Corporate Governance

The relationship between board gender diversity and corporate performance in Japan

Presenter

Kangyi Wang, Wenzhou-Kean University

Discussant

Jiawei (Brooke) Wang, University of Iowa

Impact of voting behavior on lending relationships

Presenter

Masumi Sai, Hitotsubashi University

Discussant

Yasutomo Tsukioka, Kwansei Gakuin University

Does the mandatory adoption of outside directors improve firm performance and corporate governance in Japan?

Presenter

Yasutomo Tsukioka, Kwansei Gakuin University

Discussant

Kangyi Wang, Wenzhou-Kean University

Does engagement by large institutional investors enhance governance of target firms?

Presenter

Kotaro Inoue, Tokyo Institute of Technology

Discussant

Takafumi Sasaki, Chuo University

Financial Institutions and Markets

Conflicts of interest in asset management for institutional investors: Evidence from trust banking services

Presenter

Ken Kaneki, Hitotsubashi University

Discussant

Masayo Shikimi, Nagasaki University

Liquidity shock and stock returns in the Japanese equity market

Presenter

Yasuhiro Iwanaga, Hiroshima Shudo University

Discussant

Hiroshi Moriyasu, Nagasaki University

Exceptionally low interest rate policy, risk-taking channels, and bank competition: Evidence from loan-level data

Presenter

Masayo Shikimi, Nagasaki University

Discussant

Yukihiro Yasuda, Hitotsubashi University

Do foreign bank investors promote acquiring banks’ value in Asia-Pacific countries?

Presenter

Yoko Shirasu, Aoyama Gakuin University

Discussant

Yasuhiro Arikawa, Waseda University

Financial Reporting

The impact of labor unions on management forecasts

Presenter

Nakako Zushi, Japan Securities Research Institute

Discussant

Katsuhiko Muramiya, Osaka University

Mandatory financial reporting frequency and external finance: Evidence from a quasi-natural experiment

Presenter

Ryosuke Fujitani, Tokyo Keizai University

Discussant

Norio Kitagawa, Kobe University

Managerial discretion over initial earnings forecasts

Presenter

Norio Kitagawa, Kobe University

Discussant

Ryosuke Fujitani, Tokyo Keizai University

Director and Investor Attributes

Foreign directors and firm performance in Japan

Presenter

Thanh Nguyen, Waseda University

Discussant

Takanori Tanaka, Kansai University

Financial ethics and risky assets investment: Evidence from households in Japan

Presenter

Hiroyuki Aman, Kwansei Gakuin University

Discussant

Mamoru Nagano, Seikei University

Online banking users vs. branch visitors: Why are their portfolio returns different?

Presenter

Mamoru Nagano, Seikei University

Discussant

Noriyoshi Yanase, Keio University

Keynote Speech I: Takeshi Yamada, Australian National University

Finance Camp I

Working capital management and bank mergers

Presenter

Baoqi Na, Nagoya University

Mentor

Nobuyuki Teshima, Senshu University

CSR activities and managerial entrenchment of cross shareholdings: Evidence from corporate governance reform in Japan

Presenter

Kenichi Yoshida, Kyushu University

Discussant

Yoko Shirasu, Aoyama Gakuin University

AI-based assessment of ESG scores using natural language processing

Presenter

Zhixiong Chen, KDDI Research, Inc.

Discussant

Kotaro Miwa, Kyushu University

Finance Camp II

Market pressures and corporate governance convergence

Presenter

Mariko Yasu, Waseda University

Mentor

Hideaki Miyajima, Waseda University

Yield curve factors and exchange rate predictions pre- and post-global financial crisis

Presenter

Hokuto Ishii, Chukyo University

Discussant

Kaoru Hosono, Gakushuin University

Realized volatility and tick size: A market microstructure approach

Presenter

Xijuan Xiao, Waseda University

Discussant

Kentaro Iwatsubo, Kobe University

Financial Market and Corporate Behaviors

Oceans apart? China and other systemically important economies

Presenter

Pierre Siklos, Wilfrid Laurier University

Discussant

Loïc Maréchal, Independent

Asymmetric R&D investment responses to tax changes

Presenter

Wei-Fong Pan, University of Reading

Discussant

Seiichiro Iwasawa, Nagoya University of Commerce and Business

A tale of two premiums revisited

Presenter

Loïc Maréchal, Independent

Discussant

Tatsuyoshi Okimoto, Australian National University

The effects of anticipated uncertainty and unexpected uncertainty on employment

Presenter

Wei-Fong Pan, University of Reading

Discussant

Katsuyuki Kubo, Waseda University

Shareholders and Analysts

Global common ownership, control and market power

Presenter

Beril Kilcioglu, London Business School

Discussant

Yenn-Ru Chen, National Chengchi University

Can analysts adjust for financial statement irregularities for their coverage and forecasts in the absence of access to private corporate information? Evidence from the distributional properties of financial statement numbers

Presenter

Zhichao Li, Durham University

Discussant

Akitoshi Ito, Hitotsubashi University

Special Lecture: Stuart L. Gillan, University of North Texas

Keynote Speech II: S. Ghon Rhee, University of Hawaii

Corporate Governance and Central Bank

Heterogeneity in shareholder activism: Evidence from Japan

Presenter

Nga Nguyen, University of North Texas

Discussant

Kotaro Inoue, Tokyo Institute of Technology

Boardroom networks and corporate investment

Presenter

Jiawei (Brooke) Wang, University of Iowa

Discussant

Nga Nguyen, University of North Texas

Central bank credibility during COVID-19: Evidence from Japan

Presenter

Mark Spiegel, Federal Reserve Bank of San Francisco

Discussant

Etsuro Shioji, Hitotsubashi University

Risk, return, and environmental and social ratings

Presenter

Jeong Ho (John) Kim, Emory University

Discussant

Shingo Goto, University of Rhode Island

Equity Issues and Ownership Structure

Equity carve-outs, dual directors, and internal labor markets

Presenter

Fan Pengda, Ritsumeikan Asia Pacific University

Discussant

Minoru Otsubo, Kyushu University

ISS’s proxy voting guidelines and ROE management

Presenter

Takuma Kochiyama, Hitotsubashi University

Discussant

Naoki Watanabel, Nagoya City University

Does the sovereign asset owner improve CSR? Do the asset owner’s investment policies affect institutional investors’ behavior?

Presenter

Yoko Shirasu, Aoyama Gakuin University

Discussant

Jian Wang, University of Technology Sydney/Shanghai University

Two-step price adjustments of IPO book building in Japan

Presenter

Akitoshi Ito, Hitotsubashi University

Discussant

Naoshi Ikeda, Nihon University

Market Microstructure and Derivatives

Empirical analysis and option pricing under regime switching with jump risks: Evidence from the G10 currencies

Presenter

An-Chi Wu, Tamkang University

Discussant

Robin K. Chou, National Chengchi University

Passive investors and concentration of intraday liquidity: Evidence from the Tokyo Stock Exchange

Presenter

Kiichi Kitajima, Mitsubishi UFJ Trust Investment Technology Institute

Discussant

Tokuo Iwaisako, Hitotsubashi University

Dealership versus continuous auction: Evidence from JASDAQ in Japan

Presenter

Kentaro Iwatsubo, Kobe University

Discussant

Jun Uno, Waseda University

Measuring yield curve movements: A principal component analysis of spot rate changes in the JPY, USD, GBP, and CHF interest rate swap markets

Presenter

Toyoharu Takahashi, Chuo University

Discussant

Takeshi Kobayashi, Nagoya University of Commerce and Business

Stock Market

The effect of financial education at home, school, or workplace on financial behaviors

Presenter

Tsung-ming Yeh, Kyushu University

Discussant

Toshio Serita, Aoyama Gakuin University

Distribution of long-run stock returns: Evidence from Japan and the US

Presenter

Yasuhiro Arikawa, Waseda University

Discussant

Toshiki Honda, Hitotsubashi University

Exploring systematic risk shocks in the Japanese equity market

Presenter

Naoya Takezawa, Nanzan University

Discussant

Tomonori Uchiyama, Tokyo Metropolitan University

Announcement effects of dividend increases and share repurchases: Evidence from the Japanese market

Presenter

Tomonori Uchiyama, Tokyo Metropolitan University

Discussant

Naoya Takezawa, Nanzan University

Keynote Speech III: Jun-Koo Kang, Nanyang Technological University

Corporate Finance

Measuring market power in the IPO underwriter industry

Presenter

Yue Cai, Waseda University

Discussant

Fan Pengda, Ritsumeikan Asia Pacific University

Does gender diversity matter? Female directors and firm carbon emissions in Japan

Presenter

Jian Wang, University of Technology Sydney/Shanghai University

Discussant

Taeko Yasutake, Soka University

A good way to attract individual retail investors?: Field evidence on shareholder perks program in Japan

Presenter

Taeko Yasutake, Soka University

Discussant

Yoshiaki Nose, Doshisha University

Capital and Ownership Structures

The liability of aging in internal capital markets

Presenter

Tatsuo Ushijima, Keio University

Discussant

Kazuo Yamada, Ritsumeikan University

Labor share and corporate cash holdings

Presenter

Kazuo Yamada, Ritsumeikan University

Discussant

Tatsuo Ushijima, Keio University

Dividend overhang and R&D expenditures

Presenter

Akitoshi Ito, Hitotsubashi University

Discussant

Takuya Kawanishi, Prefectural University of Kumamoto

Bank ownership and firm's capital structure: Evidence from Japanese business groups

Presenter

Kazuo Yamada, Ritsumeikan University

Discussant

Hideaki Sakawa, Nagoya City University

Monetary Policy and Financial Markets

Demand for and supply of government bonds: Implications for the Bank of Japan’s bond market intervention

Presenter

Kaoru Hosono, Gakushuin University

Discussant

Katsutoshi Shimizu, Nagoya University

Household net saving positions and unconventional monetary policy transmission

Presenter

Nuobu Renzhi, Capital University of Economics and Business

Discussant

Hiroyuki Aman, Kwansei Gakuin University

Reaching-for-income behavior in the Japanese mutual fund market

Presenter

Jun Kyung Auh, Yonsei University

Discussant

Christine Lai, National Taiwan Normal University

Risk-off shocks and spillovers in safe havens

Presenter

John Beirne, Asian Development Bank Institute

Discussant

Jun Kyung Auh, Yonsei University

Corporate Finance and Governance

Former CEO advisers and firm performance

Presenter

Satoshi Ogoe, Hitotsubashi University

Discussant

Kyoko Nagata, Tokyo Institute of Technology

Institutional investors' impacts on long-term corporate investments: From the ESG and governance perspectives

Presenter

Baosheng Yang, Aoyama Gakuin University

Discussant

Katsushi Suzuki, Hitotsubashi University

Earnings management and advisor posts for retiring CEOs

Presenter

Souhei Ishida, Rikkyo University

Discussant

Hyonok Kim, Tokyo Keizai University

What drives capital structure persistence and convergence?

Presenter

Naoshi Ikeda, Nihon University

Discussant

Hidenori Takahashi, Kobe University

Award Ceremony