- Access to the Venue
- Campus Map N3-3 and 5
- Venue Map (under construction)
- NFA 33rd Annual Conference Program
- Saturday, June 14, 2025, 10:00～12:00JST ESG I: Innovations and Impacts
- Saturday, June 14, 2025, 13:00～15:00JST Household Finance
- Saturday, June 14, 2025, 15:15～16:15JST NFA-IRF Joint Keynote Speech
- Sunday, June 15, 2025, 9:30～11:30JST ESG II: Engagement and Market
- Sunday, June 15, 2025, 12:30～14:30JST Real Estate I: Housing and Mortgage
- Sunday, June 15, 2025, 14:40～16:40JST Real Estate II: Reactions to Changes
ESG I: Innovations and Impacts
Saturday, June 14, 2025, 10:00～12:00JST, Room F in College of Business Admin Lecture Hall 2
Chair: Dragon Yongjun Tang (The University of Hong Kong)
Are ESG Improvements Recognized? Perspectives from the Public Sentiments
Speaker: Shaolong Wu (Harvard University)
Discussant: Taisei Noda (NUCB Business School)
The Effect of Green Bonds on Analyst Forecasts around the World
Speaker: Jiahang Zhang (The University of Hong Kong)
Co-author: Dragon Yongjun Tang (The University of Hong Kong)
Discussant: Dare John Olateju (University of Jos)
Negative Stock Market Reactions to Climate Disclosure Framework Endorsements
Speaker: Hibiki Ichiue (Keio University)
Discussant: Jun Myung Song (Hitotsubashi University)
Household Finance
Saturday, June 14, 2025, 13:00～15:00JST, Room F in College of Business Admin Lecture Hall 2
Chair: Sheridan Titman (University of Texas, Austin)
The Impact of Homeless Encampments on Housing Prices
Speaker: Yoshiki Shimizu (Hitotsubashi University)
Co-author: Jarl Kallberg (Washington State University)
Discussant: Yining Shi (University of International Business and Economics)
On Bank Pricing of Single-family Residential Home Loans: Are Australian Households Paying Too Much?
Speaker: Piyush Tiwari (University of Melbourne)
Co-author: James D. Shilling (DePaul University)
Discussant: Stanimira Milcheva (University College London)
Green Neighbors, Greener Neighborhoods: Peer Effects in Residential Green Investments
Speaker: Christine Zhuowei Huang (The University of Texas at Dallas)
Discussant: Shengwei Guo (The University of Hong Kong)
NFA-IRF Joint Keynote Speech
Saturday, June 14, 2025, 15:15～16:15JST, Room 109 in College of Business Admin Lecture Hall 2
Chair: Wataru Ohta (Osaka University)
Geography and Finance
Speaker: Sheridan Titman (University of Texas, Austin)
ESG II: Engagement and Market
Sunday, June 15, 2025, 9:30～11:30JST, Room F in College of Business Admin Lecture Hall 2
Chair: Wataru Ohta (Osaka University)
Universal Owner and Impact of Its Engagement Program: An Analysis of Engagement Records of Japan’s GPIF
Speaker: Kazunori (Icko) SUZUKI (Waseda Business School and ECGI)
Co-author: Yuuta Asano (Government Pension Investment Fund), Masahiro Shibata (UTokyo Economic Consulting Inc.), Kenji Shiomura (Government Pension Investment Fund and Waseda University)
Discussant: Xintong Zhan (Fudan University)
Intraday and Daily Price Discovery in Carbon Markets: EUA Futures vs. Carbon ETFs
Speaker: Yoichi Otsubo (Kobe University and University of Manchester)
Discussant: Jie Cao (Hong Kong Polytechnic University)
Greenness in the Eye of Bond Short Sellers
Speaker: Shuting Li (The Chinese University of Hong Kong)
Co-author: Jie Cao (Hong Kong Polytechnic University), Xintong Zhan (Fudan University), Weiming Zhang (IE University), and Linyu Zhou (Central University of Finance and Economics)
Discussant: TBD
Real Estate I: Housing and Mortgage
Sunday, June 15, 2025, 12:30～14:30JST, Room F in College of Business Admin Lecture Hall 2
Chair: Toshiki Honda (Hitotsubashi University)
Negative Capital Shock, Overseas Buyers, and Housing Market
Speaker: Qian Wang (Purdue University)
Discussant: Masanori Orihara (Hitotsubashi University)
Cheap Talk in the Mortgage-Backed Securities Offerings
Speaker: Harold Zhang (University of Texas at Dallas)
Co-author: Feng Zhao (University of Texas at Dallas), Xiaofei Zhao (Georgetown University)
Discussant: Adolfo de Motta (McGill University)
Automatic Workout Mortgage and Housing Consumption Choice
Speaker: Rafal M. Wojakowski (University of Surrey)
Co-author: Robert J. Shiller (Yale University), M. Shahid Ebrahim (Durham University), Mark B. Shackleton (Lancaster University)
Discussant: Hofner Rusiana (California State University, Long Beach)
Real Estate II: Reactions to Changes
Sunday, June 15, 2025, 14:45～16:45JST, Room F in College of Business Admin Lecture Hall 2
Chair: Jiro Yoshida (Penn State and the University of Tokyo)
Tail Dependence: Risk Spillover Effects in Public Real Estate Markets during Periods of Economic and Geo-Political Uncertainty
Speaker: Stanimira Milcheva (University College London)
Co-author: Simon Stevenson (Old Dominion University), Lingshan Xie (University College London)
Discussant: Yoshiaki Ogura (Waseda University)
Asymmetric Underreactions and House Price Revisions
Speaker: Jing Ding (Tongji University)
Co-author: Rongbing Huang (Kennesaw State University), Lei Jiang (Kent State University), Franklin Qian (UNC Kenan-Flagler Business School)
Discussant: Meng Miao (Renmin University of China)
Do Homeowners in Emerging Markets Care About Sea-Level Rise?
Speaker: Yirong Liu (University of Nottingham Ningbo)
Co-author: Yining Shi (University of International Business and Economics), Dragon Yongjun Tang (The University of Hong Kong), Fumin Zhu ( Shenzhen University)
Discussant: Hongyu Shan (China Europe International Business School)
