＜ 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 Lag

• Presenter
• Osaka University
• Takayuki Tsuruga

（2）Recent Progress in Empirical Analysis of Monetary Policy

• Presenter
• Kobe University
• Masahiko Shibamoto

（3）Analyses of Business Condition Index and Monetary Policy Tone by Deep Learning

• Presenter
• 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 Markets

• Presenter
• Kansai University
• Kunihiro Hanabusa

• Discussant
• Kinki University
• Takeshi Hoshikawa

（2）How the Spread of Index Finds Affect the Pricing of Component Stocks

• Presenter
• Seikei University
• Masashi Toshino

• Discussant
• Nagoya University
• Hideki Nakashima

（3）ESG Disclosure Score and Performance

• Presenter
• 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 rates

• Presenter
• 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 results

• Presenter
• 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 Banks

• Presenter
• 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 Subsidiaries

• Presenter
• 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 Japan

• Presenter
• 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 Company

• Presenter
• 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 Talk

• Presenter
• 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 results

• Presenter
• Korea Student Aid Foundation
• Sungchang Kang

• Yonsei University
• Joocheol Kim

• Discussant
• Toyama University
• Junji Yamada

（3）The Efficiency of IPO stocks

• Presenter
• 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 Analysis

• Presenter
• 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 Rates

• Presenter
• Meiji University
• Takayasu Ito

• Discussant
• Aichi University
• Yutaka Kurihara

（3）Recent Development in the Adoption of Capital Controls in Emerging Economies: Theory and Practice

• Presenter
• 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 Investment

• Presenter
• Mie University
• Keiichi Shima

• Development Bank of Japan Inc.
• Jun-ichi Nakamura

• Discussant
• Hosei University
• Hidetomo Takahashi

（2）Nominal Stock Price Change and Return Comovement

• Presenter
• 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 Strategies

• Presenter
• Momoyama Gakuin University (St. Andrew's University)
• Yuji Kitano

• Discussant
• Kyoto Tachibana University
• Takanori Kondo

＜ 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 London

• Presenter
• Bank of Japan
• Tokiko Shimizu

（2）European Financial Centres and EU financial integration after Brexit

• Presenter
• NLI Research Institute
• Sayuri Ito

（3）BREXIT and its Impact on Banking

• Presenter
• 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 Fluctuations

• Presenter
• 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 model

• Presenter
• 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 data

• Presenter
• 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 Countries

• Presenter
• 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 Kong

• Presenter
• 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 Institutions

• Presenter
• 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 Japan

• Presenter
• 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 PCA

• Presenter
• 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 Policies

• Presenter
• 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 Japan

• Presenter
• 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 approach

• Presenter
• 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

＜ 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 Century

• Presenter
• Yasuda Women's University
• Hisashi Takagi

（2）Functions of Feudal Lords in the Issuance of Clan Notes

• Presenter
• Sumitomo Historical Archives
• Ryoichi Yasukuni

（3）Paper Money Issuance by Small-Sized Clans

• Presenter
• 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 Japan

• Presenter
• Ph.D. Student, University of Tokyo
• Naoto Soma

• University of Tokyo
• Mototsugu Shintani

• Discussant
• Bank of Japan
• Hibiki Ichiue

（2）Identifying Unconventional Monetary Policy Shocks

• Presenter
• 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 Consumption

• Presenter
• 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 Dollar

• Presenter
• 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 renminbi

• Presenter
• 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 Japan

• Presenter
• Graduate Student, Hitotsubashi University
• HONDA TOMOHITO

• Discussant
• Ritsumeikan University
• Kozo Harimaya

（3）Long-term trend of family firm’s performance

• Presenter
• 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 Japan

• Presenter
• Saitama University
• Toshihiro Sugiyama

• Discussant
• Sugiyama Jogakuen University
• Shigeru Uebayashi

（2）Bank Characteristics and Bank Lending in New Firms

• Presenter
• 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 Microcredit

• Presenter
• 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 Finance

• Presenter
• Kyoto Gakuen University
• Lirong Li

• Discussant
• Senshu University
• Takahiko Watanabe

（3）Export Dynamics and Invoicing Currency

• Presenter
• 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 Catastrophes

• Presenter
• 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 Enterprises

• Presenter
• Meiji University
• Yoshihiro Asai

• Discussant
• Hitotsubashi University
• Yukihiro Yasuda

＜ 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