News Back Number

Discussion Paper "How Costly Are Cultural Biases? Evidence from FinTech" was published.

Research seminar "The role and effectiveness of FinTech in P2P lending" was held.

Research seminar "The Value of Social Media Anonymity: Evidence from the Stock Market" was held.

Research seminar "Fighting Climate Change with FinTech" was held.

We are pleased to announce that Professor Alberto G. Rossi (McDonough School of Business, Georgetown University) joined our institute as Shimomura Fellow.

Discussion Paper "The Role of Corporate Venture Capital in Japan" was published.

Research seminar "The Role of Corporate Venture Capital in Japan" was held.

Research seminar "Do Activists Trade Options: Evidence from Passive Blockholders Becoming Active" was held.

We are pleased to announce that Professor Vladimir I. Ivanov (U.S. Securities and Exchange Commission) joined our institute as Shimomura Fellow.

Research seminar "Managing Ownership by Management" was held.

Economics Today "Sustainability in Medical and Long-Term Care－ Rebuilding the Medical and Long-Term Care Provision System Post-2025 －" was published (in Japanese).

Research seminar "The Role of Public Intangibles on Externalities of Public Infrastructure in Japan-Empirical Studies Using the Japanese Regional Database-" was held.

Economics Today "The Behavioral Discipline and the Moral of Economic Agents: Messages from Dr. Kozo HORIUCHI toward the Moral Philosophy for the Future" was published (in Japanese).

Discussion Paper "Selection and Pricing of Green and Sustainability-Linked Corporate Bonds" was uploaded.

Research seminar "Unleashing Innovation and Entrepreneurship: Ripple Effects of Employment Protection Reforms" was held.

Discussion Paper "Post-Pandemic Surges of Real Unit Energy Costs in Eight Industrialized Countries" was uploaded.

Discussion Paper "Life Science Ecosystem Formation in Singapore - The Process of Focusing on ‘Translation’ -" was uploaded.

"Handbook of Industrial Financial Data 2023" was published (in Japanese).

Research seminar "Exorbitant Privilege" as An Equilibrium ― Is the Privilege Persistent? ― was held.

Economics Today "The Effect of Covid-19 on Cities and the Outlook for the Future" was published.

Research seminar "Trend Inflation in the Japanese pre-2000s: A Markov-Switching DSGE Estimation" was held.

Research seminar "Placeholder CEOs" was held.

Research seminar "Selection and Pricing of Green and Sustainability-Linked Corporate Bonds" was held.

SpringerBriefs in Economics "Recent Advances in the Theory of Third-Degree Price Discrimination: A Nexus to Network Effects, Innovation, and Behavioral Aspects" was published.

Research seminar "Unsecured loans and Intangible Investment" was held.

Research seminar "Country-Level Air Pollutants and Institutions" was held.

Research seminar "Empowering Women by Index Membership: Evidence from a Unique Experiment from Japan" was held.

We are pleased to announce that Professor John K. Wald (University of Texas) joined our institute as Shimomura Fellow.

Economics Today "Structure and Ingenuity of Ecosystem Formation in Life Science - System Formation in Belgium and Challenges in Japan -" was published.

Research seminar "The Value of Bank Relationships: Evidence from the COVID-19 Crisis" was held.

Research seminar "The Impact of Quantity Easing on Bank Lending in Japan" was held.

"Handbook of Industrial Financial Data 2022" was published (in Japanese).

Research seminar "Financial Innovations, Taxes, and the Growth of Finance" was held.

Springer Monographs"Energy Productivity and Economic Growth: Experiences of the Japanese Industries, 1955-2019" was published.

Research seminar "Floods and Loan Reallocation: New Evidence" was held.

Research seminar "Excellent Science as a Driver for Innovation" was held.

Research seminar "Term limit CEO and firm performance" was held.

Discussion Paper "The Real Effect of ESG Rating Agencies" was uploaded.

Research seminar "Ecosystem Based Organisation: External, Internal, and Strategic Alignment" was held.

Research seminar "Firm Growth through New Establishments" was held.

Research seminar "ESG in Banking" was held.

Research seminar "Strategic Realignment: Overcoming Disruption and Improving Performance" was held.

We are pleased to announce that Associate Professor Jonathan P. Trevor (University of Oxford) joined our institute as Shimomura Fellow.

Research seminar "Do the asset owner's investment policies affect asset managers' ESG activities?" was held.

Research seminar "The Real Effect of ESG Rating Agencies" was held.

We are pleased to announce that Associate Professor Christo A. Pirinsky (University of Central Florida) joined our institute as Shimomura Fellow.

Research seminar "Fire-Sale Risk in the Leveraged Loan Market" was held.

Research seminar "Triple Bubbles of a Single Firm" was held.

Research seminar "Measuring robot quality: Has quality improvement slowed down?" was held.

"Handbook of Industrial Financial Data 2021" was published (in Japanese).

The Fourth Conference on CSR, the Economy and Financial Markets was held.

Research seminar "Value of payouts in the course of corporate governance reform" was held.

SpringerBriefs in Economics"Excess Capacity and Difficulty of Exit: Evidence from Japan’s Electronics Industry"was published.

Economics Today "Board Gender Diversity and Environmental Disclosure: Evidence from Listed Firms in Japan" was published (in Japanese).

Research seminar "The Timing of Government Debt Reductions in the Presence of Inequality" was held.

Research seminar "Lower-Level Substitution Bias in the Japanese Consumer Price Index: Evidence from Government Micro Data" was held.

Discussion Paper "The Distribution of Voting Rights to Shareholders" was uploaded.

"Handbook of Industrial Financial Data 2020" was published (in Japanese).

Research seminar "Government Debt Maturity in Japan: Fiscal Year 1965 to the Present" was held.

Economics Today "Trends of Global Economy and Asia: US-China Disputes, Digitalization and the Course of Japan" was published (in Japanese).

Springer Monographs "Multiple q and Investment in Japan" was published.

Discussion Paper "Renewable Governance: Good for the Environment?" was uploaded.

Economics Today "Reexamining the Role of Finance in Overcoming Industrial Pollution: Evidence from 1970s Lending Programs by the Japan Development Bank" was published (in Japanese).

Economics Today "Governance Reforms from Comparative Perspectives: The Capital Market, Ownership and Control" was published (in Japanese).

SpringerBriefs in Economics "Social Welfare Evaluation and Intergenerational Equity" was published.

Research seminar "The Business Reinvention of Japan: The Emerging Private Equity Market and the Changing Role of Banks in Japan" was held.

"Handbook of Industrial Financial Data 2019" was published (in Japanese).

Research seminar "Aging Labor, ICT Capital and Productivity in Japan and Korea" was held.

Research seminar "Renewable Governance: Good for the Environment?" was held.

Research seminar "Managerial Overconfidence, Conservative Accounting and Corporate Investment" was held.

Research seminar "Do Institutional Investors Drive Corporate Social Responsibility? International Evidence" was held.

"JSPS Core-to-Core Program: Governance Reforms from Comparative Perspectives―The Capital Market, Ownership and Control―" was held.

We are pleased to announce that Associate Professor Lukas Roth (University of Alberta) joined our institute as Shimomura Fellow.

Discussion Paper "Corporate Governance Compliance and Firm Value: A Cultural Perspective" was uploaded.

Discussion Paper "Long-term Financial Performance of Corporate Social Responsibility, External Governance from Foreign Stockholders, and Regional Stakeholders" was uploaded.

Research seminar "Long-term Financial Performance of Corporate Social Responsibility, External Governance from Foreign Stockholders, and Regional Stakeholders" was held.

Research seminar "Intergenerational Inequality and the Opt Out Policy in Public Health Care" was held.

Research seminar "News, Irreversibility and the Analysis of Economic and Financial Risk" was held.

Economics Today "Productivity, Employment, and the Future of Financial Services: The Impact of Digital Innovation in Japan" was published (in Japanese).

"28th NBER-TCER-CEPR Conference on Financial System" was held.

Research seminar "Rethinking the Evolutionary Foundations of Economics and Finance" was held.

SpringerBriefs in Economics "Utilization of Soft Information on Bank Performance: The Roles of Relationship Lending in Competitive Local Markets" was published.

Research seminar "Inheritance Tax and Household Mobility: An Analysis of Empty Nests" was held.

Research seminar "How Arbitrage-Free is the Nelson-Siegel Model under Stochastic Volatility?" was held.

We are pleased to announce that Professor Robert F. Owen (University of Nantes) joined our institute as Shimomura Fellow.

Research seminar "Product Dynamics and Aggregate Shocks: Evidence from Japanese Product and Firm Level Data" was held.

Discussion Paper "Trade, Resource Use and Pollution: A Synthesis" was uploaded.

Research seminar "Trade, Resource Use and Pollution: A Synthesis" was held.

Research seminar "Asset Prices and Corporate Responses to Bank of Japan ETF Purchases" was held.

Research seminar "Chinese Local Government Bond Spreads, Monetary Policy and Misallocation" was held.

Discussion Paper "Who is the Boss? Family Control without Ownership in Publicly-traded Japanese Firms" was uploaded.

Discussion Paper "Do Social Networks Encourage Risk-taking? Evidence from Bank CEOs" was uploaded.

Discussion Paper "Foreign Ownership, Bank Information Environments, and the International Mobility of Corporate Governance" was uploaded.

Economics Today "Money, Employment and Liberalism---A Review of the Works of Professor Masayuki Otaki: Proceedings of the ISS and RICF Joint Symposium" was published (in Japanese).

Research seminar "The Arts of Central Bank Communication: A Topic Analysis on Words of the Bank of Japan's Governors" was held.

Research seminar “Why is the Shape of the Laffer Curve for Consumption Tax Different from that for Labor Income Tax?” was held.

Discussion Paper "The Deterrent Effect of Anti-Bribery Law Enforcement on the Quality of Earnings" was uploaded.

Economics Today "Company Characteristics of Integrated Report and Its Features of Non-Financial Information: Analyzing Survey by Questionnaire to the Published Company" was published (in Japanese).

Research seminar “Missing Wage Inflation? Estimating the Natural Rate of Unemployment in a Nonlinear DSGE Model” was held.

SpringerBriefs in Economics "Procyclical Fiscal Policy" was published.

Research seminar “International Trade and Domestic Production Network” was held.

Research seminar “Bank Credit, Financial Constraints, and Targeting Behavior: Evidence from Japan” was held.

Discussion Paper "Liquidity Risk?" was uploaded.

Research seminar "Internal and External Lending by Nonfinancial Businesses During Crises and During Other Times" was held.

Research seminar "The BOJ’s ETF Purchases and Its Effects on Nikkei 225 Stocks" was held.

Research seminar "Corporate Governance and Capital Markets: A Japanese Perspective" was held.

Discussion Paper "Skin in the Game, Wealth and Risk-Taking: Evidence from Private Equity Funds " was uploaded.

Research seminar "Short- and Long-Run Tradeoff of Monetary Easing" was held.

Research seminar “Banking Performance, Misconduct and Managerial Psychology” was held.

We are pleased to announce that Professor Arman Eshraghi (Cardiff University ) joined our institute as Shimomura Fellow.

Research seminar “Saving and Health in Japan” was held.

Economics Today "Changes in World Trends and the Asian Economy" was published (in Japanese).

Research seminar “When Banks Become Pure Creditors: The Effects of Declining Shareholding by Japanese Banks on Bank Lending and Firms’ Risk-Taking” was held.

Research seminar "The Effect of Bank Bailouts on CEO Careers" was held.

"27th NBER-TCER-CEPR Conference on Globalization and Welfare Impacts of International Trade" was held.

Research seminar “The Deterrent Effect of Anti-Bribery Law Enforcement on the Quality of Earnings” was held.

We are pleased to announce that Professor Pramuan Bunkanwanicha (ESCP Europe) joined our institute as Shimomura Fellow.

Research seminar "Liquidity Risk?" was held.

Research seminar "An Industrial-Organization Approach to Conventional and Unconventional Monetary Policy" was held.

Research seminar "Does Academic Research Destroy Stock Return Predictability?" and "Anomalies and News" were held.

We are pleased to announce that Professor Jeffrey Pontiff (Boston College) joined our institute as Shimomura Fellow.

Research seminar "The Effectiveness of the Negative Interest Rate Policy in Japan: An Early Assessment" was held.

Research seminar "In Search of Continuity: Theoretical and Methodological Insights from a Case Study of a Polish Centennial Company" was held.

Research seminar "Inflation Target and Anchor of Inflation Forecasts in Japan" and "Quantitative ‘Flooding’ and Bank Lending: Evidence form 18 Years of Near-Zero Interest Rate" were held.

SpringerBriefs in Economics “Economic Signals: Prize Promotions, Anonymous Giving, and Political Advertisements" was published.

Research seminar "Speculative Bubbles and Monetary Policy: Theory Based on Japanese Experience" was held.

Research seminar "Open Innovation and Corporate Venture Capital (CVC) Activities by Japanese Companies" was held.

Research seminar "Macroeconomic Effects of Qualitative and Quantitative Monetary Easing Measures" was held.

SpringerBriefs in Economics “Introduction to Japanese Household Surveys” was published.

Research seminar "Leveraged Purchases of Government Debt and Deflation" was held.

Research seminar "Internationalization of the Use of Chinese Currency: Perspectives from the New and the Ancient Silk Roads" was held.

Research seminar "An Axiomatization of the Mixed Bentham-Rawls Social Welfare Orderings" was held.

Research seminar "Revisiting China’s MIT (Middle-Income-Trap) Argument" was held.

International Conference "CSR, the Economy and Financial Markets" was held.

Research seminar "Equity Issuances and Agency Costs: The Telling Story of Shareholder Approval around the World" was held.

Discussion Paper "Corporate Governance and Corporate Performance under Market Socialism: Empirical Analysis of Listed Companies in China " was uploaded.

We are pleased to announce that Professor Clifford George Holderness (Boston College) joined our institute as Shimomura Fellow.

Discussion Paper "Labor Productivity Stagnation, the Radical Quantitative Easing Monetary Policy, and Disinflation" was uploaded.

Research seminar "Labor Productivity Stagnation, the Radical Quantitative Easing Monetary Policy, and Disinflation" was held.

SpringerBriefs in Economics “Trade and the Labor Market: Effect on Wage Inequality in Japan” was published.

SpringerBriefs in Economics “Priority Rule Violations and Perverse Banking Behaviors ” was published.

SpringerBriefs in Economics “Dr. Osamu Shimomura's Legacy and the Postwar Japanese Economy” was published.

Research seminar "Rational Expectations, Wobbly Economy, and Government Policy" was held.

Research seminar "Corporate Governance and Corporate Performance under Market Socialism: Empirical Analysis of Listed Companies in China" was held.

Research seminar "Economic Depreciation in the Property Value: Cross- Sectional Variations and Their Implications on Investments" was held.

Research seminar "The Exchange Rate Effects of Macro News after the Global Financial Crisis" was held.

Research seminar "Who is the boss? Family Control without Ownership in Publicly Traded Japanese corporations" was held.

Research seminar "Declining Japanese Yen and Inertia of the US Dollar" was held.

"26th NBER-TCER-CEPR Conference on Corporate Governance (Follow-up conference)" was held.

Research seminar "Profitability or Longevity? Cross-Country Variations in Corporate Performance" was held.

Research seminar "The Evolution of Inflation Expectations in Japan" was held.

We are pleased to announce that Associate Professor Yupana Wiwattanakantang (National University of Singapore Business School) joined our institute as Shimomura Fellow.

Economics Today "Corporate Governance of Japanese Firms: Issues and Prospects for Industrial Metabolism and Sustainable Management" was published (in Japanese).

"Preventive Investment and Relief Spending for Natural Disasters" was held.

"A Semantic Analysis of Monetary Shamanism: A Case of the BOJ’s Governor Kuroda" was held.

"Handbook of Industrial Financial Data 2016" was published (in Japanese).

Discussion Paper "A Theory on Origin of Speculative Bubbles and Public Debt Accumulation" was uploaded.

Research seminar "On Large-scale Money Finance in Statistics and Practice: A Case of the Japanese Economy During and after World War II" was held.

Research seminar "Monopoly Rights and Economic Growth: An Inverted U-shaped Relation" was held.

Research seminar "Energy Efficiency and Green Building Markets in Japan" was held.

Research seminar "Managerial Attitudes and Corporate Investment Behaviors" was held.

Discussion Paper "Corporate Environmental Liabilities and Capital Structure" was uploaded.

Discussion Paper "The Real Effect of Financial Innovation: Evidence from Credit Default Swaps Trading and Corporate Innovation" was uploaded.

Discussion Paper "Gains from Mergers and Acquisitions in Japan" was uploaded.

Research seminar "How Do We Pay under Evolving Retail Payment Technology? Evidence from Japan" was held.

Research seminar "Moral Hazard by Limited Liability and Accumulation of Public Debt" was held.

SpringerBriefs in Economics "Rationality and Operators: The Formal Structure of Preferences" was published.

SpringerBriefs in Economics "Japanese Firms During the Lost Two Decades: The Recovery of Zombie Firms and Entrenchment of Reputable Firms " was published.

SpringerBriefs in Economics "Corporate Governance and Corporate Behavior in Japan: The Consequences of Stock Options and Corporate Diversification" was published.

Research seminar "Real Estate Production and Structure Depreciation" was held.

Research seminar "Financial Aid from Parents to Children: Lending Inside Japanese Business Groups" was held.

Research seminars "The Real Effect of Financial Innovation: Evidence from Credit Default Swaps Trading and Corporate Innovation" and "Corporate Environmental Liabilities and Capital Structure" were held.

Research seminar "Evaluating the Conditions of Real Estate Markets in China and Singapore: What We Know and What We Need to Know" was held.

Research seminar "A Theory of Quantitative Easing Policy and Negative Interest Policy Based on the Japanese Experience " was held.

Research seminar "Disappearing Dividends: Two Rational Explanations" was held.

Research seminar "Valuation management in private equity fundraising" was held.

Economics Today "Analysis and Utilization of Qualitative Information in an Annual Report: The way of Desirable Dialogue with the Diversification of the Risk" was published (in Japanese).

Research seminar "Corporate Diversification, Employee Bargaining Power, and Wages" was held.

Discussion paper "A Theory of Quantitative Easing Policy and Negative Interest Policy Based on the Japanese Experience" was uploaded.

We are pleased to announce that Senior Lecturer Xin Chang (Cambridge Judge Business School, University of Cambridge) joined our institute as Shimomura Fellow.

SpringerBriefs in Economics "Environmental Kuznets Curve Hypothesis and Carbon Dioxide Emission" was published.

SpringerBriefs in Economics "Keynes’s General Theory Reconsidered in the Context of the Japanese Economy" was published.

SpringerBriefs in Economics: Development Bank of Japan Research Series was launched.

Discussion Paper "Testing Symmetry of Unknown Densities via Smoothing with the Generalized Gamma Kernels" was uploaded.

Research seminars "Corporate R&D and Stock Returns: International Evidence" and "Estimating Ambiguity Premium under the Robust CAPM " were held.

Research seminar "Artisanship, Meritocracy, and Apathy" was held.

Discussion Paper "The Mechanism of High-tech Industrial Cluster Formation: An Empirical Study on the Process of ICT Cluster Formation in Oulu, Finland" was uploaded.

Discussion Paper "Artisanship, Meritocracy, and Apathy" was uploaded.

Economics Today "Integrated Disclosure of Risk Information: A New Viewpoint of Financial Reporting into Integrated Reporting" was published (in Japanese).

Research seminar "Challenges to Redesign “Science, Technology and Innovation Policy” in Japan: Construction of a Policy Simulator for the Impact Assessment of IoT" was held.

Discussion Paper "Modified Ramsey Rule and Optimal Carbon Price" was uploaded.

Economics Today "Economic Growth with Asset Bubbles in a Global Economy" was published (in Japanese).

Economics Today "Japan in "the Asian Century": For Revitalization of the Economy and Business Opportunities" was published (in Japanese).

Economics Today "How Corporations Create Social Value?: A Study of Incomplete Contracts in Corporate Governance" was published (in Japanese).

Research seminar "Properties of the Social Discount Rate and Negative Intertemporal Externality in the Utility or Production Function" was held.

Research seminar "Trade and Financial Channels as the Transmission Mechanism of the Financial Crisis" was held.

Research seminar "Testing Symmetry of Unknown Densities via Smoothing with the Generalized Gamma Kernels" was held.

Discussion Paper "Properties of the Social Discount Rate and Negative Intertemporal Externality in the Utility or Production Function" was uploaded.

Discussion Paper "Modified Ramsey Rule, Optimal Carbon Tax and Economic Growth" was uploaded.

Research seminar "Regional Business Cycle and Growth Features of Japan" was held.

Research seminar "Gains from Mergers and Acquisitions in Japan" was held.

Research seminar "Parameter Bias in an Estimated DSGE Model: Does Nonlinearity Matter?" was held.

Research seminar "Incidence of Cooperate Income Tax and Optimal Capital Structure: A Dynamic Analysis" was held.

Research seminar "CSR As Insurance: The Case of Japanese Automobile Manufacturers" was held.

"Handbook of Industrial Financial Data 2015" was published (in Japanese).

Research seminar "Network-motivated Lending Decisions" was held.

Discussion paper "Ramsey's Belief and the Plausibility of Keynesian Economics" was uploaded.

We are pleased to announce that Professor Ali Fatemi (DePaul University) joined our institute as Shimomura Fellow.

Discussion paper "The Revelation of the Time Preference Rate and Intertemporal Negative Externality" was uploaded.

Research seminar "Negative Effects of Wage Claims on Labor Relations: An Experimental Study on a Gift Exchange Game" was held.

Discussion paper "Public Debt as a Burden on the Future Generation: A Keynesian Approach" was uploaded.

Research seminar "Effects of Monetary Shocks When Money is not a Government Gift" was held.

Research seminar "The Revelation of the Time Preference Rate and Intertemporal Negative Externality" was held.

Research seminar "Network-Motivated Lending Decisions" was held.

Research seminar "On the Economic Properties of the CDM Investment: A Theoretical Inquiry of the Offset Mechanism in Mitigating Global Warming" was held.

Research seminar "Lean Against Bubbles versus Clean Up After Bubbles Collapse in a Rational-Bubble Model" was held.

Research seminars "Reputation and Exaggeration: Adverse Selection and Private Information in the Mortgage Market" and "Stock Prices, Regional Housing Prices, and Aggregate Technology Shocks" were held.

Research seminar "Governance and Happiness: The Nordic Corporate Governance Model" was held.

Research seminar "Moral Hazard Premium: Valuation of Moral Hazard under Diffusive and Jump Risks" was held.

Research seminar "Regulations, Foreign Banks and Income Inequality" was held.

Research seminars "Bank Lending Channel of Real Estate Prices" and "Heterogeneous Impact of Real Estate Prices on Firm Investment" were held.

Economics Today "Proceedings of the RICF 50th Anniversary Symposium Part III On Social Common Capital" was published (in Japanese).

Research seminar "Payment Instruments and Collateral in the Interbank Payment System" was held.

We are pleased to announce that Professor Iftekhar Hasan (Fordham University) joined our institute as Shimomura Fellow.

Discussion paper "On the Economic Properties of the CDM: Does Emissions Trading Contribute to Global Warming Problem?" was uploaded.

Research seminar "Consistent Estimation of Linear Regression Models Using Matched Data" was held.

Research seminar "On the Limit of Human Cognition: Is Artisanship always Dominated by Profit Motive?" was held.

Research seminar "Investment Shocks and Asset Prices: International Evidence" was held.

Economics Today "Proceedings of RICF 50th Anniversary Symposium Part II Corporate Management & Accounting" was published (in Japanese).

Research seminar "Identification and Estimation of Production Function with Unobserved Heterogeneity" was held.

Discussion Paper "On the Limit of Human Cognition: Is Artisanship always Dominated by Profit Motive?" was uploaded.

Economics Today "Provision of Risk Capital for Sustained Economic Growth in Japan" was published (in Japanese).

Research seminar "On the Optimal Timing of Foreign Trade" was held.

Economics Today "Proceedings of RICF 50th Anniversary Symposium Part I Financial Economy" was published (in Japanese).

Research seminar "A Theory on Local Currencies" was held.

Research seminar "Four Alternative Hypotheses in the Determination of Yen-Us Dollar Foreign Exchange Rate" was held.

Research seminar "Flexibility of Deficit Ceiling and Income Fluctuation in a Political Economy" was held.

Research seminar "Corporate Governance and Employees: Case in Japan" was held.

Research seminar "Does Geographical Proximity Matter in Small Business Lending? Evidence from the Switching of Main Bank Relationships" was held.

Research seminar "Local Altruism as an Environmental Ethic in CO2 Emission Control" was held.

"Handbook of Industrial Financial Data 2014" was published (in Japanese).