Current Projects
Are bank mergers good news for shareholders? The Effect of Bank Mergers on Client Firm Value (under review)
Abstract:
This study investigates the effects of bank mergers on client firm value. We find that bank merger announcements increase the likelihood of bank-firm relationship termination for all firms except credit-constrained, sick, “zombie” firms. Higher bank-firm relationship termination rates are, in turn, associated with negative abnormal returns. These findings provide evidence that bank-firm relationships have value, even for publicly listed firms.
No Bigger, No Better: Consolidation among Japan’s Regional Banks (under review)
Abstract（和文要旨）:
This study examines whether the form of bank consolidation changes the effects of consolidation events on bank profit and cost efficiency. Analyzing panel data on 122 regional banks in Japan over the 15 year period between 2000 and 2014, we find that the effects of consolidation through bank holding company (BHC) formation are quite different from the effects of consolidation through traditional merger and acquisition (M&A). Overall, consolidation statistically significantly increases profit efficiency of the banks in our sample. However, those efficiency gains all accrue to banks involved in M&A events; consolidation through bank holding company formation statistically significantly reduces bank profit efficiency. This finding holds even after controlling for economies of scale and economies of scope. The results call into question the current policy stance of the Financial Services Agency (FSA) promoting consolidation by regional banks in Japan.
Abstract:
This study investigates the effects of bank mergers on client firm value. We find that bank merger announcements increase the likelihood of bank-firm relationship termination for all firms except credit-constrained, sick, “zombie” firms. Higher bank-firm relationship termination rates are, in turn, associated with negative abnormal returns. These findings provide evidence that bank-firm relationships have value, even for publicly listed firms.
No Bigger, No Better: Consolidation among Japan’s Regional Banks (under review)
Abstract（和文要旨）:
This study examines whether the form of bank consolidation changes the effects of consolidation events on bank profit and cost efficiency. Analyzing panel data on 122 regional banks in Japan over the 15 year period between 2000 and 2014, we find that the effects of consolidation through bank holding company (BHC) formation are quite different from the effects of consolidation through traditional merger and acquisition (M&A). Overall, consolidation statistically significantly increases profit efficiency of the banks in our sample. However, those efficiency gains all accrue to banks involved in M&A events; consolidation through bank holding company formation statistically significantly reduces bank profit efficiency. This finding holds even after controlling for economies of scale and economies of scope. The results call into question the current policy stance of the Financial Services Agency (FSA) promoting consolidation by regional banks in Japan.
Publications - Journal Articles・研究論文
"The Effect of Bank Mergers on Client Firms: Evidence from the Credit Supply Channel" with Y. Takahashi. Japanese Economic Review. Forthcoming 2018. (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. (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. (article)
"Too Big to Succeed? Banking Sector Consolidation and Efficiency" with K. Harimaya and Y. Takahashi. Journal of International Financial Markets, Institutions & Money, 32, pp. 86-106, 2014. (article)
"Are Japanese financial markets rational? Evidence from bank merger events" with Y. Takahashi. Banks and Bank Systems, 9(2), pp. 86-91, 2013. (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. (article)
“Can Commercially-oriented Microfinance Help Meet the Millennium Development Goals? Evidence from Pakistan” with John Weiss. World Development, 39(1), pp. 87-109, January 2011. (article)
“The Effectiveness of Bank Recapitalization Policies in Japan” with Satoshi Shimizutani. Japan and the World Economy, 21(1), pp. 1-25, January 2009. (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, 14(1), pp. 30-44, January-February 2006. (article)
“Great Expectations: Microfinance and Poverty Reduction in Asia and Latin America” with John Weiss Oxford Development Studies, 33(3&4), pp. 391-416, September-December 2005. (article)
“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. (book)
“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. (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 19(1), pp. 24-36, March 2005. (article)
“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. (article)
“Taiwan’s Looming Banking Crisis.” Journal of Asian Economics 14(4), pp. 645-667, August 2003. (article)
“The Future Role of Foreign Banks in Asia”. Asian Development bank Institute Policy Brief No. 8, January 2003. (article)
“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. (article)
“Taipei,China’s Banking Problems: Lessons from the Japanese Experience”. Asian Development Bank Institute Research Paper No. 42, September 2002. (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. (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. (article)
"Too Big to Succeed? Banking Sector Consolidation and Efficiency" with K. Harimaya and Y. Takahashi. Journal of International Financial Markets, Institutions & Money, 32, pp. 86-106, 2014. (article)
"Are Japanese financial markets rational? Evidence from bank merger events" with Y. Takahashi. Banks and Bank Systems, 9(2), pp. 86-91, 2013. (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. (article)
“Can Commercially-oriented Microfinance Help Meet the Millennium Development Goals? Evidence from Pakistan” with John Weiss. World Development, 39(1), pp. 87-109, January 2011. (article)
“The Effectiveness of Bank Recapitalization Policies in Japan” with Satoshi Shimizutani. Japan and the World Economy, 21(1), pp. 1-25, January 2009. (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, 14(1), pp. 30-44, January-February 2006. (article)
“Great Expectations: Microfinance and Poverty Reduction in Asia and Latin America” with John Weiss Oxford Development Studies, 33(3&4), pp. 391-416, September-December 2005. (article)
“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. (book)
“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. (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 19(1), pp. 24-36, March 2005. (article)
“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. (article)
“Taiwan’s Looming Banking Crisis.” Journal of Asian Economics 14(4), pp. 645-667, August 2003. (article)
“The Future Role of Foreign Banks in Asia”. Asian Development bank Institute Policy Brief No. 8, January 2003. (article)
“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. (article)
“Taipei,China’s Banking Problems: Lessons from the Japanese Experience”. Asian Development Bank Institute Research Paper No. 42, September 2002. (article)
Publications - Books・著書
"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. (book chapter)
“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. (book chapter)
“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. (book chapter)
“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. (book chapter)
“Microfinance,” Berkshire Encyclopedia of Sustainability, Volume 7, China, India, East and Southeast Asia: Assessing Sustainability, Berkshire, Great Barrington, 2012. (book chapter)
“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. (book chapter)
“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. (book chapter)
“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. (book chapter)
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 with ICU Students
“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)
“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)
Recent Presentations
2017 平成２９
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.
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.
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.)
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.
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.
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.)