＜ 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, 2^nd Floor

＜ 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