Research Interests

In my research, I investigate aspects of financial economics, particularly the informational (in)efficiency of financial markets (e.g. market microstructure, price discovery process). My recent research interests include the impact of group psychology and socially-driven behaviors on stock prices and trading activity. Specifically, I am investigating the effects of individual investors’ communication on social media on market dynamics and the risks to financial institutions from fluctuations in oil prices.

Education and Positions

Education :
B.A. in International Relations, 2004. University of Tsukuba, Japan.
M.A. in International Political Economy, 2006. University of Tsukuba, Japan.
Ph.D. in Economics, 2011. Rutgers University, New Jersey, United States.

Appointments:
Postdoc Research Associate, Luxembourg School of Finance, University of Luxembourg, June 2011 – May 2014.
Economist, Institute for Monetary and Economic Studies, Bank of Japan, June 2014 – December 2014.
Lecturer in Finance, Alliance Manchester Business School, The University of Manchester, January 2015 – September 2024.
Associate Professor, Faculty of Economics and Graduate School of Economics, Kobe University, October 2024 – Present.

Lectures and Seminars

Teaching Experience

Undergraduate:
Fundamentals of Finance, Investment Analysis (University of Manchester)
Behavioural Finance (University of Liverpool)

Postgraduate:
Corporate Finance and Valuation (University of Liverpool)

Undergraduate Seminars

This seminar focuses on topics in Finance. It will primarily involve reading English references, giving presentations and participating in discussions in English, as well as learning econometric software and programming languages.

Graduate School Seminars

The objective of this module is to enable students to engage in an empirical research project within the field of Finance. It assists students in selecting a research topic, developing a strategy for collecting relevant information and data, and selecting appropriate methods. Furthermore, the module provides students with the opportunity to communicate both the rationale and the findings of their study through academic writing.

Main Publications

1. Otsubo, Yoichi. “International cross-listing and price discovery under trading concentration in the domestic market: evidence from Japanese shares.” Journal of Empirical Finance, 2014, 25, 36-51.
2. Mizrach, Bruce and Yoichi Otsubo. “The market microstructure of the European climate exchange.” Journal of Banking and Finance, 2014, 39, 107-116.
3. Grammatikos, Theoharry, Thorsten Lehnert, and Yoichi Otsubo. “Market Perceptions of US and European Policy Actions Around the Subprime Crisis.” Journal of International Financial Markets, Institutions and Money, 2015, 37, 99-113.
4. Frijns, Bart, Ivan Indriawan, Yoichi Otsubo, and Alireza Tourani-Rad. “The cost of trading during Federal Funds Rate announcements: Evidence from cross-listed stocks.” International Review of Economics & Finance, 2019, 60, 176-187.
5. Luong, Phat, Bruce Mizrach, and Yoichi Otsubo. “Location Basis Differentials in Crude Oil Prices.” Energy Journal, 2019, 40, 41-58.
6. Kostakis, Alex, Liangyi Mu, and Yoichi Otsubo. “Detecting political event risk in the options market.” Journal of Banking and Finance, 2023, 146, 106624.

E-mail

otsubo(at)econ.kobe-u.ac.jp

Office hours

Office hours: Thursday 12:10-13:10 (with appointment via email)