Naoki Watanabel Graduate School of Economics, Nagoya City University   1 Yamanohata, Mizuho-cho, Mizuho-ku Nagoya, Aichi 4678501 Japan   naoki-watanabe@econ.nagoya-cu.ac.jp             JEL Areas: G3 : Corporate Finance and Governance: General G2 : Financial Institutions and Services: General