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 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

＜ 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 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

m

＜ 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 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

＜ 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