Meetings
October 15th , Saturday
＜ 9:30 – ＞ Registration: Faculty of Business and Commerce, Building 2, 4th Floor, Senriyama Campus
＜ 10:00 – 12:00 ＞
Faculty of Business and Commerce, Building 4, F401
Panel Session: International Finance
Changes of the Global Money Flow and Debt Accumulation of the Emerging Countries
Chair Ryukoku University Masaharu Takenaka
| （1） Overview and Features of the Global Money Flow before and after the Financial Crisis | Presenter Institute for International Monetary Affairs Koji Sakuma |
| （2）The Economic Structure of China and Changes of the Global Money Flow | Presenter The Canon Institute for Global Studies Kumiko Okazaki |
| （3） Macroeconomics in Emerging Economies after the Global Financial Crisis | Presenter Kobe University Shigeto Kitano Discussant Kindai University Takeshi Hoshikawa |
< 10:00 – 12:00 >
Faculty of Business and Commerce, Building 2, C401
Session: Monetary Policy and Macroeconomics
Chair Tohoku University Shin-ichi Nishiyama
| （1）Uncertainty, Risk Aversion and the Effects on Business Cycles | Presenter Ph.D. Student, Kobe University Zhuo Chen Discussant Yamaguchi University Shugo Yamamoto |
| （2）Stock Price Changes before/after Summary Releases of the BOJ Monetary Policy Meeting: An Analysis of 10 Minute Returns on JNX Stocks | Presenter Gakushuin University Ken-ichi Tatsumi Ph.D. Student, Gakushuin University Zhang Zhengyu Discussant Kushiro Public University of Economics Masato Ubukata |
| （3）A Note on Anticipated Shocks and Liquidity Traps | Presenter Matsuyama University Kohei Hasui Discussant Kyoto University Shuhei Takahashi |
Faculty of Business and Commerce, Building 2, C402
Session: Financial Assets and Financial Markets
Chair Yamaguchi University Takashi Hyodo
| （1）Change in Savings Behavior of Aged Household at Retirement | Presenter Nagoya City University Masaharu Usuki NLI Research Institute Tomoki Kitamura NLI Research Institute Kunio Nakashima Discussant Hiroshima Shudo University Norio Nakai |
| （2）Does Arbitrage Work well among Loans, Bonds and Stocks? : －The Effects of Monetary Policy on Equity Finance－ | Presenter Cabinet Office Hiroshi Tsubouchi Cabinet Office Natsumi Nakayama Cabinet Office Tetsuya Yoshioka Discussant Hitotsubashi University Tokuo Iwaisako |
| （3）Bank Lending Channel of Real Estate Price, Portfolio Reallocation | Presenter Cabinet Office Makoto Hazama Gakushuin University Kaoru Hosono Hitotsubashi University Iichiro Uesugi Discussant Saitama University Takeshi Osada |
Faculty of Business and Commerce, Building 2, C403
Session: Foreign Exchange and Currency 1
Chair Aichi University Yutaka Kurihara
| （1）The Interaction between CNH and CNY | Presenter Ph.D. Student, Hitotsubashi University Wang Zijiao Discussant Gakushuin University Junko Shimizu |
| （2）Return of the Japan Premium: Structural Fragility of Dollar Funding by Japanese Investors | Presenter Ph.D. Student, Keio University, Thomson Reuters Markets Yoshiko Suzuki Discussant Chuo University Seiichi Nakajyo |
| （3）In-Out M&A and Exchange Rate Exposure of Japanese Firms: Case Study during 1990s and 2000s | Presenter Chuo University Satoshi Koibuchi Ph.D. Student, Hitotsubashi University Mizuki Goto Discussant Hitotsubashi University Masaharu Hanazaki |
＜ 10:40 – 12:00 ＞
Faculty of Business and Commerce, Building 2, C404
Session: Risk Management and Prudential Policy
Chair Chuo University Toyoharu Takahashi
| （1）Institutional Analysis on the European Banking Union: Relations with the European Banking Authority and Financial Stability Board | Presenter Kanazawa University Hideki Sato Discussant International Christian University Heather A. Montgomery |
| （2）Modeling of Default Estimation Models Focus on Net Interest-bearing Debt | Presenter Financial Technology Research Institute Tomoyuki Miyagi Financial Technology Research Institute Mingzi Song Discussant Waseda University Soichiro Moridaira |
＜ 12:00 – 13:30 ＞ Lunch
＜ 13:30 – 15:30 ＞
Faculty of Business and Commerce, Building 4, BIG Hall
Panel Session: Central Banking
Negative Interest Rate Policy
Chair University of Tokyo Ryuzo Miyao
| （1）The Effectiveness of A Negative Interest Rate Policy: The Case of Japan | Presenter Kansai University Yuzo Honda Ph.D. Student, Keio University, Thomson Reuters Markets |
| （2）Understanding the Persistent Zero Nominal Rate | Presenter Keio University Masaya Sakuragawa |
| （3）It’s Baaack: A Legal Restrictions Theory of Negative Interest Rate Policy | Presenter Sophia University Yosuke Takeda |
< 13:30 – 15:30 >
Faculty of Business and Commerce, Building 2, C401
Session: Corporate Finance
Chair Doshisha University Toshihiko Marumo
| （1）Debt Structure, Rollover Risk, and Payout Policy | Presenter Japan Society for the Promotion of Science Hiromichi Iwaki Hitotsubashi University Junyu Saito Discussant Keio University Takashi Kaneko |
| （2）Financial Development and Reallocation of Capital in Business Group during the Global Financial Crisis | Presenter Nagasaki University Masayo Shikimi Nagasaki University Kazuo Yamada Discussant Hitotsubashi University Yukihiro Yasuda |
| （3）Credit Reallocation in Japan | Presenter Kyoto Sangyo University Koji Sakai Hitotsubashi University Iichiro Uesugi Discussant Hitotsubashi University Masaharu Hanazaki |
Faculty of Business and Commerce, Building 2, C402
Session: Financial Intermediary
Chair Kobe University Kenya Fujiwara
| （1）The Determinants of Bank Capital Structure | Presenter PhD student Saitama University Taku Kinai Discussant Kobe University Takashi Hatakeda |
| （2）A Potential Pitfall in Estimating a Nonlinear Function of Bank Lending: A Critical Evaluation of “Unnatural Selection” | Presenter Sapporo Gakuin University Hitoshi Inoue Konan University Kiyotaka Nakashima Bank of Japan Koji Takahashi Discussant Chuo University Satoshi Koibuchi |
| （3）Technical Efficiency in Cambodian Commercial Banking: A Stochastic Frontier Analysis | Presenter Hitotsubashi University Hidenobu Okuda Ph.D. Student, Hitotsubashi University Daiju Aiba Discussant Ritsumeikan University Kozo Harimaya |
Faculty of Business and Commerce, Building 2, C403
Session: International Capital Flows
Chair Musashi University Sanae Ohno
| （1）Net Inflows versus Gross Inflows: Which Is a Better Predictor of US House Prices? | Presenter Ph.D. Student, Keio University Satoshi Tobe Discussant Oita University Satoru Ogasawara |
| （2）Capital Controls as an Alternative to Credit Policy in a Small Open Economy | Presenter Kobe University Shigeto Kitano Aichi Shukutoku University Kenya Takaku Discussant Ritsumeikan University Masahiro Inoguchi |
Faculty of Business and Commerce, Building 2, C404
Japan-Korea Partnership Session
Chair Toyo University Kentaro Kawasaki
| （1）Inflation Risk, Settlement Cycles, and Monetary Policy | Presenter Kyung Hee University Hyung Sun Choi Discussant Kobe University Takashi Hatakeda |
| （2）Performance of Active and Passive Management of Korea’s NPS Funds | Presenter Soongsil University Jay M. Chung Hanyang University Jaeuk Khil Discussant Gakushuin University Junko Shimizu |
| （3）U.S. Recession Forecasts via the Usage of Financial Spreads in the Presence of a Structural Change | Presenter The Bank of Korea Do wan Kim Discussant Toyo University Kentaro Kawasaki |
＜ 15:45 – 16:45 ＞ Invited Lecture
Faculty of Business and Commerce, Building 4, BIG HALL
Theme TBA
Chair Keio University Kazuhito Ikeo
Speaker Commissioner, Financial Services Agency Nobuchika Mori
＜ 16:55 – 17:55 ＞ General Meeting
Faculty of Business and Commerce, Building 4, BIG HALL
＜ 18:10 – 20:10 ＞ Reception
Mediapark RINPUKAN, 2nd Floor
October 16th , Sunday
＜ 9:30 – ＞ Registration: Faculty of Business and Commerce, Building 2, 4th Floor, Senriyama Campus
＜ 10 :00 – 12:00 ＞
Faculty of Business and Commerce, Building 4, F401
Special Session: China Risk and Financial Markets
Chair Kansai University Sadayoshi Takaya
| （1）The Future of Non-Performing Loans in China | Presenter Dokkyo University Tong Shiping |
| （2）Spillovers of China’s Risks: Financial Channels vs Real Channels | Presenter Ritsumeikan University Yozo Nishimura |
| （3）China’s Alternative Finance and Its Risk | Presenter Nomura Institute of Capital Markets Research Lirong Li Discussant Seijo University Hiroshi Fukumitsu |
＜ 10:00 – 12:00＞
Faculty of Business and Commerce, Building 2, C401
Session: Foreign Exchange and Currency 2
Chair Nagasaki University Masayuki Susai
| （1）Why Don’t Myanmar Firms Use Banks for Currency Exchange?: Evidence from a Survey of Exporters and Importers | Presenter Institute of Developng Economies, JETRO Koji Kubo Discussant Kindai University Kozo Kunimune |
| （2）The Exchange Rate Volatility Co-movements between the Renminbi and other East Asian Currencies under DCC-GARCH | Presenter Ph.D. Student, Hitotsubashi University Zhou Xuezhi Discussant Toyo University Kentaro Kawasaki |
| （3）The de Facto Foreign Exchange Regime of Chinese Renminbi | Presenter Ph.D. Student, Hitotsubashi University Pengfei Luo Discussant Musashi University Sanae Ohno |
Faculty of Business and Commerce, Building 2, C402
Session: Finance in Foreign Countries
Chair Rissho University Yasushi Hayashi
| （1）The Effect of VAT Rate Change in Europe: A Study from the Financial Environment | Presenter Nihon University Yasuyuki Komaki Discussant Doshisha University Shinichi Kitasaka |
| （2）A Comparative Analysis of Vietnamese and Chinese Stock Market Using Non-linear Approach | Presenter Kyushu University Meifen Chu Discussant The University of Kitakyushu Jun Maeda |
| （3）The Productivity of Industrial Firms and Financial Efficiency in China | Presenter Hiroshima Shudo University Liu Yajing Discussant Hitotsubashi University Iichiro Uesugi |
Faculty of Business and Commerce, Building 2, C403
Session: Financial History
Chair Waseda University Kazuhiko Yago
| （1）How Had the Resolution of Exchange Banks Been Conducted in the Early Meiji Era? | Presenter Doshisha University Yoshiaki Shikano Discussant Konan University Akira Ehiro |
| （2）Measuring the Extent and Implications of Corporate Political Connections in prewar Japan | Presenter Nihon University Michiru Sawada The University of Tokyo Tetsuji Okazaki Discussant Kwansei Gakuin University Fumio Akiyoshi |
| （3）The Financial Control in the Early Showa Era and Japanese Government Bond Market | Presenter PhD student Saitama University Kenichi Hirayama Discussant Hitotsubashi University Takashi Misumi |
Faculty of Business and Commerce, Building 2, C404
Session: Regional and SME Finance
Chair Kobe University Nobuyoshi Yamori
| （1）The Contribution to Financial System for the 2011 Tohoku Earthquake: A Study of the Financial Function for Rural Community Recovery | Presenter Ph.D. Student, Tohoku University Hiroaki Takahashi Discussant Setsunan University Kamon Iwatsubo |
| （2）A Consideration about the Financing Which Is Based on the Business Evaluation | Presenter Chuo Research Institute Kenji Murayama Discussant Kindai University Yuuichi Abiko |
| （3）What Impact Do Factory Closures and the Uses of the Former Factory Sites Have on Regional Finance? | Presenter Osaka Sangyo University Shohei Ishibashi Discussant Kyoto Sangyo University Tomoyoshi Terasaki |
＜ 12:00 – 13:00 ＞ Lunch
＜ 13:00 – 15:30＞
Faculty of Business and Commerce, Building 4, F401
Symposium: What Do We Learn from Takahashi Korekiyo?
Chair Waseda University Masato Shizume
| （1）Takahashi Korekiyo’s Fiscal and Monetary Policy as a Regime Change | Presenter Bank of Japan Kikuo Iwata |
| （2）Bank of Japan Governor and Finance Minister with an Eye to the Reality | Presenter Dai-Ichi Life Research Institute Takashi Matsumoto |
| （3）Takahashi as the Governor of BOJ and as the Minister of Finance: The Gold Standard and Fiscal Discipline | Presenter Reitaku University Masanori Sato Discussant Otsuma Women’s University Masanao Itoh Meiji University Yasuyuki Iida |
Program committee
Yutaka Kurihara (Aichi University, Chair)
Katsuya Ue (Kansai University)
Sanae Ohno (Musashi University)
Hideo Okamura (Kwansei Gakuin University)
Kawasaki Kentaro (Toyo University)
Shinichi Kitasaka (Doshisha University)
Shigeto Kitano (Kobe University)
Masanori Sato (Reitaku University)
Masato Shizume (Waseda University)
Masayuki Susai (Nagasaki University)
Toyoharu Takahashi (Chuo University)
Masaharu Takenaka (Ryukoku University)
Kazuko Tamura (Kansai University)
Tsutomu Chano (Musashi University)
Takayuki Tsuruga (Kyoto University)
Ryuichi Nakagawa (Kansai University)
Shin-ichi Nishiyama (Tohoku University)
Yasushi Hayashi (Rissho University)
Takashi Hyodo (Yamaguchi University)
Kenya Fujiwara (Kobe University)
Toshihiko Marumo (Doshisha University)
Nobuyoshi Yamori (Kobe University)
Kazuhiko Yago (Waseda University)
Executive Committee
Sadayoshi Takaya (Chair)
Katsuya UeKazuko Tamura
Takanori Tanaka
Ryuichi Nakagawa
Access to Kansai University