The Center for International Research on the Japanese Economy (CIRJE), University of Tokyo, Japan

The Center for Advanced Research in Finance (CARF), University of Tokyo, Japan

The Research Center for the Relationship between Market Economy and Non-Market Institutions, a Center of Excellence (COE) program in the Graduate School of Economics, University of Tokyo

9:30-10:00 Registration

10:00-10:10
Opening Remarks

10:00-11:00
Chair: Sang Kee Min (College of Business Administration, Seoul National University)

Speaker: Zhangkai Huang (Guanghua School of Management, Peking University),
"Marketability, control, and the pricing of block shares" (joint with Xingzhong Xu (Peking University))
Discussant: In June Kim (School of Economics, Seoul National University)

11:00 - 11:10: Coffee Break

11:10 - 12:50
Chair: Akiyoshi Horiuchi (Faculty of Policy Studies, Chuo University)

Speaker: Changyong Rhee (School of Economics, Seoul National University),
"Corporate Bonds: A Spare Tire in Emerging Market?" (joint with Todd Gormley (MIT) and Simon Johnson (MIT))
Discussant: Eiji Ogawa (Faculty of Commerce and Management, Hitotsubashi University)

Speaker: Shin-ichi Fukuda (Faculty of Economics, University of Tokyo) and Munehisa Kasuya (Research and Statistics Department, Bank of Japan),
"Impaired Bank Health and Default Risk" (joint with Kentoaro Akashi (University of Tokyo))
Discussant: Chunxin Jia, (Guanghua School of Management, Peking University)

13:00 - 14:15: Lunch

14:30 - 15:20
Chair: Sang Kee Min (College of Business Administration, Seoul National University)

Speaker: Yi Zhang (Guanghua School of Management, Peking University),
"Is there penalty for crime? Corporate scandal and management turnover in China" (joint with Peng Sun (Peking University))
Discussant: Qing-yuan Sui (Division of Economics and Business Administration, Yokohama City University)

15:20 - 15:30: Coffee Break

15:30 - 17:10
Chair: Juro Teranishi (College of Commerce, Nihon University)

Speaker: Sung Wook Joh (College of Business Administration, Seoul National University),
"The effects of ownership structure on corporate payout policy: Incentive alignment or entrenchment" (joint with Young Kyung Ko (Korea University))
Discussant: Li Liu (Guanghua School of Management, Peking University)

Speaker: Katsuyuki Kubo (School of Commerce, Waseda University),
"Dividend policy and financial incentive of top managers: case in Japan"
(joint with Takuji Saito (Japan Society for the Promotion of Science and Waseda University Discussant: Shasha Xu, (Guanghua School of Management, Peking University)

18:00 - 20:00 Dinner