Name

OGURA, Yoshiaki

Official Title

Professor

Affiliation

(School of Political Science and Economics)

Contact Information

Mail Address

Mail Address
yogura@waseda.jp

URL

Web Page URL

http://www.f.waseda.jp/yogura/main_yogura.html

Grant-in-aids for Scientific Researcher Number
70423043

Sub-affiliation

Sub-affiliation

Faculty of Political Science and Economics(Graduate School of Economics)

Faculty of Political Science and Economics(Graduate School of Political Science)

Affiliated Institutes

環境と貿易研究所

研究所員 2012-2015

Educational background・Degree

Educational background

-1995 Kyoto University Faculty of Laws
-1999 Kyoto University Graduate School, Division of Economics
-2005 Columbia University Graduate School, Division of Economics Economics

Degree

Ph.D. in Economics Coursework Columbia University (USA) Money/Finance

Career

2008/04-2012/03April March 2012, Associate Professor, Faculty of Business Administration, Ritsumeikan University.
2006/01-2008/03January 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.

Academic Society Joined

Japanese Economic Association

Nippon Finance Association

Japanese Society for Monetary Economics

American Finance Association

American Economic Association

Award

The 5th Maru Junko Research Award

2017/06Conferment Institution:Nippon Finance Association

Research Field

Keywords

Banking, Applied Microeconomics

Grants-in-Aid for Scientific Research classification

Social sciences / Economics / Money/Finance

Research interests Career

2012-2015Fact-finding research on Japanese corporate finance: changes in business environment and financial institutions

Cooperative Research within Japan

2011-2014Reevaluation of Japanese financial system: from the viewpoint of the main bank system

Cooperative Research within Japan

2011-2014Comprehensive researche on firm dynamics for the sustainable growth of Japanese economy

Cooperative Research within Japan

Paper

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

Jiangtao Fu and Yoshiaki Ogura

Japan and the World Economy Peer Review Yes 51p.1009602019/09-

DOI

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

Yoshiaki Ogura

Journal of Banking and Finance Peer Review Yes 89p.78 - 932018/04-2018/04

DOI

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

Ogura, Yoshiaki

Japanese Economic Review Peer Review Yes 68(2) p.258 - 2782017/06-2017/06

DOIScopus

Detail

ISSN:13524739

Outline:© 2016 Japanese Economic Association. 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.

Inside bank premiums as liquidity insurance

Nemoto, Tadanobu; Ogura, Yoshiaki; Watanabe, Wako

Journal of the Japanese and International Economies 42p.61 - 762016/12-2016/12

DOIScopus

Detail

ISSN:08891583

Outline:© 2016 Elsevier Inc.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.

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 61p.1 - 642015/03-2015/03

CiNii

Detail

ISSN:13475495

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 57p.1 - 532014/05-2014/05

CiNii

Detail

ISSN:13475495

Bank Consolidation and Soft Information Acquisition in Small Business Lending

Yoshiaki Ogura and Hirofumi Uchida

Journal of Financial Sevices Research Peer Review Yes 45p.173 - 2002014/04-

DOI

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) p.1 - 952014/03-

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

Tadanobu Nemoto, Yoshiaki Ogura, and Wako Watanabe

Public Policy Review (Policy Research Institute, Ministry of Finance, Japan) Invitation Yes 9(1) p.87 - 1152013/01-

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 Peer Review Yes 36p.1822 - 18382012/04-

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) Invitation Yes 2012(2) p.31 - 532012/03-

Interbank Competition and Information Acquisition: Evidence from the Interest Rate Difference

Yoshiaki Ogura

Journal of Financial Intermediation Peer Review Yes 19p.279 - 3042010/04-

DOI

Lending Competition and Relationship Banking: Evidence from Japan

Yoshiaki Ogura and Nobuyoshi Yamori

International Journal of Business Peer Review Yes 15p.377 - 3932010/04-

The Dynamics of R&D Network in the IT Industry

Nobuyuki Hanaki, Ryo Nakajima, and Yoshiaki Ogura

Research Policy Peer Review Yes 39p.386 - 3992010/04-

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 Peer Review Yes 24p.3 - 222008/09-

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) Peer Review Yes 59p.153 - 1632008/04-

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 p.81 - 1002007/06-

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 p.141 - 1592007/03-

Learning from a Rival Bank and Lending Boom

Yoshiaki Ogura

Journal of Financial Intermediation Peer Review Yes 15p.535 - 5552006/10-

DOI

Books And Publication

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

Isao Yamamoto ed.(Sharing writing)

Keiso Shobo2019/08-

Detali

Total Number of Pages:33Responsible Number of Pages:127-160

Lecture And Oral

Network-motivated Lending Decisions

Yoshiaki Ogura, Ryo Okui, and Yukiko Umeno Saito

The 3rd Sydney Banking and Financial Stability Conference2019/12/13

Detail

International conferenceOral presentation(general)Venue:University of Sydney

Search-for-yield under Prolonged Monetary Easing and Aging

Yoshiaki Ogura

Japan Society of Monetary Economics, 2019 Fall Meeting2019/10/20

Detail

National conferenceOral presentation(general)Venue:Konan University

Search-for-yield under Prolonged Monetary Easing and Aging

Yoshiaki Ogura

The 28th NBER-TCER-CEPR TRIO Conference2019/07/27

Detail

International conferenceOral presentation(general)Venue:University of Tokyo

Product Network Connectivity and Information for Loan Pricing

Jiangtao Fu and Ogura

The 30th Australiasian Finance & Banking Conference(the Institute of Global Finance and the School of Banking and Finance, UNSW Business School)2017/12/14

Detail

International conferenceOral presentation(general)Venue:Sydney

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

Yoshiaki Ogura

The 29th Australian Finance and Banking Conference2016/12/14

Detail

International conferenceOral presentation(general)Venue:Sydney, Australia

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

Yoshiaki Ogura

Nippon Finance Association, the 24th Annual Meeting(Nippon Finance Association)2016/05/21

Detail

National conferenceOral presentation(general)Venue:Yokohama National University

Network Motivated Lending Decisions

Yoshiaki Ogura

American Economic Association 2016 Annual Meeting(American Economic Association)2016/01/04

Detail

International conferenceOral presentation(general)Venue:San Francisco

Network-Motivated Lending Decisions

Yoshiaki Ogura

Japanese Economic Association 2015 Fall Meeting(Japanese Economic Association)2015/10/11

Detail

Venue:Tokyo

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

Yoshiaki Ogura

Asian Finance Association, 2014 Conference(Asian Finance Association)2014/06/25

Detail

International conferenceOral presentation(general)Venue:Nusa Dua

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

Yoshiaki Ogura

Nippon Finance Association, the 22th Meeting(Nippon Finance Association)2014/06/01

Detail

National conferenceOral presentation(general)Venue:Chuo University

Network-Motivated Lending Decision

Yoshiaki Ogura

Western Economic Association International, Biennial Pacific Rim Conference(Western Economic Association)2013/03/14

Detail

International conferenceOral presentation(general)Venue:Keio University

An Estimation of the Inside Bank Premium

Yoshiaki Ogura

Financial Management Association, Annual Meeting2010/10/23

Detail

International conferenceOral presentation(general)Venue:New York

An Estimation of the Inside Bank Premium

Yoshiaki Ogura

Financial Intermediation Research Society, Annual Meeting2010/06/08

Detail

International conferenceOral presentation(general)Venue:European Institute University

An Estimation of the Inside Bank Premium

Yoshiaki Ogura

Nippon Finance Association, the 18th Meeting2010/05/23

Detail

National conferenceOral presentation(general)Venue:Sofia University

Lending Competition, Relationship Banking, and Credit Availability for Entrepreneurs

Yoshiaki Ogura

Financial Intermediation Research Society, Annual Meeting2008/06/07

Detail

International conferenceOral presentation(general)Venue:Anckorage

Bank Consolidation and Soft Information Acquisition in Small Business Lending

Yoshiaki Ogura

The Conference on the Mergers & Acquisitions of Financial Institutions(FDIC, FRB Chicago, University of Kansas, Journal of Financial Service Research)2007/11/30

Detail

International conferenceOral presentation(general)Venue:Arlington

Economic Analysis of Relationship-Based Financial Intermediation

Yoshiaki Ogura

Nippon Finance Association, 14th Research Review2007/11/01

Detail

Oral presentation(general)

Lending Competition, Relationship Banking, and Credit Availability for Entrepreneurs

Yoshiaki Ogura

Japanese Economic Assiciation, Spring Meeting2007/06/03

Detail

Oral presentation(general)Venue:大阪学院大学

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 Conference2006/06/06

Detail

International conferenceOral presentation(general)Venue:Peking University

Research Grants & Projects

Grant-in-aids for Scientific Research Adoption Situation

Research Classification:

Inter-firm transaction network and bank lending

2014/-0-2017/-0

Allocation Class:¥3640000

Research Classification:

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

2012/-0-2016/-0

Allocation Class:¥17290000

Research Classification:

Research into the land holdings as collateral and the borrowing costraint

2011/-0-2014/-0

Allocation Class:¥4940000

Research Classification:

Roles of Mainbanks in Japan Revisited

2011/-0-2015/-0

Allocation Class:¥19500000

Research Classification:

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

2011/-0-2015/-0

Allocation Class:¥48880000

Research Classification:

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

Allocation Class:¥16900000

Research Classification:

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

Allocation Class:¥4160000

Research Classification:

Empirical Studies of Interbank Competition and Relationship Banking

Allocation Class:¥3610000

Research Classification:

Supply Network Formation and Resource Allocation by the Financial Market

2017/-0-2020/-0

Allocation Class:¥4420000

Research Classification:

Welfare evaluation of regional bank consolidations

2020/-0-2024/-0

Allocation Class:¥4290000

Research Classification:

Firm metabolism and inter-firm network in aging society

2020/-0-2025/-0

Allocation Class:¥26000000

Research Fund Acceptance Situation

Providers:Nomura Foundation

Inter-firm Network and the Risk of Financiation Intermediaries2016/04-2017/03

Representative

Providers:Foundation for the Promotion of Academic Research, Japanese Bankers Association

Welfare Evaluation of Policy Lending in a Financial Crisis2016/02-2017/03

Representative

On-campus Research System

Special Research Project

金融危機における政策金融の経済厚生評価

2016

Research Results Outline:I found evidence that government-controlled banks significantly increased tI found evidence that government-controlled banks significantly increased their lending to small and medium-sized enterprise...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.

個人投資家の取引戦略とIPOアンダープライシング

2017

Research Results Outline:I investigated the significance of the retail investors' sentiment as a detI investigated the significance of the retail investors' sentiment as a determinant of the IPO underpricing in Japan and qua...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.   

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

Research Results Outline:I revised the statistical analysis on the impact of market sentiment to IPOI revised the statistical analysis on the impact of market sentiment to IPO underpricing in Japanese stock exchanges for sma...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. 

Foreign Countries Research Activity

Research Project Title: 企業間取引ネットワークと銀行の健全性

2018/03-2019/03

Affiliation: ルーヴェンカトリック大学(ベルギー)

Lecture Course

Course TitleSchoolYearTerm
Fresh-Start Seminar [J] 32School of Political Science and Economics2020spring semester
Money and Banking I [J] 01School of Political Science and Economics2020spring semester
Money and Banking II [J] 01School of Political Science and Economics2020fall semester
Pre-seminar on Economics[J] (Ogura, Y)School of Political Science and Economics2020winter quarter
Seminar on Economics I (Ogura, Y)School of Political Science and Economics2020spring semester
Seminar on Economics II (Ogura, Y)School of Political Science and Economics2020fall semester
Seminar on Economics III[J] (Ogura, Y)School of Political Science and Economics2020spring semester
Seminar on Economics IV[J] (Ogura, Y)School of Political Science and Economics2020fall semester
Graduation Thesis[J] (Ogura, Y)School of Political Science and Economics2020spring semester
Graduation Thesis[J] (Ogura, Y)School of Political Science and Economics2020fall semester
Money and Banking II [E] 01School of Political Science and Economics2020fall semester
Money and Banking(Ogura, Y)Graduate School of Economics2020spring semester
Doctoral Research Guidance on Money and Banking AGraduate School of Economics2020spring semester
Doctoral Research Guidance on Money and Banking BGraduate School of Economics2020fall semester
Research guidance(seminar) on Money and Banking AGraduate School of Economics2020spring semester
Research guidance(seminar) on Money and Banking AGraduate School of Economics2020spring semester
Research guidance(seminar) on Money and Banking BGraduate School of Economics2020fall semester
Research guidance(seminar) on Money and Banking BGraduate School of Economics2020fall semester

Education Content And Method Device

Inter-university student seminar

2012/11-

Detail

Outline:Participated in the inter-university student seminar in the field of money and banking.