2018 Autumn Annual Meeting Program

October 20th, Saturday

< 9:00 – 10:00 >

Bildg. 3, Fl. 2, Rm. 201
Presidential Address
Speaker Kobe University Toshiki Jinushi
On Unconventional Monetary Policy

< 10:10 – 12:10 >

Bildg. 3, Fl. 1, Rm. 101
Panel Session: Central Bank
Panel Session: Recent Development in Monetary Policy Research
Chair Hitotsubashi University Esuro Shioji

(1)Money-Financed Fiscal Stimulus: The Effects of Implementation LagPresenter Osaka University Takayuki Tsuruga
(2)Recent Progress in Empirical Analysis of Monetary PolicyPresenter Kobe University Masahiko Shibamoto
(3)Analyses of Business Condition Index and Monetary Policy Tone by Deep LearningPresenter Bank of Japan Ko Nakayama

Bildg. 3, Fl. 2, Rm. 202
Session: Financial Market Analysis
Chair Nagoya City University Kazuki Yokoyama

(1)The Effect of the Bank of Japan’s Quantitative and Qualitative Monetary Easing with a Negative Interest Rate Policy on Financial MarketsPresenter Kansai University Kunihiro Hanabusa
Discussant Kinki University Takeshi Hoshikawa
(2)How the Spread of Index Finds Affect the Pricing of Component StocksPresenter Seikei University Masashi Toshino
Discussant Nagoya University Hideki Nakashima
(3)ESG Disclosure Score and PerformancePresenter The University of Tokyo Tomonori Yuyama
Aoyama Gakuin University Yoko Shirasu
Keio University Soichiro Moridaira
Discussant Waseda University Megumi Suto

Bildg. 3, Fl. 2, Rm. 203
Session: Foreign Exchange and Currency I
Chair Gakushuin University Junko Shimizu

(1)Business expansion abroad and impact of fluctuations in foreign exchange ratesPresenter Hitotsubashi University Eiji Ogawa
Development Bank of Japan Inc. Naoki Shinada
Development Bank of Japan Inc. Masakazu Sato
Discussant Yokohama National University Kiyotaka Sato
(2)Japanese firms’ foreign exchange risk management and choice of invoice currency ? from 2017 RIETI Questionnaire Survey resultsPresenter Gakushuin University Junko Shimizu
Columbia University / The National Graduate Institute for Policy Studies Takatoshi Ito
Chuo University Satoshi Koibuchi
Yokohama National University Koyotaka Sato
Discussant Chuo University Seiichi Nakajyo
(3)Destination of Global Liquidity and Role of Foreign BanksPresenter Doshisha University Shingo Iokibe
Discussant Hitotsubashi University Masao Kumamoto

Bildg. 3, Fl. 3, Rm. 301
Session: Corporate Finance I
Chair Kobe University Kenya Fujiwara

(1)Financial Strategy and Corporate Governance of Listed SubsidiariesPresenter Ph.D student, Hitotsubashi University Chen Tu, and Hitotsubashi University Masaru Konishi
Discussant Nikko Research Center Kan Nakajima
(2) Efficiency of Internal Labor Market in Diversified Firms in JapanPresenter Tokoha University Yoshiaki Tsuchimura and Nikko Research Center, Inc Yasuyuki Sugiura
Discussant Kobe University Takashi Hatakeda
(3)The Effect on Performance and Return of Privatization: A Case of a Japanese railway CompanyPresenter Meiji University Daisuke Asaoka and Kanazawa Institute of Technology Yoshihisa Sugimura
Discussant Development Bank of Japan Kenji Tanaka

Bildg. 3, Fl. 3, Rm. 302
Session: KFMA Session
Chair University of Tokyo Shin-ichi Fukuda

(1)Why do Sell-Side Analysts Still Prevail? Credible Optimistic Recommendation by Cheap TalkPresenter Dongguk University Jooyong Jun
ChungAng University Eunjung Yeo
Discussant Musashino University Mariko Tanaka
(2)A Study on Volume-Synchronized Probability of Informed Trading (VPIN) and Information AsymmetryQuestionnaire Survey resultsPresenter Korea Student Aid Foundation Sungchang Kang
Yonsei University Joocheol Kim
Discussant Toyama University Junji Yamada
(3)The Efficiency of IPO stocksPresenter Ulsan National Institute of Science and Technology (UNIST) Junyoup Lee
Discussant Development Bank of Japan Junichi Nakamura

Bildg. 2, Fl. 2, Rm. 208
Session: Money and Finance in Various Countries I
Chair Waseda University Masato Shizume

(1)The Effectiveness of Quantitative Easing in USA: Validation by Structural Vector Autoregressive AnalysisPresenter Kyoto Gakuen University Yoshitaka Sawada
Discussant Okayama Shoka University Hiroyuki Ijiri
(2)Monetary Policy Expectations and the Malaysian Deposit Market: Analysis of Islamic Rates of Return and Conventional Interest RatesPresenter Meiji University Takayasu Ito
Discussant Aichi University Yutaka Kurihara
(3)Recent Development in the Adoption of Capital Controls in Emerging Economies: Theory and PracticePresenter Kobe University Shigeto Kitano
Hiroshima City University Kenya Takaku
Discussant Meiji Gakuin University Yuri Sasaki

Bildg. 2, Fl. 2, Rm. 209
Session: Behavioral Finance
Chair Hosei University Hidetomo Takahashi

(1)Managerial Overconfidence, Conservative Accounting, and Corporate InvestmentPresenter Mie University Keiichi Shima
Development Bank of Japan Inc. Jun-ichi Nakamura
Discussant Hosei University Hidetomo Takahashi
(2)Nominal Stock Price Change and Return ComovementPresenter Hitotsubashi University PhD student Akinobu Nagira
Discussant Chuo University Eiji Okuyama
(3)The effectiveness of Layered Communication on Students’ Expectation: Based on the Bank of England’s Communication StrategiesPresenter Momoyama Gakuin University (St. Andrew’s University) Yuji Kitano
Discussant Kyoto Tachibana University Takanori Kondo

< 12:10 – 13:30 > Lunch

< 13:30 – 15:30 >

Bildg. 3, Fl. 1, Rm. 101
Panel Session: BREXIT and Future of International Financial Centre “CITY”
Chair Hitotsubashi University Eiji Ogawa

(1)What will Brexit mean? : Future of the euro-currency business and the City of LondonPresenter Bank of Japan Tokiko Shimizu
(2)European Financial Centres and EU financial integration after BrexitPresenter NLI Research Institute Sayuri Ito
(3)BREXIT and its Impact on BankingPresenter Institute for International Monetary Affairs Ayako Yamaguchi
Discussant Kansai University Sadami Takaya

Bildg. 3, Fl. 1, Rm. 101
Session: Monetary Policy・Monetary Macroeconomics I
Chair Kobe University Shin-Ichi Nishiyama

(1)Efficiency of QQE in Japan — with Negative Interest Rates , YCC, Reserve Deposit, ETF and J-REIT-Presenter Kyoto Gakuen University Yoji Morita
Kyoto Gakuen University Shigeyoshi Miyagawa
Discussant Tokyo Keizai University Hiroyuki Inoue
(2)The Time-Varying Volatility of Financial Shocks in Macroeconomic FluctuationsPresenter Kobe University Shin-Ichi Nishiyama
Tokyo Metropolitan University Hirokuni Iiboshi
Tohoku University Tatsuyoshi Matsuame
Discussant Hitotsubashi University Ryo Jinnai
(3)The Effect of Stock Price Bubbles on the Macroeconomy in Japan: An Investigation based on a Bayesian DSGE modelPresenter Kobe University Satoshi Hoshino
Discussant Bank of Japan Naohisa Hirakata

Bildg. 3, Fl. 2, Rm. 203
Session: Household Finance
Chair Kansai University Katsuya Ue

(1)Household characteristics and homeownership during the “Lost Decades”Presenter Tohoku University Jun Nagayasu
Discussant University of Marketing and Distribution Sciences Masafumi Kozuka
(2)Japanese Individual Investment Behaviors regarding Risk Assets: Do Different modules of Financial Literacy and Information Sources Matter?Presenter Ph.D. Student, Hitotsubashi University Juxin YAN
Kyoto Tachibana University Takanori Kondo
Aoyama Gakuin Universty Yoko Shirasu
Hitotsubashi University Takashi Misumi
Discussant Konan University Yoshiro Tsutsui
(3)Disentangling the effect of home ownership on household stock-holdings: Evidence from Japanese micro dataPresenter Chuo University Arito Ono
Hitotsubashi University Tokuo Iwaisako
Government Pension Investment Fund Amane Saito
United Nations Hidenobu Tokuda
Discussant Hitotsubashi University Etsuro Shioji

Bildg. 3, Fl. 2, Rm. 203
Finance in Foreign Countries II
Chair Gakushuin University Hideaki Murase

(1)Offshore Bond Issuance and Noncore Liability in BRICs CountriesPresenter Yamaguchi University Shugo Yamamoto
Discussant Kobe City University of Foreign Studies Taro Esaka
(2)Effects of the Bank of Japan’s Monetary Easing Policy on the Economies and Markets in China and Hong KongPresenter Ritsumeikan University Hideaki Ohta
Discussant Meiji University Takayoshi Kitaoka
(3)The Role of Financial Regulation in Financial Inclusion: The Case of a Lending Rate Restriction on Microfinance InstitutionsPresenter JICA Research Institute Daiju Aiba
Discussant Hitotsubashi University Iichiro Uesugi

Bildg. 3, Fl. 3, Rm. 302
Session: Financial Intermediary I
Chair Aichi Gakuin University Shigeru Uchida

(1)Roles for Credit Guarantee Associations in Start-up Supports – Based on the Aichi Credit Guarantee Association Questionnaire Survey ?Presenter Kobe University Nobuyoshi Yamori
Kobe University Msao Ojima
Discussant Chuo University Tadanobu Nemoto
(2)Predicting the Probabilities of Default for Privately Held Banks: The Case of Shinkin Banks in JapanPresenter Cabinet Office Wako Watanabe
University of Jendouba Brahim Guizani
Discussant Kobe University Nobuyoshi Yamori
(3)The Determinants of Operational Characteristics of Microfinance Institutions: A Comparative Analysis of Cambodia and the Philippines Using DEA and PCAPresenter Hitotsubashi University Hidenobu Okuda
JICA Research Institute Daiju Aiba
Discussant Tsudajuku University Naoko Shinkai

Bildg. 2, Fl. 2, Rm. 208
Session: Topics on Macroeconomics (English)
Chair Osaka University Takayuki Tsuruga

(1)Importance of Awareness of Default Risk on Conducting Monetary and Fiscal PoliciesPresenter Komazawa University Masataka Eguchi
Nagoya City University Eiji Okano
Discussant Bank of Japan Michinao Okachi
(2)Asset Pricing with Long-Run Durable Expenditure Risk: Evidence from the U.S and JapanPresenter Ph.D. Student, Hitotsubashi University Huan Li
Discussant Seikei University Shiba Suzuki
(3)Counter-cyclical Capital Requirements with a Scheme of Capital Distribution Restraint: A DSGE approachPresenter Ph.D. Student, Nagoya University Yoshiaki Sato
Discussant Chuo University Taiyo Yoshimi

< 15:50 – 16:35 > Invited Lecture

Bildg. 3, Fl. 2, Rm. 201
Chair Kobe University Ryuzo Miyao
Speaker Bank of Japan, Vice President Masayoshi Amamiya
TBD (To Be Determined)

< 16:50 – 17:40 > General Meeting
Bildg. 3, Fl. 2, Rm. 201


< 17:50 – 19:20 > Reception
Dining Room, Nagoya City University Co-op

October 21st , Sunday

< 10:00 – 12:00 >

Bildg. 3, Fl. 1, Rm. 101
Panel Session: Financial History
Money Issuance and Circulation in the Pre-Modern Japan
Chair Waseda University Masato Shizume

(1)Money Issuance and Circulation in Japan during the 16th CenturyPresenter Yasuda Women’s University Hisashi Takagi
(2)Functions of Feudal Lords in the Issuance of Clan NotesPresenter Sumitomo Historical Archives Ryoichi Yasukuni
(3)Paper Money Issuance by Small-Sized ClansPresenter Osaka University of Commerce Keiichiro Kato
Discussant Nagoya Women’s University Yuichi Kanai

Bildg. 3, Fl. 2, Rm. 202
Session: Monetary Policy and Macroeconomics II
Chair Kobe University Shigeto Kitano

(1)Quantifying the Effects of QQE on Long-run Inflation Expectations in JapanPresenter Ph.D. Student, University of Tokyo Naoto Soma
University of Tokyo Mototsugu Shintani
Discussant Bank of Japan Hibiki Ichiue
(2)Identifying Unconventional Monetary Policy ShocksPresenter Konan University Kiyotaka Nakashima
Kobe University Masahiko Shibamoto
Bank of Japan Koji Takahashi
Discussant Kyoto Gakuen University Yoji Morita
(3)Non-regular Employment and the Household ConsumptionPresenter Kochi University Shingo Umino
Discussant Kansai Gaidai University Kazuo Ogawa

Bildg. 3, Fl. 2, Rm. 202
Session: Foreign Exchange and Currency II
Chair Doshisha University Shin-ichi Kitasaka

(1)Hedging Strategy of Foreign Exchange Rate Risk Based on Mean Reversion of The Real Exchange Rate Index of Yen Against DollarPresenter Ryukoku University Masaharu Takenaka
Discussant Nagasaki University Masayuki Susai
(2)What factors caused the increasing currency hedging cost?Presenter Musashi University Sanae Ohno
Discussant Kobe University Kentaro Iwatsubo
(3)The trade rebalance effect and the exchange rate pass-through of renminbiPresenter ph.D. Student, Hitotsubashi University Pengfei LUO
Discussant Nagoya City University Kazuyuki Inagaki

Bildg. 3, Fl. 3, Rm. 301
Session: Corporate Finance 2
Chair Senshu University Hidehiko Ishihara

(1)Are Financial Policies Pursued by Corporations Optimal?
-Desirable Proactive Utilization of Debt Financing with Extremely Low Interest Rates-
Presenter Ritsumeikan University, Showa Women’s University Yukio Rimbara
Discussant Gakushuin University Ken-ichi Tatsumi
(2)Empirical Analysis of Banks Loan Commitments: Evidence from JapanPresenter Graduate Student, Hitotsubashi University HONDA TOMOHITO
Discussant Ritsumeikan University Kozo Harimaya
(3)Long-term trend of family firm’s performancePresenter Nagoya University of Commerce and Business Hokuto DAZAI
Discussant Kyoto Sangyo University Jungwook Shim

Bildg. 3, Fl. 3, Rm. 302
Session: Financial Intermediary II
Chair Doshisha University Hirofumi Ueda

(1)Review of the Overbanking Problem in JapanPresenter Saitama University Toshihiro Sugiyama
Discussant Sugiyama Jogakuen University Shigeru Uebayashi
(2)Bank Characteristics and Bank Lending in New FirmsPresenter Doshisha University Eriko Naiki
Nanzan University Yuta Ogane
Discussant Chuo University Arito Ono
(3)Trade-offs between Different Outreaches and Optimum Rates of Interest for MicrocreditPresenter Okayama University Narunto Nishigaki
Discussant Setsunan University Kamon Iwatsubo

Bildg. 2, Fl. 2, Rm. 208
Session: Settlement
Chair University of Marketing and Distribution Sciences Masafumi Kozuka

(1)How to treat cryptocurrency in international finance and one way for improve proof of work (PoW)Presenter Senshu University Takeshi Ogawa
Discussant Kinki University Masataka Hanaki
(2)Utilizing Big Data in China’s Personal FinancePresenter Kyoto Gakuen University Lirong Li
Discussant Senshu University Takahiko Watanabe
(3)Export Dynamics and Invoicing CurrencyPresenter Chuo University Taiyo Yoshimi
Institute of Developing Economies Kazunobu Hayakawa
Keio University Toshiyuki Matsuura
Thailand Development Research Institute Nuttawut Laksanapanyakul
Discussant Hiroshima City University Kenya Takaku

Bildg. 2, Fl. 2, Rm. 209
Session: Insurance and Risk Management < 10:40 – 12:00 >
Chair Kobe University Nobuyoshi Yamori

(1)Learning from Extreme CatastrophesPresenter Tokyo University of Science Noriyoshi Yanase
Presenter Nanyang Technological University Shinichi Kamiya
Discussant Kobe University Takashi Yamasaki
(2)Determinants of Derivatives Use -Evidence from Small and Medium-sized EnterprisesPresenter Meiji University Yoshihiro Asai
Discussant Hitotsubashi University Yukihiro Yasuda

< 12:00 – 13:00 > Lunch

< 13:00 – 15:30 >

Bildg. 3, Fl. 1, Rm. 101
Symposium: Significance and Challenges of Cryptocurrencies
Chair University of Tokyo Ryuzo Miyao

Presenter Kyoto University Naoyuki Iwashita
University of Tokyo Noriyuki Yanagawa
Money Forward Financial, Inc. Junichi Kanda
Financial Services Agency Jun Mizuguchi

Program committee

Yutaka Kurihara (Aichi University, Chair)
Kentaro Iwatsubo (Kobe University)
Hidehiko Ishihara (Senshu University)
Katsuya Ue (Kansai University)
Hirofumi Ueda (Doshisha University)
Shigeru Uchida (Aichi Gakuin University)
Ehiro Akira (Konan University)
Eiji Okano (Nagoya City University)
Shin-ichi Kitasaka (Doshisha University)
Masato Shizume (Waseda University)
Junko Shimizu (Gakushuin University)
Takayuki Tsuruga (Osaka University)
Shin-ichi Nishiyama (Kobe University)
Eiji Okuyama (Chuuo University)
Ken’ya Fujiwara (Kobe University)
Shin-ichi Fukuda (University of Tokyo)
Hideaki Murase (GakushuinUniversity)
Ryuzo Miyao (University of Tokyo)
Nobuyoshi Yamori(Kobe University)
Kazuki Yokoyama (Nagoya City University)

Executive Committee

Masaharu Usuki(Chair)
Kazuyuki Inagaki
Eiji Okano
Hideaki Sakawa
Kazuki Yokoyama
Naoki watanabe