Oct	  22-­‐Final	  Reforming	  Financial	  and	  Employment	  Systems	  in	  Japan,	  East	  Asia,	  and	  Europe:	  Institutional	  Change,	  Corporate	  Diversity,	  and	  Economic	  Instability	  International	  Workshop	  	  University	  of	  British	  Columbia	  (Vancouver),	  Institute	  of	  Asian	  Research	  October	  31st	  &	  November	  1st	  	  With	  the	  support	  of:	  CNRS,	  Fondation	  France-­‐Japon	  de	  l'EHESS,	  Oxford	  University,	  Waseda	   University,	   and	   the	   Nissan	   Canada-­‐Japan	   Trade	   Relations	   Research	  Endowment	  (at	  IAR-­‐UBC)	  	  Financial	   and	   employment	   systems	   in	   East	   Asia	   and	   Europe	   have	   experienced	  decades	   of	   reforms	   (liberalization,	   deregulation,	   privatization,	   etc.).	   Mainly	  inspired	  by	  the	  US	  experience,	  their	  aim	  was	  to	  improve	  the	  efficiency	  of	  financial	  and	  labor	  institutions	  by	  giving	  more	  place	  to	  market	  mechanisms.	  
Although	   the	   importance	   of	   institutional	   changes	   is	   not	   the	   same	   in	   all	   these	  countries	  and	  is	  still	  sometimes	  a	  matter	  of	  debate,	  the	  process	  of	  liberalization	  did	  not	  lead	  always	  to	  the	  expected	  results:	  As	   a	   whole,	   we	   do	   not	   observe	   a	   straightforward	   convergence	   towards	   the	   US	  system.	   Instead,	   within	   each	   system,	   an	   increasing	   corporate	   diversity	   has	  accompanied	  the	  process	  of	  liberalization.	  In	  many	  cases,	  reforms	  did	  not	  lead	  to	  an	  overall	  improvement	  of	  efficiency	  but	  rather	  to	  more	  economic	  instability.	  
By	   mobilizing	   the	   analytical	   tools	   of	   financial	   economics,	   political	   economy,	  comparative	   institutional	   economics,	   and	   economic	   history,	   the	   aim	   of	   this	  workshop	   is	   investigate	   the	   reasons	   of	   these	   paradoxical	   institutional	   and	  corporate	  changes.	  
This	   workshop	   is	   a	   part	   of	   the	   research	   project	   “Understanding	   institutional	  change	  in	  Asia:	  A	  comparative	  perspective	  with	  Europe”	  coordinated	  by	  the	  Ecole	  des	   Hautes	   Etudes	   en	   Sciences	   Sociales,	   Freie	   Universität	   Berlin,	   Oxford	   University	  and	  the	  University	  of	  British	  Columbia.	   	  	  Conference	   Organizers:	   Sebastien	   Lechevalier	   (EHESS),	   Hideaki	   Miyajima	  (Waseda),	  Yves	  Tiberghien	  (UBC).	  GROUND	  RULES	  FOR	  THE	  WORKSHOP:	  •	  Presenters	  are	  asked	  to	  introduce	  their	  research	  questions	  and	  their	  arguments	  in	  the	  first	  3	  minutes.	  They	  must	  address	  the	  conference	  questions	  and	  themes	  in	  this	  introduction.	  
•	   Presenters	   are	   strictly	   limited	   to	   20	   minutes	   for	   their	   presentations.	   The	   panel	  chairs	   will	   give	   them	   5mn	   and	   2mn	   notices,	   before	   cutting	   them	   at	   the	   20mn	   mark	  without	   exception.	   An	   award	   will	   be	   given	   to	   presenters	   who	   manage	   to	   finish	  under	  15	  minutes.	  
•	  Discussants	  are	  limited	  to	  10mn	  for	  their	  remarks.	  
•	   Since	   the	   primary	   goal	   of	   this	   workshop	   is	   to	   develop	   a	   research	   program	   with	  focused	   questions	   and	   coherent	   approaches,	   the	   emphasis	   is	   put	   on	   discussion	  among	  all	  participants	  and	  with	  the	  audience.	  	  	  Thursday,	  October	  30th	  at	  18:00	   	   	   Welcome	  dinner	  (near	  hotel)	   	   	  	  	  	  Day	  1:	  Friday	  31st	  October	  	  Session	  1	  (9:30-­‐12:30)	  Changing	  institutions	  and	  Corporate	  Governance	   	  	  Mari	  Sako	  (Oxford	  Univ.)	  Corporate	  governance	  for	  Start-­‐ups	  in	  Japan	  	  Kenji	   Kushida	   (Stanford	   University)	  :	   Foreign	   Multinational	   Corporations	   and	  Japan’s	  Evolving	  Model	  of	  Syncretic	  Capitalism.	  	  Comments:	  Sebastien	  Lechevalier	  (EHESS)	  and	  Yves	  Tiberghien	  (UBC)	  	  Ogawa,	   Ryo	   and	   Miyajima	   Hideaki	   (Waseda)	   “The	   changing	   role	   of	   annual	  shareholder	  meetings	  in	  Japan”	  Kubo,	   Katsuyuki	   (Waseda)	   "Corporate	   governance	   change	   and	   employment	  adjustment:	  the	  case	  of	  Japan"	   	  	  Comments:	  Takeo	  Hoshi	  (Stanford)	  and	  Masao	  Nakamura	  (UBC)	   	  	  Public	  Roundtable	  (2:00-­‐4:30):	  Abenomics	  Two	  Years	  In:	  Successes,	  Failures,	  and	  Transformations.	  	  Chairman:	  Joseph	  Caron	  (former	  Canadian	  Ambassador	  to	  Japan,	  China,	  and	  India)	  	  Panelists	  (initial	  remarks	  under	  8mn	  each):	  Hoshi,	  Takeo	  (Stanford)	  Kushida	  Kenji	  (Stanford)	   	  Sébastien	  Lechevalier	  (EHESS)	  Miyajima	  Hideaki	  (Waseda)	  Sako	  Mari	  (Oxford)	  Yves	  Tiberghien	  (UBC)	  	  Discussion	  and	  Q&A	  with	  the	  audience	  	   	   	  Reception	  at	  IAR:	  4:30-­‐6:00	  Waterfront	  dinner	  for	  workshop	  presenters	  and	  discussants	  (Granville	  Island)	  	  	  Day	  2:	   	   Saturday	  (November	  1st)	  	  Session	   2	   (9:30-­‐12:15)	   Corporate	   finance	   issues:	   network	   finance	   and	  ownership	  	  Nakamura,	   Masao	   (UBC):	   “Firms’	   Dividend	   Smoothing	   Behavior	   and	   Corporate	  Governance	  Reforms	  in	  Japan”	  	  Ogura,	  Yoshiaki（Waseda	  University）:	  “Network-­‐Motivated	  Lending	  Decisions”	  	  Comments:	   	   Katsuyuki	   Kubo	   (Waseda	   University)	   and	   Ilan	   Vertinsky	   (Sauder,	  UBC)	   	  	  Miyajima,	   Hideaki,	   and	   Ryo	   Ogawa	   (Waseda	   University)	   “Does	   Ownership	   really	  matter?	   	   The	  Role	  of	  Foreign	  Investors	  on	  Corporate	  Governance	  in	  Japan“	  	  Comments:	   	   Ilan	  Vertinsky	  (Sauder,	  UBC)	  	  	  Lunch	  12：15	  -­‐13：30	  	  	  Session	  3	  (1:30	  -­‐	  4:20	  pm)	  Historical	  and	  comparative	  perspective	   	   	  	  Angelo	  Riva	  (EBS	  Paris	  &	  PSE):	  “Data	  for	  Financial	  History	  Database:	  old	  sources,	  new	  questions”	  	  Jérémy	   Ducros	   (EHESS):	   "The	   Lyon	   Stock	   Exchange:	   A	   Struggle	   for	   Survival	  (1866-­‐1914)"	   	  	  Comments:	   	   Hideaki	  Miyajima	  (Waseda)	  and	  Yasuhiro	  Arikawa	  (Waseda)	  	  Adrienne	   Sala	   (EHESS)	   "	   From	   Moneylenders	   to	   Banks:	  The	   Political	   Economy	   of	  consumer	  credit	  in	  Japan"	  	  Thomas	   Lagoarde-­‐Segot	   (KEDGE	   Business	   school):	   “Informational	   efficiency	   in	   the	  Tokyo	  Stock	  Exchange,	  1931-­‐1940”	  (co-­‐authored	  with	  Jean-­‐Pascal	  Bassino	  (IAO))	  	  Comments:	   	   Yoshiaki	  Ogura	  (Waseda)	  and	  Takeo	  Hoshi	  (Stanford)	  	  	  4:30	  pm	  –	  5:	  30	  pm:	   	  Steering	  Committee	  meeting	  between	  partner	  universities	  	  	  	  Logistical	  Point	  Persons:	  EHESS:	  "Amo	  Kae"	  kae.amo@ehess.fr	  &	  "Daimaru	  Ken"	  ken.daimaru@ehess.fr	   	  UBC:	  Nagao	  Yoko	  (yoko.nagao@ubc.ca)	  and	  Kerry	  Ross	  (Kerry.ross@ubc.ca)