Darla Moore School of Business - Hitotsubashi University
Second International Conference on Corporate Finance:
Governments, Corporate Governance and Corporate Policies
Friday August 4, 2017
Hitotsubashi University, Tokyo, Japan
2-1, Naka, Kunitachi, Tokyo 186-8601

Aim of the ConferenceThis one-day academic conference aims at creating a forum of discussion among distinguishedscholars on the most recent and relevant practices and issues related to the following theme“The role played by governments in shaping corporate governance and corporate policies”.
This theme includes, but is not limited to, the impact of government owned firms (State ownedor newly privatized), Sovereign Wealth Funds, and political institutions, on observableoutcomes at the corporate level.

The Program
09:00-09:20 Registration @ Sano Shoin Hall
09:20-09:30 Welcome and Opening Remarks @ Sano Shoin Hall
09:30-10:50 Session 1: Privatization, Residual State Ownership and Performance
10:50-11:10 Refreshments break
11:10-12:30 Session 2: State Ownership, Corporate Diversification and Transparency
12:30-13:30 Lunch Break @ Sano Shoin Hall
13:30-14:50 Session 3: Firm Survival, Firm performance and Debt Overhang
14:50-15:00 Refreshments Break
15:00-16:20 Session 4: Market for Corporate Control, Creditors and Shareholders
16:20-16:30 Refreshments Break
16:30-17:30 Panel Discussion by Distinguished Scholars
17:30-17:35 Closing Remarks
17:40-19:40 Reception (Dinner) @ Sano Shoin Hall

The Detailed Program
09:00-09:20 Registration
09:20-09:30 Welcome and Opening Remarks
Toyohiko Hachiya (Dean of the Graduate School of Commerce andManagement, Hitotsubashi University)
09:30-10:50 Session 1: Privatization, Residual State Ownership and Performance
Why Don’t Share Issue Privatizations Improve Profitability in China?
William L. Megginson (University of Oklahoma & King Fahd University ofPetroleum & Minerals Dhahran)Discussant Omrane Guedhami (University of South Carolina)
State Ownership, Liquidity and Valuation: Evidence from Privatization
Narjess Boubakri (American University of Sharjah)Discussant: Yukihiro Yasuda (Hitotsubashi University)
10:50-11:10 Refreshments Break
11:10-12:30 Session 2: State Ownership, Corporate Diversification and Transparency
Bureaucrats as Managers and Their Roles in Corporate Diversification
Joseph P.H. Fan (Chinese University of Hong Kong)
Discussant: Masaharu Hanazaki (Hitotsubashi University)
Authoritarian Capitalism: Sovereign Wealth Funds and Corporate Intervention in
East Asia and Beyond
Richard W. Carney (China Europe International Business School)
Discussant: Noriyoshi Yanase (Tokyo University of Science)
12:30-13:30 Lunch Break
13:30-14:50 Session 3: Firm Survival, Firm performance and Debt Overhang
Forgiveness versus Financing: The Determinants and Impact of SME Debt
Forbearance in Japan
Arito Ono (Chuo University)
Discussant: Shinwoo Kang (Sejong University)
Going Concern Note and Subsequent Firm Survival
Sumio Saruyama (JCER and Hosei University)
Discussant: Kazuo Yamada (Nagasaki University)

14:50-15:00 Refreshments Break
15:00-16:20 Session 4: Market for Corporate Control, Creditors and Shareholders
Are Future Capital Gain Opportunities Important in the Market for CorporateControl? Evidence from China
Konari Uchida (Kyushu University)
Discussant: Min-Ming Wen (Hitotsubashi University)
When Japanese Banks Become Pure Creditors: Effects of Declining Shareholding
by Banks on Bank Lending and Firms' Risk-taking
Iichiro Uesugi (Hitotsubashi University)
Discussant: Masaru Konishi (Hitotsubashi University)
16:20-16:30 Refreshments Break
16:30-17:30 Panel Discussion by Distinguished Scholars
Insights on the conference theme including recent research topics and avenues for futureresearchNarjess Boubakri (American University of Sharjah)
Richard W. Carney (China Europe International Business School)
Joseph P.H. Fan (Chinese University of Hong Kong)
William L. Megginson (University of Oklahoma & King Fahd University ofPetroleum & Minerals Dhahran)
17:30-17:35 Closing Remarks
17:40-19:40 Reception (Dinner) at the Sano Shoin Hall

※20 mins for presentation, 15 mins for discussant, and 5 mins for questions.
※Discussants: Please avoid extended summary of the paper.
※By registering for this conference, participants provide the organizers permission to use photos taken atthe conference.

Graduate School of Commerce and Management
Hitotsubashi University Center for Financial Research
Sponsored by Mizuho Financial Group and Darla Moore School of BusinessKUNITACHI CAMPUS MAP: Sano Shoin Hall
(About a 12-minute walk from the South Exit of JR Kunitachi Station)
From JR Kunitachi Station

Main Gate (West Gate)
Sano Shoin Hall