RIETI-CARF Policy Symposium

What Financing Mechanisms and Organizations of Business Entities Best Facilitate Innovation? (Handouts)

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Handouts [Monday, February 27, 2006]

9:30-9:40 Explanation of the proceedings:
HISATAKE Masato (RIETI Senior Fellow)
9:40-10:20 Opening Keynote Session:
9:40-10:00 Overview: "Risk Money and Corporate Growth - the Function of Securitization and Liquiditization"
KOBAYASHI Takao (Faculty Fellow, RIETI / Professor, The University of Tokyo)
Presentation [PDF: 244KB]
10:20-11:45 Session 1: "Finance and Investment - a Theoretical Framework"
Session Chair:
KOBAYASHI Takao (Faculty Fellow, RIETI / Professor, The University of Tokyo)
10:20-10:45 Presentation: "Venture capital - financing innovation and supporting institutions"
UEDA Masako (Assistant Professor, University of Wisconsin-Madison)
Presentation [PDF: 116KB]
10:45-11:10 Presentation: "Current status and issues for Japanese venture capitals - through a cross-country comparison with the US"
TAKAHASHI Fumio (Professor, Aoyama Gakuin University)
Paper (Japanese) [PDF: 249KB]
Presentation (Japanese) [PDF: 340KB]
13:00-14:00 Session 2: "Investors' Perspective: Examining their Motives"
Session Chair:
SAITO Jun (Executive Staff, Nikon Corporation / Research Fellow, RCAST, The University of Tokyo)
13:00-13:20 Presentation: "Securitization and competing forms of finance for non-listed companies"
Joseph McCAHERY (Professor, University of Tilburg and University of Amsterdam)
Paper (same as Sessions 3 Paper) [PDF: 1,138KB]
Paper (same as Sessions 3 Presentation) [PDF: 807KB]
Presentation [PDF: 1,858KB]
13:20-13:40 Presentation: "Legal Framework of LLP and LLC in Singapore"
Ronnie QUEK CHENG CHYE (Partner, Corporate & Commercial, Allen & Gledhill)
Paper [PDF: 187KB]
Presentation [PDF: 3,064KB]
14:20-15:40 Session 3: "Entrepreneurs' Perspective: What Facilitates their Innovation?"
Session Chair:
Joseph McCAHERY (Professor, University of Tilburg and University of Amsterdam)
14:20-14:40 Presentation: "Liquiditization and Securitization: Joint Ventures, Innovation and Entrepreneurship"
Erik VERMEULEN (Professor, University of Tilburg)
Paper (same as Sessions 2 Paper) [PDF: 1,138KB]
Paper (same as Sessions 2 Presentation) [PDF: 807KB]
Presentation [PDF: 2,837KB]
14:40-15:00 Presentation: "Innovation and allocation of control rights"
YANAGAWA Noriyuki (Faculty Fellow, RIETI / Associate Professor, The University of Tokyo)
15:00-15:20 Presentation: "Transparency and disclosure in non-listed companies"
Leo GOLDSCHMIDT (Director, European Corporate Governace Institute / Honorary Managing Partner, Bank Degroof)
Presentation [PDF: 59KB]
16:00-17:30 Session 4: "What to Learn from Differences Emanating from Institutional Divergence among Nations?"
Session Chair:
YANAGAWA Noriyuki (Faculty Fellow, RIETI / Associate Professor, The University of Tokyo)
16:00-16:20 Presentation: "J-LLC & J-LLP: Innovation of business organization law in Japan"
TANAKA Wataru (Associate Professor, Seikei University)
Presentation [PDF: 120KB]
16:20-16:40 Presentation: "Promoting innovation: the law of publicly traded corporations"
Merritt B. FOX (Professor, Columbia University School of Law)
Paper [PDF: 53KB]
Presentation [PDF: 117KB]
16:40-17:00 Presentation: "Remaining Issues that can be Extracted from International Comparison"
HISATAKE Masato (Senior Fellow, RIETI)
SAITO Jun (Executive Staff, Nikon Corporation / Research Fellow, RCAST, The University of Tokyo)

Handouts [Tuesday, February 28, 2006]

13:00-13:10 Opening Remarks:
UEDA Kazuo (Professor, The University of Tokyo)
13:10-14:50 Recapitulative Session: "Financing Mechanism and Organizations of Business Entities that Best Facilitate Innovation"
Session Chair:
HISATAKE Masato (Senior Fellow, RIETI)
13:15-13:35 Session 1 Summary: "Finance and Investment - a Theoretical Framework"
KOBAYASHI Takao (Faculty Fellow, RIETI / Professor, The University of Tokyo)
Presentation [PDF: 453KB]
UEDA Masako (Assistant Professor, University of Wisconsin-Madison)
Presentation [PDF: 104KB]
13:35-13:55 Session 2 Summary: "Investors�EPerspective: Examining their Motives"
SAITO Jun (Executive Staff, Nikon Corporation / Research Fellow, RCAST, the University of Tokyo)
Ronnie QUEK CHENG CHYE (Partner, Corporate & Commercial, Allen & Gledhill)
Presentation (McCAHERY, QUEK and SAITO) [PDF: 748KB]
13:55-14:15 Session 3 Summary: "Entrepreneurs�EPerspective: What Facilitates their Innovation?"
Erik VERMEULEN (Professor, University of Tilburg)
Leo GOLDSCHMIDT (Director, European Corporate Governace Institute / Honorary Managing Partner, Bank Degroof)
Presentation [PDF: 352KB]
14:15-14:35 Session 4 Summary: "What to Learn from Differences Emanating from Institutional Divergence among Nations?"
YANAGAWA Noriyuki (Faculty Fellow, RIETI / Associate Professor, The University of Tokyo)
Presentation (FOX) [PDF: 79KB]
TANAKA Wataru (Associate Professor, Seikei University)
Presentation [PDF: 81KB]
15:00-16:40 Panel Discussion
Session Chair:
HISATAKE Masato (Senior Fellow, RIETI)
Panelists:
YANAGAWA Noriyuki (Faculty Fellow, RIETI / Associate Professor, The University of Tokyo)
TANAKA Wataru (Associate Professor, Seikei University)
Joseph McCAHERY (Professor, University of Tilburg and University of Amsterdam)
Merritt B. FOX (Professor, Columbia University School of Law)
Presentation (McCAHERY and FOX) [PDF: 478KB]
ICHIKAWA Masakazu (Director, Industrial Finance Division, METI)
Presentation (Japanese) [PDF: 1,120KB]
16:40-16:50 Closing Remarks:
OIKAWA Kozo (Chairman, RIETI)