Meetings
September 30th, Saturday
＜ 10:00 – 12:00 ＞
Building No.3 2nd F 203rd Room of Faculty of Law, Economics and the Humanities
Session: Corporate finance 1
Chair Hitotsubashi University Yukihiro Yasuda
| （1）Investment trend of Japanese company after Lehman Shock -evidence based on Non-Consolidated and Consolidated financial information- | Presenter Hitotsubashi University Tetsuya Hada Discussant Chuo University Satoshi Koibuchi |
| （2）Geographical Distribution of Production-Sales Structure and Capital Investments of Major Japanese Exporters | Presenter Chuo University Satoshi Koibuchi Hitotsubashi University Mizuki Goto Discussant Hitotsubashi University Yukihiro Yasuda |
| （3）A Firm’s External Financing and Investment Decisions | Presenter Kansai University Katsuya Ue Discussant Hitotsubashi University Takashi Misumi |
Building No.3 1st F 103rd Room of Faculty of Law, Economics and the Humanities
Session: Monetary Policy 1
Chair Doshisha University Shin-ichi Kitasaka
| （1）The spillover effects of FRB’s Quantitative Easing Policy; an examination with TVP-VAR models | Presenter Okayama Shoka University Hiroyuki Ijiri Kobe University Toshiki Jinushi Discussant Osaka Prefecture University Minoru Tachibana |
| （2）Revisiting Finance-Trade Linkage during the Great Trade Collapse | Presenter Shiga University Yushi Yoshida Discussant Hitotsubashi University Iichiro Uesugi |
| （3）Money Creation under the Quantitative and Qualitative Easing Policy: Evidence from a Panel Data of Japanese Banks | Presenter Hitotsubashi University Etsuro Shioji Discussant Sapporo Gakuin University Hitoshi Inoue |
Building No.3 1st F 104th Room of Faculty of Law, Economics and the Humanities
Session: Financial Intermediary 1
Chair Nihon University Michiru Sawada
| （1）Intensified competition and financial stability among regional financial institutions | Presenter Bank of Japan Mayumi Ojima Discussant Okayama University Masanori Ohkuma |
| （2）Old Boy Network, Capital Injection and Banks’ Returns: Evidence from Japanese Banks | Presenter Saitama University Takeshi Osada Osaka University Kazuki Onji California State University Fresno David Vera Discussant Waseda University Yoshiaki Ogura |
| （3）Evaluating Lenders through Borrowers’ Financial Constraints | Presenter Kyushu University Wataru Nozawa Kyushu University Shunsuke Managi Discussant Development Bank of Japan Kenji Tanaka |
Building No.1 1st F 101st Room of Faculty of Law, Economics and the Humanities
Session: Stock Market
Chair Tokyo University of Science Noriyoshi Yanase
| （1）Effect from Japan and China for World Stock Price Contagion | Presenter Hitotsubashi University Kunitoshi Yamasaki Discussant Musashi University Sanae Ohno |
| （2）An empirical analysis of the largest sovereign foreign wealth fund investing in the Japanese Stock Market | Presenter SOAS, University of London Yoshikatsu Shinozawa Discussant Musashi University Tsutomu Chano |
| （3）Oil Shocks, Exchange Rate Shocks, and Japanese Stock Markets | Presenter Meisei University Hayato Nakata Ritsumeikan University Kohei Aono Hitotsubashi University Tokuo Iwaisako Discussant Tohoku University Jun Nagayasu |
Building No.1 2nd F 201rd Room of Faculty of Law, Economics and the Humanities
Session: Financial System/Financial Transaction Analysis
Chair Chuo University Eiji Okuyama
| （1）The Single Supervisory Mechanism in the European Banking Union: From the Viewpoint of Big Bank in Europe | Presenter Rikkyo University Amane Ishida Discussant Kanazawa University Hideki Sato |
| （2）The Cost of Trading during Federal Funds Rate Announcements: Evidence from Cross-listed Stocks | Presenter University of Manchester Yoichi Otsubo Auckland University of Technology Bart Frijns Auckland University of Technology Ivan Indriawan Auckland University of Technology Alireza Tourani-Rad Discussant Kobe University Kentaro Iwatsubo |
| （3）Human resource allocation among business divisions of diversified firm： An Empirical analysis on Japanese electrical machinery industry | Presenter Tokoha University Yoshiaki Tsuchimura Discussant Keio University Shintaro Tomita |
2nd F 203rd Room of General Education and Research Building
Session: Price
Chair Meiji University Takayasu Ito
| （1）Inflation and Bubbles in the Japanese Condominium Market | Presenter Tohoku University Jun Nagayasu Discussant Nagasaki University Masayuki Susai |
| （2）The Effect on Price of Change in Value-Added TAX | Presenter Nihon University Yasuyuki Komaki Discussant Meiji University Takayasu Ito |
| （3）Public Investment and Stock Price Returns: The Case of Japan | Presenter University of Marketing and Distribution Sciences Masafumi Kozuka Tokai University Kazuki Hiraga Kobe University Tomomi Miyazaki Discussant Kyoto University Takayuki Tsuruga |
＜ 12:00 – 13:20 ＞ Lunch
＜13:20 – 15:20＞
Building No.3 2nd F 203rd Room of Faculty of Law, Economics and the Humanities
Panel Session: Monetary easing policy from a standpoint of market participants
Chair Fujitsu Research Institute Hideo Hayakawa
| （1）Quantitative and qualitative monetary easing and financial markets | Presenter Bank of Japan Yoshiaki Azuma |
| （2）Changes in Japanese Government Bond Market during the new phase of monetary easing for four years and a half | Presenter Deutsche Securities Tomoya Shimizu |
| （3）BoJ’s monetary easing and Yen over the last few years | Presenter Citigroup Global Markets Japan Osamu Takashima |
＜ 13:20 – 15:20 ＞
Building No.3 1st F 103rd Room of Faculty of Law, Economics and the Humanities
Session: Regional Finance 1
Chair Kyushu University Kenji Iwata
| （1）Education Opportunity Gap and Regional Financial Support in Japan | Presenter University of Nagasaki Atsuji Ohara Kagoshima Sougo Sinyoukinko Shunei Shiraishi Discussant Central Council for Financial Services Information Shinichi Yoshikuni |
| （2）Consideration about the Way of Balancing Local Finance Institution’s Business Model and Local Problem Solution | Presenter Yamato University Hideaki Fujiki Discussant Kyoto Sangyo University Tomoyoshi Terasaki |
| （3）Identifying the Dual Hypotheses in Lending Market: Evidence from Japanese Regional Lending Markets | Presenter Tokai University Kazuki Hiraga Kaetsu University Masashi Manabe Asian Development Bank Institute Naoyuki Yoshino Discussant Hitotsubashi University Iichiro Uesugi |
Building No.3 1st F 104th Room of Faculty of Law, Economics and the Humanities
Session: Financial Intermediary 2
Chair Shimonoseki City University Yuji Mori
| （1）Relationship of new listed firms and financial institutions | Presenter Hitotsubashi University Tomohito Honda Discussant Nagasaki University Kazuo Yamada |
| （2）When Japanese Banks Become Pure Creditors: Effects of declining shareholding by banks on bank lending and firms’ risk taking | Presenter Chuo University Arito Ono Hitotsubashi University Katsushi Suzuki Hitotsubashi University Iichiro Uesugi Discussant Konan University Kiyotaka Nakashima |
| （3）The Emergence of a Parallel World: The Misperception Problem for Bank Balance Sheet Risk and Lending Behavior | Presenter Sapporo Gakuin University Hitoshi Inoue Konan University Kiyotaka Nakashima Bank of Japan Koji Takahashi Discussant Kobe University Takashi Hatakeda |
Building No.1 1st F 101st Room of Faculty of Law, Economics and the Humanities
Session: Corporate Governance
Chair Tokyo Keizai University Masao Kumamoto
| （1）PPP payment scheme that incentivizes private companies | Presenter Keio University Yukari Fukuda Discussant Hitotsubashi University Masaharu Hanazaki |
| （2）The Determinants of Convertible Bond Issuance– from the Perspective of Corporate Governance | Presenter Hitotsubashi University Yan Juxin Discussant Keio University Takashi Kaneko |
| （3）The Role of the Board of Directors in Companies in Gulf Arab Countries | Presenter Institute of Developing Economies Jun Saito Discussant Ritsumeikan Asia Pacific University Yasushi Suzuki |
Building No.1 2nd F 201st Room of Faculty of Law, Economics and the Humanities
Session: Currency
Chair Kansai University Sadayoshi Takaya
| （1）Will Fin-Tech Change the Fundamental Function of Deposit money? | Presenter University of Nagasaki Kazuhiko Ishida Discussant Kyoto Tachibana University Koji Sakuma |
| （2）Future of Bitcoin: Focusing on Light and Shadow of Virtual Currency | Presenter Reitaku University Masashi Nakajima Discussant Senshu University Takahiko Watanabe |
| （3）The Benefit of Common Currency as a Medium of Exchange | Presenter Nihon University Kenta Toyofuku Discussant Senshu University Hidehiko Ishihara |
2nd F 203rd Room of General Education and Research Building
Session: Chinese Financial System
Chair Ritsumeikan University Kozo Harimaya
| （1）The Effect of the 2015 Renminbi Reform on the Relationship between Onshore and Offshore Exchange Markets | Presenter Hitotsubashi University Pengfei Luo Discussant Kobe University Takuji Kinkyo |
| （2）The current state and its reason of zombie firm in China | Presenter Hitotsubashi University Le Wang Discussant Development Bank of Japan Jun-ichi Nakamura |
| （3）Hurst Exponent Analysis of Chinese and Japanese Stock Market | Presenter Kyushu University Meifen Chu Discussant Meiji Gakuin University Yan Zhang |
2nd F 201rd Room of General Education and Research Building
Special Session: Japan and Korea Society of Monetary Economics
Chair Tohoku Gakuin University Masashi Igakura
| （1）Another Reason for Non-Neutrality of Financial Liquidity | Presenter Sejong University Jong-Eun Lee Discussant Nishogakusha University Katsushi Tabata |
| （2）Conditional Cross-Section: Belief Difference and Characteristic Explanations | Presenter Chungnam National University Hogyu Jhang Texas State University Emmanuel Alanis Discussant Meisei University Hayato Nakata |
| （3）May Monetary Policy Affect Long Run Expectations of Non-Stationary Real Interest Rates? | Presenter Dankook University Yun yeong Kim Discussant Bank of Japan Ryo Kato |
＜ 15:40 – 16:40 ＞ Invited Lecture
Building No.3 2nd F 203rd Room of Faculty of Law, Economics and the Humanities
Chair Kobe University Nobuyoshi Yamori
Speaker The Minami-Nippon Bank, President Toshihide Mori
TBD （To Be Determined）
＜ 16:50 – 17:40 ＞ General Meeting
Building No.3 2nd F 203th Room of Faculty of Law, Economics and the Humanities
＜ 18:00 – 20:00 ＞ Reception
Kagoshima University Student Community Plaza
October 1st , Sunday
＜ 9:30 – 11:30 ＞
Building No.3 2nd F 203rd Room of Faculty of Law, Economics and the Humanities
Panel Session: Financial History
Financial Networks in History: a View from the Early-Modern/Modern Japan
Chair Reitaku University Masanori Sato
| （1）Financial Network in Tokugawa Japan: the Case of Osaka Financial Market | Presenter Kobe University Yasuo Takatuki |
| （2）Relationship Banking in Modern Japan: Joint Stock Bank to Deposit Bank | Presenter Hosei University Masayoshi Tsurumi |
| （3）Banking Networks and Financial Market Integration: the Case of Japan during the Late 19th Century | Presenter Waseda University Masato Shizume Discussant Konan University Yoshiro Tsutsui |
＜ 9:30 – 11:30 ＞
Building No.3 1st F 103rd Room of Faculty of Law, Economics and the Humanities
Session: Finance in Foreign Countries
Chair Okinawa International University Naoya Ikemiyagi
| （1）Japanese Bank’s Business in India | Presenter Aichi University of Education Keiichiro Nishio Discussant Kobe University Nobuyoshi Yamori |
| （2）Financial Structure and Economic Growth – Is it a right way forward to assist capital market enhancement in Southeast Asia? – | Presenter Dokkyo University Takashi Kihara Discussant Hitotsubashi University Hidenobu Okuda |
| （3）International Comparison of Management Characteristics of MFIs: A Case Study of Cambodia and The Philippines | Presenter Hitotsubashi University Hidenobu Okuda Hitotsubashi University Yusuke Toyama Discussant Okinawa International University Naoya Ikemiyagi |
Building No.3 1st F 104th Room of Faculty of Law, Economics and the Humanities
Session: Regional Finance 2
Chair Aichi Gakuin University Kazumine Kondo
| （1）Evaluation of Regional Financial Competitiveness and Its Impact on the Area | Presenter Saitama University Toshihiro Sugiyama Discussant Nagoya University of Economics Shinya Minegishi |
| （2）The Impact of the Competitive Environment of Regional Financial Institutions on the Opening and Closing of Business Establishments | Presenter Kushiro Public University Yasufumi Ozaki Ritsumeikan University Kozo Harimaya Discussant Nagasaki University Masayo Shikimi |
| （3）How does Employee Sovereignty effect Risk-taking of Shinkin Banks? | Presenter Musashi University Tsutomu Chano Discussant Ritsumeikan University Kozo Harimaya |
Building No.1 1st F 101st Room of Faculty of Law, Economics and the Humanities
Session: Monetary Policy 2
Chair Kobe University Shin-Ichi Nishiyama
| （1）A Note on Nominal Rigidities and Model Misspecification | Presenter Matsuyama University Kohei Hasui Discussant Kobe University Shin-Ichi Nishiyama |
| （2）Market Concentration and Sectoral Inflation under Imperfect Common Knowledge | Presenter Bank of Japan Ryo Kato Bank of Japan Tatsushi Okuda Discussant Kobe University Takeki Sunakawa |
| （3）Delegating optimal monetary policy inertia in a small open economy: An analytical investigation | Presenter Osaka Gakuin University Mitsuhiro Okano Momoyama Gakuin University Daisuke Ida Discussant Hiroshima City University Kenya Takaku |
Building No.1 2nd F 201st Room of Faculty of Law, Economics and the Humanities
Session: Cooperate Finance 2
Chair University of Marketing and Distribution Sciences Masafumi Kozuka
| （1）Effects of being multinationals on cash and debt activities in Japan | Presenter Kobe University Tsuguyuki Umene Discussant Tokyo University of Science Takafumi Sasaki |
| （2）Does impaired asset accounting affect firms’ investment? | Presenter Hitotsubashi University Iichiro Uesugi Hitotsubashi University Kentaro Nakajima, Gakushuin University Kaoru Hosono Discussant Tokyo Keizai University Hyonok Kim |
| （3）Forgiveness versus financing: The determinants and impact of SME debt forbearance in Japan | Presenter Hitotsubashi University Yukihiro Yasuda Chuo University Arito Ono Discussant University of Tokyo Shin-ichi Fukuda |
2nd F 203rd Room of General Education and Research Building
Session: Insurance and Risk Management
Chair Yamaguchi University Takashi Hyodo
| （1）Empirical test of the opinion about e-retailing property-casualty insurance companies | Presenter Chigin Network Service Satoru Yano Musashi University Tsutomu Chano Discussant Tokyo University of Science Noriyoshi Yanase |
| （2）A Procedure for Value-at-Risk Estimates corresponding to a Distortion of the Observation Distributions | Presenter Kumamoto Gakuen University Youich Yoshida Discussant Yamaguchi University Takashi Hyodo |
2nd F 201st Room of General Education and Research Building
Session: Housing Finance
Chair Doshisha University Toshihiko Marumo
| （1）House price and credit cycles: effects of global liquidity and risk perception | Presenter Keio University Satoshi Tobe Discussant Tohoku University Jun Nagayasu |
| （2）Revitalization of Urban Function in Japan ~Considering the possible use of Tax Increment Finance（“TIF”） to enhance redevelopment of urban function~ | Presenter Development Bank of Japan Shigeki Wakabayashi Discussant Nagasaki University Atsuyuki Fukaura |
| （3）Why Japanese can not sell their houses? | Presenter Hosei University Shimono Keiko Discussant Osaka University Mototsugu Fukushige |
＜ 12:00 – 13:20 ＞ Lunch
＜ 13:00 – 16:00 ＞
Building No.3 2nd F 203rd Room of Faculty of Law, Economics and the Humanities
Symposium: Competitiveness of Tokyo Financial Market in Asia
Chair Nagasaki University Masayuki Susai
| （1）TBD | Presenter State Street Trust & Banking Company Hideyuki Takahashi |
| （2）Competing financial centers: Reflections from Europe | Presenter University of Portsmouth Alexis Stenfors Discussant Financial Service Agency Takuro Komori Discussant Hitotsubashi University Hidenobu Okuda Discussant Kansai University Sadayoshi Takaya |
Program committee
Takashi Hyodo （Yamaguchi University, Chair）
Masashi Igakura （Tohoku Gakuin University）
Takashi Senda （Hiroshima University）
Naoya Ikemiyagi （Okinawa International University）
Sadayoshi Takaya （Kansai University）
Takayasu Ito（Meiji University
Kei Tomimura （Aichi University）
Kenji Iwata （Kyushu University）
Shin-ich Nishiyama （Kobe University）
Kentaro Iwatsubo （Kobe University）
Kozo Harimaya （Ritsumeikan University）
Eiji Okuyama （Chuuo University）
Jun Maeda （University of Kitakyushu）
Shin-ichi Kitasaka （Doshisha University）
Toshihiko Marumo （Doshishai University）
Masao Kumamoto （Tokyo Keizai University）
Takashi Misumi （Hitotsubashi University）
Yutaka Kurihara （Tohoku Fukushi University）
Yuji Mori （Shimonoseki City University）
Masafumi Kozuka （University of Marketing and Distribution Sciences）
Yukihiro Yasuda （Hitotsubashi University）
Kazumine Kondo （Aichi Gakuin University）
Noriyoshi Yanase （Tokyo University of Science）
Yuri Sasaki（Meiji Gakuin University）
Junji Yano （Tottori University of Environmental Studies）
Masanori Sato （Reitaku University）
Nobuyoshi Yamori （Kobe University）
Michiru Sawada （Nihon University）
Kunikazu Nagata （Kagoshima University）
Masato Shizume （Waseda University）
Executive Committee
Kunikazu Nagata（Chair）
Kazuya Yamamoto
Sou Miura
Shigeaki Sawada