2016 Spring Annual Meeting Program

May 14th, Saturday

< 9:30 – > Registration: Lecture Room 1202, 2nd Floor of 1st Lecture Bldg, Ekoda Campus

< 10:00 – 12:00 >

Lecture Room 1002
Special Session
Personal Finance Education and Finance “Theory” Education in university
Chair Rissho University Yasushi Hayashi

(1)Changes in Macroeconomic Environment in the 1980s and the Need for Department of FinancePresenter Musashi University Yoshio Kurosaka
(2) Development of Securities Market and Financial “Theory” in University EducationPresenter Musashi University Junko Maru
(3)Right Way in Finance EducationPresenter Rakuten Securities, Inc. Hajime Yamazaki
(4)An Encouragement of Financial EducationPresenter Central Council for Financial Services Information
Sinichi Yoshikuni
Discussant Kobe University Toshiki Jinushi

< 10:00 – 12:00 >

Lecture Room 1101
Panel Session: Financial History
The Small Business Financing and Small Loan for Household in Prewar – Osaka, Amagasaki, and Tokyo –
Chair Reitaku University Masanori Sato

(1)The Small Business Financing by Ordinary Banks in Prewar Osaka.Presenter Hannan university Toru Imajoh
(2)Development of a credit cooperative in industrial city AmagasakiPresenter Ph.D. Student, Keio University Yudai Deguchi
(3)Who and How Supplied Urban Household with Small Loan? – A Case Study of Tokyo City in 1930’sPresenter Tokyo University Yohei Kojima
Discussant Aichi University Daisuke Hayakawa
Yokohama National University Eiji Hotori

Lecture Room 1201
Session: Cross-border synchronization
Chair Hitotsubashi University Etsuro Shioji

(1)Banking Network Amplification Effects on Cross-Border Bank FlowsPresenter Yamaguchi University Shugo Yamamoto
Discussant Bank of Japan Toyoichiro Shirota
(2)The Balassa-Samuelson Effect and Labor Market in JapanPresenter Kobe City University of Foreign Studies Fujii Takao
Kobe University Matsubayashi Yoichi
Discussant Tohoku University Jun Nagayasu
(3)Regional inflation and consumption behaviorPresenter Tohoku University Jun Nagayasu
Discussant Nihon University Hidehiro Ikeno

Lecture Room 1203
Session: Financial Market Analysis 1
Chair Kobe University Kentaro Iwatsubo

(1)The informative value of multiple credit ratingsPresenter Ph.D. Student, Hitotsubashi University Naoko Nemoto
Discussant Saitama Gakuin University Yoshitaka Kurosawa
(2)Does International Investors Cause the Stock Market Co-movement?Presenter University of International Business and Economics
Yusaku Nishimura
Konan University Yoshiro Tsutsui
Kwansei Gakuin University Kenjiro Hirayama
Discussant Kwansei Gakuin University Hiroyuki Aman
(3)Portfolio rebalance and its economic effectPresenter Waseda University Yasuhiro Yonezawa
Discussant Kobe University Kentaro Iwatsubo

Lecture Room 6101
Session: Finance in Foreign Countries
Chair Kansai University Sadayoshi Takaya

(1)Board of Directors and Bank Performance in United Arab EmiratesPresenter Institute of Developing Economies Jun Saito
Discussant Hitotsubashi University Masaharu Hanazaki
(2)Ownership and Capital Structure of Pakistani non-Financial FirmsPresenter Ritsumeikan Asia Pacific University Yasushi Suzuki
Ritsumeikan Asia Pacific University Shoaib Khan
Discussant Kanto Gakuin University Takuya Nakaizumi
(3)City to city comparison as International Financial CenterPresenter Asia University Hiroshi Akabane
Discussant Meijigakuin University Yuri Sasaki

Lecture Room 6103
Session: SME Financing
Chair Nagasaki University Atsuyuki Fukaura

(1)How Relationship with Banks Affects Sales of SMEs ?Presenter Japan Finance Corporation Research Institute Hikaru Fukanuma
Japan Finance Corporation Research Institute Ichiro Fujita
Discussant Waseda University Yoshiaki Ogura
(2)Changes in the Business Environment and Behaviors of Regional BanksPresenter Kansai Gaidai University Yasuhiro Horie
Fukuoka University Ritsuko Arioka
Discussant Tokyo International University Takanori Kamibayashi
(3)Problems and Prospects of Japan’s ABL (Asset Based Lending)Presenter Japan University of Economics Itten Soma
Discussant Nagasaki University Atsuyuki Fukaura

< 12:00 – 13:30 > Lunch

< 13:30 – 15:30 >

Lecture Room 1002
Panel Session: International Finance
FX Margin Trading
Chair Keio University Kazuhito Ikeo

(1)FX margin trading and regulations in JapanPresenter Financial Futures Association of Japan Tetsuo Yamazaki
(2)The relationship between FX margin trading and interbank market in JapanPresenter Deutsche Securities Inc. Tomoo Onishi
(3)FX margin trading and foreign exchange marketsPresenter Bank of Japan Hirotaka Inoue
(4)Effect of loss-cut rules – Disposition effect and risk takingPresenter Kobe University Kentaro Iwatsubo

< 13:30 – 15:30 >

Lecture Room 1101
Session: Monetary policy and macroeconomics 1
Chair Tohoku University Jun Nagayasu

(1)Oil Price Uncertainty and Inflation DynamicsPresenter Waseda University Atsushi Sekine
Discussant Tokyo Metropolitan University Hirokuni Iiboshi
(2)Fiscal Conditions and Long-term Interest RatesPresenter Bank of Japan Koji Nakamura
Bank of Japan Tomoyuki Yagi
Discussant Kobe University Yoichi Matsubayashi
(3)Revisiting the Fiscal Theory of Sovereign Risk from the DSGE ViewPresenter Nagoya City University Eiji Okano
Nagoya City University Kazuyuki Inagaki
Discussant Tohoku University Tatsuyoshi Matsumae

Lecture Room 1201
Session: Financial Intermediaries
Chair Hitotsubashi University Masaru Konishi

(1)The Number of Bank Relationships and Bank Lending to New Firms: Evidence from Firm-level Data in JapanPresenter Ph.D. Student, Nagoya University Yuta Ogane
Discussant Kyoto Sangyo University Koji Sakai
(2)Can Agency Mortgage-backed Securities Function as Liquidity Buffer?Presenter Ph.D. Student, Kyushu University Mingyuan Sun
Discussant Kitakyushu University Jun Maeda
(3)Money creation at the zero lower bound on interest rates in JapanPresenter Hitotsubashi University Etsuro Shioji
Discussant Sapporo Gakuin University Hitoshi Inoue

Lecture Room 1203
Session: Financial Market Analysis 2
Chair Hitotsubashi University Daisuke Miyakawa

(1)An Empirical Study on the Real Estate Price of China Japan and the United StatesPresenter Ph.D. Student, Doshisha University Jin Jingzhi
Discussant Hitotsubashi University Iichiro Uesugi
(2)Analyzing Convertible Bond Issuance: Evidence from JapanPresenter Ph.D. Student, Hitotsubashi University Yan Juxin
Discussant Kobe University Takashi Hatakeda
(3)Estimating Equity Risk Premium by using Macroeconomic ModelPresenter Mitsubishi UFJ Trust Investment Technology Institute Co., Ltd.
Shintaro Suda
Discussant Policy Research Institute, Ministry of Finance Daisuke Ishikawa

Lecture Room 6101
Session: Islamic Finance
Chair Gakushuin University Junko Shimizu

(1)The Practices of Islamic Banking Operations on the basis of Financial Data: Evidence from GCC CountriesPresenter Tsukuba University Kamiyama Hajime
Discussant Institute of Developing Economies Jun Saito
(2)Enforcement of Islamic Financial Services Act 2013 and its Impact on Islamic Financial Institutions in MalaysiaPresenter Tokyo University of Foreign Studies Yasuhiro Fukushima
Discussant Institute of Developing Economies Miki Hamada
(3)Is Islamic finance more resilient against crises? Comparative analysis of Japanese stock indicesPresenter Kyoto University Etsuaki Yoshida
Discussant Gakushuin University Junko Shimizu

Lecture Room 6103
Session: Monetary policy and macroeconomics 2
Chair Tohoku University Shin-Ichi Nishiyama

(1)Evaluating Unconventional Monetary Policy of Bank of Japan: A DSGE ApproachPresenter Ph.D. Student, Kobe University Rui Wang
Discussant Momoyama Gakuin University Daisuke Ida
(2)Estimating currency composition of China’s foreign exchange reservesPresenter Ph.D. Student, Hitotsubashi University Li Nie
Northeast Normal University Kai Shi
Discussant Toyo University Kentaro Kawasaki
(3)Effectiveness of Monetary Policy in Economies in Democratic Transition: Evidence from TunisiaPresenter Tunis University Brahim Guizani
Discussant Kobe University Agata Wierzbowska

< 15:40 – 16:10 > Presidential Address

Conference Hall
Speaker Hitotsubashi University Eiji Ogawa
Inertia of the US Dollar as a Key Currency through the Two Crises

< 16:20 – 17:20 > Invited Lecture

Conference Hall
Chair Keio University Kazuhito Ikeo
Speaker President, Japan Exchange Regulation Takafumi Sato
Decency of Capital Market and Principles-based Approaches

< 17:30 – 18:20 > General Meeting
Conference Hall

< 18:40 – 20:40 > Reception
50th Anniversary Memorial Hall, 8th Floor of 8th Lecture Bldg,

May 15th, Sunday

< 9:30 – >Registration: Lecture Room 1202, 2nd Floor of 1st Lecture Bldg, Ekoda Campus

< 10 :00 – 12:00 >

Lecture Room 1002
Panel Session: Central Banking
International Perspectives on Unconventional Monetary Policy Tools
Chair Credit Suisse Securities (Japan) Ltd. Atsushi Mizuno

(1)Normalization of US Monetary PolicyPresenter Bank of Tokyo-Mitsubishi UFJ, Ltd. Toshiyuki Suzuki
(2)The framework and effects of ECB’s Non-standard Monetary PoliciesPresenter Kansai University Sadayoshi Takaya
(3)Quantitative Easing of the Bank of EnglandPresenter Osaka University of Economics Yoshihiko Saito

< 10:00 – 12:00 >

Lecture Room 1101
Session: Foreign Exchange and Currency
Chair Chuo University Toyoharu Takahashi

(1)The exchange rate and the performance of Japanese firms: a preliminary analysis using firm-level panel dataPresenter Economic and Social Research Institute Takashi Hanagaki
Economic and Social Research Institute Masahiro Hori
Discussant Chuo University Satoshi Koibuchi
(2)The International Use of the Renminbi: Evidence from the Japanese Firm-Level DataPresenter Gakushuin University Junko Shimizu
Yokohama National University Kiyotaka Sato
Discussant Japan Research Institute Satoshi Shimizu
(3)The Regulation of Foreign Exchange Margin Transactions (FX Transactions):The history and present condition of FX transactions in JapanPresenter Chubu Gakuin University Hisashi Hatakeyama
Rissho University Yasushi Hayashi
PhD student, Rissho University Tetsuya Utashiro
Discussant Waseda University Shinsaku Iwahara

Lecture Room 1201
Session: Exchange Markets / Financial Education
Chair Tokyo Keizai University Masao Kumamoto

(1)New Assessment of the Japanese Foreign Exchange Intervention: A Stopping Time ApproachPresenter Waseda University Yoshihiro Kitamura
Discussant Shiga University Yushi Yoshida
(2)Stepping Out of Limit Order Book: Empirical Evidence form the EBS FX MarketPresenter Shiga University Yushi Yoshida
Nagasaki University Masayuki Susai
Discussant Waseda University Jun Uno
(3)The Analysis on Effective Factors to the Financial Literacy for University StudentsPresenter Kanazawa Seiryo University Yuji Kitano
Shiga Junior College Koji Osanai
Aichi University of Education Keiichiro Nishio
Kanazawa University Yoshiaki Matsuura
Ehime Council for Financial Service Information Yoshikazu Ujikane
Discussant Yokohama City University Tsuguo Fujino

Lecture Room 1203
Session: Financial System
Chair Kagoshima University Kunikazu Nagata

(1)Colonies as the historical initial condition have a connection with the low economic productivity and with the early stage of development in financial marketsPresenter Toin University of Yokohama Yosuke Tomita
Discussant Rissho University Yasushi Hayashi
(2)The Point of Contact with Monetary Economics and Civil Law Studies: Securitization and Finance by Assignment of ObligationsPresenter Yokohama National University Masahiko Takahashi
Discussant Seijo University Hiroshi Fukumitsu
(3)The problems of Basel III Compliant Capital Securities in JapanPresenter Ph.D. Student, Waseda University Makoto Tsurusawa
Waseda University Keiichi Omura
Discussant Keio University Kazuhito Ikeo

Lecture Room 6101
Session: Financial History
Chair Reitaku University Masanori Sato

(1)Brazilian political economy and Japan’s ODAPresenter Toshinari Nunome
Discussant Takushoku University Nobuo Yamamura
(2)‘Anomalistic’Capital Increases and Stockholders of Japanese Firms in Interwar PeriodPresenter Ferris University Nao Saito
Discussant Tohoku University Takenobu Yuki
(3)The German banking business in the Nazi Era-Discussions about historical understanding of events at Deutsche BankPresenter Hokusei Gakuen University Hironori Yamaguchi
Discussant Aichi Shukutoku University Ayako Ishizaka

Lecture Room 6103
Session: Chinese Finance
Chair Aoyama Gakuin U niversity Yoko Shirasu

(1)The Empirical Analysis on Corporate Governance under Market SocialismPresenter Ph.D. Student, Hitotsubashi University Le Wang
Hitotsubashi University Qun Liu
Hitotsubashi University Masaharu Hanazaki
Discussant Yokohama City University Qing-yuan Sui
(2)How Did Board Structure Affect the Portfolio of Loans after Banking Resturcturing in China ?Presenter Hitotsubashi University Ling Lang
Discussant Asian Development Bank Institute Naoyuki Yoshino
(3)The Progress of Innovation of Internet Finance in China and Its Future ChallengesPresenter Nomura Institute of Capital Markets Research Lirong Li
Discussant Osaka City University Dongming Wang

< 12:00 – 13:00 > Lunch

< 13:00 – 16:00 >

Lecture Room 1002
Symposium: Regional Revitalization and Realignment of Regional Financial Institutions
Chair Kobe University Nobuyoshi Yamori

(1)Changes in the Business Environment and Restructuring of Regional Financial SystemPresenter Kansai Gaidai University Yasuhiro Horie
(2)Expected Role of Regional Financial InstitutionsPresenter Financial Services Agency Naoki Nishita
(3)Regional Revitalization and Expected Role of Regional BanksPresenter Hamagin Research Institute Masaki Itoh
Discussant Seijyo University Tsutomu Muramoto
Oita Prefectural College of Arts and Culture Syuichi Uemura

Program committee

Nobuyoshi Yamori (Kobe University, Chair)
Hidehiko Ishihara (Senshu University)
Kentaro Iwatsubo (Kobe University)
Sanae Ohno (Musashi University)
Yoshiaki Ogura (Waseda University)
Masao Kumamoto (Tokyo Keizai University)
Masaru Konishi (Hitotsubashi University)
Masanori Sato (Reitaku University)
Etsuro Shioji (Hitotsubashi University)
Junko Shimizu (Gakushuin University)
Yoko Shirasu (Aoyama Gakuin University)
Yui Suzuki (Musashi University)
Toyoharu Takahashi (Chuo University)
Sadayoshi Takaya (Kansai University)
Takayuki Tanaka (Senshu University)
Kazuko Tamura (Kansai University)
Tsutomu Chano (Musashi University)
Ryuichi Nakagawa (Kansai University)
Jun Nagayasu (Tohoku University)
Shin-Ichi Nishiyama (Tohoku University)
Yasushi Hayashi (Rissho University)
Takashi Misumi (Hitotsubashi University)
Daisuke Miyakawa (Hitotsubashi University)

Executive Committee

Ohno Sanae (Chair)
Tsutomu Chano
Yuko Nikaido
Yui Suzuki
Matsuzawa Takanori
Yasushi Hayashi

Access to Musashi University