On June 13th, join us for a discussion showing the future of corporate governance analysis. In this webinar we will introduce the results of leading-edge academic research to determine whether corporate governance practices and firm characteristics can be used to predict firm performance over the short-, mid-, and long-term. Earlier attempts at this research have always come with limitations or been focused narrowly on certain practices, but using BDTI’s detailed database focusing on Japanese corporate governance practices and important characteristics of all listed firms in Japan, researchers have been able to conclude that certain corporate governance practices and facts should be of interest to every investor.
In this webinar, BDTI’s Nicholas Benes will introduce Professor Daisuke Miyakawa and Associate Professor Junichi Yamanoi of the School of Commerce at Waseda University. The two professors are the main authors of the paper “Using High-Dimensional Corporate CG Variables to Predict Firm Performance”, which has been accepted for presentation at the Japanese Economic Association’s 2023 Spring Conference. In cooperation with BDTI, they have worked over the past six months to analyze corporate governance data and firm performance over time to create the most comprehensive paper on corporate governance practices’ actual effect on firm performance that we know of. They were charged with looking at the data with no preconceptions as to its value and to determine: a) which types of data correlated with performance in each firm’s industry (mainly reflected by TSR) and b) whether that data could be used to predict performance over time. The answer to both questions came back as a resounding “Yes!” It turns out that high-quality, “designed for Japan” governance and related corporate nonfinancial data, can boost returns.
Anyone who is investing in the Japanese market, – equity fund managers, asset owners, quantitative investors, or activists — should be interested in the results discussed during this free webinar. Sign up today.
This event will be held in English. After the event, the paper will be sent to all participants who have included their email address in their registration.
Date: June 13, 2023 (Tue) 16:30-18:00 JST
Location: Zoom Web Conference
Charge: Free
Sign up here：
【Speakers】
Daisuke Miyakawa
Professor, School of Commerce, Waseda University
Visiting Professor, National Tax Agency, National Tax College
Visiting Scholar, Bank of Japan, Financial Market Department
Chief Economist, UTokyo Economic Consulting Inc. (UTEcon)
Formerly a Professor at Hitotsubashi University Business School, Miyakawa-sensei is a prolific researcher with decades worth of experience in business and economic topics. He has written a variety of related papers including:
Arata, Y., D. Miyakawa, and K. Mori (2023) “The U-Shape Law for High Growth Firms,” NTC Joint Research Discussion Paper Series 230200–01HJ.
Miyakawa, D., K. Oikawa, and K. Ueda (2022) “Misallocation under the Shadow of Death,” RIETI Discussion Paper Series 22-E-014.
Hosono, K., M. Hotei, and D. Miyakawa (2020) “Tax avoidance by capital reduction: Evidence from corporate tax reform in Japan”.
Miyakawa, D. and K. Shintani (2020), “Disagreement between Human and Machine Predictions”, IMES Discussion Paper Series 2020-E-11, Bank of Japan.
Kondo, S., D. Miyakawa, K. Shiraki, M Suga, and T. Usuki (2019) “Using Machine Learning to Detect and Predict Accounting Fraud,” RIETI Discussion Paper Series 19-E-103.
For more information on Miyakawa-sensei, please visit: https://sites.google.com/site/daisukemiyakawaphd/
and
Junichi Yamanoi
Associate Professor, School of Commerce, Waseda University
Concurrent Researcher, Research Institute of Business Administration
Formerly an Associate Professor at Chuo University, Yamanoi-sensei joins Miyakawa-sensei in having a strong business-focused background, having earned his PhD from the University of Connecticut in Business Administration. Recent publications on related topics include:
Koo, J., Yamanoi, J. & Sakano, T. 2020. Acquisition announcements and stock market valuations of acquiring firms’ alliance partners: A transaction cost perspective. Journal of Business Research. 118: 129-140.
Yamanoi, J. & Asaba, S. 2018. The impact of family ownership on establishment and ownership modes in foreign direct investment: The moderating role of corruption in host countries. Global Strategy Journal. 8(1): 106-135.
Tsang, E. W. K. & Yamanoi, J. 2016. International expansion through start-up or acquisition: A replication. Strategic Management Journal. 37(11): 2291-2306.
Yamanoi, J. & Cao, Q. 2014. Competition and termination of the alliances between asymmetric partners: The case of Japanese department stores. Asia Pacific Journal of Management. 31(4): 949-971.
For more information on Yamanoi-sensei, please visit: https://sites.google.com/site/junyamanoi/
【Additional Participants】
Nicholas Benes
Representative Director, The Board Director Training Institute of Japan (BDTI)
Independent Director, Advantest Corporation
Mr. Benes received his B.A. in political science from Stanford University, and a JD-MBA degree from UCLA. He then worked at JP Morgan for 11 years and went on to lead a path-breaking M&A advisory boutique in Japan, JTP Corporation. He is an inactive member of the bar in California and New York. In the past, he served as a twice-elected Governor of the ACCJ, long-time Chair of its FDI Committee and Growth Strategy Task Force; and as a member of the Experts Committee of the Japan Investment Council. He has served as an independent outside director at a number of Japanese companies. Mr. Benes has taught corporate governance and business ethics as an Adjunct Professor at Hitotsubashi University and the International University of Japan. In 2010, he was a member of the Financial Services Agency’s Corporate Governance Liaison Committee. In 2013, he proposed that the creation of a corporate governance code be included in the LDP’s growth strategy, to be implemented under the auspices of the FSA. He then advised members of the diet and the FSA regarding the content of Japan’s first corporate governance code. He is a Regional Governance Partner for the International Center for Corporate Governance.
【Moderator】
Ben Garton
Head of Research, BDTI
Since 2018, Ben Garton has led BDTI’s corporate governance research and data collection activities covering all listed firms in Japan. He also assists with BDTI’s training and consulting activities. Formerly, he served as a management-strategy consultant with Booz Allen Hamilton (Booz & Company) for six years supporting dozens of C-Level executives on projects with multinational firms as well as serving as an independent internal consultant for Citigroup. He is a graduate of Johns Hopkins SAIS.
For inquiries, please contact BDTI
TEL: 03-6432-2337 FAX: 03-6432-2338
Email: info@bdti.or.jp Web: http://bdti.or.jp/