| The 15th Workshop |
Date : January 23rd, Thursday 17:15-18:45
Venue: Conference Room 2 (Room #3501) on the 5th floor of Mercury Tower 【Access】
Speaker: Ms Yoshie Saito Lord (Brooklyn College, The City University of New York)
Title: T.B.A |
| The 14th Workshop |
Date : December 24th, Tuesday 14:00-15:30
(Please note that the day and time is different from our usual workshop)
Venue: Conference Room 2 (Room #3501) on the 5th floor of Mercury Tower 【Access】
Speaker: Mr. Richard Lord (Montclair State University)
Title: Why Do Firms Recapitalize:An Empirical Analysis |
| The 13th Workshop |
Date : December 12th, Thursday 17:15-18:45
Venue: Conference Room 2 (Room #3501) on the 5th floor of Mercury Tower 【Access】
Speaker: Mr. Arito Ono (Chuo University)
Title: The Effect of Physical Collateral and Personal Guarantees on Business Start-ups |
| The 12th Workshop |
Date: November 14th, Thursday 17:15-18:45
Venue :Conference Room 2 (Room #3501) on the 5th floor of Mercury Tower 【Access】
Speaker: Mr. Satoshi Koibuchi (Chuo University)
Ms Mizuki Goto (Ph.D. Student, Hitotsubashi University)
Title: Cross-border Mergers and Acquired Business Performance |
| The 11th Workshop |
Date : October 31th, Thursday 17:15-18:45
Venue: Conference Room 2 (Room #3501) on the 5th floor of Mercury Tower 【Access】
Speaker: Mr. Tomonori Yuyama
Affiliation: Tokyo University
Title: ESG Investment and Credit Rating
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| The 10th Workshop |
Date : October 17th, Thursday 17:15-18:45
Venue: Conference Room 2 (Room #3501) on the 5th floor of Mercury Tower 【Access】
Speaker: Mr. Gregory Weiβ
Affiliation: Leipzig University
Title: Innovating Banks and Local Lending
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| The 9th Workshop |
Date : October 10th, Thursday 17:15-18:45
Venue: Conference Room 2 (Room #3501) on the 5th floor of Mercury Tower 【Access】
Speaker: Mr. Masanori Orihara
Affiliation: University of Tsukuba
Title: Family Firms' Dividend Policy: Evidence from a Japanese Tax Reform▼
We hypothesize that family firms’ dividend policies are in part determined by family shareholders’ consumption smoothing motive. Our paper tests this hypothesis using a Japanese dividend tax reform in 2011, which increased the dividend tax rate for major family shareholders. We find that family firms with rentier family shareholders counteracted the tax increase by increasing dividends. This behavior cannot be explained by standard theories of dividend policy which predict lower dividend payout in response to a higher dividend tax rate.
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| The 8th Workshop |
Date : September 20th, Friday
Venue: Meeting Room (Room #3403) the 4th floor of Mercury Tower 【Access】
Speaker: Mr. Omrane Guedhami
Affiliation: University of South Carolina
Title: The Role of Creditor Rights on Capital Structure and Product Market Interactons:
International Evidence
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| The 7th Workshop |
Date: July 11th, Thursday 17:15-18:45
Venue: Conference Room 2 (Room #3501) on the 5th floor of Mercury Tower 【Access】
Speaker: Mr.Huseyin Ozturk
Affiliation: Central Bank of Turkey
This study analyzes misratings in sovereign credit risk. The analysis uses partial frontier methods, a technique barely applied in this literature. By combining a robust variant of the Free Disposal Hull (FDH) estimator, we measure misratings (both underratings and overratings) for individual countries and groups of countries. Particular attention is paid to comparing pre-crisis and crisis years in order to assess possible changes in the magnitude of the misratings. Our findings indicate a remarkable degree of both overratings and underratings during the analyzed period (1999-2010). These misratings partially vanish during the last years of the sample (2008-2010)—corresponding to the financial crisis—when many downgrades took place, especially in Eurozone countries. The results allow us to emphasize the importance of monitoring misratings for sustainable financial stability. These results also show the potential benefits of using partial frontier methods for measuring both underratings and overratings.
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| The 6th Workshop |
Date: June 27th, Thursday 17:15-18:45
Venue: Conference Room 2 (Room #3501) on the 5th floor of Mercury Tower 【Access】
Speaker: Mr. Shingo Goto
Affiliation: The University of Rhode Island
In the presence of asymmetric information, managerial equity incentives mitigate the managers’ empire-building motives while increasing their market-timing motives. If the market under-reacts to these motives, the negative return predicting effects (anomalies) of net share issuance and asset growth would be stronger, respectively, among stocks with higher and lower managerial equity incentives. Our evidence strongly supports this prediction. A hybrid strategy, which exploits the two anomalies in different groups of stocks screened by managerial equity incentives, attains significant alphas beyond transaction costs, even after controlling for the investment and profitability factors that are known to attenuate the two anomalies.
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| The 5th Workshop |
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Date: June 20th, Thursday 17:15-18:45
Venue: Conference Room 2 (Room #3501) on the 5th floor of Mercury Tower 【Access】
Speaker: Mr. Yuki Shigeta
Affiliation: Tokyo Keizai University
Title: An Equilibrium Asset Pricing Model with Naive Diversification▼
This paper proposes an equilibrium asset pricing model with naive diversification. In the model, there are two types of investors. One type has a correct expectation about asset price dynamics, and the other type is not sure of their expectations. Accordingly, the later type is exposed to model uncertainty, so this type is ambiguity averse. As a result, ambiguity-averse investors choose the equally weighted portfolio, and equilibrium asset returns have at least two factors: returns on the value-weighted portfolio and the equally weighted portfolio. A computational simulation suggests that the risk price of equally weighted portfolio is negative. An empirical study of the paper confirms the negativity of the risk price of the equally weighted portfolio in many cases, and finds that the addition of the equally weighted portfolio improves the model performance of the Fama-French three factor model.
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| The 4th Workshop |
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Date: May 23rd, Thursday 17:15-18:45
Venue: Conference Room 2 (Room #3501) on the 5th floor of Mercury Tower 【Access】
Speaker: Mr. Partha Sen
Affiliation: Delhi School of Economics
Title: Capital Flows and Inflation Targeting: The Indian Case
India has moved to an inflation targeting (a flexible IT) framework. What are costs and benefits of such a policy for an economy like India? Supply shocks,
terms of trade shocks and asset bubbles are handled badly (or not at all) by such a policy framework. Nominal GDP targeting does better. But this begs the
question: what is the role of macroeconomic policies in a developing country framework? The capital account (of the balance of payments) is very open. India
is subject to the “Dutch Disease” and possibly a “Sudden Stop”.
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| The 3rd Workshop |
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Date: May 9th, Thursday 17:15-18:45
Venue: Conference Room 2 (Room #3501) on the 5th floor of Mercury Tower 【Access】
Speaker: Mr. Hideaki Sakawa
Affiliation: Nagoya City University
Title: Institutional Ownership and Corporate Risk-Taking in Japanese listed firms
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| The 2nd Workshop |
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Date: April 25th, Thursday 17:15-18:45
Venue: Conference Room 2 (Room #3501) on the 5th floor of Mercury Tower 【Access】
Speaker: Mr. Masataka Suzuki
Affiliation: Yokohama National University
Title: 株式バブルの発生メカニズムとその識別
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| The 1st Workshop |
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Date: April 11th, Thursday 17:15-18:45
Venue: Conference Room 2 (Room #3501) on the 5th floor of Mercury Tower 【Access】
Speaker: Mr. Seiichiro Iwasawa
Affiliation: Nagoya University of Commerce and Business
Title: Stock Market Forecast of Professionals and Whose Money They Run
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