TCER Newsletter No.31

 1 

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TCER Newsletter No.31

February 2007

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E-8. Kozo Kiyota, Shujiro Urata, “The Role of Multinational Firms in International Trade: The Case ofJapan.” February 2007.

TCER Newsletter No.31

 3 

February 2007

E-7. Yasushi Iwamoto and Miki Kohara, Makoto Saito, “On the Consumption Insurance Effects ofLong-term Care Insurance in Japan: Evidence from Micro Household Data.” February 2007.
E-6. Takero Doi and Toshihiro Ihori, Kiyoshi Mitsui, “Sustainability, Debt Management, and Public Debt
Policy in Japan.” February 2007.
E-5. Tadashi Fukui, Yasushi Iwamoto, “Policy Options for Financing the Future Health and Long-term Care
Costs in Japan.” February 2007.
E-4. Shin-ichi Fukuda, Masanori Ono, “On the Determinants of Exporters’ Currency Pricing: History vs.
Expectations.” February 2007.
E-3. Etsuro Shioji, “Invoicing Currency and the Optimal Basket Peg for East Asia: Analysis Using a New
Open Economy Macroeconomic Model.” February 2007.
E-2. Eiji Ogawa, Junko Shimizu, “Stabilization of effective exchange rates under common currency basket
systems.” February 2007.
E-1. Takatoshi Ito, Yuko Hashimoto, “Intra-day Seasonality in Activities of the Foreign Exchange Markets:
Evidence from the Electronic Broking System.” February 2007.
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 5 

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Non-governmental Copyright Protection in a Music Market

 6 

TCER Newsletter No.31

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Welcome, Organizers

TCER Newsletter No.31

February 2007

 7 

Chair: HIROYUKI ODAGIRI, Hitotsubashi University and TCER
9:40 AMGEORGE BAKER, Harvard University and NBERROBERT GIBBONS, Massachusetts Institute of Technology
KEVIN J. MURPHY, University of Southern California“Strategic Alliances: Bridges Between Islands of Conscious Power”
Discussants
HIDESHI ITOH, Hitotsubashi University and TCER
HODAKA MORITA, University of New South Wales
11:00 AMOLA KVALOY, University of Stavanger
TROND E. OLSEN, Norwegian School of Economics and Business Administration“Peer-dependent Incentives and Ownership Rights”
Discussants
HANAZONO, MAKOTO, Nagoya University
PAUL OYER, Stanford University and NBER
Chair: GEORGE BAKER, Harvard University and NBER
1:00 PMHIDESHI ITOH, Hitotsubashi University and TCER
TATSUYA KIKUTANI, Kyoto University
OSAMU HAYASHIDA, Osaka Keizai University“Complementarities among Authority, Responsibility, and Monitoring: Evidence from Japanese BusinessGroups”
Discussants
WAKO WATANABE, Tohoku University
STEVEN TADELIS, University of California, Berkeley and NBER
2:00 PMSTEVEN TADELIS, University of California, Berkeley and NBER
JONATHAN LEVIN, Stanford University“A Costly Contracting Approach to the Organization of Production”
Discussants
SADAO NAGAOKA, Hitotsubashi University and TCER
OLA KVALOY, University of Stavanger
Chair: HIDESHI ITOH, Hitotsubashi University and TCER
3:30 PMAKIRA TAKEISHI, Hitotsubashi University
YOSHIHISA NORO, Mitsubishi Research Institute, Inc.

 8 

TCER Newsletter No.31

February 2007

SADAO NAGAOKA, Hitotsubashi University and TCER
“Determinants of Firm Boundaries: Empirical Analysis of the Japanese Auto Industry from 1984 to 2002”
Discussants
TATSUYA KIKUTANI, Kyoto University
GEORGE BAKER, Harvard University and NBER
4:30 PMHIROFUMI UCHIDA, Wakayama University
GREGORY F. UDELL, Indiana University
WAKO WATANABE, Tohoku University“Bank Size and Lending Relationships in Japan”
Discussants
TAKEO HOSHI, University of California, San Diego, NBER and TCER
AYAKO YASUDA, The Wharton School, University of Pennsylvania
SATURDAY, DECEMBER 16:
Chair: TAKEO HOSHI, University of California, San Diego, NBER and TCER
9:30 AMPAUL OYER, Stanford University and NBER
“Ability and Employer Learning: Evidence from the Economist Labor Market”
Discussants
HIDEO OWAN, Aoyama Gakuin University
DAIJI KAWAGUCHI, Hitotsubashi University and TCER
10:45 AMHODAKA MORITA, University of New South Wales
ARGHYA GHOSH, University of New South Wales“An Economic Analysis of Platform Sharing”
Discussants
REIKO AOKI, Hitotsubashi University and TCER
HANS GOTTINGER, University of Maastricht and Hitotsubashi University ;<   M

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February 2007

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Shin-ichi Fukuda and Yoshifumi Kon,
“International Currency and the US Current Account Deficits”
Eiji Ogawa, Hitotsubashi University and Kentaro Kawasaki, Toyo University“Adopting a Common Currency Basket Arrangement into the ‘ASEAN plus Three’”Takatoshi Ito, University of Tokyo and NBER and Yuko Hashimoto, Toyo University,“Price Impacts of Deals and Predictability of the Exchange Rate Movement”
Kyoji Fukao (Hitotsubashi University), Miho Takizawa (Hitotsubashi University), Keiko Ito (Senshu
University), and Hyeog Ug Kwon (Nihon University)“Cross-Border Acquisitions and Target Firms’ Performance: Evidence from Japanese Firm-Level Data”"*(# %'*($

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6"E<v,m,>0(17%<:A$8VYTL(¤%BE>0(1) Econometric Analysis of Effects of bank consolidation (and forming a financial conglomerates) on bankefficiency; (2) Impacts of new financial products on efficiency of money and capital markets and on
financial institutions: CDS market, Asset securitization, consumer credit; (3) Supervision and Regulatory
issues--Basle II, Hedge Fund regulation, Financial Conglomerates and regulatory issues; (4) Financial
Innovation, securitization; credit derivatives; (5) Competition of financial centers in Pacific Asia (HongKong vs Singapore, vs Tokyo, vs Shanghai and Mumbai?); Competition, Affiliation, Merger of Stock 10 TCER Newsletter No.31

February 2007

Exchanges (Nasdaq, Jasdaq, TSE, OSE, SIMEX, etc); (6) Asia Bonds and other regional financial integration
market policy initiatives (without policy recommendations).
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