RIETI International Workshop

JSPS Core-to-Core Program: "Governance Reforms from Comparative Perspective"
Day 1: RIETI Workshop "Capital Market and Control"


RIETI and Waseda Institute for Advanced Study (WIAS) will conduct a international seminar by Core-to-Core Program of JSPS. On November 5th, A 3-session symposium for invitees will be held as Day1 session. The purposes of this seminar are to wrap up the past research activities and to explore new issues to be challenged.


  • Date and time: 10:00-17:30, November 5th, 2019
  • Venue: RIETI's seminar room #1119, 1121 (METI Annex 11th Floor)
  • Host: Research Institute of Economy, Trade and Industry (RIETI)


10:00 -10:10 Opening Remarks

Rikutaro HAMADA (Japan Society for the Promotion of Science)

Makoto YANO (RIETI President and Chief Research Officer)

Session 1 : "The Role of Institutional Investors"


Colin MAYER (University of Oxford)

1."The engagement of long-term investors: the case of Standard life" (tentative)

10:10-10:40 Presenter

Marco BECHT (Université Libre de Bruxelles),

Julian FRANKS (London Business School)

10:40-10:55 Discussant

Wataru TANAKA (University of Tokyo)

10:55-11:00 Q&A

2."Quiet activism in Japan"

11:00-11:30 Presenter

Kazunori SUZUKI (Waseda University)

11:30-11:45 Discussant

Vikas MEHROTRA (University of Alberta)

11:45-11:50 Q&A

Session 2: "Board Reforms and Corporate Governance and Labor Relations"


Marco BECHT (Université Libre de Bruxelles)

3."Corporate Governance and Inequality: Wages and Non-standard Work in Japan"

13:00-13:30 Presenter

Gregory JACKSON (Free University of Berlin),

13:30-13:45 Discussant

Yupana WIWATTANAKANTANG (National University of Singapore)

4."Consequence of Corporate Governance Reforms"

13:50-14:20 Presenter

Hideaki MIYAJIMA (Waseda University)

14:20-14:35 Discussant

Colin MAYER (University of Oxford)

14:35-14:40 Q&A

Session 3: "Capital Market and Control"


Julian FRANKS (London Business School)

5. "Asset Prices and Corporate Responses to Bank of Japan ETF purchases"

15:00-15:30 Presenter:

Yupana WIWATTANAKANTANG (National University of Singapore)

15:30-15:45 Discussant

Yusuke OSAKI (Waseda University)

15:45-15:50 Q&A

6. "Anatomy of Stock Returns in Japan from 1977-2017"

15:50-16:20 Presenter

Vikas MEHROTRA (University of Alberta)

16:20-16:35 Discussant

Kotaro INOUE (Tokyo Institute of Technology)

16:35-16:40 Q&A

7. "Stock Repurchases and Corporate Control: Evidnce from Japan"

16:40-17:10 Presenter

Ryo OGAWA (Chiba University of Commerce)

17:10-17:25 Discussant

Marco BECHT (Université Libre de Bruxelles)

17:25-17:30 Q&A

17:30 Closing Remarks