Publications

著書

2026

Macroeconomics 3rd. ed., Advanced Topics

with Koichi Futagami and Tatsuro Iwaisako

Yuhikaku, Tokyo, in Japanese

2025

Macroeconomics 3rd. ed., Fundamental

with Koichi Futagami

Yuhikaku, Tokyo, in Japanese

2017

Macroeconomics, 2nd ed.

with Koichi Futagami

Yuhikaku, Tokyo, in Japanese

2009

Macroeconomics

with Koichi Futagami

Yuhikaku, Tokyo, in Japanese

査読付き論文

2026

Selection Effects of Transitional Measures in the Tokyo Stock Exchange Restructuring: An Event Study Analysis

with Kohei Aono

The JSRI Journal of Financial and Securities Markets, No. 134, pp. 39-54 (in Japanese)

2025

Search for yield and home bias in Asian bond markets

with Hiroya Tanaka and Akihisa Shibata

Economic Modelling, Vol. 151, Article 107168

2024

Information Production in Start-up Firms: SPACs vs. Traditional IPOs

with Hiroshi Osano

Journal of Corporate Finance, Vol. 85, Article 102543

2023

Stock Price Reactions to Corporate Cash Holdings in Mitigating Predictable and Unpredictable Negative Shocks

with Kohei Aono

Pacific-Basin Finance Journal, Vol. 79, Article 101997

2020

The Market Liquidity of Japanese Stock Market-Empirical Analysis from 2000-

with Yang Chen

The JSRI Journal of Financial and Securities Markets, No. 111, pp. 77-91 (in Japanese)

2020

Dynamic Contract and Discretionary Termination Policy under Loss Aversion

with Hiroshi Osano

Journal of Economic Dynamics and Control, Vol. 111, Article 103794

2017

Agency Contracts, Noncommitment Timing Strategies, and Real Options

with Hiroshi Osano

Japanese Economic Review, Vol. 68, No. 4, pp. 521-554

2014

Investment Timing Decisions of Managers under Endogenous Contracts

with Hiroshi Osano

Journal of Corporate Finance, Vol. 29, pp. 607-627

2013

Managerial Incentives and the Role of Advisors in the Continuous-Time Agency Model

with Hiroshi Osano

Review of Financial Studies, Vol. 26, No. 10, pp. 2620-2647

2010

An Empirical Study on Japanese Firms’ Cash Holding: Evidence from Panel Data of Listed Companies

with Koichi Ando and Makoto Saito

Gendai Finance, No. 27, pp. 3-24 (in Japanese)

2009

Optimal Timing of Management Turnover under Agency Problems

with Hiroshi Osano

Journal of Economic Dynamics and Control, Vol. 33, No. 12, pp. 1962-1980

2009

Competition Schemes and Investment in Network Infrastructure under Uncertainty

with Keizo Mizuno

Journal of Regulatory Economics, Vol. 35, No. 2, pp. 179-200

2006

Access Pricing and Investment with Stochastically Growing Demand

with Keizo Mizuno

International Journal of Industrial Organization, Vol. 24, No. 4, pp. 795-808

2006

Reply: What Caused Fixed Investment to Stagnate during the 1990s in Japan?: Evidence from Panel Data of Listed Companies

with Makoto Saito and Koichi Ando

Japanese Economic Review, Vol. 57, No. 2, pp. 310-311

2006

What Caused Fixed Investment to Stagnate during the 1990s in Japan?: Evidence from Panel Data of Listed Companies

with Makoto Saito and Koichi Ando

Japanese Economic Review, Vol. 57, No. 2, pp. 283-306

2004

An Empirical Investigation of Cost Efficiency in Japanese Banking: A Non-parametric Approach

Review of Monetary and Financial Studies, Vol. 21, pp. 45-67

2002

メインバンク・企業間の資金調達関係と株式持合

with Hiroshi Osano

Shoken Analyst Journal, Vol. 40, No. 12, pp. 60-72 (in Japanese)

2000

Investment under Uncertainty

Systems, Control and Information, Vol. 44, No. 8, pp. 455-461 (in Japanese)

1999

Empirical Studies on Asset Pricing: A Survey

Gendai Finance, No. 6, pp. 47-97 (in Japanese)

1998

Empirical Studies on the Structure of Costs in Banking Industry

Review of Monetary and Financial Studies, Vol. 15, pp. 24-51 (in Japanese)

1997

Japanese Stock Returns and Investment: A Test of Production-based Asset Pricing Model

Japan and the World Economy, Vol. 9, No. 1, pp. 37-56

1996

Measuring Cost Efficiency in Japanese Banking

with Atsushi Yoshida

Japanese Journal of Financial Economics, Vol. 1, No. 2, pp. 87-110 (in Japanese)

査読なし論文

2024

The Home Bias Puzzle in Bond Markets: A Survey of Recent Theoretical and Empirical Analyses

with Hiroya Tanaka and Akihisa Shibata

The Journal of Economics of Kwansei Gakuin University, Vol. 78, No. 3, pp. 119-146 (in Japanese)

2008

Service-Based vs. Infrastructure-Based Competition: A Real Options Approach

with Keizo Mizuno

In Benzoni, L. and P. Geoffron (eds.), Infrastructure versus Service-Based Competition: The case of Mobile Telecommunications, Quantifica Publishing, pp. 73-81

2007

From Access to Bypass: A Real Options Approach

with Keizo Mizuno

In Akahori, J., S. Ogawa, and S. Watanabe (eds.), Proceedings of the 6th Ritsumeikan International Symposium: Stochastic Processes and Application to Mathematical Finance, World Scientific, pp. 127-150

2007

1990年代の設備投資の停滞について：上場企業の財務データからの考察

with Makoto Saito and Koichi Ando

In F. Hayashi (ed.), Keizai Seido no Jisshobunseki to Sekkei, Vol. 2, Keiso Shobo, pp. 3-34 (in Japanese)

2005

The Cost Efficiency of Japanese Largest Banks during 1990s

Social System Studies, Vol. 10, pp. 1-25 (in Japanese)

2004

1990年代の設備投資低迷の背景について－財務データを用いたパネル分析－

with Makoto Saito and Koichi Ando

Keizai Keiei Kenkyu, Vol. 25, No. 4 (in Japanese)

2002

日本企業の資金調達とガバナンス－規制緩和と持合解消のインパクト

with Hiroshi Osano

In H. Itoh (ed.), Nihon Kigyo Henkakuki no Sentaku, Toyo Keizai Shinposha, pp. 141-169 (in Japanese)

2002

流動性資産と企業行動：時系列データによる分析

with Koichi Ando

In M. Saito and N. Yanagawa (eds.), Ryudosei no Keizaigaku, Toyo Keizai Shinposha, pp. 157-180 (in Japanese)

2000

資産価格パズル

In Y. Tsutsui (ed.), Kinyu Bunseki no Saisentan, Toyo Keizai Shinposha, pp. 197-220 (in Japanese)

2000

金融政策の波及経路と銀行行動

In H. Osano and Y. Honda (eds.), Gendai no Kinyu to Seisaku, Toyo Keizai Shinposha, pp. 111-141 (in Japanese)

1996

C-CAPM in Japanese Asset Market: Reexamination

Osaka Economic Papers, Vol. 44, No. 3&4, pp. 76-90 (in Japanese)

未公刊論文

2008

企業の流動性資産保有と投資の決定要因について：上場企業の財務データを用いたパネル分析

with Koichi Ando and Makoto Saito

Bank of Japan Working Paper Series, No. 08-J-5 (in Japanese)

2005

企業の不祥事と株価パフォーマンス

with Hiroshi Osano

Ritsumeikan RCFF Research Paper, 05-006 (in Japanese)

2002

Financial Relations between Banks and Firms: New Evidence from Japanese Data

with Hiroshi Osano

Kyoto Institute of Economic Research, Discussion Paper, No. 546

2002

流動性資産と企業行動：時系列データによる分析

with Koichi Ando

Ritsumeikan RCFF Research Paper, 02-001 (in Japanese)

2001

メインバンク・企業間の資金調達関係と株式持合

with Hiroshi Osano

Ritsumeikan RCFF Research Paper, 01-003 (in Japanese)

1996

Specification Tests for Stochastic Frontier Models Using Panel Data

with Atsushi Yoshida

mimeo.

書評

2018

『金融』（内田浩史著、有斐閣、2016年）

Kokumin Keizai Zasshi, Vol. 218, No. 2, pp. 75-80 (in Japanese)

2005

『なぜ資本主義は暴走するのか－「株主価値」の恐るべき罠』（ロジャー・ローウェンスタイン著・鬼沢忍 訳、日本経済新聞社）

Nihon Keizai Shimbun (morning edition), October 2 (in Japanese)

2004

『コーポレート・ガバナンスの経済分析』（花崎正晴・寺西重郎編、東京大学出版会）

Keizai Seminar, January issue (in Japanese)

1994

Foundations for Financial Economics (Huang, C., and R. H. Litzenberger, North-Holland)

Keizai Seminar, April issue (in Japanese)

学会・社会活動

2026–

Board Member, Nippon Finance Association

since June 2026

2021–2026

Expert Examiner, National Civil Service Examination (Comprehensive Service)

2020–2021

Chair, Organizing Committee, Japanese Economic Association Spring Meeting 2021

2012–13, 2015–17

Review Committee Member, JSPS Grants-in-Aid for Scientific Research

2013

Chair, Program Committee, Japanese Economic Association Spring Meeting 2013

2011–2014

Delegate, Japanese Economic Association

2009–2025

Associate Editor, Asia-Pacific Financial Markets

2008–2011

Board Member, Japanese Economic Association