Web of Science Researcher ID JNS-8503-2023
ORCID Author Identifier Number 0000-0002-0129-3701
SCOPUS Author Identifier Number 7101923987
Current Projects
CEO Duality and the relationship between Firm Performance and Dividend Payouts
with D. Sheng. under review in Journal of Governance and Regulation.
Abstract: Using a panel of data on manufacturing firms listed on the Chinese stock exchange over the period 2017 to 2022, this research paper empirically investigates the relationship between firm performance and dividend payouts. Unique features of Chinese financial markets allow us to contribute to the literature on how corporate governance, in particular concentrated managerial power and state ownership, affects agency costs and therefore the relationship between firm performance and dividend payouts (Burdeos, 2021; Debnath et al., 2022; Vicente, 2020). The main findings of this study are as follows. Firms follow the pecking order theory when funding their capital needs: firms wait for dividends, preferring to take advantage of profitable investment opportunities when firm performance is good. This negative relationship between firm performance and dividend payout is even stronger at firms with highly concentrated managerial power as indicated by CEO duality. However, state-owned enterprises, which face a double principal-agent problem that cannot be fully addressed by CEO duality, demonstrate a weaker negative relationship between firm performance and dividend payouts. We find evidence that the negative relationship between firm performance and dividend payouts strengthened during the Covid-19 pandemic: firms were even more likely during to prefer internal financing during the pandemic years.
Keywords: Capital structure, dividend payout, pecking order theory, management power, state-owned enterprises (SOEs).
Assessing Mutual Fund Performance in China: A Sector Weight-based Approach
with D. Sheng. under review in Investment Analysts' Journal.
Abstract: In many financial markets across the globe, full historical position disclosure is not required of mutual funds, or is subject to prolonged delays, often due to regulatory restrictions. This makes measuring fund manager performance based upon the stock-picking and market-timing skills of Kacperczyk et. al., (2014) impossible. This study introduces a new methodology utilizing sector weight analysis to estimate the stock-picking and market timing skills of 198 Chinese equity mutual funds fund managers. Within-sample predictions confirm that the new measures are robust and reliably identify fund managers who outperform their peers, suggesting this method may be useful in other institutional settings where the full historical position of funds is unavailable. Fund managers with lower stock picking or market timing skills are more likely to improve their skills in the following period, which suggests that manager skills develop and change over time. Finally, our analysis reveals that fund managers with higher stock picking skills are significantly less likely to be replaced, thereby enjoying greater job security.
Keywords: stock picking; market timing; Sharpe ratio; fund manager replacement; conservatism bias
with D. Sheng. under review in Journal of Governance and Regulation.
Abstract: Using a panel of data on manufacturing firms listed on the Chinese stock exchange over the period 2017 to 2022, this research paper empirically investigates the relationship between firm performance and dividend payouts. Unique features of Chinese financial markets allow us to contribute to the literature on how corporate governance, in particular concentrated managerial power and state ownership, affects agency costs and therefore the relationship between firm performance and dividend payouts (Burdeos, 2021; Debnath et al., 2022; Vicente, 2020). The main findings of this study are as follows. Firms follow the pecking order theory when funding their capital needs: firms wait for dividends, preferring to take advantage of profitable investment opportunities when firm performance is good. This negative relationship between firm performance and dividend payout is even stronger at firms with highly concentrated managerial power as indicated by CEO duality. However, state-owned enterprises, which face a double principal-agent problem that cannot be fully addressed by CEO duality, demonstrate a weaker negative relationship between firm performance and dividend payouts. We find evidence that the negative relationship between firm performance and dividend payouts strengthened during the Covid-19 pandemic: firms were even more likely during to prefer internal financing during the pandemic years.
Keywords: Capital structure, dividend payout, pecking order theory, management power, state-owned enterprises (SOEs).
Assessing Mutual Fund Performance in China: A Sector Weight-based Approach
with D. Sheng. under review in Investment Analysts' Journal.
Abstract: In many financial markets across the globe, full historical position disclosure is not required of mutual funds, or is subject to prolonged delays, often due to regulatory restrictions. This makes measuring fund manager performance based upon the stock-picking and market-timing skills of Kacperczyk et. al., (2014) impossible. This study introduces a new methodology utilizing sector weight analysis to estimate the stock-picking and market timing skills of 198 Chinese equity mutual funds fund managers. Within-sample predictions confirm that the new measures are robust and reliably identify fund managers who outperform their peers, suggesting this method may be useful in other institutional settings where the full historical position of funds is unavailable. Fund managers with lower stock picking or market timing skills are more likely to improve their skills in the following period, which suggests that manager skills develop and change over time. Finally, our analysis reveals that fund managers with higher stock picking skills are significantly less likely to be replaced, thereby enjoying greater job security.
Keywords: stock picking; market timing; Sharpe ratio; fund manager replacement; conservatism bias
Publications - Journal Articles・研究論文
Guyot, O., Montgomery, H., & Sheng, D. (2023). The effectiveness of foreign exchange interventions in Japan. Journal of Infrastructure, Policy and Development, 7(2), 2171.
https://doi.org/10.24294/jipd.v7i2.2171 (open access full-text article)
Sheng, D., & Montgomery, H. A. (2023). Bond Issuance as Reputational Signal: Debunking the Negative Perception of Additional Liability. International Journal of Financial Studies, 11(4), 126. MDPI AG. Retrieved from http://dx.doi.org/10.3390/ijfs11040126 (open-access full-text article)
Sheng, D., & Montgomery, H. (2023). Do audits serve as an external risk oversight tool to boost firm performance? Corporate Governance and Organizational Behavior Review, 7(3), 188–203.
https://doi.org/10.22495/cgobrv7i3p15 (open access full-text article)
Sheng, D., & Montgomery, H. (2023). What Triggers Corporate Site Visits, and Do Investors Care? A Comparison of Buy-Side and Sell-Side Analyst Site Visits in China. International Journal of Financial Studies, 11(1), 16. https://doi.org/10.3390/ijfs11010016 (open access full-text article)
Sheng, D., & Montgomery, H. (2022). Should Firms in Emerging Markets invest in R&D?: Evidence from China's Manufacturing Sector. Journal of Risk and Financial Management. 15(11), pp. 517. 2022, November 2022. https://doi.org/10.3390/jrfm15110517 (view-only full-text article)
Montgomery, H. (2022) Should I Stay or Should I go Now? The effect of bank mergers on bank-firm relationships in Japan Eastern Economics Journal. Vol. 48, pp. 390–417, March 2022. (view-only full-text article)
"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)
https://doi.org/10.24294/jipd.v7i2.2171 (open access full-text article)
Sheng, D., & Montgomery, H. A. (2023). Bond Issuance as Reputational Signal: Debunking the Negative Perception of Additional Liability. International Journal of Financial Studies, 11(4), 126. MDPI AG. Retrieved from http://dx.doi.org/10.3390/ijfs11040126 (open-access full-text article)
Sheng, D., & Montgomery, H. (2023). Do audits serve as an external risk oversight tool to boost firm performance? Corporate Governance and Organizational Behavior Review, 7(3), 188–203.
https://doi.org/10.22495/cgobrv7i3p15 (open access full-text article)
Sheng, D., & Montgomery, H. (2023). What Triggers Corporate Site Visits, and Do Investors Care? A Comparison of Buy-Side and Sell-Side Analyst Site Visits in China. International Journal of Financial Studies, 11(1), 16. https://doi.org/10.3390/ijfs11010016 (open access full-text article)
Sheng, D., & Montgomery, H. (2022). Should Firms in Emerging Markets invest in R&D?: Evidence from China's Manufacturing Sector. Journal of Risk and Financial Management. 15(11), pp. 517. 2022, November 2022. https://doi.org/10.3390/jrfm15110517 (view-only full-text article)
Montgomery, H. (2022) Should I Stay or Should I go Now? The effect of bank mergers on bank-firm relationships in Japan Eastern Economics Journal. Vol. 48, pp. 390–417, March 2022. (view-only full-text article)
"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)
Publications - Books & Book Chapters・著書
“Japanese Banks International Activities”, Chapter 3 in C. D’Avino and M. Shabani (Eds.) International Banking in Global Perspective, Routledge, forthcoming Summer 2023.
“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, Routledge, July 16, 2020. (book chapter)
"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 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, Routledge, July 16, 2020. (book chapter)
"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
「マイクロファイナンスにおける持続可能な開発のアクセラレータ：WEBB Squaredによる起業家マインド育成の事例分析」国際基督教大学社会科学研究所と上智大学グローバル・コンサーン研究所、編「サステナビリティ変革への加速」の9章、東信堂、2023.
「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.
「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.
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
2023 令和５
“New Outlooks for the Scholarly Research in Corporate Governance”, June 8, 2023. Published in conference proceedings as:
Sheng, D., & Montgomery, H. A. (2023). THE DYNAMICS OF CAPITAL STRUCTURE. New Outlooks for the Scholarly Research in Corporate Governance, 90.
2022 令和４
42nd ICU SSRI-Sophia IGC International Symposium, "Accelerators for Sustainable Development", Tokyo, Japan. December 9-10, 2022.
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.)
“New Outlooks for the Scholarly Research in Corporate Governance”, June 8, 2023. Published in conference proceedings as:
Sheng, D., & Montgomery, H. A. (2023). THE DYNAMICS OF CAPITAL STRUCTURE. New Outlooks for the Scholarly Research in Corporate Governance, 90.
2022 令和４
42nd ICU SSRI-Sophia IGC International Symposium, "Accelerators for Sustainable Development", Tokyo, Japan. December 9-10, 2022.
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.)
