Updated on 2021/12/08

写真a

 
OGURA, Yoshiaki
 
Affiliation
Faculty of Political Science and Economics, School of Political Science and Economics
Job title
Professor

Concurrent Post

  • Faculty of Political Science and Economics   Graduate School of Political Science

  • Faculty of Political Science and Economics   Graduate School of Economics

Research Institute

  • 2019
    -
     

    産業経営研究所   兼任研究所員

Education

  •  
    -
    2005

    Columbia University   Graduate School, Division of Economics   Economics  

  •  
    -
    1999

    Kyoto University   Graduate School, Division of Economics  

  •  
    -
    1995

    Kyoto University   Faculty of Laws  

Degree

  • Columbia University (USA)   Ph.D. in Economics

Research Experience

  • 2008.04
    -
    2012.03

    April March 2012, Associate Professor, Faculty of Business Administration, Ritsumeikan University.

  • 2006.01
    -
    2008.03

    January March 2008, Assistant Professor, Institute of Economic Research (fixed term), Hitotsubashi University.

  • 2005.08
    -
     

    August December 2005, Research Fellow (fixed term), Center for Advanced Policy Studies, Kyoto Institute of Economic Research, Kyoto University.

Professional Memberships

  •  
     
     

    American Economic Association

  •  
     
     

    American Finance Association

  •  
     
     

    Japanese Society for Monetary Economics

  •  
     
     

    Nippon Finance Association

  •  
     
     

    Japanese Economic Association

 

Research Areas

  • Money and finance

Research Interests

  • Banking, Applied Microeconomics

Papers

  • Intensified lending competition and search-for-yield under prolonged monetary easing

    Yoshiaki Ogura

    Journal of the Japanese and International Economies   56   101076 - 101076  2020.06  [Refereed]  [International journal]

     View Summary

    We present a structural estimation of regionally heterogeneous demand elasticity and the degree of competition in Japanese local loan markets under prolonged monetary easing. Our estimates show that lending competition intensifies in markets where banks hold more slack liquidity caused by monetary easing, and where loan demand is less elastic against lowering interest rates due to a rapidly aging population. We also find evidence for "search-for-yield", i.e., banks in more competitive markets are driven to extend riskier loans.

    DOI

  • Are Japanese Companies Less Risky and Less Profitable than US Companies? Evidence from a Matched Sample

    Jiangtao Fu, Yoshiaki Ogura

    Japan and the World Economy   51   100960  2019.09  [Refereed]  [International journal]

    Authorship:Corresponding author

     View Summary

    We reexamine the difference between the profitability distribution of listed companies in the United States and Japan. To control for cross-country differences in the industrial composition, firm size, and firm age distribution, we constructed a matched sample by Mahalanobis nearest neighbor matching with respect to these factors. The matched sample supports the finding in extant studies that the median and the standard deviation of profitability are significantly higher in the US than in Japan. Our matched panel data also indicate that this difference comes from both larger firm heterogeneity and more intensive risk-taking in the US.

    DOI

  • The objective function of government-controlled banks in a financial crisis

    Yoshiaki Ogura

    Journal of Banking and Finance   89   78 - 93  2018.04  [Refereed]  [International journal]

     View Summary

    We present evidence that government-controlled banks (GCBs) significantly increased their lending to small and medium-sized enterprises (SMEs) whose main bank was a large bank in the 2008–09 financial crisis. Further analyses show that the weak relationship between large banks and SMEs is a major cause for this phenomenon. The mixed Cournot oligopoly model with relationship banking, where profit-maximizing private banks and a welfare-maximizing GCB coexist, shows that this finding is consistent with the welfare maximization by a GCB rather than its own profit maximization.

    DOI

  • The Certification Role Of Pre-IPO Banking Relationships: Evidence From IPO Underpricing in Japan

    Yoshiaki Ogura

    JAPANESE ECONOMIC REVIEW   68 ( 2 ) 257 - 278  2017.06  [Refereed]

     View Summary

    We find empirical evidence that pre-initial public offering (IPO) relationships with commercial banks through lending and investment via their venture capital subsidiaries significantly reduce IPO underpricing in Japan. This findings suggest that a pre-IPO banking relationship certifies the low risk of an IPO firm. Given the fact that institutional investors are a minority in the allocation of IPO stocks in Japan, this effect is expected to come mainly from reducing either the investors' winner's curse or the signaling incentive of IPO firms, rather than from the reduction in information rent for institutional investors participating in the book-building process.

    DOI

  • Inside bank premiums as liquidity insurance

    Tadanobu Nemoto, Yoshiaki Ogura, Wako Watanabe

    JOURNAL OF THE JAPANESE AND INTERNATIONAL ECONOMIES   42   61 - 76  2016.12  [Refereed]

    Authorship:Corresponding author

     View Summary

    This paper estimates inside bank premiums arising from relationship banking and identifies the primary mechanism causing them among competing extant theories. Our empirical results using a dataset that is primarily based on a survey that we designed show that inside bank premiums are economically significant with an average of 68-71 basis points for short-term loans. The subsample regressions show that these premiums are more likely to result from the provision of implicit insurance or flexibility in renegotiation by the inside bank and that they are more significant for firms whose inside banks are larger, those with a lower capital to asset ratio, or those in more concentrated loan markets. (C) 2016 Elsevier Inc. All rights reserved.

    DOI

  • Bank Consolidation and Soft Information Acquisition in Small Business Lending

    Yoshiaki Ogura, Hirofumi Uchida

    JOURNAL OF FINANCIAL SERVICES RESEARCH   45 ( 2 ) 173 - 200  2014.04  [Refereed]

    Authorship:Lead author, Corresponding author

     View Summary

    We empirically examine the impact of bank consolidation on bank acquisition of soft information about borrowers. Using a dataset of small business financing, we find that mergers of small banks have a negative impact on soft information acquisition, whereas mergers of large banks have no impact. We also find some evidence that an increase in organizational complexity upon a merger, rather than a post-merger cost-cut, is likely to cause a negative and significant impact on soft information acquisition by small banks. These findings are consistent with the organizational theory that predicts a comparative advantage of simple and flat organizations in acquiring and processing soft information.

    DOI

  • The Decision-Making Mechanism of Regional Financial Institutions and the Utilization of Soft Information

    Tadanobu Nemoto, Yoshiaki Ogura, Wako Watanabe

    Public Policy Review (Policy Research Institute, Ministry of Finance, Japan)   9 ( 1 ) 87 - 115  2013.01  [Invited]

  • Lending competition and credit availability for new firms: Empirical study with the price cost margin in regional loan markets

    Yoshiaki Ogura

    Journal of Banking and Finance   36 ( 6 ) 1822 - 1838  2012.06  [Refereed]

     View Summary

    In this paper, I present statistical evidence of the impact of lending competition on credit availability for new firms. A discrete-time duration analysis with respect to the years from the start-up to the first loan approval by a commercial bank or a cooperative bank, which is collected from survey data in Japan, shows that the higher price cost margin (PCM) of banks, which reflects the existence of a quasi-rent for a bank, improves the credit availability for younger firms. Additional analysis to detect the regional determinants of the PCM of banks shows that the share of larger banks in each local credit market has a negative and significant impact on the PCM. In light of the existing empirical finding that smaller banks are more likely to provide relationship banking, these findings provide indirect evidence for the hypothesis that the intensity of relationship banking in each local credit market increases the PCM and this encourages banks to extend a loan to new firms so that they can pre-empt the opportunity to establish lending relationships that are expected to yield such quasi-rents. © 2012 Elsevier B.V.

    DOI

  • 地域金融機関の意思決定構造とソフト情報の活用

    小倉義明, 根本忠宣, 渡部和孝

    フィナンシャル・レビュー (財務省財務総合政策研究所)   2012 ( 2 ) 31 - 53  2012.03  [Invited]

  • The dynamics of R&D network in the IT industry

    Nobuyuki Hanaki, Ryo Nakajima, Yoshiaki Ogura

    RESEARCH POLICY   39 ( 3 ) 386 - 399  2010.04  [Refereed]

     View Summary

    In this paper, we provide an empirical analysis of evolving networks of successful R&D collaborations in the IT industry (consisting of firms that obtained patents in the technological category of computers and communication) in the U.S. between 1985 and 1995. We first show that the R&D network has become more extensive, more clustered, and more unequal in the sense that 'stars' have emerged in the network. We then analyze the effect of the existing network structure in the process of new R&D collaboration formation. We control for unobserved similarities among firms based on the community structures within the network that the algorithm developed by Girvan and Newman (2004) identifies and find a significant cyclic closure and preferential-attachment effect. (C) 2010 Elsevier B.V. All rights reserved.

    DOI

  • Lending Competition and Relationship Banking: Evidence from Japan

    Yoshiaki Ogura, Nobuyoshi Yamori

    International Journal of Business   15   377 - 393  2010.04  [Refereed]

    Authorship:Lead author, Corresponding author

  • Interbank competition and information production: Evidence from the interest rate difference

    Yoshiaki Ogura

    JOURNAL OF FINANCIAL INTERMEDIATION   19 ( 2 ) 279 - 304  2010.04  [Refereed]

     View Summary

    In this paper, using firm-level cross-sectional data in the US, we report that interest rates on loans extended by inside banks are significantly lower than those on loans extended by outside banks for younger firms in concentrated loan markets, while such loan rate differences are not clearly observed in competitive loan markets. The analytical model presented in this paper predicts that an inside bank is more likely to quote rates lower than those of outside banks to capture a customer in order to gain time to establish exclusive access to the customer's private information, counting on the consequent future rent from informational advantages over rival banks, if the inside bank intends to acquire private information about the borrower's creditworthiness. In light of this prediction, we conclude that the above empirical finding is consistent with the hypothesis that increased competition discourages banks from collecting borrower-specific private information. (C) 2009 Elsevier Inc. All rights reserved.

    DOI

  • リレーションシップ型金融仲介の経済分析

    小倉義明

    現代ファイナンス   24   3 - 22  2008.09  [Refereed]

  • 金融機関の経営統合とソフトな情報の毀損

    小倉義明, 内田浩史

    経済研究(一橋大学経済研究所)   59   153 - 163  2008.04  [Refereed]

    Authorship:Lead author, Corresponding author

  • 地域金融市場の競争度と新規参入企業の融資利用可能性:リレーションシップバンキングの観点から

    小倉義明

    筒井義郎・植村修一編著 『リレーションシップバンキングと地域金融』 第3章     81 - 100  2007.06

  • 地域金融市場の競争度とリレーションシップバンキング

    小倉義明

    橘木俊詔編 『日本経済の実証分析』 第7章     141 - 159  2007.03

  • Learning from a rival bank and lending boom

    Yoshiaki Ogura

    JOURNAL OF FINANCIAL INTERMEDIATION   15 ( 4 ) 535 - 555  2006.10  [Refereed]

     View Summary

    When bankers observe a rival winning in the interbank competition for lending to a firm, they infer that the firm may be more promising than they had thought. From this consideration, they loosen their creditworthiness tests and lower the interest rates they offer in the next lending competition for the firm. Increased interbank competition reduces the impact of this observational learning and decreases the credit risk taken by each bank because of a severe winner's curse, while it increases the aggregate risk taken by the entire banking sector. (c) 2006 Elsevier Inc. All rights reserved.

    DOI

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Books and Other Publications

  • 地域金融の経済学 : 人口減少下の地方活性化と銀行業の役割

    小倉, 義明( Part: Sole author)

    慶應義塾大学出版会  2021.07 ISBN: 9784766427578

  • Ch 4. Finance--Financial business and its transformation, Artificial Intelligence and Economy

    Isao Yamamoto ed( Part: Contributor)

    Keiso Shobo  2019.08

Misc

  • 民間融資への影響 (特集 政策金融を考える)

    小倉 義明

    月刊金融ジャーナル   56 ( 9 ) 16 - 19  2015.09

    CiNii

  • Changes in Corporate Environment and the State of Financial Institutions: Summary of the Survey on Corporate Finance in Japan (2014)

    Uchida Hirofumi, Ogura Yoshiaki, Tsutsui Yoshiro, Nemoto Tadanobu, Yamori Nobuyoshi, Kanki Shozo, Watanabe Wako

    Business research   61   1 - 64  2015.03

    CiNii

  • Session 2: Finance to SMEs through Banks, Capital Markets, and Other Financial Methods

    Suhaedi, Ganeshan Wignaraja, Jongsoon Shin, Wako Watanabe, Yoshiaki Ogura, Salinee Wangtal, Hisashi Ono

    FINANCIAL SYSTEM STABILITY, REGULATION, AND FINANCIAL INCLUSION     41 - 67  2015  [Invited]

    DOI

  • Current Status of the Management of Regional Financial Institutions

    Uchida Hirofumi, Ogura Yoshiaki, Tsutsui Yoshiro, Nemoto Tadanobu, Yamori Nobuyoshi, Kanki Shozo, Watanabe Wako

    Business research   57   1 - 53  2014.05

    CiNii

  • 中小企業金融の環境変化のもとでの政策金融の役割と課題—『金融機関に対する中小企業の意識調査』の結果をもとに—

    家森信善, 内田浩史, 植杉威一郎, 小倉義明, 高久賢也, 富村圭, 根本忠宣, 渡部和孝

    調査と資料 (名古屋大学大学院経済学研究科附属国際経済政策研究センター)   ( 119 ) 1 - 95  2014.03

  • 「産業組織の計量分析」

    小倉義明

    蓑谷千凰彦・牧厚志編 『応用計量経済学ハンドブック』 第15章     538 - 568  2010

  • 金融危機下における中小企業金融の現状:『企業・金融機関との取引実態調査(2008年2月実施)』、『金融危機下における企業・金融機関との取引実態調査(2009年2月実施)』の結果概要

    UCHIDA Hirofumi, 植杉威一郎, 小倉義明, 小野有人, 胥鵬, 鶴田大輔, 根本忠宣, 平田英明, 安田行宏, YAMORI NOBUYOSHI, 渡部和孝, 布袋正樹

    RIETIディスカッションペーパー   09-J-020  2009.07

  • Current status of SMEs under the financial crisis: Summary of the results of ‘Survey on Transaction with Firms and Financial Institutions (February 2008)’ and ‘Survey on Transaction with Firms and Financial Institutions under the Financial Crisis (Febr・・・

    Uesugi, I, H. Uchida, Y. Ogura, A. Ono, X. Peng, D. Tsuruta, T. Nemoto, H. Hirata, Y. Yasuda, N. Yamori, W. Watanabe, M. Hotei

    RIETI Discussion Paper 09-J-020    2009

     View Summary

    Current status of SMEs under the financial crisis: Summary of the results of ‘Survey on Transaction with Firms and Financial Institutions (February 2008)’ and ‘Survey on Transaction with Firms and Financial Institutions under the Financial Crisis (February 2009)'

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Awards

  • 第5回丸淳子研究奨励賞

    2017.06   Lending competition and credit availability for new firms: Empirical study with the price cost margin in regional loan markets

  • 平成18年度大阪銀行協会フォーラム研究支援 優秀賞

    2006   大阪銀行協会   関西地域における金融機関の再編とリレーションシップバンキング

    Winner: 内田浩史, 小倉義明

Research Projects

  • Firm metabolism and inter-firm network in aging society

    Project Year :

    2020.07
    -
    2025.03
     

  • Welfare evaluation of regional bank consolidations

    Project Year :

    2020.04
    -
    2024.03
     

  • 経済実験を用いた高頻度トレーダーに対する規制の研究

    Project Year :

    2019.04
    -
    2024.03
     

     View Summary

    本研究は経済実験を行うことで株価暴落の発生原因を投資家の群衆行動に注目し解明する。特に高頻度トレーダーが持つinformation advantage、取引speed advantage、複数の取引システムの価格情報を一度に観察し最も利益性の高いシステムを選んで取引できるlocational advantageの3つの規制可能なadvantageに注目し、繰り返しの実験によりadvantageごとに群衆行動そして群衆行動から暴落が起こる条件を特定する。そしてadvantageごと規制の数量的効果を把握し事前的事後的にも政策効果の評価可能な理論モデルを世界中の研究者、政策立案者に対し提示する

  • Supply Network Formation and Resource Allocation by the Financial Market

    Project Year :

    2017.04
    -
    2020.03
     

  • 企業統治と企業成長:変容する日本の企業統治の理解とその改革に向けて

    Project Year :

    2015.04
    -
    2020.03
     

     View Summary

    本研究の目的は、近年の日本企業の統治構造の変容とパフォーマンスの関係を包括的に解明する点にある。具体的な課題は、①株主のコミットメント、取締役会・報酬制度、従業員の関与を捉える新たな変数を開発し、変容する日本企業の統治構造の特性を様式化し、その制度変化の要因を解明する ②リスクを取る経営、事業再組織化などについて新たな指標を開発し、こうした企業行動に対する統治構造の影響を分析する ③企業統治構造がパフォーマンスを決定する面のみでなく、パフォーマンスが統治構造を規定する側面を考慮して両者のダイナミックな相互関係を解明することの3点にあった。本年は、①に関連して、宮島が「企業統治改革の20年」(同編『企業統治と成長戦略』序章)、宮島・蟻川が「メインバンク成立後の企業・銀行間関係」(同第1章)、大湾・宮島が「従業員持株会は機能するか?」(同第3章)を公表した。また、広田は“Price Bubbles sans Dividend Anchors”を公表し、さらに小倉は“The Certification Role of Pre-IPO Banking Relationships”をJERに掲載した。②に関連した成果としては、宮島が「海外機関投資家の企業統治における役割とその帰結」(同第2章)において、機関投資家の企業経営・リスク態度への影響を分析した。また、久保が“Recent development of industrial relations in Japan”をILERA Asian Congress(北京)で報告した。③については、宮島・齋藤が企業統治の有効性に関して、「企業統治制度の変容と経営者の交代」(同第9章)を公表し、同論文の英語版は、NBER-CEPR-TCERコンファランスでも報告された。また、蟻川・齋藤は「日本企業の低パフォーマンスの要因:国際比較による検証」(同第12章)をまとめ、それを拡張した英語版を準備している。これまで早稲田大学に蓄積してきたデータの延長・拡充を図り、本課題実施のための基礎的なデータベースの構築を継続した。また、本資金によるアルバイトの雇用によって幾つかの新たなデータ系列を構築した。労働集約的な作業により、例えば、外部大株主の規模の特定が可能となり、また、自社株買、消却、処分について正確なデータ構築に繋がった。さらに、本資金により、Country DATA online, Global 500、NEED企業ファイナンス関連データを購入し、これらが国内企業の統治構造の変化、およびその国際比較の基礎データとなった。研究手法・変数の開発については、課題①に関連して、機関投資家、従業員持ち株会の特性把握、③に関連した企業統治とパフォーマンスの相互関係については、所期の成果を得た。他方、②のリスクをとる経営、あるいはイノベーションを捉える指標については、幾つかのトライアルを試みたが、最終的に実証可能な変数として、特許・引用件数を利用する方針を定め、データ構築に着手した。研究成果の公表では、これまでDPの形で公表してきた研究成果を、宮島編『企業統治と成長戦略』(東洋経済新報社)として公刊した。また、英文の成果の一部は、宮島がコーディネーターを務めるJSPS研究拠点形成事業(A.先端拠点形成型)の一環として公刊されるWPシリーズにおいて公表した。その他、本年度に新たに着手したテーマとしては、①に関連して、宮島はFranks(LBS)、Mayer (Oxford)とStock repurchase and corporate controlの研究に着手し、第1次稿を得た。また、M&A/事業再組織化について、鈴木が中心となって、日本における機関投資家・アクティビスムファンドの役割についての共同研究に着手した。さらに、久保が専門職層の雇用選択(外部雇用か内部養成か)について、酒向(Oxford)と共同研究を進め、早稲田大学で開催したシンポジウムで報告した。データ面では、引き続き日本企業の統治制度に関する長期データ系列の拡充・整備を進める一方、所有構造、CSR活動の国際比較のためのデ-タ構築にも取り組む。特に、今年度は、従業員持株、機関投資家(生保)、報酬制度、イノベーションに関わる変数の構築を目指す。研究成果の発表としては、第1に、これまで暫定的な結果を得た成果の公刊を目指す。宮島は研究協力者Franks、Mayerと開始した自社株買と所有構造の関係に関する論文を、また、広田は企業パフォーマンスと企業文化に関する分析を国際学会で報告の後、国際学術誌に投稿する。久保は企業統治と専門職員の選択(酒向との共同研究)、企業統治と雇用者の所得の不平等の分析(Jackson (Freie Universitat Berlin)との共同研究)との取り纏め、報告・WPでの公表を目指す。第2に、28年度の成果の一層の展開を図る。宮島・大湾は従業員持株会の分析を拡充し、雇用制度、および機関投資家の銘柄選択行動の関係の分析に着手する。齋藤・宮島は経営者の交代の分析を拡張し、機関投資家が経営者の交代に影響を与える経路の分析を進める。第3に、あらたな課題として、蟻川・宮島は企業統治とイノベーションの関係の分析に着手する。また、鈴木は、前年度着手した機関投資家・アクティビストの役割の国際比較に関する国際共同研究の取り纏めを目指す。なお、本研究の成果は、早稲田大学で定期的に行うセミナーやRIETIなどの機関での報告を進める一方、JSPSの拠点形成事業の一環として開催されるワークショップ(5月(Oxford)、10月(Stanford))で発表し、集中的に議論する。また、メンバーの成果は、同拠点形成事業のHPを通じてWPの公表を継続する。また、宮島は『企業統治と成長戦略』の英語版作成に取り組み、さらに、Franks、Mayerと進めるOwnership mattersの執筆を進め、この英語書籍の中心部分を海外協力者所属機関で可能な限り報告する機会を探る

  • Inter-firm transaction network and bank lending

    Project Year :

    2014.04
    -
    2017.03
     

     View Summary

    This study demonstrates theoretically and empirically that a firm with a higher influence as a procurer in a supply network is more likely to obtain a rescue loan at a lower interest rate when it is under a financial distress. A bank will evaluate not only the standalone performance of the firm but the propagation effect through the supply network. Consequently, the lending cost is relatively smaller for those with a higher influence coefficient in a financial distress. This effect is larger for regional banks that often have a stronger market power in the regional financial market

  • Inter-firm Network and the Risk of Financiation Intermediaries

    Nomura Foundation 

    Project Year :

    2016.04
    -
    2017.03
     

  • Welfare Evaluation of Policy Lending in a Financial Crisis

    Foundation for the Promotion of Academic Research, Japanese Bankers Association 

    Project Year :

    2016.02
    -
    2017.03
     

  • Analysis on corporate finance of Japanese firms: Change in financing environment and the role of financial institutions

    Project Year :

    2012.04
    -
    2016.03
     

     View Summary

    The aim of this research is to clarify the influence of finance on corporate activities and the real economy, and to produce practical and policy implications on corporate finance, financial regulation, and monetary policy, under drastic changes in the corporate environment. The uniqueness of this study lies in its collection and use of rich data. We systematically link data from different sources, i.e., the original corporate survey, the original survey on financial institutions, interviews, and other sources, and clarify the current status of corporate finance for small- and medium-sized enterprises (SMEs) in Japan. Through empirical analyses using these data, we obtain many insights, for example, on reconstruction demand in the earthquake-hit areas, on the status of the management of regional financial institutions, on corporate finance of SMEs under changes in the corporate environment

  • The Comprehensive Studies on Firm Dynamics for Sustained Economic Growth of Japanese Economy

    Project Year :

    2011.04
    -
    2015.03
     

     View Summary

    The main purpose of this study is to examine the effects of firms' activities on the Japanese economy. Our main findings are summarized as follows. (1)Since the mid-1990, firm-level volatility increased, while aggregate-level volatility has remained low.(2)We found that the large proportion of job creation is accounted for by new entry firms and new entry firms increase the probability that incumbents will exit

  • Roles of Mainbanks in Japan Revisited

    Project Year :

    2011.04
    -
    2015.03
     

     View Summary

    We revisit how finacial system in Japan enhance the value of Japanese firms, in particular, focus on the role of Main Banks. To this end, we developed some mathematical methods and dynamic principal-agent models in continuous-time framework. Based on our models, some empirical implications are derived. Our empirical analyses provide us with the following results. Firstly, lending competitions among banks enhance credit availability for new firms. Secondly, a probability of borrower's default is influenced by bank efficiencies measured by indexes of profit efficiency and cost efficiency. However, those may not be specific roles of the Main Banks. Thirdly, in fact, we cannot find statistically significant evidences that main banks can enhance the firm value better than the other banks

  • Research into the land holdings as collateral and the borrowing costraint

    Project Year :

    2011.04
    -
    2014.03
     

     View Summary

    We examine how financial loans influence the cost functions of firms and market equilibrium, from the standpoint of industrial organization. In our model, a representative entrepreneur chooses secured or unsecured loans. The interest rate of the former is relatively low because of its collateral, but it comes with a borrowing constraint. The latter has a high interest rate stemming from a risk premium. Owing to the cost minimization by firms, these loan types affect the cost function of the entrepreneur and the output of the market.As the main results, in a short-run equilibrium, the existence of two types of financial loans leads to a discontinuous supply curve, and the possibility of non-existence of market equilibrium. If we assume a free-entry condition in the long-run, firms that choose unsecured loans and pay the risk premium cannot survive due to the severe competition stemming from free entry. We obtain a unique equilibrium in which all entrepreneurs choose secured loans

  • Empirical Studies of Interbank Competition and Relationship Banking

  • Measurement of proprietary information production in lending market for non-listed companies.

     View Summary

    We find that the contracted interest rate when the inside bank(main bank) is the sole lender is higher than those in the other case even if the borrower makes multiple banks bid competitively in the small business loan market by the statistical analyses with the microdata collected from a survey targeting at small businesses in 2008.This premium statistically and economically significant, for the sample median of the short-term interest rate is 1.9%. This premium is more significant for firms that expect their inside bank facilitate rescue loans in case of a temporal financial distress

  • Analysis on corporate finance of Japanese firms: Benefits and limitations of relationship-based finance

     View Summary

    To clarify the current status of corporate finance with special focus on firms’ environmental changes and the role of financial institutions, we first implemented a unique corporate survey and obtained data. To prepare for full-fledged analysis, we summarized the descriptive statistics of the data and wrote a summary paper. We also wrote a summary paper on the results of interviews to financial institutions. These summary papers produced various new findings especially on the organizational structure of financial institutions and their lending. Using the data from the survey, we conducted research on the effect of auditing of financial statements by auditing companies on the terms of lending from financial institutions, and on the relationship between the internal organization of financial institutions and their information production. We also conducted many related researches not using the data from the survey, including those focusing on regional finance and cooperative financial institutions, and on the role of loan officers. We also financially supported the “regional finance conference” to which researchers all over Japan gather, and held a seminar on the related corporate finance issue

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Presentations

  • Network-motivated Lending Decisions

    Yoshiaki Ogura, Ryo Okui, Yukiko Umeno Saito

    The 3rd Sydney Banking and Financial Stability Conference  (University of Sydney) 

    Presentation date: 2019.12

  • Search-for-yield under Prolonged Monetary Easing and Aging

    Yoshiaki Ogura

    Japan Society of Monetary Economics, 2019 Fall Meeting  (Konan University) 

    Presentation date: 2019.10

  • Search-for-yield under Prolonged Monetary Easing and Aging

    Yoshiaki Ogura

    The 28th NBER-TCER-CEPR TRIO Conference  (University of Tokyo) 

    Presentation date: 2019.07

  • Product Network Connectivity and Information for Loan Pricing

    Jiangtao Fu, Ogura

    The 30th Australiasian Finance & Banking Conference  (Sydney)  the Institute of Global Finance and the School of Banking and Finance, UNSW Business School

    Presentation date: 2017.12

  • The Objective Function of Government-Controlled Banks in a Financial Crisis

    Yoshiaki Ogura

    The 29th Australian Finance and Banking Conference  (Sydney, Australia) 

    Presentation date: 2016.12

  • The Objective Function of Government-Controlled Banks in a Financial Crisis

    Yoshiaki Ogura

    Nippon Finance Association, the 24th Annual Meeting  (Yokohama National University)  Nippon Finance Association

    Presentation date: 2016.05

  • Network Motivated Lending Decisions

    Yoshiaki Ogura

    American Economic Association 2016 Annual Meeting  (San Francisco)  American Economic Association

    Presentation date: 2016.01

  • Network-Motivated Lending Decisions

    Yoshiaki Ogura

    Japanese Economic Association 2015 Fall Meeting  (Tokyo)  Japanese Economic Association

    Presentation date: 2015.10

  • Certification Role of Pre-IPO Bank Relationships: Evidence from Japanese IPO Underpricing

    Yoshiaki Ogura

    Asian Finance Association, 2014 Conference  (Nusa Dua)  Asian Finance Association

    Presentation date: 2014.06

  • Certification Role of Pre-IPO Bank Relationships: Evidence from Japanese IPO Underpricing

    Yoshiaki Ogura

    Nippon Finance Association, the 22th Meeting  (Chuo University)  Nippon Finance Association

    Presentation date: 2014.06

  • Network-Motivated Lending Decision

    Yoshiaki Ogura

    Western Economic Association International, Biennial Pacific Rim Conference  (Keio University)  Western Economic Association

    Presentation date: 2013.03

  • An Estimation of the Inside Bank Premium

    Yoshiaki Ogura

    Financial Management Association, Annual Meeting  (New York) 

    Presentation date: 2010.10

  • An Estimation of the Inside Bank Premium

    Yoshiaki Ogura

    Financial Intermediation Research Society, Annual Meeting  (European Institute University) 

    Presentation date: 2010.06

  • An Estimation of the Inside Bank Premium

    Yoshiaki Ogura

    Nippon Finance Association, the 18th Meeting  (Sofia University) 

    Presentation date: 2010.05

  • Lending Competition, Relationship Banking, and Credit Availability for Entrepreneurs

    Yoshiaki Ogura

    Financial Intermediation Research Society, Annual Meeting  (Anckorage) 

    Presentation date: 2008.06

  • Bank Consolidation and Soft Information Acquisition in Small Business Lending

    Yoshiaki Ogura

    The Conference on the Mergers & Acquisitions of Financial Institutions  (Arlington)  FDIC, FRB Chicago, University of Kansas, Journal of Financial Service Research

    Presentation date: 2007.11

  • Economic Analysis of Relationship-Based Financial Intermediation

    Yoshiaki Ogura

    Nippon Finance Association, 14th Research Review 

    Presentation date: 2007.11

  • Lending Competition, Relationship Banking, and Credit Availability for Entrepreneurs

    Yoshiaki Ogura

    Japanese Economic Assiciation, Spring Meeting  (大阪学院大学) 

    Presentation date: 2007.06

  • Does lending competition promote relationship banking? Evidence from the US small business financing data

    Yoshiaki Ogura

    The 30th Anniversary of the Journal of Banking and Finance Conference  (Peking University) 

    Presentation date: 2006.06

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Specific Research

  • 国内新興市場におけるIPO株式のパフォーマンスと個人投資家のセンチメント

    2018  

     View Summary

    I revised the statistical analysis on the impact of market sentiment to IPO underpricing in Japanese stock exchanges for small capital firms from 2004 to 2014, which I conducted in the last academic year, and complied the result into a working paper. To investigate the impact of the behavioral bias, which is called sentiment, to the IPO underpricing, I used the daily market turnover rate in the first five trading days after IPO as a proxy for the sentiment. The most important revision is the analysis to show that the inverse U-shaped relationship between the allocation to retail investors, who are presumably susceptible to the sentiment, and the sentiment. If an IPO stock is not subject to sentiment, retail investors are reluctant to bid for the initial offer. This implies a positive correlation between the sentiment and the allocation to retail investors. If an IPO stock is highly subject to sentiment, many retail investors bid for the offer and more likely to be rejected due to the excess demand. This implies the negative correlation between them. The estimated coefficients indicate that if the allocation share of retail investors is higher than about 60%, the latter force exceeds the former. 

  • 個人投資家の取引戦略とIPOアンダープライシング

    2017  

     View Summary

    I investigated the significance of the retail investors' sentiment as a determinant of the IPO underpricing in Japan and quantified the magnitude of the effect of the sentiment.  The IPO underpricing is about 90% on average for firms listed on the emerging small-capital company market from 2004 to 2014 in Japan.  I used the daily market turnover rate in the first five trading days after IPO as a proxy for the sentiment.  The higher turnover indicates the higher sentiment.   I found that one sigma increase (20 percentage points) in the turnover rate increases the IPO underpricing by 26-30% on average and reduces the one-year return after an IPO by about 30%.   Further analyses show that the sentiment, measured by the turnover rate, is decreasing in the share allocated to retail investors, who are presumably susceptible to the sentiment.  This result is consistent with the assumption in the theory by Ljungqvist, Nanda, and Singh (2006) that retail investors' sentiment is decreasing in their holdings of the issued stock.   

  • 金融危機における政策金融の経済厚生評価

    2016  

     View Summary

    I found evidence that government-controlled banks significantly increased their lending to small and medium-sized enterprises (SMEs) whose main bank is a large bank in the 2007-09 financial crisis. Further analyses show that both the weak relationship between large banks and SMEs, which is characterized by lower deposit and loan shares, and the crowding-out due to the loan demand surge among large corporations, which were temporarily shut out of the securities market, contributed to this phenomenon. The mixed Cournot oligopoly model including a government-controlled bank, a profit-maximizing main bank providing a differentiated service, which is characterized by an implicit insurance for a relational borrower against a temporary financial distress, and other profit-maximizing banks providing a non-differentiated service shows that the above finding regarding the weak relationship is consistent with the welfare maximization by a government-controlled bank rather than its own profit maximization. This finding provides evidence for the role of government-controlled banks as a shock absorber against a financial crisis.

Overseas Activities

  • 企業間取引ネットワークと銀行の健全性

    2018.03
    -
    2019.03

    ベルギー   ルーヴェンカトリック大学

 

Syllabus

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