RIETI International Workshop

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


  • 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)


On 5 November 2019, an International workshop titled "Capital market and control" was held at the Research Institute of Economy, Trade and Industry (RIETI). This workshop was a part of a three-day conference, titled "JSPS Core-to-Core Program: Governance reforms from comparative perspectives."

Various academic papers on corporate governance and capital markets were presented and discussed. There were three sessions in this workshop. The first session was on the role of institutional investors. Firstly, Marco Becht and Julian Franks presented their paper on "The engagement of long-term investors: the case of Standard life," which was a detailed examination of the information on Standard Life. Then Marco Bechtk, Julian Franks, Hideaki Miyajima and Kazunori Suzuki presented their paper titled "Quiet activism in Japan," which compares the effect of 'noisy activism' and that of 'quiet activism' in Japan.

The second session was on "Board Reforms and Corporate Governance and Labor Relations." Firstly, Gregory Jackson and Katsuyuki Kubo presented their papers titled "Corporate Governance and Inequality: Wages and Non-standard Work in Japan," which investigated the effect of corporate governance reform on various measures of inequality. Then Hideaki Miyajima and Takuji Saito presented "Consequence of Corporate Governance Reforms," which is an empirical examination of the effects of corporate governance reform.

The third session was on "Capital Markets and Control." Firstly, Yupana Wiwattanakantang presented her paper on "Asset Prices and Corporate Responses to Bank of Japan ETF purchases," which examines the effect of ETF purchases on capital markets in Japan. Lastly, Julian Franks, Colin Mayer, Hideaki Miyajima and Ryo Ogawa presented their paper "Stock Repurchases and Corporate Control: Evidence from Japan."