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March 3, 2024

Vita
Arito Ono
Professor
Department of Banking and Corporate Finance, Faculty of Commerce
Chuo University742-1 Higashinakano, Hachioji-shi
Tokyo 192–0393, JAPAN
Phone: +81–42–674–3595
E-mail: a-ono “at” tamacc.chuo-u.ac.jp (Replace “at” with @)https://valley68.com/english/
https://c-research.chuo-u.ac.jp/html/100003023_en.html
Date of Birth: March 14, 1968
Citizenship: Japan
Education:
Brown University, Ph. D. in Economics, 2001
Brown University, A.M. in Economics, 1998
University of Tokyo, B.A. with Honors in Economics, 1991
Professional Positions:
Chuo University
Professor, April 2015–present(Sabbatical leave) Visiting Scholar, School of Management, University of St
Andrews, April 2023–March 2024
(Sabbatical leave) Visiting Professor, Darla Moore School of Business, University ofSouth Carolina, April 2022–March 2023
Mizuho Research Institute Ltd.
Senior Economist, April 2011–March 2015
Institute for Monetary and Economic Studies, Bank of Japan
Senior Economist, October 2009–March 2011
Mizuho Research Institute Ltd.
Senior Economist, October 2002–September 2009
Fuji Research Institute Corporation
April 1991–September 2002
Fields of Research:Banking, Corporate Finance1

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Books
Haneda, Shoko, and Arito Ono, R&D Management Practices and Innovation: Evidence from a Firm
Survey, Springer Briefs in Economics, Tokyo: Springer, 2022.
Watanabe, Tsutomu, Iichiro Uesugi, and Arito Ono (Eds.), The Economics of Interfirm Networks,
Advances in Japanese Business and Economics Vol. 4, Tokyo: Springer, 2015.
Uchida, Hirofumi, Arito Ono, Souichirou Kozuka, Makoto Hazama, and Iichiro Uesugi, Interfirm
Relationships and Trade Credit in Japan: Evidence from Micro-Data, Springer Briefs in
Economics, Tokyo: Springer, 2015.
Articles(a) Refereed articles
Ono, Arito, Yukiko Saito, Koji Sakai, and Iichiro Uesugi, “Does Geographical Proximity Matter in
Small Business Lending? Evidence from Changes in Main Bank Relationships,” Asia-Pacific
Journal of Financial Studies 52(5), 819–855, October 2023.
Haneda, Shoko, and Arito Ono, “Corporate culture and product innovation: evidence from a firm survey,”
Applied Economics Letters, accepted, June 2023.
Honda, Tomohito, Kaoru Hosono, Daisuke Miyakawa, Arito Ono, and Iichiro Uesugi, “Determinants
and Effects of the Use of COVID-19 Business Support Programs in Japan,” Journal of theJapanese and International Economies 67, 101239, March 2023.
Iwaisako, Tokuo, Arito Ono, Amane Saito, and Hidenobu Tokuda, “Disentangling the effect of homeownership on household stockholdings: Evidence from Japanese micro data,” Real Estate
Economics 50(1), 268–295, Spring 2022.
Ono, Arito, Hirofumi Uchida, Gregory Udell, and Iichiro Uesugi, “Lending Pro-Cyclicality and MacroPrudential Policy: Evidence from Japanese LTV Ratios,” Journal of Financial Stability 53,
100819, March 2021.
Hosono, Kaoru, Daisuke Miyakawa, Taisuke Uchino, Makoto Hazama, Arito Ono, Hirofumi Uchida,and Iichiro Uesugi, “Natural Disasters, Damage to Banks, and Firm Investment,” International
Economic Review 57(4), pp. 1335–1370, November 2016.
Uchida, Hirofumi, Daisuke Miyakawa, Kaoru Hosono, Arito Ono, Taisuke Uchino, and Iichiro Uesugi,“Financial Shocks, Bankruptcy, and Natural Selection,” Japan and the World Economy 36, pp.
123–135, November 2015.
Ono, Arito, Ryo Hasumi, and Hideaki Hirata, “Differentiated Use of Small Business Credit Scoring byRelationship Lenders and Transactional Lenders: Evidence from Firm-Bank Matched Data inJapan,” Journal of Banking & Finance 42, pp. 371-380, May 2014.
Ono, Arito, Iichiro Uesugi, and Yukihiro Yasuda, "Are Lending Relationships Beneficial or Harmful for
Public Credit Guarantees? Evidence from Japan's Emergency Credit Guarantee Program,"
Journal of Financial Stability 9(2), pp. 151-167, June 2013.
Ono, Arito, Koji Sakai, and Iichiro Uesugi, “The Effects of Collateral on Firm Performance,” Journalof the Japanese and International Economies 26(1), pp. 84-109, March 2012.
Ono, Arito, and Iichiro Uesugi, “Role of Collateral and Personal Guarantees in Relationship Lending:
Evidence from Japan's SME Loan Market,” Journal of Money, Credit, and Banking 41(5), pp.

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935-960, August 2009.
(b) Non-refereed articles
Ono, Arito, and Iichiro Uesugi, "SME Financing in Japan during the Global Financial Crisis: Evidence
from Firm Surveys," International Review of Entrepreneurship 12(4), pp. 191–218, 2014(invited article).
Noda, Akihiko, Tomoyuki Ohta, and Arito Ono, “Determinants of Transaction-based Lending to SMEs
in Japan: Borrower Characteristics Evidence from the MHRI Survey,” Mizuho Research Paper
Vol. 14, July 2007.
Ono, Arito, “The Current Status of Small Business Credit Scoring in Japan: Based upon survey evidence
on its use by Japanese banks,” Mizuho Research Paper Vol. 6, August 2005.
Ono, Arito, “A Cure Worse than the Disease? Involving the Private Sector in Emerging Market Crises,”
Fuji Research Paper Vol. 24, July 2002.
(c) Chapters in books
Ono, Arito, Hirofumi Uchida, Souichirou Kozuka, and Makoto Hazama, “A New Look at Bank-Firm
Relationships and the Use of Collateral in Japan: Evidence from Teikoku Databank Data,” in
Watanabe, Tsutomu, Iichiro Uesugi, and Arito Ono (Eds.), The Economics of Interfirm
Networks, Advances in Japanese Business and Economics Vol. 4, pp. 191–214, Tokyo:
Springer, 2015.
(d) Working papers, unpublished manuscripts
Honda, Tomohito, Kaoru Hosono, Daisuke Miyakawa, Arito Ono, Iichiro Uesugi, “Imperfect Take-up
of COVID-19 Business Support Programs,” RIETI Discussion Paper Series 24-E-001, January2024.
Honda, Tomohito, Arito Ono, Iichiro Uesugi, and Yukihiro Yasuda, “Anatomy of Out-of-court Debt
Workouts for SMEs,” RIETI Discussion Paper Series 23-E-088, December 2023.
Gunji, Hiroshi, Arito Ono, Masato Shizume, Hirofumi Uchida, and Yukihiro Yasuda, “Unit Cost of
Financial Intermediation in Japan, 1954‒2020,” RIETI Discussion Paper Series 23-E-076,
October 2023.
Haneda, Shoko, Koki Kurihara, and Arito Ono, “The Effect of Staged Project Management on ProductInnovation: Evidence from a Firm Survey,” NISTEP Discussion Paper No. 209, June 2022.
Honjo, Yuji, Arito Ono, and Daisuke Tsuruta, “The Effect of Physical Collateral and Personal
Guarantees on Business Start-ups,” RIETI Discussion Paper Series 19-E-087, October 2019.
Hosono, Kaoru, Daisuke Miyakawa, Arito Ono, Hirofumi Uchida, and Iichiro Uesugi, “Damage to theTransportation Infrastructure and Disruption of Inter-firm Transactional Relationships,” RIETI
Discussion Paper Series 19-E-043, June 2019.
Uesugi, Iichiro, Kaoru Hosono, Daisuke Miyakawa, Arito Ono, Hirofumi Uchida, "Reallocation of
Tangible Assets and Productivity," Hitotsubashi University Real Estate Markets, Financial
Crisis, and Economic Growth: An Integrated Economic Approach Working Paper Series No.
80, March 2018.
Uesugi, Iichiro, Daisuke Miyakawa, Kaoru Hosono, Arito Ono, and Hirofumi Uchida, "The Collateral
Channel versus the Bank Lending Channel: Evidence from a Massive Earthquake,"
Hitotsubashi University Real Estate Markets, Financial Crisis, and Economic Growth: An

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Integrated Economic Approach Working Paper Series No. 79, March 2018.
Ono, Arito, Katsushi Suzuki, and Iichiro Uesugi, “When Japanese banks become pure creditors: Effects
of declining shareholding by banks on bank lending and firms' risk-taking,” Hitotsubashi
University Real Estate Markets, Financial Crisis, and Economic Growth: An Integrated
Economic Approach Working Paper Series No. 76, March 2018.
Ono, Arito, Kosuke Aoki, Shinichi Nishioka, Kohei Shintani, and Yosuke Yasui, “Long-term interest
rates and bank loan supply: Evidence from firm-bank loan-level data,” TCER Working Paper
E–119, February 2018.
Ono, Arito, and Yukihiro Yasuda, “Forgiveness versus financing: The determinants and impact of SME
debt forbearance in Japan,” RIETI Discussion Paper Series 17-E-086, May 2017.
Iwaisako, Tokuo, Arito Ono, Amane Saito, and Hidenobu Tokuda, “Impact of population aging on
household savings and portfolio choice in Japan,” Hitotsubashi University Real Estate Markets,
Financial Crisis, and Economic Growth: An Integrated Economic Approach Working Paper
Series No. 61, September 2016.
Uchida, Hirofumi, Daisuke Miyakawa, Kaoru Hosono, Arito Ono, Taisuke Uchino, and Iichiro Uesugi,"Natural Disaster and Natural Selection," RIETI Discussion Paper Series 14-E-055, September
2014.
Ono, Arito, Daisuke Miyakawa, Kaoru Hosono, Taisuke Uchino, Hirofumi Uchida, and Iichiro Uesugi,"Transaction Partners and Firm Relocation Choice: Evidence form the Tohoku Earthquake,"
RIETI Discussion Paper Series 14-E-054, September 2014.
Miyakawa, Daisuke, Kaoru Hosono, Taisuke Uchino, Arito Ono, Hirofumi Uchida, and Iichiro Uesugi,"Financial Shocks and Firm Exports: A natural experiment approach with a massive
earthquake," RIETI Discussion Paper 14-E-010, February 2014.
Ono, Arito, “The Role of Credit Scoring in Small Business Lending,” Paper presented at the ADBI
Institute Training Seminar “Financial Information Infrastructure and SME Finance,” May2006.
Ono, Arito, “On the Role of a Regional Lender of Last Resort,” IDE-JETRO APEC Working Paper,
March 2004.
Ono, Arito, “The Political Economy of Branching Restrictions: Menu Auction Approach,” Paper
presented at the Japan Society of Monetary Economics Spring Annual Meeting, May 2001.

Doctoral dissertation
The Political Economy of Branching Restriction in Japan, Ph.D. dissertation in the Department of
Economics at Brown University, May 2001.
Columns
Ono, Arito, Does geographical proximity still matter in small business lending?” ChuoOnline, 07
November 2023.
https://yab.yomiuri.co.jp/adv/chuo/dy/research/20231107_en.php
Ono, Arito, “Disentangling loan demand and loan supply shocks: Review on recent literature,”
ChuoOnline, 1 October 2015.

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https://yab.yomiuri.co.jp/adv/chuo/dy/research/20151001.html
Uchida, Hirofumi, and Arito Ono, “Natural disasters, natural selection, and firm exit: Lessons from the
Tohoku earthquake,” VOX Column, 11 February 2015.
http://www.voxeu.org/article/disasters-and-firm-exit-lessons-tohoku-earthquake
Conferences(a) Invited presentations
Annual Meeting of Japan Society of Monetary Economics, Nagoya University, September 2013(“Trading Partners and Firm Location Choice: Evidence from the Great East-Japan
Earthquake,” coauthored with Daisuke Miyakawa, Kaoru Hosono, Hirofumi Uchida, Taisuke
Uchino, and Iichiro Uesugi, invited presentation for the session “Small Business Finance under
the Earthquake”)
International Conference on Financing of SMEs in Developed Countries, Warwick Business School,
April 2006 (Keynote Presentation “Development of SME Financing in Japan”)
Public Policy Pre-conference on Global Perspectives on Entrepreneurship, International Council for
Small Business Annual Meeting, Crystal Gateway Marriott, Arlington, June 2005(“Development of SME Financing in Japan,” invited presentation for the session “Banking
Deregulation, Banking Restructuring, and Small Business Lending: An International
Comparison”)(b) Paper presentations
EEA 2023 Congress, Barcelona, August 2023 (“Long-term interest rates and bank loan supply: Evidence
from firm-bank loan-level data,” coauthored with Kosuke Aoki, Shinichi Nishioka, Kohei
Shintani, and Yosuke Yasui)
AFS 2023 Conference, Building Resilience in Emerging Markets: The Role of Corporate Governanceand Sustainability, ESCA Ecole de Management, Casablanca, July 2023 (“When banks
become pure creditors: Effects of declining shareholding by Japanese banks on bank lending
and firms' risk-taking,” coauthored with Katsushi Suzuki and Iichiro Uesugi)
16th Regional Finance Conference, Chuo University (Online meeting), August 2022 (“The Effect ofStaged Project Management on Product Innovation: Evidence from a Firm Survey,”
coauthored with Shoko Haneda and Koki Kurihara)
Annual Meeting of Japanese Economic Association, Kyushu University (Online meeting), May 2020
(The Effect of Physical Collateral and Personal Guarantees on Business Start-ups,” coauthoredwith Yuji Honjo and Daisuke Tsuruta)
The 1st CUHK-RCFS Conference on Corporate Finance and Financial Intermediation, Chinese
University of Hong Kong, June 2019 (“When banks become pure creditors: Effects ofdeclining shareholding by Japanese banks on bank lending and firms' risk-taking,” coauthoredwith Katsushi Suzuki and Iichiro Uesugi)
Japan Economic Seminar, Columbia Business School, March 2019 (“Forgiveness versus Financing: The
Determinants and Impact of SME Debt Forbearance in Japan,” coauthored with Daisuke
Miyakawa, Kazuhiko Ohashi, and Yukihiro Yasuda)
Annual Meeting of Japan Society of Monetary Economics, Nagoya City University, October 2018

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March 3, 2024(“Disentangling the Effect of Home Ownership on Household Stock-holdings: Evidence fromJapanese micro data,” coauthored with Tokuo Iwaisako, Amane Saito, and Hidenobu Tokuda)
Annual Meeting of Japanese Economic Association, Gakushuin University, September 2018(“Disentangling the Effect of Home Ownership on Household Stock-holdings: Evidence fromJapanese micro data,” coauthored with Tokuo Iwaisako, Amane Saito, and Hidenobu Tokuda)
The 30th Asian FA Annual Meeting, Hitotsubashi Hall, June 2018 (“Forgiveness versus Financing: The
Determinants and Impact of SME Debt Forbearance in Japan,” coauthored with Yukihiro
Yasuda)Hitotsubashi International Workshop on Real Estate and the Macro Economy, Hitotsubashi Hall, March2018 (“Housing, Saving, and Portfolio Choice: Evidence from the 2017 Japan Household
Panel Survey,” coauthored with Masahiro Hori, Tokuo Iwaisako, Michio Naoi, and Chihiro
Shimizu)
Nihon University College of Economics Workshop, Nihon University College of Economics, March2018 (Hosono, Kaoru, Masaki Hotei and Daisuke Miyakawa, “Tax avoidance by capital
reduction: Evidence from corporate tax reform in Japan”)
Midwest Finance Association 67th Annual Meeting, Hilton Palacio del Rio, San Antonio, March 2018(“When Japanese banks become pure creditors: Effects of declining shareholding by banks onbank lending and firms' risk taking,” coauthored with Katsushi Suzuki and Iichiro Uesugi)
2nd Household Finance Conference, Hitotsubashi University, January 2018 (“Disentangling the Effectof Housing on Household Stock Holdings: Evidence from Japanese micro data,” coauthoredwith Tokuo Iwaisako, Amane Saito, and Hidenobu Tokuda)
Hitotsubashi-RIETI International Workshop on Real Estate and the Macro Economy, Research Instituteof Economy, Trade and Industry, December 2017 (“Disentangling the Effect of Housing on
Household Stock Holdings: Evidence from Japanese micro data,” coauthored with Tokuo
Iwaisako, Amane Saito, and Hidenobu Tokuda)
Annual Meeting of Japan Society of Monetary Economics, Kagoshima University, September 2017(“When Japanese banks become pure creditors: Effects of declining shareholding by banks onbank lending and firms' risk taking,” coauthored with Katsushi Suzuki and Iichiro Uesugi)
Annual Meeting of Japanese Economic Association, Aoyama Gakuin University, September 2017(“When Japanese banks become pure creditors: Effects of declining shareholding by banks onbank lending and firms' risk taking,” coauthored with Katsushi Suzuki and Iichiro Uesugi)
11th Regional Finance Conference, Kushiro Public University of Economics, August 2017(“Forgiveness versus Financing: The Determinants and Impact of SME Debt Forbearance inJapan,” coauthored with Yukihiro Yasuda)
Summer Workshop on Economic Theory, Hokkaido University, August 2017 (“Forgiveness versus
Financing: The Determinants and Impact of SME Debt Forbearance in Japan,” coauthoredwith Yukihiro Yasuda)
Darla Moore School of Business - Hitotsubashi University Second International Conference on
Corporate Finance: Governments, Corporate Governance and Corporate Policies, Hitotsubashi
University, August 2017 (“Forgiveness versus Financing: The Determinants and Impact of
SME Debt Forbearance in Japan,” coauthored with Yukihiro Yasuda)

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The 18th Macroeconomics Conference, co-sponsored by The Tokyo Center for Economic Research(TCER), The Institute of Social and Economic Research of Osaka University, Faculty of
Economics - Keio University, Center for Advanced Research in Finance - University of Tokyo,
Research Center for Economic and Social Risks - Hitotsubashi University, Hotel Hankyu Expo
Park, Osaka, November 2016 (“Long-term Interest Rates and Bank Loan Supply: Evidence
from Firm-Bank Loan-Level Data,” coauthored with Kosuke Aoki, Shinichi Nishioka, Kohei
Shintani, and Yosuke Yasui)
10th Regional Finance Conference, Ehime University, September 2016 (“Why Do Banks Hold Equity?
Evidence from the Japan’s Regulatory Change on Banks’ Equity Holdings,” coauthored with
Katsushi Suzuki and Iichiro Uesugi)
ESRI/NBER International Conference 2016 “Aging in Japan: The Impact of the Retirement of Japan’s
Baby Boomers,” Asian Development Bank Institute, July 2016 (“Impact of Aging Populationon Household Savings and Portfolio in Japan,” coauthored with Tokuo Iwaisako, Amane Saito,
and Hidenobu Tokuda)
5th MoFiR Workshop on Banking, Driehaus College of Business, DePaul University, June 2016 (“Longterm Interest Rates and Bank Loan Supply: Evidence from Firm-Bank Loan-Level Data,”
coauthored with Kosuke Aoki, Shinichi Nishioka, Kohei Shintani, and Yosuke Yasui)
ABFER 4th Annual Conference, The Shangri-La Hotel Singapore, May 2016 (“Long-term Interest
Rates and Bank Loan Supply: Evidence from Firm-Bank Loan-Level Data,” coauthored with
Kosuke Aoki, Shinichi Nishioka, Kohei Shintani, and Yosuke Yasui)
NBER Japan Project Meeting, Asian Development Bank Institute, July 2015 (“Transaction Partners andFirm Relocation Choice: Evidence from the Tohoku Earthquake,” coauthored with Daisuke
Miyakawa, Kaoru Hosono, Hirofumi Uchida, Taisuke Uchino, and Iichiro Uesugi)
Hitotsubashi-RIETI International Workshop on Real Estate Market and the Macro Economy, ResearchInstitute of Economy, Trade, and Industry, December 2014 (“Residential Property andHousehold Stock Holdings: Evidence from Japanese micro data,” coauthored with Tokuo
Iwaisako, Amane Saito, and Hidenobu Tokuda)
Annual Meeting of Japanese Economic Association, Seinan Gakuin University, October 2010(“Transaction Partners and Firm Location Choice: Evidence from the Great East Japan
Earthquake,” coauthored with Daisuke Miyakawa, Kaoru Hosono, Taisuke Uchino, Hirofumi
Uchida, and Iichiro Uesugi)
8th Regional Finance Conference, Waseda University, August 2014 (“Does Geographical Proximity
Matter in Small Business Lending? Evidence from the Switching of Main Bank Relationships,”
coauthored with Yukiko Saito, Koji Sakai, and Iichiro Uesugi)
Concluding Conference of the Macro-prudential Research (MaRs) Network of the European System ofCentral Banks, June 2014 (“Lending Pro-Cyclicality and Macro-Prudential Policy: Evidence
from Japanese LTV Ratios,” coauthored with Hirofumi Uchida, Gregory Udell, and Iichiro
Uesugi)
Conference of JSPS Great East Japan Earthquake Macroeconomics Group, Hitotsubashi University,
March 2014 (“Transaction Partners and Firm Location Choice: Evidence from the Great EastJapan Earthquake,” coauthored with Daisuke Miyakawa, Kaoru Hosono, Hirofumi Uchida,7

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Taisuke Uchino, and Iichiro Uesugi)
The 15th Macroeconomics Conference, co-sponsored by UTokyo Price Project - Grant for Prominent
Graduate Schools under the Program "Human Behavior and Socioeconomic Dynamics",
Graduate School of Economics and Institute of Social and Economic Research, Osaka
University - Research Center for Price Dynamics, Institute of Economic Research,
Hitotsubashi University - Tokyo Center for Economic Research (TCER), University of Tokyo,
December 2013 (“Lending Pro-Cyclicality and Macro-Prudential Policy: Evidence fromJapanese LTV Ratios,” coauthored with Hirofumi Uchida, Gregory Udell, and Iichiro Uesugi)
Annual Meeting of Japanese Economic Association, Kanagawa University, September 2013 (“Does
Geographical Proximity or Relational Proximity Matter in Small Business Lending? Evidence
from the Borrower-Lender Distance in Japan, 2000-2010,” coauthored with Yukiko Saito, Koji
Sakai, and Iichiro Uesugi)
Small business financing, European Central Bank, Kelley School of Business - Indiana University,
Center for Economic Policy Research, and Review of Finance, December 2012(“Differentiated Use of Small Business Credit Scoring by Relationship Lenders andTransactional Lenders: Evidence from firm-bank matched data in Japan,” coauthored with Ryo
Hasumi and Hideaki Hirata)
Summer Workshop on Economic Theory, Otaru University of Commerce, August 2011 (“DifferentiatedUse of Small Business Credit Scoring by Relationship Lenders and Transactional Lenders:
Evidence from firm-bank matched data in Japan,” coauthored with Ryo Hasumi and Hideaki
Hirata)Annual Meeting of Japan Society of Monetary Economics, Kobe University, September 2010 (“WhyDoes Relationship Lenders Use Small Business Credit Scoring? Evidence from firm-banked
matched data in Japan,” coauthored with Ryo Hasumi and Hideaki Hirata)
RIETI International Workshop, October 2009 (“Does Distance Matter in Loan Availability and Prices?
Evidence from Japan’s SME Loan Market,” coauthored with Yukiko Saito, Koji Sakai, andIichiro Uesugi)
Annual Meeting of Japan Society of Monetary Economics, Hiroshima University, October 2008 (“TheEffects of Collateral on SME Performance in Japan,” coauthored with Koji Sakai and Iichiro
Uesugi)Annual Meeting of Japanese Economic Association, Kinki University, September 2008 (“The Effectsof Collateral on SME Performance in Japan,” coauthored with Koji Sakai and Iichiro Uesugi)
1st Regional Finance Conference, Osaka University, March 2008 (“The Effects of Collateral on Small
Firm Performance in Japan,” coauthored with Koji Sakai and Iichiro Uesugi)
The 9th Macroeconomics Conference, Keio University, December 2007 (“The Role of Collateral andPersonal Guarantees in Relationship Lending: Evidence from Japan's Small Business Loan
Market,” coauthored with Iichiro Uesugi)
The Changing Geography of Banking, University of Ancona co-sponsored by the Italian Ministry of
Education, University and Research, The Bank of Italy, The Italian Banking Association,
Banca Popolare di Ancona, and the Review of Finance, Italy, September 2006 (“The Role ofCollateral and Personal Guarantees in Relationship Lending: Evidence from Japan's Small

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Business Loan Market,” coauthored with Iichiro Uesugi)
Annual Meeting of Japanese Economic Association, Fukushima University, June 2006 (“The Role ofCollateral and Personal Guarantees in Relationship Lending: Evidence from Japan's Small
Business Loan Market,” coauthored with Iichiro Uesugi）
Annual Meeting of Japan Society of Monetary Economics, Waseda University, April 2006 (“The Roleof Collateral and Personal Guarantees in Relationship Lending: Evidence from Japan's Small
Business Loan Market, coauthored with Iichiro Uesugi)
International Conference on Financing of SMEs in Developed Countries, Warwick Business School,
United Kingdom, April 2006 (“The Role of Collateral and Personal Guarantees in Relationship
Lending: Evidence from Japan's Small Business Loan Market,” coauthored with Iichiro
Uesugi)Annual Meeting of Japan Society of Monetary Economics, Keio University, May 2001 (“The Political
Economy of Branching Restrictions: Menu Auction Approach”)(c) Discussant
5th Conference on Contemporary Issues in Banking, University of St Andrews, December 2023
(Barbara Casu, Laura Chiaramonte, Doriana Cucinell, “Bank lending, liquidity regulation andunconventional monetary policies in the Eurozone.”)AFS 2023 Conference, Building Resilience in Emerging Markets: The Role of Corporate Governanceand Sustainability, ESCA Ecole de Management, Casablanca, July 2023 (Boubakri, Narjess,Jocelyn Grira, and Chiraz Labidi, “State Capitalism and Political Uncertainty in Banking:Empirical Evidence from Sovereign Wealth Funds.”)
Conference on Innovation & Productivity in the aftermath of the pandemic, Tokyo (Online), November
2022 (E. Dabla-Norris, T. Kinda, K. Chahande, H. Chai, Y. Chen, A. de Stefani, Y. Kido, F. Qi,
and A. Sollaci, “Accelerating Innovation and Digitalization in Asia to Boost Productivity.”)2022 FMA Annual Meeting, Atlanta, October 2022 (Nam H. Nguyen, Hieu V. Phan, and Judy Tran,“Shareholder-Creditor Conflict of Interest and Corporate Cash Policy.”)
The 29th NBER-TCER-CEPR (TRIO) Conference, Tokyo (Online), March 2022 (Bighelli,, Tommaso,
Tibor Lalinsky, and Juuso Vanhala, “Covid-19 pandemic, state aid and firm productivity.”)
Annual Meeting of Japanese Economic Association, Osaka University, October 2021 (Timothy E. Dore,
Tetsuji Okazaki, Ken Onishi, and Naoki Wakamori “Firm Growth, Financial Constraints, andPolicy-based Finance.”)Annual Meeting of Japan Society of Monetary Economics, Okayama Shoka University (Online
meeting), October 2020 (Islam, Kachkach, “Lending Terms and Bank Capital.”)The 21st Macroeconomics Conference, Hotel Hankyu Expo Park, Osaka, November 2019 (Inoue,
Hitoshi, Kiyotaka Nakashima, and Koji Takahashi, “Credit Allocation and Real Effects ofNegative Interest Rates: Micro-Evidence from Japan.”)
13th Regional Finance Conference, University of Nagano, August 2019 (Naiki, Eriko and Yuta Ogane,“Effects of Bank Soundness on Lending Relationships Promotion Activities.”)
ESRI International Conference for International Collaboration Projects 2017/2018 “Empirical Analysis
on Issues toward Strengthening Japan’s Potential Growth and Revitalizing the Economy”
WG2 (Revitalizing the economy: structural challenges facing Japanese firms and households),

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Cabinet Office, October 2018 (Miyakawa, Daisuke, Kaoru Hosono, and Miho Takizawa,“Cash Holdings: Evidence from Firm-level Big Data in Japan.”)Annual Meeting of Japan Society of Monetary Economics, Nagoya City University, October 2018
(Naiki, Eriko and Yuta Ogane, “Bank Characteristics and Bank Lending to New Firms.”)
12th Regional Finance Conference, Mishima Shinyo Kinko, August 2018 (Tang, Xiuwei and Hirofumi
Uchida, “Differences in the Usage of Credit Guarantees Across Banks.”)
The 30th Asian FA Annual Meeting, Hitotsubashi Hall, Tokyo, June 2018 (Dou, Yiwei, and Zhaoxia Xu,“Off-Balance Sheet Securitization, Bank Lending, and Corporate Innovation”)
Annual Meeting of Nippon Finance Association, Hitotsubashi University, June 2018 (Cui, Weihan, “Is
Debt Conservatism the Solution to Financial Constraints? An Empirical Analysis of JapaneseFirms.”)
Annual Meeting of Japanese Economic Association, University of Hyogo, June 2018 (Takaoka, Sumiko,and Koji Takahashi, “Differential effects of unconventional monetary policy on Japanesesyndicated loan contracts”)
Midwest Finance Association 67th Annual Meeting, Hilton Palacio del Rio, San Antonio, March 2018
(Frame, W. Scott, and Eva Steiner, “Unconventional Monetary Policy and Risk-Taking:
Evidence from Agency Mortgage REITs”)
Tokyo Workshop on Entrepreneurship and Innovation, Chuo University, March 2017 (Honjo, Yuji andKazuo Yamada, “Does the group-affiliation influence debt financing of newly establishedcompanies?”)
Annual Meeting of Japanese Economic Association, Waseda University, September 2016 (Tomura,
Hajime, “Money Supply and Credit in a Cashless Economy”)
9th Regional Finance Conference, Kansai Gaidai University, August 2015 (Inoue, Hitoshi, Kiyotaka
Nakashima, and Koji Takahashi, “Unviable Relationship and Bank Lending: Evidence from
Loan-level Matched Data”)
4th MoFiR Workshop on Banking, Kobe University, June 2015 (Calomiris, Charles W., Mauricio
Larrain, José Liberti, and Jason Sturgess, “How collateral laws shape lending and sectoral
activity”)
Annual Meeting of Japan Society of Monetary Economics, Tokyo Keizai University, May 2015 (Ogane,
Yuta, “The number of bank relationships and small business bankruptcies”)
The 14th Macroeconomics Conference, TCER - Osaka University – University of Tokyo – Hitotsubashi
University, December 2012 (Watanabe, Wako, and Brahim Guizani, “Public capital, thedeposit insurance and the risk-shifting incentives: evidence from the regulatory responses tothe financial crisis in Japan”)
Group of 15 Experts Plenary Meeting, A3 Triangle Initiative on Monetary and Financial Cooperation
for Korea, China and Japan, hosted by the Chinese Academy of Social Sciences, the North
East Asia Research Foundation, and the Research Institute of Economy, Trade and Industry,
May 2012 (He, Fan, “ABMI and Capital & Financial regulations”)
Group of 15 Experts Plenary Meeting, A3 Triangle Initiative on Monetary and Financial Cooperation
for Korea, China and Japan, hosted by the Chinese Academy of Social Sciences, the North
East Asia Research Foundation, and the Research Institute of Economy, Trade and Industry,10

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June 2011 (Kim, Jung Sik and John Junggun Oh, “Regional Capital Market Development”)
Regional Finance Conference, Osaka University, August 2009 (Nemoto, Tadanobu, Yoshiaki Ogura, andWako Watanabe, “An Estimation of the Inside Bank Premium”)
Regional Finance Conference, Osaka University, March 2008 (Uchida, Hirofumi, Gregory Udell, andWako Watanabe, “Are Trade Creditors Relationship Lenders?”)
Annual Meeting of Japanese Economic Association, Osaka City University, October 2006 (Uchida,
Hirofumi, Gregory Udell, and Nobuyoshi Yamori, “Loan Officers and Relationship Lending”)
Annual Meeting of Japan Society of Monetary Economics, Otaru University of Commerce, September
2006 (Uchida, Hirofumi, Gregory Udell, and Nobuyoshi Yamori, “SME financing and the
choice of lending technology”)
RIETI International Workshop on the Reform of Corporate Governance, Corporate Rehabilitations inEast Asia and its Lessons for China, November 2005 (Kang, Dongsoo, “Distress of SMEs andRole of Credit Guarantee Scheme in Restructuring: Case of Korea”)(d) Program committee, conference organizer, etc.
2020 Autumn Annual Meeting of Japan Society of Monetary Economics, Okayama Shoka University,
Okayama (Online), October–November 2020, Program Committee and the Session Chair on
the symposium “Natural Disasters and Economy”
2020 Annual Meeting of Nippon Finance Association, Tokyo Metropolitan University (Online), Tokyo,
June 2020, Program Committee
2020 Spring Annual Meeting of Japan Society of Monetary Economics, Chuo University, Tokyo, May
2019, Program Committee
RIETI Policy Seminar, Entrepreneurship, Innovation, and Finance: New growth avenues in developed
economies, Tokyo, September 2019, Session chair on Panel Discussion
2019 Annual Meeting of Nippon Finance Association, Keio University, Tokyo, June 2019, Program
Committee and Session Chair
2019 Spring Annual Meeting of Japan Society of Monetary Economics, Gakushuin University, Tokyo,
May 2019, Program Committee and Session Chair
The International Banking, Economics, and Finance Association Meeting at the Western Economic
Association International Conference, Keio University, Tokyo, March 2019, Program
Committee
Midwest Finance Association 2019 Annual Meeting, Chicago, March 2019, Program Committee
2018 Autumn Annual Meeting of Japanese Economic Association, Gakushuin University, Tokyo,
September 2018, Program Committee
The 30th Asian Finance Association Conference 2018, Tokyo, June 2018, Review Committee
Midwest Finance Association 2018 Annual Meeting, San Antonio, March 2018, Program Committee
The 29th Asian Finance Association Annual Meeting 2017, Seoul, July 2017, Review Committee
2017 Spring Annual Meeting of Japan Society of Monetary Economics, Waseda University, Tokyo, May
2017, Program Committee
Midwest Finance Association 2017 Annual Meeting, Chicago, March 2017, Program Committee
Spring Annual Meeting of Japan Society of Monetary Economics, Hitotsubashi University, Tokyo, May
2013, Program Committee and Session Chair

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HIT-TDB-RIETI International workshop on Economics of Interfirm Networks, Tokyo, November 2012,
Organizer
Institute of Social Science, University of Tokyo conference on Welfare State and Market Logic, May
2002, Session Chair(e) Paper presentations at seminars and workshops
2023: Bank of England (July), University of St. Andrews (September), University of Naples Federico
II (November)
2022: TCER (January), Chuo University (February), Small Business Finances Research WS (March),
RIETI (June), JSRI (June)
2021: HRAFJ (May), RIETI (June), University of St. Andrews (December)
2019: IMF (March), RIETI (April), Hitotsubashi University (December)
2018: RIETI (January), DBJ-RICF(August), RIETI (November)
2017: RIETI (February), Mizuho Research Institute (June)
2016: RIETI (April), DBJ-RICF(April), RIETI (December)
2015: TCER (January), FSA Institute (April), Chuo University (May), Hitotsubashi University(October)
2014: RIETI (April, June), Keio University (July)
2013: BOJ (January), RIETI & Hitotsubashi (March), RIETI & JFC (March), Chuo University (June),
RIETI (December)
2012: Keio University (January), Institute of Developing Economies (February), University of Tokyo(May)
2011: DBJ-RICF (February), RIETI (August), BOJ-IMES (December)
2010: BOJ-IMES (June, December), IMF (July), U.S. Small Business Administration-Office ofAdvocacy (July), RIETI (November)
2009: BOJ-IMES (February), Chuo University (April), Waseda University (September)
2008: RIETI (May, August, October, December), Chuo University (October)
2007: RIETI (January, March), Chuo University (February, October (two presentations), November)
2006: Shinkin Central Bank Research Institute (July)
2005: Chuo University (March, October), RIETI (May, September, November)
2004: Chuo University (June), RIETI (July, October)
2003: University of Tokyo (April), Hitotsubashi University (September), Institute of Developing
Economies (November), Chuo University (December)
2002: Chuo University (February), Institute of Developing Economies (October)
RefereeInternational Review of Economics and Finance, International Review of Finance, International Review
of Financial Analysis, Japan and the World Economy, Japanese Economic Review, JCER Economic
Journal (Nihon Keizai Kenkyuu), Journal of Asian Economics, Journal of Banking & Finance, Journalof Empirical Finance, Journal of Financial Stability, Journal of the Japanese and International
Economies, Journal of Money, Credit, and Banking, Review of Monetary and Financial Studies (Kinyu
Keizai Kenkyuu), The Economic Analysis (Keizai Bunseki), The Economic Review (Keizai Kenkyuu)

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Research Grants
Grant-in-Aid for Scientific Research (B), Japan Society for the Promotion of Science No. 20H01517,“A historical investigation of financial intermediation in Japan: Unit cost of financial
intermediation and bank liquidity creation,” Principal investigator, 2020–present.
Grant-in-Aid for Scientific Research (B), Japan Society for the Promotion of Science No. 18H00871,“The influence of subjective perceptions on household's financial and economic behavior andits economic implications,” Joint investigator, 2018–2021.
Grant-in-Aid for Scientific Research (C), Japan Society for the Promotion of Science No. 17K03812,“Empirical studies on the effects of institutional changes on corporate finance and firm
dynamics,” Principal investigator, 2017–2020.
Grant-in-Aid for Scientific Research (S), Japan Society for the Promotion of Science No. 25220502,“Hitotsubashi Project on Real Estate, Financial Crisis, and Economic Dynamics,” Researchcollaborator, 2013–2017.
Grant-in-Aid for Scientific Research (Start-up), Japan Society for the Promotion of Science No.
15H06619, “Empirical studies on the determinants and effects of shareholding by banks,”
Principal investigator, 2015–2016.
Ministry of Education, Culture, Sports, Science and Technology, Promoting Social Science Research
Aimed at Solutions of Near-future Problems, “Design of industry and financial network where
sustained growth is enabled,” April 2008–March 2013.
Research Projects and Other Activities
University of Tokyo, Center for Advanced Research in Finance (CARF), Study Group on Financial
System Stability Policy, April 2022–present
The Research Institute of Economy, Trade and Industry (RIETI), Study Group on Corporate Financeand Firm Dynamics, November 2021–present–– Past: Study on Corporate Finance and Firm Dynamics, November 2019–October 2021, July 2017–
June 2019, FY 2015–2016, FY2013–2014; Research on Efficient Corporate Financing andInter-firm Networks, FY2011–2012; Study Group on Changes in Financial and Industrial
Structures, FY 2007–2010, FY 2006; A Study of Corporate Finance, FY 2005, FY 2004
The Tokyo Center for Economic Research (TCER), Fellow, 2016–present
The Money and Finance Research (Mo.Fi.R.) group, 2014–present
Study group for Earthquake and Enterprise Dynamics (SEEDs), 2011–present
The Japan Economic Research Institute, The Study Group on Small and Medium-sized Enterprises,
December 2018–July 2022
National Institute of Science and Technology Policy, Visiting researcher, October 2019–March 2022
Nomura Research Institute, Study group on revitalizing regional finance, February 2015–December
2016
Cabinet Secretariat, Machi-Hito-Shigoto Sosei Honbu (Headquarter of creating towns, workers, andjobs), Financial council on revitalizing regional economies, March 2015–December 2015
Bank of Japan, Research and Statistics Department, Advisor, January 2015–December 201513

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Financial System Council, Study Group on Enhancing the Payment Services, October 2014–July 2015
Institute of Comparative Economic Studies (ICES), Hosei University, April 2013–March 2015
Financial System Council, Working Group on Method of Regulations on Banks which Contribute to
Stability of the Financial System, etc., May 2012–February 2013
Financial System Council, Working Group on the Japanese Financial Industry: Desirable State in theMedium- and Long-Term (Present State and Future Outlook), April 2011–May 2012
Group of 15 Experts on A3 Triangle Initiative on Monetary and Financial Cooperation, jointly organizedby the RIETI-CASS-NEAR Foundation, June 2011–May 2012
The Japan Economic Research Institute, The Study Group on SWFs, June 2008–September 2009
The FSA Institute, The Study Group on Financial Conglomerate, October 2003–March 2004

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