TRIO Conference
Organized by Shin-ichi Fukuda, Joshua K. Hausman, and Kenichi Ueda
April 26-27, 2025
University of Tokyo, Economics Research Annex (Kojima Hall) 2F, Conference Room, 7-3-1 Hongo, Bunkyo-ku, Tokyo, Japan
Format: Speaker 20 minutes, Discussant 10 minutes, Floor discussion 15 minutes.

2025

Saturday, April 26

Transportation Information

Energy and the Environment

9:30 am

Coffee/Snacks

10:00 am

Global Policy Spillovers: Evidence from the Multinational Automobile Industry

Koichiro Ito, University of Chicago and NBER
James M. Sallee, University of California, Berkeley and NBER
Andrew Smith, University of Wisconsin - Madison

Discussant:
Yuta Toyama, Waseda University

10:45 am

The Environmental Impact of Multinational Firms

Dominic Rohner, University of Lausanne
Frederik Noack, University of British Columbia
Tommaso Sonno, University of Bologna

Discussant:
Manabu Nose, Keio University

11:30 am

Break

11:45 am

The Global Effects of Carbon Border Adjustment Mechanisms

Kimberly A. Clausing, University of California, Los Angeles and NBER
Jonathan M. Colmer, University of Virginia
Allan Hsiao, Stanford University and NBER
Catherine Wolfram, Massachusetts Institute of Technology and NBER

Discussant:
Toshi Arimura, Waseda University

12:30 pm

Lunch

1:30 pm

Biodiversity and Firm Performance: Empirical Evidence in Japan

Katsuyuki Kubo, Waseda University
Thanh Thi Phuong Nguyen, Rikkyo University

Discussant:
Noriyoshi Yanase, Keio University

2:15 pm

Break

2:30 pm

How Do ESG Performance and Awareness Affect Firm Value and Corporate Overinvestment?

Tatsuyoshi Okimoto, Keio University
Tomoo Inoue, Seikei University
Denny Irawan, Saudi Aramco

Discussant:
Konari Uchida, Waseda University

3:15 pm

Common Ownership, Climate Risk and Lending (slides)

Elena Carletti, Bocconi University
Anja Duranovic, Utrecht University
Irene Monasterolo, Utrecht University
Steven Ongena, University of Zurich

Discussant:
Hibiki Ichiue, Keio University

4:00 pm

Break

4:15 pm

The Impact of Emissions Trading Systems on Manufacturing Installation Productivity: Evidence from Japan (slides)

Toshi Arimura, Waseda University
Guanyu Lu, Waseda University
Kenta Tanaka, Musashi University

Discussant:
Akio Yamazaki, National Graduate Institute for Policy Studies (GRIPS)

5:00 pm

Nuclear Operations with a High Penetration of Renewables: The Case of France

Nicolas Astier, Paris School of Economics
Frank A. Wolak, Stanford University and NBER

Discussant:
Claire Lim, Western University

5:45 pm

Adjourn

7:00 pm

Group Dinner - Tokyo Dome Hotel

Sunday, April 27

8:30 am

Coffee/Snacks

9:00 am

Designing and Scaling up Nature-based Markets

Beatrice Weder di Mauro, Geneva Graduate Institute
Estelle Cantillon, Universite Libre de Bruxelles
Eric Lambin, Stanford University

Discussant:
Kenichi Ueda, The University of Tokyo, CEPR, and TCER

9:45 am

Break

10:00 am

A Supply Curve for Forest-Based CO2 Removal (slides)

Robert S. Pindyck, Massachusetts Institute of Technology and NBER
Sergio L. Franklin Jr., Superintendencia de Seguros Privados

Discussant:
Masahiro Sugiyama, The University of Tokyo

10:45 am

Break

11:00 am

The Incidence of a Global Carbon Tax and CO2 Emissions

Wolfram Schlenker, Harvard University and NBER
Geoffrey Heal, Columbia University and NBER

Discussant:
Armon Rezai, Vienna University of Economics and Business (WU)

11:45 am

Adjourn

11:01 pm

Jointly sponsored by the National Bureau of Economic Research (NBER), the Tokyo Center for Economic Research (TCER), and the Centre for Economic Policy Research (CEPR).

	TRIO Conference Organized by Shin-ichi Fukuda, Joshua K. Hausman, and Kenichi Ueda April 26-27, 2025 University of Tokyo, Economics Research Annex (Kojima Hall) 2F, Conference Room, 7-3-1 Hongo, Bunkyo-ku, Tokyo, Japan Format: Speaker 20 minutes, Discussant 10 minutes, Floor discussion 15 minutes.
2025	Airport Transportation Information
	Saturday, April 26
	Transportation Information
	Energy and the Environment
9:30 am	Coffee/Snacks
10:00 am	Global Policy Spillovers: Evidence from the Multinational Automobile Industry Koichiro Ito, University of Chicago and NBER James M. Sallee, University of California, Berkeley and NBER Andrew Smith, University of Wisconsin - Madison Discussant: Yuta Toyama, Waseda University
10:45 am	The Environmental Impact of Multinational Firms Dominic Rohner, University of Lausanne Frederik Noack, University of British Columbia Tommaso Sonno, University of Bologna Discussant: Manabu Nose, Keio University
11:30 am	Break
11:45 am	The Global Effects of Carbon Border Adjustment Mechanisms Kimberly A. Clausing, University of California, Los Angeles and NBER Jonathan M. Colmer, University of Virginia Allan Hsiao, Stanford University and NBER Catherine Wolfram, Massachusetts Institute of Technology and NBER Discussant: Toshi Arimura, Waseda University
12:30 pm	Lunch
1:30 pm	Biodiversity and Firm Performance: Empirical Evidence in Japan Katsuyuki Kubo, Waseda University Thanh Thi Phuong Nguyen, Rikkyo University Discussant: Noriyoshi Yanase, Keio University
2:15 pm	Break
2:30 pm	How Do ESG Performance and Awareness Affect Firm Value and Corporate Overinvestment? Tatsuyoshi Okimoto, Keio University Tomoo Inoue, Seikei University Denny Irawan, Saudi Aramco Discussant: Konari Uchida, Waseda University
3:15 pm	Common Ownership, Climate Risk and Lending (slides) Elena Carletti, Bocconi University Anja Duranovic, Utrecht University Irene Monasterolo, Utrecht University Steven Ongena, University of Zurich Discussant: Hibiki Ichiue, Keio University
4:00 pm	Break
4:15 pm	The Impact of Emissions Trading Systems on Manufacturing Installation Productivity: Evidence from Japan (slides) Toshi Arimura, Waseda University Guanyu Lu, Waseda University Kenta Tanaka, Musashi University Discussant: Akio Yamazaki, National Graduate Institute for Policy Studies (GRIPS)
5:00 pm	Nuclear Operations with a High Penetration of Renewables: The Case of France Nicolas Astier, Paris School of Economics Frank A. Wolak, Stanford University and NBER Discussant: Claire Lim, Western University
5:45 pm	Adjourn
7:00 pm	Group Dinner - Tokyo Dome Hotel
	Sunday, April 27
8:30 am	Coffee/Snacks
9:00 am	Designing and Scaling up Nature-based Markets Beatrice Weder di Mauro, Geneva Graduate Institute Estelle Cantillon, Universite Libre de Bruxelles Eric Lambin, Stanford University Discussant: Kenichi Ueda, The University of Tokyo, CEPR, and TCER
9:45 am	Break
10:00 am	A Supply Curve for Forest-Based CO2 Removal (slides) Robert S. Pindyck, Massachusetts Institute of Technology and NBER Sergio L. Franklin Jr., Superintendencia de Seguros Privados Discussant: Masahiro Sugiyama, The University of Tokyo
10:45 am	Break
11:00 am	The Incidence of a Global Carbon Tax and CO2 Emissions Wolfram Schlenker, Harvard University and NBER Geoffrey Heal, Columbia University and NBER Discussant: Armon Rezai, Vienna University of Economics and Business (WU)
11:45 am	Adjourn
11:01 pm	Jointly sponsored by the National Bureau of Economic Research (NBER), the Tokyo Center for Economic Research (TCER), and the Centre for Economic Policy Research (CEPR).