2015 Spring Annual Meeting Program

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 1920sPresenter Aichi University Daisuke Hayakawa
(2)Business Relationship of Small Company and Financial Institution: Analysis by Nagoya shōkō meikan 1967Presenter Reitaku University Masanori Sato
(3)Development of Relationship Banking in Small Business Lending: With a Focus on Competition against City Banks from 1970s onwardsPresenter 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 BankruptciesPresenter PhD student, Nagoya University Yuta Ogane
Discussant Chuo University Arito Ono
(2)Empirical Study on the Effect of the Capital Injection PolicyPresenter Kyoto Tachibana University Takanori Kondo
Discussant Nagoya University Katsutoshi Shimizu
(3)International Syndicated Loans and Japanese Regional Banks: Comparison between the First and Second InternationalizationPresenter 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 AnalysisPresenter 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 USPresenter 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 LawsPresenter Waseda University Takashi Kubota
Discussant Aichi University Yutaka Kurihara
(2)Credit Risks Involved in Finance by Assignment of ObligationsPresenter Yokohama National University Masahiko Takahashi
Discussant Waseda University Takashi Kubota
(3)Laws and Finance – Introductory Note to Its MethodologyPresenter 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 LearningPresenter Kurume University Taro Ikeda
Discussant Yokohama City University Yoshiyuki Nakazono
(2)What Investment Motive Does Tobin’s q Affect?:A Bootstrap Granger Causality ApproachPresenter 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 EvidencePresenter 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 InsurancePresenter Waseda University Tadayoshi Otsuka
Discussant Capitas Consulting Nobuyasu Uemura
(2)The Effects of Systematic Risk after Nuclear Accident: Evidence from Kalman Filter MethodsPresenter 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 RisksPresenter 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 PolicyPresenter 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 FirmsPresenter Ph.D. Student, Hitotsubashi University Hiromichi Iwaki
Discussant Waseda University Yoshiaki Ogura
(3)Bank Relationships and Cash Holdings: Evidence from Japanese FirmsPresenter 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 IndonesiaPresenter 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 StructurePresenter 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 DataPresenter 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 InstitutionsPresenter PhD student Sakushingakuin University Katsumi Anzai
Discussant Kobe University Nobuyoshi Yamori
(3)Management of Regional Financial Institutions in the Depopulating SocietyPresenter 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 SupplyPresenter Musashi University Tsutomu Chano
Discussant World Gold Council Takahiro Morita
(2)Management Buyouts in JapanPresenter 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 ChinaPresenter 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 LendingPresenter Kagoshima University Kunikazu Nagata
Discussant Kyushu Kyoritsu University Yuji Mori
(2)Bank Competition, Ownership Structure and Risk Taking: Evidence from JapanPresenter 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 ValuePresenter 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 ModelPresenter 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 ModelPresenter 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 ChallengesPresenter Nomura Institute of Capital Market Research Lirong Li
Discussant Fukuoka Women’s University Yan Zhang
(2)State Ownership, Government-affiliated Director, and Bank ProfitabilityPresenter Hitotsubashi University Ling Lang
Discussant Fukuyama University Yoshio Kojima
(3)What are They Talking about Shadow Banking in ChinaPresenter 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 CountriesPresenter 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 PolicyPresenter Fukushima University Shin Fukuda
Discussant Yamagata University Kenichi Tamegawa
(3)Macroeconomic Analysis of Relationship LendingPresenter 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