2000: Graduated from the School of Commerce, Meiji University. 2005: Completed course (Ph.D. in Commerce) at the Graduate School of Commerce, Hitotsubashi University and then became a full-time lecturer at the School of Management, Tokyo University of Science. 2010: Associate Professor at the Graduate School of Business Administration, Kobe University. 2013: Visiting researcher at the University of Washington. 2015: Associate Professor at the Graduate School of International Corporate Strategy, Hitotsubashi University Business School (then the Graduate School of Business Administration from 2018 due to an organizational change). 2019: Professor at the Graduate School of Business Administration, Hitotsubashi University. April 2024: Professor at the Faculty of Economics, Gakushuin University.
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Empirical research related to corporate finance and corporate governance
[Major publications]
・ "Equity Finance in Japan" (2017) Chuokeizai-sha. (Awarded the Nikkei Prize for Excellent Books in Economic Science)
[Major peer-reviewed papers]
・ "Audit quality and engagement partner busyness: The role of internal resource allocation" Journal of Business Finance & Accounting, 12739, 2023. (with Tomomi Takada)
・ "TLAC bonds and bank risk-taking" Journal of International Financial Markets, Institutions & Money 87, 101795, 2023. (with Yasutake Homma)
・ "Former CEO advisors and firm performance" Pacific-Basin Finance Journal, 102034, 2023. (with Satoshi Ogoe)
・ "Earnings management, horizon problem, and advisor posts for retiring CEOs" Pacific Basin Finance Journal 78, 101972, 2023. (with Souhei Ishida, Satoshi Ogoe)
・ "Do investors value shareholder perks? Evidence from Japan" Journal of Banking & Finance 143, 106575, 2022. (with Wei Huang, Ghon Rhee, Taeko Yasutake)
・ "Shareholder perks and firm value" Review of Financial Studies 34 (12), pp.5676-5722, 2021. (with Jonathan Karpoff, Robert Schonlau)
・ "Labour unions and leverage: Evidence from firm-level union data" Applied Economics 52(27), pp.2882-2894, 2020. (with Nakako Zushi)
・ "Bank health and cash holdings: Evidence from a bank-centered financial market," Pacific Basin Finance Journal 57, 101195, pp.1-15, 2019. (with Toshinori Sasaki).
・ "Executive succession: The importance of social capital in CEO appointments," Strategic Management Journal 39 (5), pp.1473-1495, 2018. (with Yoichiro Nishimura, Margarethe Wiersema)
・ "Insider Trading Problems Related to Japanese Seasoned Equity Offerings" Securities Analysts Journal 51 (1), pp. 88-99, 2013. (with Masahito Kato) (Paper awarded the Securities Analysts Journal Prize)
・ "Do the use of proceeds disclosure and bank characteristics affect bank underwriter's certification roles?" Journal of Business Finance and Accounting 39 (7) & (8), pp.1102–1130, 2012. (with Kazuo Yamada)
・ "Do the equity holding and soundness of bank underwriters affect issue costs of SEOs?" Journal of Banking and Finance 34, pp.984–995, 2010. (Awarded the Japan Finance Association Award)
2023 to present: Member, Entrepreneur Finance Research Committee, Ministry of Economy, Trade and Industry
2022 to present: Vice President, Japan Finance Association
2022 to present: Director, Nippon Finance Association
2022 to present: Editor of the "Gendai Finance" journal, Nippon Finance Association
2022 to present: Member of the editorial board for the "Journal of Business Management", Japan Academy of Business Administration
2021 to present: Member of the exam committee for the Certified Public Accountant Examination, Certified Public Accountants and Auditing Oversight Board
2021 to present: Member, "Working Group on the Public Offering Price Setting Process," Japan Securities Dealers Association
2021 to present: Editorial board member, Pacific Basin Finance Journal
2019 to present: External member, Equity Subcommittee, Japan Securities Dealers Association
2019 to present: Director, Society for the Economic Studies of Securities
2018 to present: Visiting Research Fellow, Japan Securities Research Institute
2021 to 2022: Member, Startup Finance Research Committee, Ministry of Economy, Trade and Industry
2021 to 2021: Member, Working Group on the Development of Startups, Growth Strategy Council, Cabinet Office
2021 to 2023: Editor-in-chief of the Annals of Society for the Economic Studies of Securities journal, Society for the Economic Studies of Securities
2021 to 2023: Managing Director, Society for the Economic Studies of Securities
2021 to 2023: Member of the selection committee for the society awards, Society for the Economic Studies of Securities
2020 to 2022: Research fellow, JSDA Capital Market Forum, Japan Securities Dealers Association
2019 to 2020: Part-time lecturer, College of Economics, Rikkyo University
2018: Chairperson of the Executive Committee of 42nd Annual Meeting, Japan Finance Association
2018 to 2019: Part-time lecturer, Graduate School of Business and Commerce, Keio University
2016 to 2022: Member of the editorial board of "Japan Journal of Finance," Japan Finance Association
2013 to 2019: Member of the board of trustees, Japan Finance Association
2008 to 2009: Part-time lecturer, Graduate School of International Corporate Strategy, Hitotsubashi University
2008 to 2009: Knowledge Associate, Organization for Small & Medium Enterprises and Regional Innovation, JAPAN
2007 to 2010: Secretary, Japan Finance Association
2006 to 2007: Visiting research fellow, Institute for the Development of Social Intelligence
The Japanese employment system, including the batch-hiring of new graduates, lifetime employment, and a seniority system, has begun to crumble and is unlikely to continue in future. In addition, corporate acquisitions, business restructuring, changing job and entrepreneurship are starting to take place as a matter of course, and the changes in the environment that you will all face after entering the workforce will be much greater than today. As we enter these times, I think it is very important for students to develop a habit of raising their awareness, taking on challenges and increasing their worth while they are still at university. My policy for undergraduate education is to think together with you all about the learning required to deal with uncertain times, and to help you expand your growth potential. I look forward to meeting you all.