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JFA PBFJ Special Issue Conference
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JFA-PBFJ Special Issue Conference

Japan Finance Association is pleased to announce our first international conference, which is virtually held in March 14-15, 2022 in collaboration with Pacific-Basin Finance Journal and Faculty of Economics, Kyushu University. The conference theme is Japanese Financial Market, with the aim to promote cutting-edge research and share ideas on Japanese financial market. All presenters are invited to submit their papers to a conference special issue of the Pacific-Basin Finance Journal. Recent Japanese market shows remarkable phenomenon such as quantitative easing, corporate governance reform, and so on. The special issue conference will contribute to our understanding on one of the largest financial markets in the world.

Guest Speakers
S. Ghon Rhee, K.J. Luke Distinguished Professor, University of Hawaii
Jun-Koo Kang, Nanyang Technological University
Takeshi Yamada, Australian National University
Stuart L. Gillan, University of North Texas

Organizers
Japan Finance Association
Faculty of Economics, Kyushu University

Conference Co-chairs
Konari Uchida, Kyushu University
Tsung-ming Yeh, Kyushu University

Sponsors
Bureau van Dijk Electronic Publishing KK
PLUTUS CONSULTING
I-N INFORMATION SYSTEMS LTD.
NIKKEI Media Marketing
Mergent Japan K.K.

Program Committee
Hiroyuki Aman, Kwansei Gakuin University
Shingo Goto, University of Rhode Island
Masazumi Hattori, Hitotsubashi University
Kentaro Iwatsubo, Kobe University
Kotaro Miwa, Kyushu University
Hiroshi Moriyasu, Nagasaki University
Katsuhiko Muramiya, Osaka Univeristy
Kyoko Nagata, Tokyo Institute of Technology
Wataru Ohta, Osaka University
Minoru Otsubo, Kyushu University
Katsutoshi Shimizu, Nagoya University
Yoko Shirasu, Aoyama Gakuin University
Katsushi Suzuki, Hitotsubashi University
Hidenori Takahashi, Kobe University
Hitoshi Takehara, Waseda University
Kazuo Yamada, Ritsumeikan University
Satoru Yamaguchi, Konan University
Takashi Yamasaki, Kobe University
Noriyoshi Yanase, Keio University
Yukihiro Yasuda, Hitotsubashi University

Organizing Committee:
Daisuke Nogata, Saga University
Shinichiro Ono, Oita University
Shinya Shinozaki, Saga University


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JFA Best Paper Award

Paper: Does engagement by large institutional investors enhance
governance of target firms?
Wataru Hidaka, Tokyo Institute of Technology
Naoshi Ikeda, Nihon University
Kotaro Inoue, Tokyo Institute of Technology

Plutus Consulting Research Excellence Awards

Paper: Exceptionally low interest rate policy, risk-taking channels, and
bank competition: Evidence from loan-level data
Masayo Shikimi, Nagasaki University

Paper: Does Gender Diversity Matter? Female Directors and Firm Carbon
Emissions in Japan
Pengda Fan, Ritsumeikan Asia Pacific University
Xuepeng Qian, Sophia University
Jian Wang, University of Technology Sydney/Shanghai University

Bureau van Dijk Award

Paper: Demand for and Supply of Government Bonds: Implications for the
Bank of Japanfs Bond Market Intervention
Kaoru Hosono, Gakushuin University
Daisuke Miyakawa, Hitotsubashi University
Shuji Watanabe, Nihon University

The Pacific-Basin Finance Journal Research Excellence Awards

Paper: Passive Investors and Concentration of Intraday Liquidity:
Evidence from the Tokyo Stock Exchange
Kiichi Kitajima, Mitsubishi UFJ Trust Investment Technology Institute
Co. Ltd.

Paper: Conflicts of Interest in Asset Management for Institutional
Investors: Evidence from Trust Banking Services
Ken Kaneki, Hitotsubashi University
Katsushi Suzuki, Hitotsubashi University


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JFA {ocw
Kyushu University
PACIFIC-BASIN FINANCE JOURNAL

Day 1: Monday, March 14, 2022


March 14, 10am-noon (JST)

Corporate Governance

Date/Time
March 14, 10am-noon (JST)
Language
English
Chair
Takafumi Sasaki, Chuo University

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

Date/Time
March 14, 10am-noon (JST)
Language
Japanese
Chair
Yasuhiro Arikawa, Waseda University

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 banksf value in Asia-Pacific countries?
Presenter
Yoko Shirasu, Aoyama Gakuin University
Discussant
Yasuhiro Arikawa, Waseda University

Financial Reporting

Date/Time
March 14, 10:30am-noon (JST)
Language
English
Chair
Katsuhiko Muramiya, Osaka University

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

Date/Time
March 14, 10:30am-noon (JST)
Language
English
Chair
Mamoru Nagano, Seikei University

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

March 14, 12:50pm-7pm (JST)

Keynote Speech I: Takeshi Yamada, Australian National University

Takeshi Yamada

I-N INFORMATION SYSTEMS LTD.

Date/Time
March 14, 12:50pm-2pm (JST)
Language
English
Chair
Tsung-ming Yeh, Kyushu University
Sponsor Talk
I-N INFORMATION SYSTEMS LTD.
We invite a sponsor to this session to appreciate their great support to the conference.
Speaker
Takeshi Yamada, Professor and Head of Finance, Australian National University
Title
Finance Research Using Japanese Data: The Past and Future

Professor Yamada's research spans asset pricing and corporate finance, with a particular interest in Asian financial markets and institutions. He has published in top finance journals including Journal of Finance and Review of Financial Studies. Professor Yamada is an elected board member of the Asian Finance Association and serves as Associate Editor of several Asian-based journals including Pacific-Basin Finance Journal.

Finance Camp I

Date/Time
March 14, 2:20pm-4:35pm (JST)
Language
English
Chair
Tsung-ming Yeh, Kyushu University

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

Date/Time
March 14, 4:45pm-7pm (JST)
Language
English
Chair
Tsung-ming Yeh, Kyushu University

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

Date/Time
March 14, 4:15pm-6:15pm (JST)
Language
English
Chair
Loic Marechal, Independent

Oceans apart? China and other systemically important economies
Presenter
Pierre Siklos, Wilfrid Laurier University
Discussant
Loic Marechal, 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
Loic Marechal, 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

March 14, 8pm-10pm (JST)

Shareholders and Analysts

Date/Time
March 14, 8pm-9pm (JST)
Language
English
Chair
Akitoshi Ito, Hitotsubashi University

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

Stuart_Gillan

Mergent Japan K.K.

Date/Time
March 14, 9:20pm-10pm (JST)
Language
English
Chair
Yoko Shirasu, Aoyama Gakuin University
Speaker
Stuart L. Gillan, G. Brint Ryan Chair and Professor of Finance, University of North Texas
Title
On Governance and ESG

Professor Gillan has written and published extensively on corporate finance and corporate governance topics. His research has been published in top finance journals including Journal of Finance, Journal of Financial Economics, and Review of Financial Studies. Professor Gillan has held editorial positions at the Journal of Corporate Finance, Review of Financial Studies, and Accounting and Finance. His experience includes time as Associate Chief Economist at the United States Securities and Exchange Commission and Senior Research Fellow with the TIAA-CREF Institute.

Day 2: Tuesday, March 15, 2022

March 15, 8:30am-9:30am (JST)

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

S_Ghon_Rhee

Kyushu University

Date/Time
March 15, 8:30am-9:30am (JST)
Language
English
Chair
Hitoshi Takehara, Waseda University
Speaker
S. Ghon Rhee, K.J. Luke Distinguished Professor, University of Hawaii
Title
Credit Ratings Conservatism and Its Impact on Earnings Management

Professor Rhee served as the managing editor of the Pacific-Basin Finance Journal from 1993-2017, a premier academic journal focusing on Asia-Pacific capital markets and financial systems. He served as the president of the Asian Finance Association for a two-year period, 2014-2016. He was the founding president of the Pacific-Basin Financial Management Society. Professor Rhee's research has been published in numerous finance journals including Journal of Finance, Journal of Financial Economics, and Review of Financial Studies. He has published 117 academic papers and edited or authored 18 books on Asian financial markets.

March 15, 10am-noon (JST)

Corporate Governance and Central Bank

Date/Time
March 15, 10am-noon (JST)
Language
English
Chair
Kotaro Inoue, Tokyo Institute of Technology

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

Date/Time
March 15, 10am-noon (JST)
Language
English
Chair
Naoki Watanabel, Nagoya City University

Equity carve-outs, dual directors, and internal labor markets
Presenter
Fan Pengda, Ritsumeikan Asia Pacific University
Discussant
Minoru Otsubo, Kyushu University

ISSfs 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 ownerfs investment policies affect institutional investorsf 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

Date/Time
March 15, 10am-noon (JST)
Language
English
Chair
Kentaro Iwatsubo, Kobe University

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

Date/Time
March 15, 10am-noon (JST)
Language
English
Chair
Toshio Serita, Aoyama Gakuin University

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

March 15, 1pm-2:20pm (JST)

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

Jun_Koo_Kang

Bureau van Dijk Electronic Publishing KK

Date/Time
March 15, 1pm-2:20pm (JST)
Language
English
Chair
Konari Uchida, Kyushu University
Sponsor Talk
Bureau van Dijk Electronic Publishing KK
We invite a sponsor to this session to appreciate their great support to the conference.
Speaker
Jun-Koo Kang, Canon Professorship in Finance/Distinguished Professor of Finance, Nanyang Technological University
Title
Does Firmsf Equity Financing Benefit Debtholders? Evidence from Private Placements of Equity

Professor Kang is an expert in the areas of corporate governance, banking, capital raising, emerging financial markets, and international finance. His research has been published in leading academic journals, including Journal of Finance, Journal of Financial Economics, Review of Financial Studies, and American Economic Review. He currently serves as a co-editor of Pacific-Basin Finance Journal, and an associate editor of Financial Management, Japan and the World Economy, and Asia-Pacific Journal of Financial Studies.

March 15, 2:40pm-4:40pm (JST)

Corporate Finance

Date/Time
March 15, 2:40pm-4:10pm (JST)
Language
English
Chair
Taeko Yasutake, Soka University

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

Date/Time
March 15, 2:40pm-4:40pm (JST)
Language
English
Chair
Hideaki Sakawa, Nagoya City University

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

Date/Time
March 15, 2:40pm-4:40pm (JST)
Language
English
Chair
Hiroyuki Aman, Kwansei Gakuin University

Demand for and supply of government bonds: Implications for the Bank of Japanfs 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

Date/Time
March 15, 2:40pm-4:40pm (JST)
Language
Japanese
Chair
Katsushi Suzuki, Hitotsubashi University

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

March 15, 5pm-5:40pm (JST)

Award Ceremony

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NIKKEI Media Marketing

PLUTUS CONSULTING

Bureau van Dijk Electronic Publishing KK

PACIFIC-BASIN FINANCE JOURNAL

Date/Time
March 15, 5pm-5:40pm (JST)
Language
English
MC
Konari Uchida, Kyushu University
Elizabeth Marie Motta
Sponsor Talk
NIKKEI Media Marketing
We invite a sponsor to this session to appreciate their great support to the conference.

Announcement of Award Winners

JFA Best Paper Award (One Award; USD1,000)
The Pacific-Basin Finance Journal Research Excellence Awards (Two Awards; USD1,000 each)
Plutus Consulting Research Excellence Awards (Two Awards; USD1,000 each)
Bureau van Dijk Award (One Award; USD1,000)

{ocw
PACIFIC-BASIN FINANCE JOURNAL
Kyushu University




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