Corporate Finance and Governance:
Europe-Japan Comparisons
JOINT CONFERENCE with CEPR and RIETI
Supported by the Japan Foundation and the Daiwa Anglo-Japanese Foundation
Tokyo, September 13-14
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Programme
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Tuesday, 13 September
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09.30-09.40
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Opening Remarks
Masaru Yoshitomi (RIETI)
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09.40-12.10
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Session 1: Competing Models of Corporate Governance, and the Role of Boards
Chair: Hideaki Miyajima (Waseda University and RIETI)
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Employment Policy and Corporate Governance: An Empirical Comparison of the Stakeholder versus the Profit Maximization Model
Naohito Abe (Hitotsubashi University)
*Satoshi Shimizutani (Hitotsubashi University and RIETI)
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Discussant:
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Mariassunta Giannetti (Stockholm School of Economics and CEPR)
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Explaining International Differences in CEO Contracts: Transparency and Long-Term Incentives
*Mariassunta Giannetti (Stockholm School of Economics and CEPR)
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Discussant:
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Katsuyuki Kubo (Waseda University)
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Corporate Performance, Board Structure and its Determinants in the Banking Industry
*Renee Adams (Stockholm School of Economics)
Hamid Mehran (Federal Reserve Board of New York)
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Discussant: |
Xu Peng (Hosei University and RIETI)
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12.30-13.20
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Lunch
Room 1103
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13.20-15.50
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Session 2: Ownership Structures and the Role of Foreign and Institutional Investors
Chair: Jenny Corbett (Australia-Japan Research Centre, University of Oxford, and CEPR)
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Foreign Direct Investment: Who Cares About Ownership
Paper 1
Paper 2
*Colin Mayer (Saïd Business School - University of Oxford and CEPR)
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Discussant: |
Christina Ahmadjian (Hitotsubashi University)
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Behavioural Biases of Institutional Investors under Pressure from Customers: Japan and Germany vs the US
Daniela Beckman (University of Hannover)
Lukas Menkhoff (University of Hannover)
*Megumi Suto (Waseda University)
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Discussant: |
Vikas Mehrotra (University of Alberta)
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The Evolution of Ownership Structure: Three Countries Comparison UK, Germany and Japan
Paper 3
Paper 4
*Colin Mayer (Saïd Business School - University of Oxford and CEPR)
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Discussant:
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Juro Teranishi (Hitotsubashi University)
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15.50-16.20
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Coffee Break
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16.20-18.00
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Session 3: Banking Crisis and Bank Regulation
Chair: Juro Teranishi (Hitotsubashi University)
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Japan's Banking Crisis: Who has the Most to Lose?
Hideaki Miyajima (Waseda University and RIETI)
*Yishay Yafeh (Hebrew University of Jerusalem and CEPR)
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Discussant:
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Keichiro Kobayashi (Asahi Shimbun and RIETI)
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Bank Regulation, Market Discipline Around the World
Kaoru Hosono (Gakushuin University)
Hiroko Iwaki (Development Bank of Japan)
*Kotaro Tsuru (RIETI)
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Discussant:
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Yupana Wiwattanakantang (Hitotsubashi University)
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18.00-20.00
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Working Buffet Dinner
Room 1104
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Wednesday, 14 September
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10.00-12.30
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Session 4: The Effects of M&A and Takeover Regulation
Chair:
Yishay Yafeh (Hebrew University of Jerusalem and CEPR)
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Has the Threat of Takeover Improved the Management of the Target Firm?
Timothy Kruse (University of Arkansas)
*Kazunori Suzuki (Chuo University)
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Discussant:
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Yishay Yafeh (Hebrew University of Jerusalem and CEPR)
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Corporate Governance Convergence:
Evidence From
Takeover Regulation Reforms in Europe
*Marc Goergen (Sheffield University Management School)
Marina Marynova (Tilburg University)
Luc Renneborg (Tilburg University)
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Discussant:
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Kotaro Tsuru (RIETI)
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The Efficiency of Bank Mergers
Jenny Corbett (Australia-Japan Research Centre, University of Oxford, and CEPR)
*Kimie Harada (Chou University)
Takatoshi Ito (Tokyo University and RIETI)
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Discussant:
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Renee Adams (Stockholm School of Economics)
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12.30-13.30
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Lunch
Room 1103
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13.30-15.10
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Symposium: Corporate Governance in Europe and Japan
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Keynote Speech:
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Corporate Governance: Mobility and Convergence
Paper 5
Paper 6
Colin Mayer (Saïd Business School - University of Oxford and CEPR)
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Keynote Speech:
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Changing J-Type Firms and the Role of M&A in Corporate Governance (tbc)
Hideaki Miyajima (Waseda University and RIETI)
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15.10-15.30
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Coffee Break
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15.30-17.30
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Panel Discussion
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Roundtable: Takeover Regulation: Lessons from Europe
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Chair:
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Jenny Corbett (Australia-Japan Research Centre, University of Oxford, and CEPR)
Marc Goergen (Sheffield University Management School)
Satoshi Kusakabe (METI)
Makoto Okitsu (Teijin Limited)
Paul Sheard (Lehman Bros, Tokyo)
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17.30-17.40
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Closing Remarks
Kozo Oikawa (RIETI)
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18.30-20.00
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Reception Dinner
Room 1001, Keidanren Kaikan
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* denotes speaker
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Speakers have 25 minutes to present their papers, with 15 minutes for discussants and 10 minutes for general questions.
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Organizers:
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Jennifer Corbett (Australia-Japan Research Centre, University of Oxford, and CEPR)
Hideaki Miyajima (Waseda University and RIETI)
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