Junnosuke SHINO [篠 潤之介]

• Associate Professor, Ph.D.  School of International Liberal Studies (SILS) , Waseda University

• Email: junnosuke.shino [at] waseda.jp

• Tel (Direct) : + (81)3 3202 2614 

• Address: 1-6-1, Nishiwaseda, Shinjuku-ku, Tokyo, Japan 169-8050

• Office: Bldg. 11, Room 1444 

<Work-in-Progress Papers>

• "Alternative Methods to SHAP Derived from Properties of Kernels: A Note on Theoretical Analysis," Hiraki Kazuhiro, Shinichi Ishihara, and Junnosuke Shino, arXiv Link, June 2024. 

• "An Axiomatization of the Shapley Mapping Using Strong Monotonicity in Interval Games," Shinichi Ishihara, and Junnosuke Shino, SSRN Link, June 2024. 

• "To lend or not to lend: the Bank of Japan's ETF purchase program and securities lending," Mitsuru Katagiri, Junnosuke Shino and Koji Takahashi, BIS Working Paper No.1113, August 2023. SSRN, WINPEC Working Paper Series No.E2304. --> Featured in Financial Times: <August 2023> <October 2023>. 

• "Greenhouse Gas Emissions and Bank Lending," Koji Takahashi and Junnosuke Shino, BIS Working Paper No.1078, March 2023. 

• "Bank of Japan’s ETF Purchase Program and Equity Risk Premium: A CAPM Interpretation," Mitsuru Katagiri, Junnosuke Shino and Koji Takahashi, BIS Working Paper No.1029, July 2022. Presented at the 30th Anniversary Annual Conference, Japan Financial Association. --> Selected as Research Encouragement Paper for Young Scholars. 

<Refereed Journal Publications>

• "Some Properties of Interval Shapley Values: An Axiomatic Analysis," Shinichi Ishihara and Junnosuke Shino, Games, 14(3), 50, June 2023. OPEN ACCESS. WINPEC Working Paper Series No. E2214. SSRN Link.

• "The Announcement Effects of a Change in the Bank of Japan's ETF Purchase Program: An Event Study," Mitsuru Katagiri, Junnosuke Shino and Koji Takahashi, Finance Research Letters, 50, 103230, December 2022, OPEN ACCESS.  WIAS Discussion Paper No.2022-001. 

• "Shapley Mapping and its Axiomatizations in n-person Cooperative Interval Games," Junnosuke Shino, Shinichi Ishihara and Shimpei Yamauchi, Mathematics, 10(21), 3963-3963, October 2022, OPEN ACCESS. WINPEC Working Paper Series No.E2019.  

• "Counteracting large-scale asset purchase program: the Bank of Japan’s ETF purchases and securities lending, "Kou Maeda, Junnosuke Shino and Koji Takahashi, Economic Analysis and Policy, 75, 563-576, September 2022.  (previously circulated as "Stock Lending Market and the BOJ’s ETF purchasing program: Micro-Evidence from ETF Balance Sheet Data and Equity Repo Trading Data,", WINPEC Working Paper Series No.E1811).  

• "A Solution Mapping and its Axiomatization in Two-Person Interval Games," Shinichi Ishihara and Junnosuke Shino, Journal of the Operations Research Society of Japan, 64(4), 214-226, 2021. First draft appeared in WIAS Discussion Paper No.2019-005.  

• "Vulnerability of Fixed-Rate Funds-Supplying Operations to Overbidding: An Experimental Approach, " Yukihiko Funaki, Junnosuke Shino and Nobuyuki Uto,  Global Finance Journal, 46, 100489, November 2020. First draft appeared in WINPEC Working Paper Series No.E1903, April 2019. 

• "Interval Game and its Solution Concept: Some Considerations,"  (in Japanese) Shinichi Ishihara, Junnosuke Shino and Shinpei Yamauchi, Waseda Global Forum, 16, 51-70, March 2020. 

• "Effects of the Negative Interest Rate Policy on Bids in Fixed-Rate Operations," Junnosuke Shino, Waseda Global Forum, 15, 57-80, March 2019.

• "Retailers' Market Concentration, Buyer-Size Discounts and Inflation Dynamics," Mayumi Ojima, Junnosuke Shino and Kozo Ueda, Japanese Economic Review, 69(1), 101-127, 2018.

• "A Global Game Analysis of the LLR: the Role of Creditors' Behaviour and Penalty Rate Lending," Junnosuke Shino, International Journal of Monetary Economics and Finance, 8, No.4, 2015. First draft appeared in Bank of Japan Working Paper 11-E-7 (Abstract in Japanese).

• "A Positive Theory of Fixed-Rate Funds-Supplying Operations in an Accommodative Financial Environment," Junnosuke Shino, Journal of International Money and Finance, 32,February 2013, 595-610. First draft appeared in Bank of Japan Working Paper 11-E-4 (Abstract in Japanese). A short version of this paper appeared in Box 3 of Bank of Japan, 2011.

• "Farsighted Stable Sets in Hotelling's Location Games," Junnosuke Shino and Ryo Kawasaki, Mathematical Social Sciences, 63, January 2012, 23-30. First draft appeared in Rutgers Working Paper 2008_No8. 

<Bank of Japan Publications, Articles and Other Papers>

• "Greenhouse Gas Emissions and Loan Markets in Japan,"  Koji Takahashi and Junnosuke Shino, in Environmental Technology Innovation and ESG Investment (edited by Sumiko Takaoka),  Springer, March 2024. 

• "Identifying the security lending channel in a central bank’s asset purchase program: a case of Bank of Japan’s ETF purchases," Mitsuru Katagiri, Junnosuke Shino and Koji Takahashi, SUERF Policy Brief, No. 691, October 2023. 

• "Boosting the Green Transition: Greenhouse gas emissions and bank lending," Koji Takahashi and Junnosuke Shino, SUERF Policy Brief, No. 597, May 2023. 

• "Recent Discussions on the Rules of  JBG Redemptions and Yield Curve Control," (in Japanese) Junnosuke Shino,  Kin-yu Journal, April 2023. 

• "Shapley mapping and its axiomatization in 3-person cooperative interval games,"  (in Japanese) Shinichi Ishihara, Junnosuke Shino and Shinpei Yamauchi, WINPEC Working Paper Series No.J2003, November 2020.

• "Behavioral Characteristics Affecting Household Portfolio Selection in Japan," Mizuki Nakajo, Junnosuke Shino and Kei Imakubo, Bank of Japan Review Series, May 2017, English Japanese.

• "A New Trend in Japan's Asset Management Business toward a Sift from Saving to Investment," Kae Kunishima, Junnosuke Shino and Kei Imakubo, Bank of Japan Review Series, September 2016, English Japanese.

• "Some Characteristics of Employment and Income Situations under the Current Recovery in Japan," Kenji Suganuma, Junnosuke Shino, Makoto Minegishi and Eriko Takada, Bank of Japan Review Series, June 2014, Japanese.

• "2x2 Delegation Games With Implementability In Weakly Undominated SPNE," Junnosuke Shino, Rutgers Working Paper 2012_No2.

• "Bertrand Delegation Games With Implementability In Weakly Undominated SPNE," Junnosuke Shino, Rutgers Working Paper 2012_No3.

• "Stock Prices and Investment trends by investor category," Junnosuke Shino, Bank of Japan Research Papers, September 2011, Japanese.

• "The Relationship between the Corporate Bond Spreads, CDS Premiums, and Stock Prices," Junnosuke Shino, Bank of Japan Review Series, September 2010, Japanese.

• "Sovereign Credit Default Swaps: Market Developments and Factors behind Price Changes," Junnosuke Shino and Koji Takahashi, Bank of Japan Review Series, April 2010, English Japanese.

• "New Forms of Employment in Japan --On the Increasing Influence of Part-time, Dispatched, and Contracted Workers--," with Junnosuke Shino and Shin Nakahara, Bank of Japan Review Series, March 2004, English Japanese. 

• "Essays on Game Theory and Coordination Problems," Junnosuke Shino, Dissertation, Rutgers University, 2011. 

• "What is sovereign CDSs?," (in Japanese) Junnosuke Shino,  Financial Affairs, July 2010.

• Japan Society of Monetary Economics, Kyushu University, September 29, 2023.

• Econometric Society (2023 European summer meeting),  Universitat Pompeu Fabra, Barcelona, Spain, August 29, 2023. 

• Japan Economic Association, Nanzan University, online (Discussant), May 28, 2023.

• Japan Financial Association, Waseda University (Discussant), May 21, 2023.

• Waseda University (PJIR continuous workshop), January 26, 2023. 

• Osaka University, December 13, 2022. 

• Japan Financial Association, the 4th Fall Conference, Nagoya University of Commerce & Business, November 5, 2022. 

• Hitotsubashi University, October 6, 2022.

• Japan Securities Research Institute, August 24, 2022. 

• Econometric Society (2022 Asian meeting of the ES in East and South-East Asia), Keio University, hybrid, August 10, 2022. 

• Japan Financial Association, the 30th Anniversary Annual Conference, Aoyama Gakuin University, June 4, 2022.  

• Japan Society of Monetary Economics, Spring annual meeting, Seijo University, online, May 14, 2022. 

• RIETI, online, July 20, 2021.

• The Operations Research Society of Japan, Tokyo Institute of Technology, online, March 2, 2021. 

• Institute of Political Economy, Waseda University, online, November, 20, 2020. 

• The 26th Decentralization Conference in Japan, online, October 24, 2020.

• Bank of Japan, Tokyo, February 25, 2020. 

• Monetary Economics Seminar of Kobe University, Kobe, Japan, Nobember 30, 2019.

• Vietnam Symposium in Banking and Finance, Hanoi, Vietnam, October 24-26, 2019. 

• The 2nd Keio-Waseda Macro Workshop, Tokyo, September 20, 2019.

• Citigroup Global Markets Japan (seminar speaker, non-academic), Tokyo, September 9, 2019.

• Korea Money & Finance Association [30th annual meeting], Busan, Korea, June 15, 2019.

• Japanese Economy and Monetary Policy (JICA ABE Initiative/Asia Pacific LEADS program, non-academic), JICA Tokyo Center, Tokyo, June 4, 2019.

• Waseda Organizational & Financial Economics Seminar, June 3, 2019.

• Japan Society of Monetary Economics [Spring annual meeting], Gakushuin University, Tokyo, May 26, 2019.

• The 3rd East Asia Game Theory (EAGT) International Conference, Fuzhou University, Fuzhou, Fujian, China, March 7-9, 2019.

• Waseda Game Theory and Experimental Economics Workshop 2019, January 12, 2019.

• Experimental and Behavioral Analyses in Macroeconomics and Finance, Amsterdam School of Economics, August 25, 2018.

• Asset Management Industry as Stockholder: Signalling-Game Analysis, Game Theory and Experimental Economics Workshop, Waseda University, January 28, 2017.

• Monetary Policy, Central Banks' Assessment on Economic Activity and Prices and Game-theoretic Analysis, Game Theory and Behavioral Economics Workshop, Waseda University, January 31, 2015.

• A Positive Theory of Fixed-Rate Funds-Supplying Operations in an Accomodative Financial Environment, presented at Waseda Moku-Yo Seminar, Waseda University, June 16, 2011. Program

• Lender of Last Resort Policy in a Global Game and the Role of Depositors' Aggregate Behavior as Signaling, presented at Game Theory Workshop 2011, Nagoya University, March 5 - March 7, 2011. Program

• Lender of Last Resort Policy in a Global Game and the Role of Depositors' Aggregate Behavior as Signaling, presented at 6th Pan-Pacific Conference on Game Theory, Tokyo Institute of Technology, February 28 - March 2, 2011.

• Bank of Japan's Auctions during the Financial Crisis, presented at Auctions Conducted by Central Banks during the Crisis, the Federal Reserve Bank of New York, November 22, 2010. Program

• Farsighted Stable Sets in Hotelling's Location Game, presented at Waseda Getsu-Kin Seminar, Waseda University, January 30, 2010. Program (in Japanese)

• Sovereign CDS premiums and recent developments in the international and domestic financial markets, presented at Financial facsimile Seminar, October 21, 2010. 

<Research Fields>

• Banking & Finance, Cooperative Game Theory 

<Work in Progress>

• ETF purchase program and stock lending

• SHAP in ML

• Recent change in stock-holding pattern of foreign investors

• Axiomatizations for the solution mappings of interval games

• Game theoretic analysis on stockholder engagements   etc.

<Working Experience>

• 2018-  School of International Liberal Studies, Waseda University : Associate Professor (2020-, current position), Assistant Professor (2018-2019)  

• 2003-2018  Bank of Japan (Senior Economist, Director, etc.) : Research and Statistics Department (2003-2005, 2011-2014), Monetary Affairs Department (2005-2007), Financial Market Department (2009-2011, 2016-2018), Financial System and Bank Examination Department (2014-2016)

• 2016-2017 School of Political Science and Economics, Waseda University: Part-time Lecturer

<Education>

• 2007-2011  Ph.D., Rutgers University, Department of Economics, NJ, U.S.  (Committee Members: Tomas Sjostrom (Chair),Michael Bordo, Colin Campbell and Daijiro Okada)

• 2001-2003  MSc., Tokyo Institute of Technology, Tokyo, Japan  (Advisor: Shigeo Muto (Chair), Takehiko Yamato) 

• 1997-2001  BA, Economics. Waseda University, Tokyo, Japan (Advisor: Yukihiko Funaki)

• 1991-1997  Waseda Junior & Senior High School, Tokyo, Japan  

<Grants>

• Grant-in-Aid for Scientific Research [C],2022-2024. 

• Nomura Foundation (with Hideaki Miyajima), April 2022-September 2023. 

• Japan Securities Scholarship Foundation (with Mitsuru Katagiri), June 2021-July 2022.  

• Grant-in-Aid for Scientific Research [C],2019-2021.

• Grant-in-Aid for Research Activity Start-up, 2018-2019.

• Waseda University Grants for Special Research Projects for Early Career Researchers, 2019.

• Waseda University Grants for Special Research Projects (for Research Base Creation), 2019.

• Waseda University Grants for Special Research Projects (for Newly-Hired Faculty), 2018.

<Awards>

• Research Encouragement Paper for Young Scholars at the 30th Anniversary Annual Conference, Nippon Finance Association, 2022, with Mitsuru Katagiri & Koji Takahashi

• Sidney I. Simon Prize for Outstanding Second year Research Paper, 2010.

<Referee Experiences>

• MSS / EB / MD / GP / WGF / RMFS  / TKDE/JER