一橋大学商学研究科 ファイナンス研究センター

Hitotsubashi University Center  for Financial Research Japanese
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Faculty

Hiroshi Daisaka, Professor

[Education]

[Research Interests]



台坂 博 准教授
[Selected publications]

J. Makino and H. Daisaka GRAPE-8 --- An Accelerator for Gravitational N-body Simulation with 20.5Gflops/W Performance, accepted in SC12 technical paper, 2012

N. Nakasato, H. Daisaka, T. Fukushige, A. Kawai, J. Makino, F. Yuasa, and T. Ishikawa GRAPE-MPs: Implementation of an SIMD for quadruple/hexuple/octuple-precision arithmetic operation on a structured ASIC and an FPGA, IEEE 6th International Symposium on Embedded Multicore SoCs, 2012

H. Daisaka, N. Nakasato, J. Makino, F. Yuasa, and T. Ishikawa GRAPE-MP: An SIMD Accelerator Baord for Multi-precision Arithmetic", Procedia Computer Science, vol. 4, pp. 878-887, 2011

 


Hironori Fukukawa, Professor

[Education]
Ph.D. (Accounting), Hitotsubashi University, Japan

[Research Interests]
Audit judgment and decision making, audit fees, audit market

福川 裕徳 教授
[Selected publications]

"Japan’s Big 3 firms’ response to clients’ business risk: Greater audit effort or higher audit fees?" International Journal of Auditing (forthcoming). (joint with H. Kim)

"Auditors’ evidence evaluation and aggregation using beliefs and probabilities," International Journal of Approximate Reasoning, Vol.53, No. 2 (2012): 190-199. (joint with T. J. Mock)

"Exploring the role of context on the auditor’s client risk assessments and audit planning," Managerial Auditing Journal, Vol.26, No. 7 (2011): 543-565. (joint with M. De Martinis and T. J. Mock)

"Audit pricing and cost strategies of Japanese Big 3 firms," International Journal of Auditing, Vol. 15, No. 2 (2011): 109-126.

"Client risk factors and audit resource allocation decisions," Abacus, Vol. 47, No. 1 (2011): 85-108. (joint with T. J. Mock and A. Wright)

"Audit risk assessments using belief versus probability," Auditing: A Journal of Practice & Theory, Vol. 30, No. 1 (2011): 75-99. (joint with T. J. Mock)

"Audit programs and audit risk: A study of Japanese practice," International Journal of Auditing, Vol.10 No.1 (2006): 41-65. (joint with T. J. Mock and A. Wright)

 


Toyohiko Hachiya, Professor

[Education]
Doctor of Philosophy, Tokyo Institute of Technology, Japan

[Research Interests]
Corporate Governance and Control, Capital Budgeting, Capital structure, Dividend Policy, Raising Capital, Corporate Restructuring

蜂谷 豊彦 教授
[Academic and professional experiences]
Professor, Hitotsubashi University, 2009 -Present
Associate professor, Tokyo Institute of Technology, 1998 -2009
Associate professor, Aoyama Gakuin University, 1996 -1998
Lecturer, Aoyama Gakuin University, 1994 - 1996
 
[Selected publications]

“The Impact of Regulatory Reform on Stock Repurchases: Evidence from Japan,” Journal of Applied Finance and Banking, vol.1 no.3, pp.159-187, 2011. (joint with Min Teng)

“Ownership Structure, Managerial Decision, and Stock Repurchase in Japan,” Middle Eastern Finance and Economics, Issue 12, pp.25-41, April 2011. (joint with Min Teng)

“Assessing the intangible sources of profitability in Japan,” International Journal of Business Performance Management, Vol.11 No.4, pp. 259 - 276, 2009. (joint with Pablo Ramirez)

“Assessing the value of intangible assets: evidence from Japanese firms,” International Journal of Applied Management Science, Vol.1 No.1, pp. 55-74, 2008. (joint with Pablo Ramirez)

“Measuring the Contribution of Intangibles to Productivity Growth: A Disaggregate Analysis of Japanese Firms,” Review of Pacific Basin Financial Markets and Policies, Vol.11, Issue 2, pp.151-186, 2008. (joint with Pablo Ramirez)

“Earnings Management and the pricing of Initial Public Offerings,” Review of Pacific Basin Financial Markets and Policies, Vol.10, Issue 4, pp.541-559,  2007. (joint with Kyoko Nagata)

“How do firm-specific organizational capital and other intangible assets affect sales, value and productivity? Evidence from Japanese firm-level data,”  International Journal of Innovation and Technology Management, Vol.3,  No.3, pp. 1-18, 2006. (joint with Pablo Ramirez)

“Measuring Firm-Specific Organizational Capital and its Impact on Value and Productivity: Evidence from Japan,” Review of Pacific Basin Financial Markets and Policies, Vol.9, No.4, pp.549-574, 2006. (joint with Pablo Ramirez)

“Integrated Management Control System for Small and Medium Sized Enterprises,” International Journal of Accounting and Management, Supplement 1, pp. 27-38, 2006. (joint with Pablo Ramirez)

 


Tetsuyuki Kagaya, Associate Professor

[Education]

[Research Interests]

加賀谷 哲之 准教授
[Selected publications]

“Presentation of Retirement Benefits Expense and Earnings Attributes: Evidence from Japan,”, Hitotsubashi Journal of Commerce and Management45, October 2011.

“Quarterly Earnings Management around the World,”  Working Paper Center for Japanese Business Studies Hitotsubashi University, October 2011.(23th Vernon Zimmerman Best Paper Award)(with K.Fujiyama,  T.Suzuki and Y.Takahashi.)

Information Security Governance to enhance  corporate value . SANS Institute:1-76,2010.(with K,Ito,and H,Kim,)

”International Comparison of Intangible Assets’ Disclosure and Investment Behavior, K,Ito and T.Kagaya, H.Itami et al(ed), Dynamics of Knowledge, Corporate Systems and Innovation,Springer,293-313, 2010,(with K.Ito)

 


Kenta Kobayashi, Professor

[Education]

[Research Interests]

小林 健太 准教授
[Selected publications]

“On the global uniqueness of Stokes' wave of extreme form”, IMA Journal of Applied Mathematics, Vol.75, 2010, 647-675.

“On the critical case of Okamoto's continuous non-differentiable functions”, Proceedings of the Japan Academy, Series A Vol.85, 2009, 101-104.

“A constructive a priori error estimation for finite element discretizations in a non-convex domain using singular functions”, Japan Journal of Industrial and Applied Mathematics, Vol.26, 2009, 493-516.

“Verified numerical computation of solutions for the stationary Navier-Stokes equation in nonconvex polygonal domains”, Hokkaido Mathematical Journal, Vol.36, 2007, 777-799. (with K. Hashimoto and M. T. Nakao)

“Numerical verification methods for solutions of the free boundary problem”, Numerical Functional Analysis and Optimization, Vol.26, 2005, 523-542. (with K. Hashimoto and M. T. Nakao)

“Uniqueness issues on permanent progressive water-waves”, Journal of Nonlinear Mathematical Physics, Vol.11, 2004, 472-479. (with H. Okamoto)

“Numerical verification of the global uniqueness of a positive solution for Nekrasov's equation”, Japan Journal of Industrial and Applied Mathematics, Vol.21, 2004, 181-218.

“A remark on the fast Gauss transform”, Publications of the Research Institute for Mathematical Sciences, Vol.39, 2003, 785-796.

“Numerical computation of water and solitary waves by the double exponential transform”, Journal of Computational and Applied Mathematics, Vol.152, 2003, 229-241. (with H. Okamoto and J. Zhu)

 


Masaru Konishi, Professor

[Education]
Ph.D. (Economics), University of Western Ontario, Canada

[Research Interests]
Capital structure, initial public offerings, financial intermediation

[Academic and professional experiences]
Professor, Hitotsubashi University, 2010-Present
Associate professor, Hitotsubashi University, 2002-2009

小西 大 教授
[Selected publications]

"Depositors’ response to deposit insurance reforms: Evidence from Japan, 1990-2005," Journal of Financial Services Research, Vol.31, 2007, 101-122. (joint with Ikuko Fueda)

"Bond underwriting syndicates organized by commercial banks: Evidence from pre-war Japan," Journal of the Japanese and International Economies, Vol.19, 2005, 303-321.

"The relationship between bank risk and earnings management: Evidence from Japan," Review of Quantitative Finance and Accounting, Vol.22, 2004, 233-248. (joint with Yukihiro Yasuda and Shin’ya Okuda)

"Factors affecting bank risk taking: Evidence from Japan," Journal of Banking & Finance, Vol.28, 2004, 215-232. (joint with Yukihiro Yasuda)

"Bond underwriting by banks and conflicts of interest: Evidence from Japan during the pre-war period," Journal of Banking & Finance, Vol.26, 2002, 767-793.

 


Masao Kumamoto, Professor

[Education]


[Research Interests]


[Academic and professional experiences]



熊本 方雄 教授
[Selected publications]

"Bank Lending Channel in Transmission of Monetary Policy in Japan, 2000-2012: The Sign Restrictions VAR Approach"(共著) Applied Economics and Finance 4巻2号87-100頁 2017年 学術雑誌

"Bank Lending Channel in Transmission of Monetary Policy in Japan, 2000-2012: Bayesian Estimation Analysis"(共著) Applied Economics and Finance 3巻1号23-37頁 2015年 学術雑誌

"Does Currency Substitution Affect Exchange Rate Volatility?"(共著) International Journal of Economics and Financial Issues 4巻4号698-704頁 2014年 学術雑誌

 


Takashi Misumi, Professor

[Education]

[Research Interests]


三隅 隆司 教授
[Selected publications]

“On the Behavior of Investors from a Behavioral Finance Viewpoint: Evidence from the Trades of Japanese Individual Investors,” (with Tyler Shumway and Hidetomo Takahashi), paper presented at the Nippon Finance Association, June 2007.

“Determinants of the Number of Information Producers in the Credit Market,” Hitotsubashi Journal of Commerce and Management, Vol.27, 1992.

 


Hisashi Nakamura, Associate Professor

[Education]
Ph.D. (Economics), University of Chicago, United States

[Academic and professional experiences]
Associate professor, Hitotsubashi University, 2011-Present
Assistant professor, University of Tokyo, 2005-2011
Central banker, Bank of Japan, 1994-2001

[Research interests]
Risk management, insurance, banking, asset pricing

中村 恒 准教授
[Selected publications]

“A Continuous-Time Analysis of Optimal Restructuring of Contracts with Costly Information Disclosure,” Asia-Pacific Financial Markets, 19, 119-147, 2012.

“Macroeconomic Implications of Term Structures of Interest Rates under Stochastic Differential Utility with non-unitary IES” (joint with Wataru Nozawa, Akihiko Takahashi), Asia-Pacific Financial Markets, 16, 231-263, 2009.

“Term Structures of Interest Rates under Recursive Preferences in Continuous Time” (joint with Keita Nakayama, Akihiko Takahashi), Asia-Pacific Financial Markets, 15, 273-305, 2008.

“A Theoretical Analysis of Narrow Banking Proposals” (with Shuji Kobayakawa), Monetary and Economic Studies, Bank of Japan, 18, 2000. 

“Extracting Market Expectations from Option Prices: Case Studies in Japanese Option Markets” (with Shigenori Shiratsuka), Monetary and Economic Studies, Bank of Japan, 17, 1999.

 


Makoto Nakano, Professor

[Education]
Ph.D. (Commerce and Management), Hitotsubashi University

[Research Interests]
Equity valuation, corporate governance, and financial statements analysis

中野 誠 教授
[Selected publications]

Nakano, Makoto, and Pascal Nguyen, "Foreign ownership and firm performance: evidence from Japan’s electronics industry," Applied Financial Economics, Volume 23, Issues 1, 41-50, 2013.

Takasu, Yusuke, and Makoto Nakano, "What do Smoothed Earnings Tell Us about the Future?" The Japanese Accounting Review, Volume 2, 1-33, 2012.

Nakano, Makoto, and Pascal Nguyen, "Board size and corporate risk-taking: Further evidence from Japan," Corporate Governance: An International Review, Volume 20. Issue 4, 369-387, July 2012.

 


Shoichi Tsumuraya, Associate Professor

[Education]

[Research Interests]

円谷 昭一 准教授
[Selected publications]

 

 


Yukihiro Yasuda, Professor

[Education]
Doctor (Commerce), Hitotsubashi University

[Research Interests]
Financial Economics, Accounting Scholarship, Business Administration

安田 行宏 教授
[Academic and professional experiences]
Professor, Graduate School of Commerce and Management, Hitotsubashi University, 2015 -Present
Visiting Scholar, Haas School of Business, Univesristy of California, Berkeley, 2006 - 2008
 
[Selected publications]

“Business risk disclosure and firm risk: Evidence from Japan,” Research in International Business and Finance, Vol.forthcoming 2017 Academic journal (jointly worked)

“The adoption of stock option plans and their effects on firm performance during Japan’s period of corporate governance reform”Journal of the Japanese and International Economics Vol.44,pp.13-25 2017 Academic journal(jointly worked)

“Forgiveness versus Financing: The determinants and impact of SME debt forbearance in Japan" RIETI Discussion Paper Series Vol.17-E-086 2017 Other (jointly worked)

“Empirical Analysis on the Earnings Quality of Japanese SMEs Vol.17-J-031 2017 Other (jointly worked)

“Accounting Information Quality and Government Guaranteed Loans: Evidence from Japanese SMEs”RIETI Discussion Paper Series Vol.15-E-138 2015 Other (jointly worked)

“Disclosures of Material Weaknesses by Japanese Firms after the Passage of the 2006 Financial Instruments and Exchange Law”Journal of Banking and Finance 2013 Academic journal (jointly worked)

“Are Lending Relationships Beneficial or Harmful for Public Credit Guarantees? Evidence from Japan's Emergency Credit Guarantee Program”Journal of Financial Stability 2013 Academic journal (jointly worked)

“Stock Option Awards and Firm Performance: Evidence after Japan’s Corporate Governance Reforms”Proceedings of Asian-Pacific Conference on International Accounting Issues. 2012 International conference proceedings (jointly worked)

“The Impact of the September 11 Terrorist Attack on the Global Insurance Markets: Evidence from the Japanese Property-Casualty Insurance Industry”Journal of Insurance Issues 2010 Academic journal (jointly worked)

“Do Government Guarantees of Bank Loans Lower, or Raise, Banks’ Non-Guaranteed Lending?”『Reforming Bank Regulation』 2009 International conference proceedings (jointly worked)

“The Relationship between Bank Risk and Earnings Management: Evidence from Japan”Review of Quantitative Accounting and Finance 2004 Academic journal (jointly worked)

“Factors Affecting Bank Risk Taking: Evidence from Japan”Journal of Banking and Finance 2004 Academic journal (jointly worked)

“Evidence on a Cause of Japan’s Prolonged Banking Crisis”Applied Economics Letters 2003 Academic journal (jointly worked)

 


Takau Yoneyama, Emeritus Professor

[Research Interests]
Risk Management Strategy of an Insurance company, Regulation especially focused on Insurance Solvency, History of Insurance Business, and Industrial Organization of insurance business.

米山 高生 教授
[Education and Experience]
1978.4-1981.3 Student of Graduate School of Hitotsubashi University.
1982.4-1983.3 Post-Doctoral Fellow, Japan Society for the Promotion of Science.
1983.4-1987.3 Lecturer, Faculty of Business Administration, Kyoto Sangyo University.
1987.4-1994.3 Associate Professor, Faculty of Business Administration, Kyoto Sangyo University.
1994.4-2000.3 Professor, Faculty of Business Administration, Kyoto Sangyo University.
2000.4-2017.3 Professor of Risk Management and Insurance, Faculty and Graduate School of Commerce and Management, Hitotsubashi University.
 
[Selected publications]

Takau Yoneyama, ‘Chapter 21: Japan, The Role of Insurance in the Rapid Modernization of Japan’,( In: Peter Borscheid and Niels Viggo Haueter, ed., World Insurance: The Evolution of a Global Risk Network, Oxford U.P.,2012 , pp.495-521).

Yamanoto, S., T. Yoneyama, and J. W. Kwon, ‘An Experimental Study on Adverse Selection and Moral Hazard’, Hitotsubashi Journal of Commerce and Management, Vol46, No.1 (no46) October, 2012. pp.51-65.
Takau Yoneyama, Fundamentals on Risk and Insurance, Dobunkan, Tokyo (in Japanese).

Takau Yoneyama, ‘Policyholders in the Early Business of Japanese Life Assurance: A Demand-side Study’, (In: Robin Pearson ed., The Development of International Insurance, Pickering & Chatto, 2010, pp.103-115.)
Takau Yoneyama, ‘History of Insurance Companies in Japan, 1879-1945’, (In: Encuentro Internacional sobre la Historia del Seguro, Fundacion Mapfre, 2010, pp.299-308.)

Yamashita, Tomonobu and Takau Yoneyama, A Commentary on the Insurance Act in Japan, 2010, Yuhikaku, Tokyo (in Japanese).

Takau Yoneyama, ‘The Great Kanto Earthquake and the Response of Insurance Companies: A Historical Lesson on the Impact of a Major Disaster’, Hitotsubashi Journal of Commerce and Management, Vol.43, No.1, October 2009, 11-26.

Takau Yoneyama, Introduction to Risk and Insurance, by reading deeply by episode, 2008, Nihon Keizai Shinbun Publisher, Tokyo (in Japanese).

Takau Yoneyama, ‘Japanese Corporate Governance in the Major Life Assurance Companies: a Historical Perspective’, (In: Robert Fitzgerald and Etsuo Abe (eds), The Development of Corporate Governance in Japan and Britain, Ashgate, 2004, pp.108-123.)

Jenkins, David and Takau Yoneyama, The History of Insurance, Vols.1-8, 2000, Pickering & Chatto, London.

 
 


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