- Faculty Members
- Faculties by Course
- Project Based Faculties
- Research Fellows
- Professors Emeritus, Lifetime Achievement Fellows, and Honored Almni
- Faculty Members of RIEB (Research Institute for Economics and Business Administration)
Make an appointment by e-mail in advance.
Finance, International Finance.
1. Behavioral finance analysis of investor behavior in FX margin transactions, stock markets and crypto-asset markets
2. Microstructure of foreign exchange, stock, bond, and commodity markets
3. Forecasting asset prices with deep learning and its empirical applications
4. Term Stucuture models of government and corporate bonds
5. Liquidity and informational efficiency in stock markets and trading systems
Education and Positions
- B.A. (Economics), Waseda University
- M.A. (Economics), University of Tokyo
- Ph.D. (Economics), UCLA
- Assistant Professor, Hitotsubashi University
- Associate Professor, Graduate School of Economics, Kobe University
Lectures and Seminars
Basic Finance (Asset Pricing / Corporate Finance).
We study how stock and bond prices are determined, how to use the derivative and the financing of firms.
1. On a security market
2. The portfolio theory and the merit of diversified investment
4. Efficient market hypothesis and anomaly
5. Behavioral finance
6. Fixed income securities, Term structure of interest rates
7. Financial derivatives (futures, swap and options)
8. Corporate finance
Finance in advanced level (Investments / Assdet Pricing Theory). The lecture focuses on stock and bond pricing and market microstructure.
1. Arrow-Debreu model
2. Matingale property
3. Risk neutral probability
4. Consumption CAPM
5. Spot rates and forward rates
6. The expectations hypothesis of interest rates
7. Term structure models
III Market microstructure
8. Liquidity and the property price
9. Price discovery
10. Empirical models of micro structure
You can find detailed course descriptions here
This is a seminar on Finance and Internaitonal Finance. Conducting research, thinking, writing, and presenting papers on various financial topics in Japan and the world.This will help you gain the ability to make presentations, discuss issues, and analyze data.
We carry out joint research and participate in the Nikkei Stock League.
We conduct empirical analyses on Finance and International Finance. We master Python to study machine learning (deep learning, reinforcement learning, etc.).
(Theme of a master thesis)
"Deep learning for predicting Exchange rate by term structure"
"Price discovery in gold futures markets"
"Stock liquidity of small and medium firms in JASDAQ"
"Measuring liquidity in emerging markets"
"Stock and bonds correlations and foreign investors' investment behavior"
"Monetary Policy Meeting and stock price"
"Panel analysis of the determinants of long-term interest rates in advanced countries"
"Panel analysis on fluctuations of fiscal deficit ratios and financial crisis"
- 1. “The Changing Role of Foreign Investors in Tokyo Stock Price Formation”, Pacific-Basin Finance Journal, Article 101548, 2021(with C. Watkins).
- 2. “Who Influences the Fundamental Value of Commodity Futures in Japan”, International Review of Financial Analysis, Article 101404, 2020 (with C. Watkins).
- 3. "Intraday Seasonality in Efficiency, Liquidity, Volatility and Volume: Platinum and Gold Futures in Tokyo and New York" (co-authored with Clinton Watkins and Tao Xu), Journal of Commodity Markets, 11, 2018, pp.59-71.
- 4. "Quantitative Easing and Liquidity in the Japanese Government Bond Market" (co-authored with Tomoki Taishi), International Review of Finance, 18, 3, 2018, pp.463-475.
- 5. "Order Flows, Fundamentals and Exchange Rates" (co-authored with Ian W. Marsh), International Journal of Finance and Economics, 19, 2014, pp.251-266.
- 6. "The Information Improving Channel of Exchange Rate Intervention: How Do Official Announcements Work?" (co-authored with Satoshi Kawanishi), Journal of Financial Studies, 22, 2, 2014, pp.27-64.
- 7. "International Transmission of Business Cycles: Evidence from Dynamic Correlations" (co-authored with Jarko Fidrmuc and Taro Ikeda), Economics Letters, 114, 2012, pp.235-255.
- 8. "External Adjustments and Coordinated Exchange Rate Policy in Asia" (co-authored with Eiji Ogawa), Journal of Asian Economics, 20, 2009, pp.225-239.
- 9. "Measuring Financial Market Contagion Using Dually-Traded Stocks of Asian Firms" (co-authored with Kazuyuki Inagaki), Journal of Asian Economics, 18, 2007, pp.217-236.
- 10. "Bank Capital Shocks and Portfolio Risk: Evidence from Japan", Japan and the World Economy, 19, 2007, pp.166-186.