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Workshop Summary
Workshop Summary
Date: July 26 and 27, 2025
Venue: Conference Room 2, International Conference Center, Waseda University
Camapus map of Waseda University
Building 18
waseda-campus-map.pdfInternational Conference Center, Waseda University
MapInternational-Conference-Center.pdfProgram
Program
July 26
July 26
Junior Session (Pre-session to Workshop)
11:00-12:30
Moderator: Yusuke Osaki (Waseda University)
11:00-11:30
Title: Extension of Marginal Conditional Stochastic Dominance to Higher-order Stochastic Dominance Rules
Presenter: Kazuki Nakamura (Waseda University)
11:30-12:00
Title: Cross-border M&A waves in Japan
Presenter: Yoshiaki Iino (Waseda University)
12:00-12:30
Title: Markov-Switching Factor Augmented VAR and Asset Allocation
Presenter: Hiroki Kobayashi (Waseda University)
Lunch Break
12:30-14:00
＊Lunch (bento boxes) will be provided only to participants who have registered in advance.
Opening remarks
14:00-14:10
Hideaki Miyajima (Waseda University)
14:15-16:15
Session 1
Moderator: Yusuke Tsujimoto (Waseda University)
14:15-14:55
Title: Opacity, Signaling, and Bail-ins (Co-author: Bruce Grundy and Ryuichiro Izumi)
Presenter: Kentaro Asai (Kyoto University)
14:55-15:35
Title: A Role of Accessibility in Loan Pricing: A Structural Approach (Co-author: Naoki Wakamori)
Presenter: Mitsuru Katagiri (Waseda University)
15:35-16:15
Title: On the Optimal Bank Capital Regulation (Co-author: Markus Brunnermeier and Sebastian Merkel)
Presenter: Goutham Gopalakrishna (The University of Toronto)
Break
16:15-16:30
Keynote speech 1
16:30-17:30
Moderator: Yoshio Nozawa (The University of Toronto)
Titile: Upgrading Credit Pricing and Risk Assessment through Embeddings (Co-author: Xavier Gabaix, Ralph S. J. Koijen, Robert Richmond)
Presenter: Motohiro Yogo (Princeton University):
18:00-
Workshop dinner
Pizzeria Takata Bokusya
https://www.takatabokusya.com/
*Please note that the number of participants may be limited due to venue capacity.
July 27
July 27
Keynote speech 2
10:00-11:00
Moderator: Charles Martineau (University of Toronto)
Title: What Can Cross-Sectional Stocks Tell Us About Core Inflation Shocks? (Co-author: Grace Xing Hu, Zhao Jin)
Presenter: Jun Pan (Shanghai Advanced Institute of Finance):
Short break
11:00-11:10
Session 2
11:10-12:30
Moderator: Konari Uchida (Waseda University)
11:10-11:50
Title: BigTech-Bank Collaborations in the Lending Market (Co-author: Yiyao Wang)
Presenter: Ben Charoenwong (INSEAD Singapore)
11:50-12:30
Title: What Drives Global Corporate Bond Returns? (Co-author: Jiarui Deng and Kewei Hou)
Presenter: Zhan Shi (Tsinghua University)
Lunch break
12:30-14:00
Keynote speech 3
14:00-15:00
Moderator: Yasuhiko Tanigawa (Waseda University)
Title: Market Microstructure Invariance
Presenter: Albert Kyle (University of Maryland)
Break
15:00-15:30
Session 3
15:30–17:30
Moderator: Katsumasa Nishide (Waseda University)
15:30-16:10
Title: Intensity Bursts in WallStreetBets Discussion and Stock Markets Trading (Co-author: Poon)
Presenter: Yoichi Otsubo (Kobe University)
16:10-16:50
Title: When Silicon Valley Meets Wall Street: A Theory of Financial Overengineering (Co-author: Yuki Sato)
Presenter: Jun Aoyagi (The Hong Kong University of Science and Technology)
16:50-17:30
Title: Recovering the Information Flow from Price
Presenter: Julien Cujean (University of Bern)
Closing address
17:30
Katsuyuki Kubo (Waseda)
Registration form:
https://forms.gle/1hSP1d5yiYWqxQ3K8
If you have any inquiries, please feel free to contact us at osakiy@waseda.jp
Due to logistical arrangements, the deadline to confirm your participation is June 30.
Accommodation:
Here are some hotels that are convenient to Waseda University:
Rihga Royal Hotel Tokyo
A classic-style hotel located within a 5-minute walk from Waseda Campus.
Hotel Chinzanso Tokyo
https://hotel-chinzanso-tokyo.jp
A luxury hotel surrounded by a beautiful Japanese garden. Located about a 10-minute walk from Waseda University.
Sotetsu Grand Fresa Takadanobaba
https://sotetsu-hotels.com/grand-fresa/takadanobaba
Conveniently located near Takadanobaba Station, which provides easy access to Waseda University (one stop on the Tokyo Metro Tozai Line or a short walk).
Vessel Inn Takadanobaba Station
https://www.vessel-hotel.jp/inn/takadanobaba/
A clean and affordable business hotel just steps from Takadanobaba Station.
Waseda University is also easily accessible from major terminal stations such as Tokyo Station and Shinjuku Station, where a wide range of hotels are available, from business hotels to international luxury brands. These areas offer excellent transportation links and are good alternatives for accommodation.
Organizers:
Charles Martineau (The University of Toronto)
Daisuke Miyakawa (Waseda University)
Yoshio Nozawa (The University of Toronto)
Yusuke Osaki (Waseda University)
Junichi Yamanoi (Waseda University)
Cosponsored by：
Research Institute of Business Administration, Waseda University
INCGROW Co., Ltd. https://incgrow.co.jp/
Workshop Record
Japanese follows English
The 2025 Waseda Summer Workshop in Finance was held on July 25–26, 2025, at the Waseda University International Conference Center. This year marked the third consecutive workshop following 2023 and 2024. The program featured 11 presentations by leading international and domestic scholars, including invited speakers Professors Kyle, Pan, and Yogo. Prior to the main workshop, 3 presentations were also given by graduate students of Waseda University.
開催記録
2025年7月25日・26日に、早稲田大学国際会議場にて 2025 Waseda Summer Workshop in Finance を開催しました。本年度は2023年、2024年に続く3回目の開催となります。招待講演者のKyle氏、Pan氏、Yogo氏を含む国内外の第一線研究者による11件の報告が行われました。さらに、若手研究者による3件の報告も行われました。また、ワークショップに先立って、本学大学院生による3件の報告が行われました。
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