May 16 , Saturday

＜ 9:00 -＞ Registration: 1st Floor of Building #1

＜ 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

May 17 , Sunday

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

＜ 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

Program committee

Toyoharu Takahashi (Chuo University, Chair)
Kenji Iwata (Kyushu University)
Kentaro Iwatsubo (Kobe University)
Mahito Uchida (Seijo University)
Eiji Okano (Nagoya City University)
Eiji Okuyama (Chuo University)
Osamu Kamoike (Tohoku Fukushi University)
Kentaro Kawasaki (Toyo University)
Masao Kumamoto (Tokyo Keizai University)
Masaru Konishi (Hitotsubashi University)
Yuri Sasaki (Meiji Gakuin University)
Masanori Sato (Reitaku University)
Ayumu Sugawara (Tohoku University)
Jun Nagayasu (Tohoku University)
Shin-ichi Nishiyama (Tohoku University)
Takashi Hyodo (Yamaguchi University)
Fumiharu Mieno (Kyoto University)
Takeo Minaki (Aoyama Gakuin University)
Yukihiro Yasuda (Hitotsubashi University)
Noriyoshi Yanase (Tokyo Keizai Iniversity)
Junji Yano (Tottori University of Environmental Studies)
Yushi Yoshida (Shiga University)

Executive Committee

Hiroshi Kamae(Chair)
Masaya Ishikawa
Yukihiro Yasuda
Noriyoshi Yanase
Taro Yokokawa
Yasushi Yoshida
Yuichi Watanabe