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, Associate 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)

 


Masaharu Hanazaki, Professor

[Academic Degree]
Doctor of Economics, Waseda University

[Research Interests]
Corporate Finance, Corporate Governance, Financial System, Japanese Economy

花崎 正晴 教授
[Academic and professional experience]

1985-87     Trainee and Consultant, Economics and Statistics Department, OECD

1994-95     Visiting Scholar, the Brookings Institution
1997-2000
             Senior Economist, Research Institute of Capital Formation, Development Bank of Japan (DBJ)
October 2000- September 2003

             Associate Professor, Institute of Economic Research, Hitotsubashi University
October 2003-September 2007
             Director General, Research Institute of Capital Formation, DBJ
October 2007-March 2012
             Executive Director, Research Institute of Capital Formation, DBJ
April 2012-present
             Professor, Hitotsubashi University

 
[Selected publications]

Book:

Designing Financial Systems in East Asia and Japan, (Joseph P. H. Fan, Masaharu Hanazaki and Juro Teranishi, eds.) RoutledgeCurzon, 2004.

 

Articles:

“Corporate Governance and Investment in East Asian Firms-Empirical Analysis of Family-controlled Firms,” (Masaharu Hanazaki and Qun Liu) Journal of Asian Economics, 18, 76-97, 2007.

“The Asian Crisis and Corporate Governance Ownership Structure, Debt Financing, and Corporate Diversification,” (Masaharu Hanazaki and Qun Liu) Corporate Ownership & Control, Vol.3, Issue 3, pp.66-78,  2006. 

“Can the Financial Restraint Theory Explain the Postwar Experience of Japan’s Financial System?”(Masaharu Hanazaki and Akiyoshi Horiuchi) in Designing Financial Systems in East Asia and Japan,(Joseph P. H. Fan, Masaharu Hanazaki and Juro Teranishi, eds.)RoutledgeCurson, pp. 19-46, 2004.

“A Review of Japan’s Bank Crisis from the Governance Perspective,”(Masaharu Hanazaki and Akiyoshi Horiuchi) Pacific-Basin Finance Journal, 11, pp.305-325, 2003.

“An International Comparison of Corporate Investment Behavior: Some Implications for the Governance Structure in Japan,”(Masaharu Hanazaki and Akie Takeuchi) Japanese Economy and Society under Pax-Americana (Hiroshi Shibuya, Makoto Maruyama and Masamitsu Yasaka, eds.) University of Tokyo Press, pp.159-207, 2002.

“A Vacuum of Governance in Japanese Bank Management,” (Masaharu Hanazaki and Akiyoshi Horiuchi) Banking, Capital Markets and Corporate Governance (Hiroshi Osano and Toshiaki Tachibanaki,eds.), Palgrave, pp. 133-180, 2001.

“Is Japan’s Financial System Efficient?” (Masaharu Hanazaki and Akiyoshi Horiuchi) Oxford Review of Economic Policy, Vol.16, No.2, pp.61-73, 2000.

“R&D, Innovation and the Total Factor Productivity Slowdown,” (A.Steven Englander, Robert Evenson, and Masaharu Hanazaki) OECD Economic Studies, No.11/ autumn, pp.7-42, 1988.

“Internationalisation of Financial Markets and the Allocation of Capital,”(Mitsuhiro Fukao and Masaharu Hanazaki) OECD Economic Studies, No.8/spring, pp.35-92, 1987.

 


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, Associate 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 (Director)

[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.

 


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.

 


Eiji Ogawa, Professor (Director)

[Education]
Ph.D. Commerce, Hitotsubashi University, January 1999

[Research Interests]
International Currency and Finance

小川英治 教授
[Academic and professional experiences]
April 1986 - March 1988:
   Assistant of the Department of Commerce of Hitotsubashi University
September 1986 - March 1988:
   Visiting Scholar of the Department of Economics of Harvard University
April 1988 - March 1991:
   Lecturer of the Department of Commerce of Hitotsubashi University
April 1991 - March 1999:
   Associate Professor of the Department of Commerce of Hitotsubashi University
April 1992 - March 1993:
   Visiting Scholar of the Department of Economics of University of California at Berkeley
April 1999 - present:
   Professor of the Graduate School of Commerce and Management of Hitotsubashi University
September 2000:
   Visiting Scholar of Research Department of the International Monetary Fund
January 2009 - December 2010:
   Dean of the Graduate School of Commerce and Management of Hitotsubashi University
January 2011 - present:
   Board Member/Executive Vice-President, Hitotsubashi University.
 
[Selected publications]

1. Eiji Ogawa and Kentaro Iwatsubo, “External adjustments and coordinated exchange rate policy in Asia,” Journal of Asian Economics, vol. 20, No. 3, 225-239, 2009.

2. Eiji Ogawa and Masao Kumamoto, “Inflation Differentials and Differences of Monetary Policy Effects among the Euro Area Countries,” :in Lubor Lacina, Petr Rozmahel, and Antonin Rusek eds., 10 Years of Euro: Success? Ales Cenek Publishing, 205-238, 2009.

3. Eiji Ogawa and Taiyo Yoshimi, “Analysis on β and σ Convergences of East Asian Currencies,” International Journal of Intelligent Technologies and Applied Statistics, vol. 3, no. 5, 237-263, 2010.

4. Eiji Ogawa, “Regional Monetary Coordination in Asia after the Global Financial Crisis: Comparison in Regional Monetary Stability between ASEAN+3 and ASEAN+3+3,” Public Policy Review, Vol.6, No.5, 837-858, 2010.

5. Eiji Ogawa, “Monetary Cooperation in Asia,” in Duck-Koo Chung and Masahiro Kawai eds. The Global Financial Crisis, Future of the Dollar, and the Choice for Asia, NEAR Press, 195-205, 2011.

6. Eiji Ogawa, “Currency Baskets for East Asia,” in Ulrich Volz ed., Regional Integration, Economic Development and Global Governance, Edward Elgar, 323-346, 2011.

7. Junko Shimizu and Eiji Ogawa, “Stability of East Asian Currencies during the Global Financial Crisis,” in Yin-Wong Cheung, Vikas Kakkar, and Guonan Ma eds., The Evolving Role of Asia in Global Finance, Emerald Group Publishing Limited, 157-180, 2011.

8. Eiji Ogawa and Kentaro Kawasaki, “Monetary Integration in East Asia,” in Masahisa Fujita, Ikuo Kuroiwa, and Satoru Kumagai eds., The Economics of East Asian Integration: A Comprehensive Introduction to Regional Issues, Edward Elgar, 260-283, 2011.

9. Eiji Ogawa, “Towards the Establishment of a Regional Common Currency Unit in Asia,” Chu-Chi Lin, ed., ECFA and East Asia Economic Integration, National Policy Foundation, Taipei, Taiwan, 125-163, 2011.

10. Eiji Okano and Eiji Ogawa, “Sovereign Risk in the Euro Zone and Monetary Policy,” Global Journal of Economics, vol.1, no.2, 2012.

 


Hideyuki Takamizawa, Associate Professor

[Education]
Ph.D. (Finance), University of Tsukuba, Japan

[Research Interests]
Financial time-series, Asset pricing, Modeling and estimation of the term structure of interest rates

髙見沢 秀幸 准教授
[Selected publications]

"Modeling the Term Structure of Interest Rates with General Diffusion Processes: A Moment Approximation Approach," Journal of Economic Dynamics and Control 33 (1) 65-77. (2009) (with I. Shoji)

"Is Nonlinear Drift Implied by the Short-End of the Term Structure?," Review of Financial Studies 21 (1), 311-346 (2008)

"A Simple Measure for Examining the Proxy Problem of the Short-Rate," Asia-Pacific Financial Markets 14 (4), 341-361. (2007)

"On Accuracy of Local Linear Approximation for the Term Structure of Interest Rates," Quantitative Finance 4 (2), 151-157. (2004) (with I. Shoji)

"Modeling the Term Structure of Interest Rates with General Short- Rate Models," Finance and Stochastics 7 (3), 323-335. (2003) (with I. Shoji)

"Approximation of Nonlinear Term Structure Models," Journal of Derivatives 8 (3), 44-51. (2001) (with I. Shoj)

 


Koichiro Takaoka, Professor (Sub-Director)       >> Information

[Education]
Ph.D.(Mathematical Sciences), University of Tokyo, Japan

[Research Interests]
Mathematical Finance, Probability Theory

高岡 浩一郎 准教授
[Selected publications]

"The instantaneous volatility and the implied volatility surface for a generalized Black-Scholes model,"  Asia-Pacific Financial Markets, Vol.17, 2010, 391-436. (joint work with Hidenori Futami)

"A complete-market generalization of the Black-Scholes model," Asia-Pacific Financial Markets, Vol.11,  2004, 431-444. 

"Some remarks on the uniform integrability of continuous martingales," Séminaire de Probabilités XXXIII, edited by J. Azéma, M. Emery, M. Ledoux and M. Yor, Lecture Notes in Mathematics 1709, Springer, 1999, pp. 327-333.

 


Shoichi Tsumuraya, Associate Professor

[Education]

[Research Interests]

円谷 昭一 准教授
[Selected publications]

 

 


Takau Yoneyama, 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- Present 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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