Meetings
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 Finance | Presenter Musashi University Yoshio Kurosaka |
| （2） Development of Securities Market and Financial “Theory” in University Education | Presenter Musashi University Junko Maru |
| （3）Right Way in Finance Education | Presenter Rakuten Securities, Inc. Hajime Yamazaki |
| （4）An Encouragement of Financial Education | Presenter 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 Amagasaki | Presenter 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’s | Presenter 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 Flows | Presenter Yamaguchi University Shugo Yamamoto Discussant Bank of Japan Toyoichiro Shirota |
| （2）The Balassa-Samuelson Effect and Labor Market in Japan | Presenter Kobe City University of Foreign Studies Fujii Takao Kobe University Matsubayashi Yoichi Discussant Tohoku University Jun Nagayasu |
| （3）Regional inflation and consumption behavior | Presenter 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 ratings | Presenter 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 effect | Presenter 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 Emirates | Presenter Institute of Developing Economies Jun Saito Discussant Hitotsubashi University Masaharu Hanazaki |
| （2）Ownership and Capital Structure of Pakistani non-Financial Firms | Presenter 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 Center | Presenter 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 Banks | Presenter 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 Japan | Presenter Financial Futures Association of Japan Tetsuo Yamazaki |
| （2）The relationship between FX margin trading and interbank market in Japan | Presenter Deutsche Securities Inc. Tomoo Onishi |
| （3）FX margin trading and foreign exchange markets | Presenter Bank of Japan Hirotaka Inoue |
| （4）Effect of loss-cut rules – Disposition effect and risk taking | Presenter 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 Dynamics | Presenter Waseda University Atsushi Sekine Discussant Tokyo Metropolitan University Hirokuni Iiboshi |
| （2）Fiscal Conditions and Long-term Interest Rates | Presenter 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 View | Presenter 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 Japan | Presenter 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 Japan | Presenter 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 States | Presenter Ph.D. Student, Doshisha University Jin Jingzhi Discussant Hitotsubashi University Iichiro Uesugi |
| （2）Analyzing Convertible Bond Issuance: Evidence from Japan | Presenter Ph.D. Student, Hitotsubashi University Yan Juxin Discussant Kobe University Takashi Hatakeda |
| （3）Estimating Equity Risk Premium by using Macroeconomic Model | Presenter 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 Countries | Presenter 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 Malaysia | Presenter 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 indices | Presenter 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 Approach | Presenter Ph.D. Student, Kobe University Rui Wang Discussant Momoyama Gakuin University Daisuke Ida |
| （2）Estimating currency composition of China’s foreign exchange reserves | Presenter 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 Tunisia | Presenter 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 Policy | Presenter Bank of Tokyo-Mitsubishi UFJ, Ltd. Toshiyuki Suzuki |
| （2）The framework and effects of ECB’s Non-standard Monetary Policies | Presenter Kansai University Sadayoshi Takaya |
| （3）Quantitative Easing of the Bank of England | Presenter 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 data | Presenter 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 Data | Presenter 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 Japan | Presenter 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 Approach | Presenter Waseda University Yoshihiro Kitamura Discussant Shiga University Yushi Yoshida |
| （2）Stepping Out of Limit Order Book: Empirical Evidence form the EBS FX Market | Presenter 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 Students | Presenter 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 markets | Presenter 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 Obligations | Presenter Yokohama National University Masahiko Takahashi Discussant Seijo University Hiroshi Fukumitsu |
| （3）The problems of Basel III Compliant Capital Securities in Japan | Presenter 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 ODA | Presenter Toshinari Nunome Discussant Takushoku University Nobuo Yamamura |
| （2）‘Anomalistic’Capital Increases and Stockholders of Japanese Firms in Interwar Period | Presenter 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 Bank | Presenter 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 Socialism | Presenter 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 Challenges | Presenter 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 System | Presenter Kansai Gaidai University Yasuhiro Horie |
| （2）Expected Role of Regional Financial Institutions | Presenter Financial Services Agency Naoki Nishita |
| （3）Regional Revitalization and Expected Role of Regional Banks | Presenter 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