Current Projects
The effect of bank mergers on bank-firm relationships in Japan (under review)
Abstract:This study investigates the effects of bank mergers on bank-firm relationships in Japan. Bank merger announcements increase bank-firm relationship termination rates and therefore significantly reduce the supply of credit from the main bank. Healthy firms that end their main bank relationship are able to compensate with loans from other banks. However, unhealthy zombie firms that terminate their main bank relationship experience a larger drop in credit supply to begin with, and are unable to compensate for the loss, so total borrowing declines precipitously. These findings provide evidence of hold-up costs and the balance sheet problem in banking and suggest that bank mergers may alleviate those sub-optimal outcomes.
Abstract:This study investigates the effects of bank mergers on bank-firm relationships in Japan. Bank merger announcements increase bank-firm relationship termination rates and therefore significantly reduce the supply of credit from the main bank. Healthy firms that end their main bank relationship are able to compensate with loans from other banks. However, unhealthy zombie firms that terminate their main bank relationship experience a larger drop in credit supply to begin with, and are unable to compensate for the loss, so total borrowing declines precipitously. These findings provide evidence of hold-up costs and the balance sheet problem in banking and suggest that bank mergers may alleviate those sub-optimal outcomes.
Publications - Journal Articles・研究論文
"Are bank mergers good news for shareholders? The effect of bank mergers on client firm value" with Y. Takahashi. International Review of Finance. Vol. 20, Issue 1, pp. 197-214, March 2020. (full-text article)
“The Effectiveness of Unconventional Monetary Policy in Japan” with U. Volz. Journal of Economic Issues, Vol. LIII, No. 2, pp. 411-417, June 2019. (full-text article)
“The effect of bank mergers on client firms: Evidence from the credit supply channel” with Y. Takahashi, Japanese Economic Review, Vol. 69, No. 4, pp. 438-449, December 2018. (full-text article)
"La Dolce Vita in Japan: The Effect of Bank Mergers on Corporate Governance" with Y. Takahashi. International Journal of Financial Research, Vol. 7, No. 1, pp. 57-65, 2016. (full-text article)
"The Economic Consequences of the TARP: The effectiveness of bank recapitalization policies in the US" with Y. Takahashi. Japan and the World Economy, Vol. 32, pp. 49–64, November 2014. (full-text article)
"Too Big to Succeed? Banking Sector Consolidation and Efficiency" with K. Harimaya and Y. Takahashi. Journal of International Financial Markets, Institutions & Money, Vol. 32, pp. 86-106, 2014. (full-text article)
“Do interest rates matter? Credit demand in the Dhaka slums” with Rajeev Dehejia, and Jonathan Morduch. Journal of Development Economics, 97(2), pp. 437-449, March 2012. (full-text article)
“Can Commercially-oriented Microfinance Help Meet the Millennium Development Goals? Evidence from Pakistan” with John Weiss. World Development, Vol. 39, No. 1, pp. 87-109, January 2011. (full-text article)
“The Effectiveness of Bank Recapitalization Policies in Japan” with Satoshi Shimizutani. Japan and the World Economy, Vol. 21, No. 1, pp. 1-25, January 2009. (full-text article)
"Modalities of Microfinance Delivery in Asia and Latin America: Lessons for the People's Republic of China" with John Weiss. China and the World Economy, Vol. 14, No. 1, pp. 30-44, January-February 2006. (full-text article)
“Great Expectations: Microfinance and Poverty Reduction in Asia and Latin America” with John Weiss Oxford Development Studies, Vol. 33, No. 3 & 4, pp. 391-416, September-December 2005. (full-text article)
“Coordinated Failure? A Cross-Country Bank Failure Prediction Model” with Wimboh Santoso, Dwityapoetra Besar and Tran Hanh. Financial Stability Review Vol. 5, September 2005, Bank Indonesia.
“The Effects of the Basel Accord on Bank Portfolios in Japan.” Journal of the Japanese and International Economies Vol. 19, No. 1, pp. 24-36, March 2005. (full-text article)
“Taiwan’s Looming Banking Crisis.” Journal of Asian Economics 14(4), pp. 645-667, August 2003. (full-text article)
“The Effectiveness of Unconventional Monetary Policy in Japan” with U. Volz. Journal of Economic Issues, Vol. LIII, No. 2, pp. 411-417, June 2019. (full-text article)
“The effect of bank mergers on client firms: Evidence from the credit supply channel” with Y. Takahashi, Japanese Economic Review, Vol. 69, No. 4, pp. 438-449, December 2018. (full-text article)
"La Dolce Vita in Japan: The Effect of Bank Mergers on Corporate Governance" with Y. Takahashi. International Journal of Financial Research, Vol. 7, No. 1, pp. 57-65, 2016. (full-text article)
"The Economic Consequences of the TARP: The effectiveness of bank recapitalization policies in the US" with Y. Takahashi. Japan and the World Economy, Vol. 32, pp. 49–64, November 2014. (full-text article)
"Too Big to Succeed? Banking Sector Consolidation and Efficiency" with K. Harimaya and Y. Takahashi. Journal of International Financial Markets, Institutions & Money, Vol. 32, pp. 86-106, 2014. (full-text article)
“Do interest rates matter? Credit demand in the Dhaka slums” with Rajeev Dehejia, and Jonathan Morduch. Journal of Development Economics, 97(2), pp. 437-449, March 2012. (full-text article)
“Can Commercially-oriented Microfinance Help Meet the Millennium Development Goals? Evidence from Pakistan” with John Weiss. World Development, Vol. 39, No. 1, pp. 87-109, January 2011. (full-text article)
“The Effectiveness of Bank Recapitalization Policies in Japan” with Satoshi Shimizutani. Japan and the World Economy, Vol. 21, No. 1, pp. 1-25, January 2009. (full-text article)
"Modalities of Microfinance Delivery in Asia and Latin America: Lessons for the People's Republic of China" with John Weiss. China and the World Economy, Vol. 14, No. 1, pp. 30-44, January-February 2006. (full-text article)
“Great Expectations: Microfinance and Poverty Reduction in Asia and Latin America” with John Weiss Oxford Development Studies, Vol. 33, No. 3 & 4, pp. 391-416, September-December 2005. (full-text article)
“Coordinated Failure? A Cross-Country Bank Failure Prediction Model” with Wimboh Santoso, Dwityapoetra Besar and Tran Hanh. Financial Stability Review Vol. 5, September 2005, Bank Indonesia.
“The Effects of the Basel Accord on Bank Portfolios in Japan.” Journal of the Japanese and International Economies Vol. 19, No. 1, pp. 24-36, March 2005. (full-text article)
“Taiwan’s Looming Banking Crisis.” Journal of Asian Economics 14(4), pp. 645-667, August 2003. (full-text article)
Publications - Books & Book Chapters・著書
“The Effectiveness of Unconventional Monetary Policy on Japanese Bank Lending” with U. Voltz, Chapter 4 in A. Stenfors and J. Toporowski (Eds.), Unconventional Monetary Policy and Financial Stability: The Case of Japan, Routhledge, forthcoming.
"The Effect of Bank Mergers on Shareholder Value and Performance in Japan" with Y. Takahashi. Chapter 5 in G. N. Gregoriou and D. Lee (Eds.), Handbook of Asian Finance. New York, NY: Elsevier, pp. 77-103, 2014. (book chapter)
“Microfinance,” Berkshire Encyclopedia of Sustainability, Volume 7, China, India, East and Southeast Asia: Assessing Sustainability, Berkshire, Great Barrington, 2012.
“Serving the Poorest of the Poor: The Poverty Impact of Khushhali Bank's Microfinance Lending in Pakistan.” In J. Weiss and H. A. Khan (Eds.), Poverty Strategies in Asia: A Growth Plus Approach (pp. 222-244). Cheltenham: Edward Elgar Publishing, 2006.
“Microfinance and Poverty Reduction in Asia” with John Weiss. In J. Weiss (Ed.), Poverty Targeting in Asia (pp. 247-267). Cheltenham: Edward Elgar Publishing, 2005.
“Macroeconomic Effects of Capital Adequacy Regulation in Japan.” In J. P. H. Fan, M. Hanazaki, and J. Teranishi (Eds.), Designing Financial Systems in East Asia and Japan (pp. 152-185). New York, NY: RoutledgeCurzon Press, 2004.
"The Effect of Bank Mergers on Shareholder Value and Performance in Japan" with Y. Takahashi. Chapter 5 in G. N. Gregoriou and D. Lee (Eds.), Handbook of Asian Finance. New York, NY: Elsevier, pp. 77-103, 2014. (book chapter)
“Microfinance,” Berkshire Encyclopedia of Sustainability, Volume 7, China, India, East and Southeast Asia: Assessing Sustainability, Berkshire, Great Barrington, 2012.
“Serving the Poorest of the Poor: The Poverty Impact of Khushhali Bank's Microfinance Lending in Pakistan.” In J. Weiss and H. A. Khan (Eds.), Poverty Strategies in Asia: A Growth Plus Approach (pp. 222-244). Cheltenham: Edward Elgar Publishing, 2006.
“Microfinance and Poverty Reduction in Asia” with John Weiss. In J. Weiss (Ed.), Poverty Targeting in Asia (pp. 247-267). Cheltenham: Edward Elgar Publishing, 2005.
“Macroeconomic Effects of Capital Adequacy Regulation in Japan.” In J. P. H. Fan, M. Hanazaki, and J. Teranishi (Eds.), Designing Financial Systems in East Asia and Japan (pp. 152-185). New York, NY: RoutledgeCurzon Press, 2004.
Publications - Japanese・日本語
「公的資本注入の貸し渋り抑制効果」『社会科学ジャーナル』 (“Avoiding a Credit Crunch: The Role of Capital Injections in Japan” The Journal of Social Science- in Japanese), Vol. 85, pp. 45-67, 2018.
欧米銀への資本注入ー日本の教訓から ("Bank Recapitalization in the West: Lessons from Japan" Nikkei Shinbun) with Satoshi Shimizutani. 日本経済新聞 November 27, 2008. (English translation)
Cost-Effectiveness of Microfinance as a Poverty Targeting Intervention” with John Weiss. アジ研ワールド・トレンド(AjiKen World Trend) Vol. 106(2004/7) pp. 24-27.
欧米銀への資本注入ー日本の教訓から ("Bank Recapitalization in the West: Lessons from Japan" Nikkei Shinbun) with Satoshi Shimizutani. 日本経済新聞 November 27, 2008. (English translation)
Cost-Effectiveness of Microfinance as a Poverty Targeting Intervention” with John Weiss. アジ研ワールド・トレンド(AjiKen World Trend) Vol. 106(2004/7) pp. 24-27.
Publications - Working Papers ・大学、研究機関紀要
"Are Japanese financial markets rational? Evidence from bank merger events" with Y. Takahashi. Banks and Bank Systems, Vol. 9, No. 2, pp. 86-91, 2013.
“Meeting the Double Bottom Line: The Impact of Khushhali Bank’s Microfinance Program in Pakistan.” Asian Development Bank Institute Policy Paper No. 8, November 2005.
“Microfinance and Poverty Reduction in Asia: What is the Evidence?” with John Weiss and Elvira Kurmanalieva. Asian Development Bank Institute Research Paper No. 53, December 2003.
“The Japanese Big Bang: The Effects of ‘Free, Fair and Global’” with Y. Takahashi. The Journal of Social Science, 72, pp. 49-71, September 2011. (article) (和文要旨)
“Bank Recapitalization in the U.S. – Lessons from Japan”with Y. Takahashi. The Journal of Social Science, 71, pp. 5-24, March 2011. (article) (和文要旨)
“Coordinated Failure? A Cross-Country Bank Failure Prediction Model” with Wimboh Santoso, Dwityapoetra Besar and Tran Hanh. Asian Development Bank Institute Discussion Paper, No. 32, 2005.
“The Future Role of Foreign Banks in Asia”. Asian Development Bank Institute Policy Brief No. 8, January 2003.
“The Role of Foreign Banks in Post-Crisis Asia: The Importance of Method of Entry”. Asian Development Bank Institute Research Paper No. 51, December 2002.
“Taipei,China’s Banking Problems: Lessons from the Japanese Experience”. Asian Development Bank Institute Research Paper No. 42, September 2002.
“Meeting the Double Bottom Line: The Impact of Khushhali Bank’s Microfinance Program in Pakistan.” Asian Development Bank Institute Policy Paper No. 8, November 2005.
“Microfinance and Poverty Reduction in Asia: What is the Evidence?” with John Weiss and Elvira Kurmanalieva. Asian Development Bank Institute Research Paper No. 53, December 2003.
“The Japanese Big Bang: The Effects of ‘Free, Fair and Global’” with Y. Takahashi. The Journal of Social Science, 72, pp. 49-71, September 2011. (article) (和文要旨)
“Bank Recapitalization in the U.S. – Lessons from Japan”with Y. Takahashi. The Journal of Social Science, 71, pp. 5-24, March 2011. (article) (和文要旨)
“Coordinated Failure? A Cross-Country Bank Failure Prediction Model” with Wimboh Santoso, Dwityapoetra Besar and Tran Hanh. Asian Development Bank Institute Discussion Paper, No. 32, 2005.
“The Future Role of Foreign Banks in Asia”. Asian Development Bank Institute Policy Brief No. 8, January 2003.
“The Role of Foreign Banks in Post-Crisis Asia: The Importance of Method of Entry”. Asian Development Bank Institute Research Paper No. 51, December 2002.
“Taipei,China’s Banking Problems: Lessons from the Japanese Experience”. Asian Development Bank Institute Research Paper No. 42, September 2002.
Recent Presentations
2019 平成３１～令和１
Japan Economy Network (JEN) Bank of Japan, Tokyo, Japan. August 26-27, 2019.
The Eastern Economic Association (EEA) Annual Meeting, New York, NY, USA. March 1-3, 2019.
"The Japanese Economy in the Age of Uncertainty" Allied Social Sciences Association (ASSA) Annual Meeting, Atlanta, GA, USA, January 4-6, 2019. (AFEE Panel)
2018 平成３０
Southern Economic Association (SEA) Annual Meeting, November 18-20, 2018. Washington, DC, USA.
Japan Economy Network (JEN) University of Zurich, Zurich, Switzerland. September 4-5, 2018.
Finance Workshop アノマリー研究会 Nagoya University 名古屋大学 July 31, 2018.
2017 平成２９
"Comparative Perspectives on the World Economy and Future of Market Economy", ICU-SOAS University of London Symposium, International Christian University 国際基督教大学 September 16, 2017.
27th NBER-TCER-CEPR Conference on Corporate Governance. Kojima Hall, University of Tokyo 東京大学 June 22, 2017. Discussion of "Biased Monitors: Corporate Governance When Managerial Ability is Mis-assessed" by Benjamin Hermalin.
The Nippon Finance Association 25th Annual Meeting 日本ファイナンス学会第25回大会, Chiba Institute Technology 千葉工業大学, Narashino, Chiba, Japan, June 3 - 4, 2017. Discussion of "Funding liquidity risk and internal market in the multi-bank holding companies: Diversification or internalization?" by Katsutoshi Shimizu and Kim Cuong Ly. (in Japanese)
2016 平成２８
26th NBER-TCER-CEPR Conference on Corporate Governance. Otemachi Financial City. December 8-9, 2016. Discussion of "Share Pledges and Margin Call Pressure" by Konan Chan, Hung-Kun Chen, Shing-yang Hu and Yu-Jane Liu.
Japan Society of Monetary Economics (JSME) Autumn Meetings 日本金融学会2016年度秋季大会, Kansai University 関西大学 October 15-16, 2016. Discussion of "Institutional Analysis on the European Banking Union: Relations with the European Banking Authority and Financial Stability Board” by Hideki Sato.
Waseda Organizational and Financial Economics Seminar Waseda Institute for Advanced Study (WIAS) 早稲田大学高等研究所 July 25, 2016.
2015 平成２７
Japan Society of Monetary Economics (JSME) Autumn Meetings 日本金融学会2015年度秋季大会, Tohoku University 東北大学 October 23-24, 2015.
Research Institute of Economy, Trade and Industry (RIETI). Seminar 経済産業研究所セミナー, RIETI経済産業研究所 Tokyo, Japan, September 18, 2015.
Japanese Economic Association (JEA) Spring Meetings 日本経済学会2015年度春季大会, Niigata University 新潟大学 May 23-24, 2015. (poster session)
Japan Society of Monetary Economics (JSME) Spring Meetings 日本金融学会2015年度春季大会, Tokyo Keizai University 東京経済大学 May 16-17, 2015.
American Economics Association Annual Meeting, Boston, MA, USA, January 3-5, 2015. (ACES-sponsored poster session).
2014 平成２６
Workshop in Money and Finance, Hitotsubashi University, Graduate School of Commerce and Management. (一橋大学商学研究科金融研究会) Kunitachi, Tokyo, Japan, October , 2014.
The Japanese Economic Association Autumn Meetings (日本経済学会秋季大会) Seinan Gakuin University. Fukuoka, Kyushu, Japan, October 11-12, 2014.
Workshop in Macroeconomic Research at Liberal Arts Colleges, Wesleyan University, USA, August 2014.
International Corporate Strategy Workshop, Graduate School of International Corporate Strategy (ICS), Hitotsubashi University, Tokyo, Japan. June 30, 2014.
統計研究会の金融班（Kinyu-han of Tokei Kenkyukai）Otemachi Financial City, Tokyo, Japan, June 27, 2014.
The Japanese Economic Association Spring Meetings (日本経済学会春季大会), Doshisha University, Kyoto, Japan, June 14-15, 2014.
The Nippon Finance Association 22nd Meeting (日本ファイナンス学会第22回大会), Chuo University, Tokyo, Japan, May 31 - June 1, 2014.
The American Economic Association Annual Meetings, Philadelphia, PA, USA, January 2014. (Presentation: The Economic Consequences of the TARP.)
2013
Economic Research Seminar Series, Asian Development Bank Institute, Tokyo, Japan, December 2013. (Presentation: The Effect of Bank Mergers on Client Firm Value and Bank-Firm Relationships.)
The Japanese Economic Association Autumn Meetings (日本経済学会秋季大会), Yokohama, Japan, September 2013. (Presentation: The Effect of Bank Mergers on Shareholder Value and Performance.)
The Asia Pacific Economic Association Annual Meetings, Osaka, Japan, July 2013. (Presentation:The Effect of Bank Mergers on Shareholder Value and Performance.)
Ajiken Power Lunch, Institute of Development Economies, Chiba, Japan, July 2013. (Presentation: The Effect of Bank Mergers on Shareholder Value and Performance.)
The Nippon Finance Association 21st Meetings (日本ファイナンス学会第21回大会), Tokyo, Japan, June 2013. (Presentation: The Effect of Bank Mergers on Shareholder Value and Performance.)
2012
The Japanese Economic Association Autumn Meetings (日本経済学会秋季大会), Fukuoka, Kyushu, Japan, October 2012. (Presentation: The Effectiveness of Bank Recapitalization Policies: Evidence from the United States.)
The Liberal Arts Macro Workshop, Easton, PA, USA, August 2012 (Presentation: The Effectiveness of Bank Recapitalization Policies: Evidence from the United States.)
The Asia Pacific Economic Association Annual Meetings, Nanyang Technological University, Singapore, June 2012. (Presentation: The Effectiveness of Bank Recapitalization Policies: Evidence from the United States.)
The Japanese Economic Association Spring Meetings (日本経済学会春季大会), Sapporo, Hokkaido, Japan, June 2012. (Presentation: Banking Sector Consolidation and Efficiency: Lessons for the West from Japan.)
The Nippon Finance Association 20th Meetings (日本ファイナンス学会第20回大会), Tokyo, Japan, May 2012. (Presentation: Banking Sector Consolidation and Efficiency: Lessons for the West from Japan.)
Monetary Economics Workshop, Osaka University, Osaka, Japan. April 2012 (Presentation: Banking Sector Consolidation and Efficiency: Lessons for the West from Japan)
The Eastern Economic Association Annual Meetings, Boston, MA, March 2012. (Presentation: The Effectiveness of Bank Recapitalization Policies: Evidence from the United States. )
2011
Xi'an Jiaotong-Liverpool University, Suzhou, Jiangsu Province, P.R. China, November 2011. (Presentation: Bank-Firm Relations in the Post-Crisis Economy)
Central University of Finance and Economics (CUFE), Beijing, China, November 2011. (Presentation: Bank-Firm Relations in the Post-Crisis Economy)
The Eastern Economic Association Annual Meetings, New York, NY, February 2011. (Presentation: Banking Sector Consolidation and Efficiency: Lessons for the West from Japan.)
2010
New Horizons in Asian Economies, Kyung Hee University, Seoul, Korea, November 2010. (Presentation: The Global Financial Crisis - Lessons for the West from Japan.)
Global Versus Local Values: Beyond Dichotomy, Ritsumeikan Asia Pacific University, Beppu, Oita, Japan, November 2010 (Presentation: Globalization: Good or Bad? Lessons from the Global Financial Crisis)
The Eastern Economic Association Annual Meetings, Philadelphia, PA, March 2010. (Presentation: Can Commercially Oriented Microfinance Help Meet the Millennium Development Goals? Evidence from Pakistan.)
Japan Economy Network (JEN) Bank of Japan, Tokyo, Japan. August 26-27, 2019.
The Eastern Economic Association (EEA) Annual Meeting, New York, NY, USA. March 1-3, 2019.
"The Japanese Economy in the Age of Uncertainty" Allied Social Sciences Association (ASSA) Annual Meeting, Atlanta, GA, USA, January 4-6, 2019. (AFEE Panel)
2018 平成３０
Southern Economic Association (SEA) Annual Meeting, November 18-20, 2018. Washington, DC, USA.
Japan Economy Network (JEN) University of Zurich, Zurich, Switzerland. September 4-5, 2018.
Finance Workshop アノマリー研究会 Nagoya University 名古屋大学 July 31, 2018.
2017 平成２９
"Comparative Perspectives on the World Economy and Future of Market Economy", ICU-SOAS University of London Symposium, International Christian University 国際基督教大学 September 16, 2017.
27th NBER-TCER-CEPR Conference on Corporate Governance. Kojima Hall, University of Tokyo 東京大学 June 22, 2017. Discussion of "Biased Monitors: Corporate Governance When Managerial Ability is Mis-assessed" by Benjamin Hermalin.
The Nippon Finance Association 25th Annual Meeting 日本ファイナンス学会第25回大会, Chiba Institute Technology 千葉工業大学, Narashino, Chiba, Japan, June 3 - 4, 2017. Discussion of "Funding liquidity risk and internal market in the multi-bank holding companies: Diversification or internalization?" by Katsutoshi Shimizu and Kim Cuong Ly. (in Japanese)
2016 平成２８
26th NBER-TCER-CEPR Conference on Corporate Governance. Otemachi Financial City. December 8-9, 2016. Discussion of "Share Pledges and Margin Call Pressure" by Konan Chan, Hung-Kun Chen, Shing-yang Hu and Yu-Jane Liu.
Japan Society of Monetary Economics (JSME) Autumn Meetings 日本金融学会2016年度秋季大会, Kansai University 関西大学 October 15-16, 2016. Discussion of "Institutional Analysis on the European Banking Union: Relations with the European Banking Authority and Financial Stability Board” by Hideki Sato.
Waseda Organizational and Financial Economics Seminar Waseda Institute for Advanced Study (WIAS) 早稲田大学高等研究所 July 25, 2016.
2015 平成２７
Japan Society of Monetary Economics (JSME) Autumn Meetings 日本金融学会2015年度秋季大会, Tohoku University 東北大学 October 23-24, 2015.
Research Institute of Economy, Trade and Industry (RIETI). Seminar 経済産業研究所セミナー, RIETI経済産業研究所 Tokyo, Japan, September 18, 2015.
Japanese Economic Association (JEA) Spring Meetings 日本経済学会2015年度春季大会, Niigata University 新潟大学 May 23-24, 2015. (poster session)
Japan Society of Monetary Economics (JSME) Spring Meetings 日本金融学会2015年度春季大会, Tokyo Keizai University 東京経済大学 May 16-17, 2015.
American Economics Association Annual Meeting, Boston, MA, USA, January 3-5, 2015. (ACES-sponsored poster session).
2014 平成２６
Workshop in Money and Finance, Hitotsubashi University, Graduate School of Commerce and Management. (一橋大学商学研究科金融研究会) Kunitachi, Tokyo, Japan, October , 2014.
The Japanese Economic Association Autumn Meetings (日本経済学会秋季大会) Seinan Gakuin University. Fukuoka, Kyushu, Japan, October 11-12, 2014.
Workshop in Macroeconomic Research at Liberal Arts Colleges, Wesleyan University, USA, August 2014.
International Corporate Strategy Workshop, Graduate School of International Corporate Strategy (ICS), Hitotsubashi University, Tokyo, Japan. June 30, 2014.
統計研究会の金融班（Kinyu-han of Tokei Kenkyukai）Otemachi Financial City, Tokyo, Japan, June 27, 2014.
The Japanese Economic Association Spring Meetings (日本経済学会春季大会), Doshisha University, Kyoto, Japan, June 14-15, 2014.
The Nippon Finance Association 22nd Meeting (日本ファイナンス学会第22回大会), Chuo University, Tokyo, Japan, May 31 - June 1, 2014.
The American Economic Association Annual Meetings, Philadelphia, PA, USA, January 2014. (Presentation: The Economic Consequences of the TARP.)
2013
Economic Research Seminar Series, Asian Development Bank Institute, Tokyo, Japan, December 2013. (Presentation: The Effect of Bank Mergers on Client Firm Value and Bank-Firm Relationships.)
The Japanese Economic Association Autumn Meetings (日本経済学会秋季大会), Yokohama, Japan, September 2013. (Presentation: The Effect of Bank Mergers on Shareholder Value and Performance.)
The Asia Pacific Economic Association Annual Meetings, Osaka, Japan, July 2013. (Presentation:The Effect of Bank Mergers on Shareholder Value and Performance.)
Ajiken Power Lunch, Institute of Development Economies, Chiba, Japan, July 2013. (Presentation: The Effect of Bank Mergers on Shareholder Value and Performance.)
The Nippon Finance Association 21st Meetings (日本ファイナンス学会第21回大会), Tokyo, Japan, June 2013. (Presentation: The Effect of Bank Mergers on Shareholder Value and Performance.)
2012
The Japanese Economic Association Autumn Meetings (日本経済学会秋季大会), Fukuoka, Kyushu, Japan, October 2012. (Presentation: The Effectiveness of Bank Recapitalization Policies: Evidence from the United States.)
The Liberal Arts Macro Workshop, Easton, PA, USA, August 2012 (Presentation: The Effectiveness of Bank Recapitalization Policies: Evidence from the United States.)
The Asia Pacific Economic Association Annual Meetings, Nanyang Technological University, Singapore, June 2012. (Presentation: The Effectiveness of Bank Recapitalization Policies: Evidence from the United States.)
The Japanese Economic Association Spring Meetings (日本経済学会春季大会), Sapporo, Hokkaido, Japan, June 2012. (Presentation: Banking Sector Consolidation and Efficiency: Lessons for the West from Japan.)
The Nippon Finance Association 20th Meetings (日本ファイナンス学会第20回大会), Tokyo, Japan, May 2012. (Presentation: Banking Sector Consolidation and Efficiency: Lessons for the West from Japan.)
Monetary Economics Workshop, Osaka University, Osaka, Japan. April 2012 (Presentation: Banking Sector Consolidation and Efficiency: Lessons for the West from Japan)
The Eastern Economic Association Annual Meetings, Boston, MA, March 2012. (Presentation: The Effectiveness of Bank Recapitalization Policies: Evidence from the United States. )
2011
Xi'an Jiaotong-Liverpool University, Suzhou, Jiangsu Province, P.R. China, November 2011. (Presentation: Bank-Firm Relations in the Post-Crisis Economy)
Central University of Finance and Economics (CUFE), Beijing, China, November 2011. (Presentation: Bank-Firm Relations in the Post-Crisis Economy)
The Eastern Economic Association Annual Meetings, New York, NY, February 2011. (Presentation: Banking Sector Consolidation and Efficiency: Lessons for the West from Japan.)
2010
New Horizons in Asian Economies, Kyung Hee University, Seoul, Korea, November 2010. (Presentation: The Global Financial Crisis - Lessons for the West from Japan.)
Global Versus Local Values: Beyond Dichotomy, Ritsumeikan Asia Pacific University, Beppu, Oita, Japan, November 2010 (Presentation: Globalization: Good or Bad? Lessons from the Global Financial Crisis)
The Eastern Economic Association Annual Meetings, Philadelphia, PA, March 2010. (Presentation: Can Commercially Oriented Microfinance Help Meet the Millennium Development Goals? Evidence from Pakistan.)
