Financial Markets Stability
and Economic Development across the World

January 07 – 08, 2015, Tokyo, Japan


Tokyo Subway Route Map

Tokyo Subway Route Map

Map of Tokyo Stock Exchange

Map of Tokyo Stock Exchange


Date: January 07-08, 2015 Location: Tokyo Stock Exchange, Tokyo, Japan
Paper Deadline: October 10, 2014 (Full papers – Final Draft)
Paper acceptance: October 31, 2014
Reservation Deadlines:
Early bird: Nov 7, 2014 Normal: Dec 24, 2014,
Late Registration: Jan 7, 2015.

Reservation of Accommodation
Online reservation services for the participants
(Links to external site,


The Faculty of Economics of Nagasaki University, organizer of the “International Conference on Asian Financial Markets”(ICAFM)for past nine years, with its Graduate School of Economics, is honored to invite you to the 10th Edition of ICAFM2015.
This year the conference will be held in Tokyo at the Tokyo Stock Exchange on January 07-08, coinciding with the First “World Conference on Risk, Banking and Finance” organized by “The Risk, Banking and Finance Society”. RBF is the permanent organizer of IRMC ( together with NYU Stern Salomon Center and the University of Florence.
The conference theme is: Financial Markets Stability and Economic Development across the World.

Jan.07, 2015 (Wednesday) – Jan.08, 2015 (Thursday)
Tokyo Stock Exchange, Tokyo, Japan

The organizers encourage submissions of papers on any topic within the overall regular tracks.

Key Questions are the following:
1. The state of reforms and regulations 7 years after the outbreak of the financial crisis. Can they avert the next financial calamity?

  • What is the current state of regulation around the globe? U.S., Europe, Asia.
  • What is missing in the current proposals and what is excessive?
  • What is the current status of Basel III?
  • Of Title VII (OTC) of Dodd-Frank? Is the financial system already overregulated?
  • Does an optimal level of capital adequacy exist?
  • How properly can we identify and regulate systemically important institutions? How to regulate shadow banking?
  • What is the status of international cooperation? Are we providing incentives for regulatory arbitrage?

2. The future regulatory reforms

  • Should the European banks adopt the Volcker Rule? What will be its final shape?
  • How is the financial transaction tax (FTT) adopted by Europe affecting the markets, the institutions? Some early conclusions ? What is the approach by the main Asian Economies?
  • What is the current status of the new US Swap rules in Europe? How is Asia responding?

3. Globalization of the financial system

  • Pros and cons of an emerging standard on financial sector regulation. Is Europe or US imposing their own standards?
  • How European and US financial sector regulation affect Asian financial institution?
  • Systemic risk and contagion effect. Are emerging economies significantly different from the highly industrialized economies?

4. The impact of monetary policy changes on market stability

  • Are the financial markets in a “bubble”?
  • How may changes in current policies (FED, ECB, BOJ) affect the financial markets?

5. How are the regulators dealing with ongoing issues
How to deal with benchmark manipulation?

  • The Libor scandal
  • The foreign currency “cartel”
  • Market infrastructure reform?
  • Electronic trading issues: HFT and market “glitsches”; Is the solution a forced slow down? What is the Asian markets approach?
  • Are the newly formed CCPs the next “too big to fail” entities?
  • From over the counter trading to clearing corporation to exchanges

6. From Idiosyncratic to Systemic risk.

  • Corporates and banks bankruptcy prediction a new approach needed?
  • How reliable are the corporate and banks financial statements in estimating default risk?
  • How country risk is embedded in corporate valuation?
  • Is the households overindebtness an important factor for systemic risk?
  • How to measure and predict risk accumulation in the financial system?

ICAFM and WCRBF 2015 Special Topic:
Asian Financial Markets and Risk Management.

Sub-track topics available on the website (Click here)

Masaaki Shirakawa (Aoyama Gakuin University, Former Governor of the Bank of Japan)
Menachem Brenner (NYU Stern School of Business)
Other distinguished keynotes and featured lecturers from US and Europe appointed by RBF or NU
Yusuke Kawamura (Deputy Chairman of the Daiwa Institute of Research)
Tokio Morita (Deputy Commissioner for International Affairs, Financial Service Agency)
Akihiko Kagawa (Senior Managing Director, Chief Risk Officer & Chief Compliance Officer, Mitsubishi UFJ Financial Group, Inc.)
Organizing Committee
Edward Altman (NYU Salomon Center – Stern)
Oliviero Roggi (University of Florence and NYU Stern)

Scientific Committee Chairman
Menachem Brenner (NYU Stern School of Business)

Host Institution
Faculty of Economics, Nagasaki University

Local committee
Masayuki Susai (Faculty of Economics, Nagasaki University), Chair
Hiromasa Okada (Faculty of Economics, Nagasaki University), Vice-Chair
Tao Qizhi (School of Finance, South Western University of Finance and Economics), Vice-Chair
Yoko Ida (Faculty of Economics, Nagasaki University)
Takeshi Kudo (Faculty of Economics, Nagasaki University)
Hiroshi Moriyasu (Faculty of Economics, Nagasaki University)
Xu Yang (Faculty of Economics, Nagasaki University)

RBF World Conference Scientific committee
Viral Acharya (New York University – Stern)
Edward Altman (New York University – Stern)
Yakov Amihud (New York University – Stern)
Torben J. Andersen (Copenhagen Business School)
Steffen Andersen (Copenhagen Business School)
Bjarne Astrup Jensen (Copenhagen Business School)
Annarita Bacinello (University of Trieste)
Giorgio Bertinetti (University of Venice)
Marco Bigelli (University of Bologna)
Zvi Bodie (Boston University)
Jacob Boudoukh ( IDC Arison School of Business)
Menachem Brenner (New York University – Stern)
Lorenzo Caprio (University Cattolica)
Ada Carlesi (University of Pisa)
Alessandro Carretta (University of Rome – Tor Vergata)
Nieh Chien-Chung (Department and Graduate Institute of Banking and Finance, Tamkang University)
Maurizio Dallocchio (Bocconi University)
Riccardo De Lisa (University of Cagliari)
Maurizio Fanni (University of Trieste)
Gabriele Fiorentini (University of Florence)
Franco Fiordelisi (University of Rome Tre)
Fumihiko Hiruma (Faculty of Commerce, Waseda University)
Małgorzata Iwanicz-Drozdowska (Warsaw Faculty of Economics)
Horoshi Kamae (Faculty of Economics, Tokyo Keizai University)
Dong Man Kim (College of Business and Public Administration, California State University San Bernardino)
Yue Li (Rotman School of Management, University of Toronto)
Frank Lin (College of Business and Public Administration, California State University San Bernardino)
Elisa Luciano (University of Turin)
Mario Massari (Bocconi University)
Giovanni Palomba (University of Rome La Sapienza)
Paolo Paruolo (University of Insubria)
Loriana Pelizzon (University of Venice)
Herbert Rijken (VU of Amsterdam)
Andrea Resti (Bocconi University)
Oliviero Roggi (University of Florence)
Francesco Saita (Bocconi University)
Anthony Saunders (New York University – Stern)
Rik Sen (Hong Kong University of Science and Technology)
Wim Schoutens (KU Leuven)
Hersh Shefrin (Santa Clara University)
Marti Subrahmanyam(New York University – Stern)
Toyoharu Takahashi (Faculty of Commerce, Chuo University)
Shigeru Uchida (Faculty of Commerce, Aichi Gakuin University)
Yushi Yosida (Faculty of Economics, Shiga University)
William Ziemba (University of British Columbia)
Takashi Misumi (Faculty of Commerce and Management, Hitotsubashi University)
Sun Lijian (Faculty of Economics, Fudan University)

Paper Submission Procedure
Full Paper Submission
Full-papers must be submitted by October 10, 2014.
The accepted full papers will be presented during the three parallel sessions. Final revisions are permitted.

How to submit
The paper should be emailed to the following address:

Full papers are due by October 10 , 2014.

The Scientific Committee will communicate you the results of the peer review as list of accepted papers by October 31, 2014.

Conference Management
The Risk, Banking and Finance Society
Tel +39 0552759720, Fax +39 0552759109
Conference website: and

Faculty of Economics, Nagasaki University
Tel. +81958206318, Email:


Empirical Study on Asian Financial Markets

Edited by Masayuki Susai Hiromasa Okada