD student Kobe University Tomoki Taishi
Discussant Chuo University Toyoharu Takahashi
(3)The Financialization of Copper Market and China RiskPresenter Musashi University Tsutomu Chano
Discussant Kobe University Kentaro Iwatsubo

Rm B104
Session: Stock Markets and Investment
Chair Aoyama Gakuin University Takeo Minaki

(1)Estimation of Time-Varying PIN on the JASDAQ MarketPresenter PhD student Meiji University Saneyuki Aoki
Discussant Aoyama Gakuin University Takeo Minaki
(2)Trend Analysis of Nikkei Average and Option Evaluation-Markov Switching EGARCH Model-Presenter Nihon University Hidetoshi Mitsui
Toyo University Kiyotaka Satoyoshi
Discussant Takachiho University Mai Shibata
(3)Seasonality in Japanese Stock ReturnPresenter Seikei University Masashi Toshino
Discussant Tohoku University Yoshio Kanazaki

Rm B201
Session: Monetary Macroeconomics
Chair Kyushu University Kenji Iwata

(1)Nonparametric Approach to Convergence of Japanese Local Price Levels: A Failure of Purchasing Power ParityPresenter Surugadai University Hidehiro Ikeno
Discussant Tohoku University Jun Nagayasu
(2)Macroeconomic impacts of China’s Foreign Exchange Reserve Accumulation: A VAR Analysis Using Pure Sign Restrictions ApproachPresenter PhD student Hitotsubashi University Li Nie
Discussant Gakushuin University Junko Shimizu
(3)Private Information in Forecasts of the Majority of BOJ Policy Board MembersPresenter Nihon University Komaki Yasuyuki
Discussant Meiji University Takayasu Ito

< 12:00 – 13:30 > Lunch

< 13:30 – 15:30 >

Rm B200
Panel Session: Central Banking
Stability of Financial Systems and Macro-prudential Policies
Chair Kwansei Gakuin University Hisashi Harui

(1)Presenter Financial Services Agency Toshinori Yashiki
(2)Presenter Bank of Japan Takeshi Kimura
Discussant Iwao Kuroda
Nomura Research Institute Tetsuya Inoue

< 13:30 – 15:30 >

Rm B101
Japan-Korea Special Session
Chair Kyoto University Takayuki Tsuruga

(1)Implicit Coordination of Interest Rate, Money, and Government Spending for GDPPresenter Kyungpook National University Inbong Ha
Kyungpook National University Mikyung Bae
Keimyung University Younghwan Lee
Discussant Kobe University Masahiko Shibamoto
(2)Designing a Simple Loss Function for the Fed: Does the Dual Mandate Make Sense?Presenter Korea University Jinill Kim
UPF and Barcelona GSE Davide Debortoli
Sveriges Riksbank Jesper Linde
Federal Reserve Bank of Boston Ricardo Nunes
Discussant Keio University Yuuki Teranishi

Rm B102
Session: International Finance
Chair Aichi University Yutaka Kurihara

(1)Choice of Invoice Currency in Global Production and Sales Network: The Case of Japanese Overseas SubsidiariesPresenter Gakushuin University Junko Shimizu
Yokohama National University Kiyotaka Sato
Columbia University Takatoshi Ito
Chuo University Satoshi Koibuchi
Discussant Senshu University Keiko Ito
(2)Decomposing European Premium in FX Swaps during the European Debt CrisisPresenter PhD student Keio University Yoshiko Suzuki
Thomas Rueters Markets
Discussant Hitotsubashi University Eiji Ogawa
(3)Was Forex Fixing Fixed?Presenter PhD student Hitotsubashi University Masahiro Yamada
Columbia University Takatoshi Ito
Discussant Kansai University Sadayoshi Takaya

Rm B103
Session: Corporate Finance
Chair Tokyo Keizai University Masao Kumamoto

(1)Overseas Transfer of Production and Non-Positive Net DebtPresenter Development Bank of Japan Genichiro Okamoto
PhD student Hitotsubashi University
Discussant Tokyo University of Science Takafumi Sasaki
(2)Corporate Finance Using Credit Guarantee: Considering the Influence of the Great East Japan EarthquakePresenter Toyo University Yasuko Takezawa
Hiroshima University Katsumi Matsuura
Discussant Kobe University Nobuyoshi Yamori
(3)Firms’ Fund Raising Behavior in A Dollarized Economy: Large Sized Sample Survey on CambodiaPresenter Hitotsubashi University Hidenobu Okuda
PhD student Hitotsubashi University Daiju Aiba
Discussant Waseda University Fumihiko Hiruma

Rm B104
Session: Financial History
Chair Reitaku University Masanori Sato

(1)Informal Finance in the Undeveloped Money Market: Analysis of Informal Finance in OkinawaPresenter Japan Economic Research Institute Kenji Nakamura
Discussant Reitaku University Yuxiong Chen
(2)Was the Experience of the State Bank Reorganizations Succeeded in Their Methods of the FDIC?Presenter Yamanashi Prefectural University Masako Kurohane
Discussant Kanagawa University Soichi Toda

Rm B201
Session: Financial Institutions in Different Countries
Chair Musashi University Sanae Ohno

(1)Overview of U.S. Student Loan Market and Its Implication for JapanPresenter Nomura Institute of Capital Markets Research Sachiko Miyamoto
Discussant Sapporo University Takao Iida
(2)The Underwriting Business of Major U.S. Financial Holding CompaniesPresenter Matsuyama University Tatsuro Kakeshita
Discussant Fukuoka University Mitsushiro Kamino
(3)Factors Determining Interest Rate Risk of Newly Chartered Japanese BanksPresenter Aomori Public University Akira Kunikata
Discussant Ritsumeikan University Hiroshi Izawa

<  15:50 – 16:50  >  Invited Lecture

RM C200
Japan’s Exit Strategy and Secular Stagnation
Chair Tohoku University Shinichi Nishiyama
Speaker Japan Center for Economic Research Kazumasa Iwata

< 17:00 – 17:50 > General Meeting
Rm C200

< 18:00 – 20:00 > Reception
Kawauchi No Mori Dining, Kawauchi Kita Campus

October 25, Sunday

< 9:30 – > Registration: 1st Floor of Building B

< 10:00 – 12:00 >

Rm 200
Session: Empirical Analysis of Unconventional Monetary Policy
Chair Waseda University Hajime Tomura

(1)The Effects of ECB Monetary Policy on Bank Lending in Euro Area since the Outset of Global Financial CrisisPresenter Kobe University Agata Wierzbowska
Discussant Kansai University Sadayoshi Takaya
(2)The Effects of ETF Purchase by the Bank of Japan: Relationship between the Consumer Confidence Index and the Stock Price Index-Presenter PhD student Saitama University Yoshikazu Sato
Discussant Nihon University Hidetoshi Mitsui
(3)The Quantitative Easing Policy and Business Activities by Industry in Japan: 2001-2006Presenter PhD student Kobe University Hiroyuki Ijiri
Kobe University Yoichi Matsubara
Discussant Osaka Prefecture University Minoru Tachibana

Rm B101
Session: Macroeconomic Analysis
Chair Kyoto University Takayuki Tsuruga

(1)Effects of Commodity Price Shocks on Inflation: A Cross-country AnalysisPresenter Kyoto University Takayuki Tsuruga
Kyoto University Atsushi Sekine
Discussant Nanzan University Taiyo Yoshimi
(2)Impact of Exchange Rate Shocks on Japanese Exports: Quantitative Assessment Using a Structural VAR modelPresenter Meisei University Hayato Nakata
Presenter Hitotsubashi University Tokuo Iwasako
Discussant Tokyo University Ryuzo Miyao
(3)Stock Market and Monetary Policy in a Search Model of MoneyPresenter PhD student Keio University Yoshitaka Tanaka
Discussant Chiba University Ryoji Hiraguchi

Rm B102
Session: Regional and Small Business Finance
Chair Yamagata University Masaki Yamaguchi

(1)Effects of Main Bank Switch on Small Business BankruptcyPresenter PhD student Nagoya University Yuta Ogane
Discussant Ritsumeikan University Kozo Hariyama
(2)How Non-collateralized Loans Affect Firms’ Credit Availability and Performance: Evidence from a Program by a Government-affiliated Financial InstitutionPresenter PhD student Hitotsubashi University Hiromichi Iwaki
Hitotsubashi University, RIETI Iichiro Uesugi
Kobe University Hirofumi Uchida
Discussant Okayama University Masanori Ohkuma
(3)Role of Financial Institutions in Regional RevitalizationPresenter Hiroshima University Shinri Murakami
Discussant Okayama University Satoshi Mimura

Rm B103
Session: Financial Issues in Asia
Chair Hitotsubashi University Hidenobu Okuda

(1)Study on the Functions and Roles of Singapore Financial Market ~ from the Asset Management Industry Point of View ~Presenter Daiwa Asset Management Tatsuya Torikoshi
Discussant Nishogakusha University Katsushi Tabata
(2)Financial Liberalization and Corporate Debt Structure in South East AsiaPresenter Kyoto University Hisako Kai
Discussant Kyushu International University Takeshi Uesaka
(3)Evolving Informal Remittance Methods of Myanmar Migrant Workers in ThailandPresenter Institute of Developing Economies, JETRO Koji Kubo
Discussant Kyoto University Fumiharu Mieno

Rm B104
Session: Insurance and Risk Management
Chair Tokyo Keizai University Noriyoshi Yanase

(1)The Role of Life Insurance Surrender in Small Business FinancingPresenter Meiji University Yoshihiro Asai
Discussant Kagoshima University Kunikazu Nagata
(2)Bank Equity Ownership and Corporate Hedging: Evidence from JapanPresenter Tokyo Keizai University Noriyoshi Yanase
Portland State University Piman Limpaphayom
Portland State University Daniel Rogers
Discussant Aoyama Gakuin University Toshio Serita

Rm B201
Session: Financial System and Law
Chair Ritsumeikan University Hisashi Ohgaki

(1)Legal Issues regarding the FinTech Industry in JapanPresenter Waseda University Takashi Kubota
Discussant Senshu University Takahiko Watanabe
(2)The Role of so-called Asset Based Lending (ABL) in Japanese Silk Reeling FinancePresenter Gakushuin Women’s College Aki Kinjo
Discussant Ritsumeikan University Hisashi Ohgaki
(3)Management of Infrastructure in Depopulating SocietyPresenter Anderson Mori & Tomotsune Law Firm Takashi Akahane
Discussant Ritsumeikan University Hisashi Ohgaki

< 12:00 – 13:30 > Lunch

< 13:30 – 16:00 >

Rm B200
Symposium: Economic Recovery from Natural Disasters
Chair Hitotsubashi University Yoshinori Shimizu

(1)Recovery of the Firms from Great East Japan Earthquake: Evidence from Firm Survey DataPresenter Tohoku University Shin-ichi Nishiyama
(2)Recovery of the Industries from Great East Japan Earthquake: Case studies of the supports by Reconstruction Support OrganizationPresenter Reconstruction Agency Takayuki Kumazaki
(3)Firm Behavior, Corporate Finance, and Great East Japan EarthquakePresenter Kobe University Hirofumi Uchida
Discussant Tohoku Fukushi University Osamu Kamoike
Kobe University Toshiki Jinushi
Kobe University Tomoko Aizawa

Program committee

Osamu Kamoike (Tohoku Fukushi University, Chair)
Kenji Iwata (Kyushu University)
Kentaro Iwatsubo (Kobe University)
Hisashi Ohgaki (Ritsumeikan University)
Sanae Ono (Musashi University)
Hidenobu Okuda (Hitotsubashi University)
Masao Kumamoto (Tokyo Keizai University)
Yutaka Kurihara (Aichi University)
Masanori Sato (Reitaku University)
Ayumu Sugawara (Tohoku University)
Toyoharu Takahashi (Chuo University)
Sadayoshi Takaya (Kansai University)
Tsutomu Chano (Musashi University)
Takayuki Tsuruga (Kyoto University)
Yuki Teranishi (keio University)
Hajime Tomura (Waseda University)
Jun Nagayasu (Tohoku University, Secretary)
Shinichi Nishiyama (Tohoku University)
Hisashi Harui (Kwansei Gakuin University)
Takashi Hyodo (Yamaguchi University)
Takeo Minaki (Aoyama Gakuin University)
Noriyoshi Yanase (Tokyo Keizai University)
Masaki Yamaguchi (Yamagata University)
Kazutaka Watabe (Keio University)

Executive Committee

Jiro Akita (Chair)
Ayumu Sugawara
Shin-ichi Nishiyama (Secretary)
Yoshifumi Muroi