The IWH-CompNet 5th Finance and Productivity Conference (FINPRO5), held on 24–25 April 2026 at the University of Tokyo, successfully brought together leading academics, policymakers, and representatives from international financial institutions for two days of high-level discussions on corporate finance and productivity.

Under the theme “Corporate Finance and Productivity in Times of Geopolitical Fragmentation,” the conference explored how geopolitical tensions, economic uncertainty, and global realignments are reshaping firm behaviour, financial conditions, and productivity dynamics across economies.

The conference was co-organised by the International Monetary Fund (IMF), the University of Tokyo (CARF), the Center for Business and Productivity Dynamics (IWH-CBPD), IWH-CompNet, the European Bank for Reconstruction and Development (EBRD), the University of Amsterdam, and CEPR. We are grateful for the strong collaboration and excellent organisation that made this event possible.

Resources: Explore the workshop programme.

Day 1

Opening and Welcome

The conference opened with welcome remarks by Kenichi Ueda (University of Tokyo CARF and CEPR), Takashi Nagaoka (IMF), and Filippo di Mauro (IWH-CompNet), followed by opening remarks from Atsushi Mimura (Vice-Minister of Finance for International Affairs, Ministry of Finance, Japan).

Keynote

The keynote address was delivered by Dr. Laura Alfaro (Chief Economist at the Inter-American Development Bank and Professor at Harvard Business School), who provided insights into the evolving relationship between corporate finance and productivity in a fragmented global economy.

Session 1: Financial Constraints (Chair: Kenichi Ueda)

The session featured presentations by Andrea Caggese on zombie lending and allocative efficiency, and Javier Miranda on credit card entrepreneurs, followed by discussions led by Martin Aragoneses and Ralph De Haas.

Paper 1: Zombies? Growth Options, Heterogeneous Firms, and the Allocative Effects of Zombie Lending – Andrea Caggese
Discussion: Martin Aragoneses

Paper 2: Credit Card Entrepreneurs – Javier Miranda
Discussion: Ralph De Haas

Session 2: Geopolitics (Chair: Anne Oeking)

Presentations by Beata Javorcik on economic sanctions and Gee Hee Hong on fiscal policy uncertainty examined the impact of geopolitical developments on productivity, with discussions by Elena Carletti and Kiyotaka Sato.

Paper 3: Exorbitant Privilege and Economic Sanctions – Beata Javorcik
Discussion: Elena Carletti

Paper 4: How External Fiscal Policy Uncertainty Affects Productivity of European Countries – Gee Hee Hong
Discussion: Kiyotaka Sato

Session 3: Investments (Chair: Javier Miranda)

The session explored investment dynamics, including venture capital and R&D incentives, with contributions from Martin Aragoneses and William McShane, and discussions by Kenta Ikeuchi and Juanita Gonzalez-Uribe.

Paper 5: Industrial Policy via Venture Capital – Martin Aragoneses
Discussion: Kenta Ikeuchi

Paper 6: Buying Brains: R&D Incentives and Acqui-hires – William McShane
Discussion: Juanita Gonzalez-Uribe

The first day concluded with further informal exchanges during a conference dinner.

Day 2

Session 4: Climate and Intangibles (Chair: Ralph De Haas)

This session examined the role of climate risk and intangible assets in shaping financial and productivity outcomes, with presentations by Koji Takahashi and Tomislav Ladika, followed by discussions by Miho Takizawa and Benedicta Marzinotto.

Paper 7: Climate Risk and Cross-Border Lending: Evidence from the Syndicated Loan Market – Koji Takahashi
Discussion: Miho Takizawa

Paper 8: The Intangible Economy and the Decline of Corporate Leverage in Europe – Tomislav Ladika
Discussion: Benedicta Marzinotto

Session 5: Banking (Chair: Andrea Caggese)

The final academic session focused on banking and firm resilience, with presentations by Costanza Tomaselli and Solomiya Shpak, and discussions by Daisuke Miyakawa and Gee Hee Hong.

Paper 9: Survival of the Fittest: How Private Credit Shapes Firm Adaptation in a Critical Input Crisis – Costanza Tomaselli
Discussion: Daisuke Miyakawa

Paper 10: Finance, Employment, and Survival: Evidence from Bank Liquidations in Ukraine – Solomiya Shpak & John Earle
Discussion: Gee Hee Hong

Policy Panel

The conference concluded with a high-level policy panel chaired by Filippo di Mauro (IWH-CompNet), featuring Beata Javorcik (EBRD), Kenichi Ueda (University of Tokyo), Laura Alfaro (Inter-American Development Bank), and Reint Gropp (Halle Institute for Economic Research). The panel reflected on the broader policy implications of corporate finance developments in an increasingly fragmented global landscape.

Closing remarks marked the end of the conference, summarising key insights and outlining directions for future research and policy engagement.

The FINPRO5 conference marked an important milestone in advancing the dialogue between academic research and policy practice on finance and productivity. By combining cutting-edge research with policy perspectives, the event contributed to a deeper understanding of the challenges and opportunities facing firms and economies in a rapidly changing global environment.

To receive access to the presentation materials, please refer to the links provided above. If you experience any issues accessing the files via OneDrive, alternative access (Dropbox or Google Drive) can be provided upon request.