Day 1
17:00-17:30

Thursday, 9 November
Keynote Speech Session

PROGRAMPart II: Research Conference

Friday, 10 November

10:00-10:10

Opening Remarks
Session1

10:10-10:50

Hall 1 & 2

Corporate Social Responsibility and Corporate Finance in Japan
Professor Megumi Suto, Waseda University

17:50-19:30

Day 2

Room1
Chair: Hitoshi Takehara, Waseda University

Session2

Are More Corporate Social Investments Better? Evidence of Non-Linearity Effect on Costs of U.S. Bank Loans

Are Socially Responsible Firms Less Likely to Restate Earnings?

The Effect of Corporate Social Responsibility Disclosure on the Cost of Equityof Firms and the Moderating Role of Ownership
Rezaul Kabir (University of Twente), and Hanh Minh Thai
Discussant: Yupana Wiwattanakantang, National University of Singapore

Do Investors Value Sustainability?
Samuel Hartzmark (University of Chicago), and Avigail Sussman
Discussant: Vikas Mehrotra, University of Alberta

Networking Buffet Lunch
Chair: Katsuyuki Kubo, Waseda University

Is Privatization a Socially Responsible Reform?
Omrane Guedhami (University of South California),
Narjess Boubakri, Chuck C. Y. Kwok, and He Wang
Discussant: Rezaul Kabir, University of Twente

Impact of Shareholder-Value Persuit on Labor Policies at Japanese Joint-Stock Companies:
Case of Nikkei Index 400

Session4

15:30

Genuine Responsible Business Practices: A Catalyst to Employee's Health and Well-being in Japan
Gabriel Eweje (Massey University)
Discussant: Mari Sakudo, Development Bank of Japan

Chair: Megumi Suto, Waseda University

Empirical Evidence on Corporate Social Responsibility in India:
Effect on Financial Performance and Firm Valuation
Puneeta Goel (Amity University)
Discussant: Vikas Mehrotra, University of Alberta

Adding or Saving? The Value of CSR Disclosure
Antai Li (Huazhong University of Science and Technology), Xinping Xia, and Shen Xu
Discussant: Richard Gregory, East Tennessee State University

Kostiantyn Ovsiannikov (University of Tsukuba)
Discussant: Gabriel Eweje, Massey University
14:50-15:30

Room2&3
Chair: Kazuhiko Ohashi, Hitotsubashi University

Is 'Being Green' Rewarded in the Market?: An Empirical Investigation of Decarbonization and Stock Returns

John Nofsinger (University of Alaska, Anchorage),
Iuliia Chepurko, Ajit Dayanandan, and Han Donker
Discussant: Martin Glaum, Otto Beisheim School of Management

Session3

14:10-14:50

LoungeSoh Young In (Stanford University), Ki Young Park, and Ashby Monk
Discussant: Samuel Hartzmark, University of Chicago

Does Corporate Social Responsibility Add Value?
Evidence from Capital Structure and Product Markets Interactions

12:10-13:30

13:30-14:10

5th Floor, FINE TOKYO

Professor Ali M. Fatemi, DePaul University / Editor-in-Chief, Global Finance Journal

Sadok El Ghoul (University of Alberta),
Kee-Hong Bae, Omrane Guedhami, Chuck C. Y. Kwok, and Ying Zheng
Discussant: John Nofsinger, University of Alaska, Anchorage
11:30-12:10

Room A & B

Welcome Reception

Sung C. Bae (Bowling Green State University), Kiyoung Chang, and Ha-Chin Yi
Discussant: Sadok El Ghoul, University of Alberta
10:50-11:30

3rd Floor, Conference Center

The Effects of Firm-level CSR Performance on Firm Cost of EquityAdjourn

Richard Gregory (East Tennessee State University), Jean Garner Stead, and W. Edward SteadDiscussant: Antai Li, Huazhong University of Science and Technology

Conference Program

Scientific Committee

Megumi SUTO, Waseda University
Kazumi ASAKO, Rissho University
Hitoshi TAKEHARA, Waseda University
Kazuhiko OHASHI, Hitotsubashi University
Katsuyuki KUBO, Waseda University
Masaharu HANAZAKI, Hitotsubashi University
Vikas MEHROTRA, University of Alberta

CSR, the Economy and Financial Markets
November 9-10, 2017

Research Institute of Capital Formation, DBJ
Otemachi Financial City South Tower 9-7,Otemachi 1-chome, Chiyoda-ku, Tokyo, JAPANSponsored by the Development Bank of Japan& the Japan Economic Research Institute