Faculty Fellow (until March 31, 2006)

Professor, Faculty of Economics, The University of Tokyo


Areas of expertise are: efficiency of financial systems; investment and capital markets; financial derivatives; corporate finance and risk management of corporations.
Main area of research is Finance and Financial Economics.


B.S. (The University of Tokyo).
Ph.D. (Stanford University).


Professor of Business Economics and Finance, The University of Tokyo (since 1996).

Selected Publications and Papers

"Does the Public Offering of Parent and Subsidiary Companies Distort the Market?" co-authored with Hiroyuki Yamada, Security Analysts Journal, Vol.38, No.11, July 2000 (in Japanese).

"The Contributions of Professors Fischer Black, Robert Merton, and Myron Scholes to the Financial Services Industry," co-authored with Terry Marsh, International Review of Finance, Vol.1, No.4, December 2000.

"Value Anomaly and Market Overreaction: Analysis using Earnings Forecast Data," co-authored with Hajime Watabe, Modern Finance, No.9, March 2001 (in Japanese).

"A New Dimension of Equity Analysis and Valuation," Security Analysts Journal, Vol.39, No.6, June 2001 (in Japanese).

"Pricing Convertible Bonds with Default Risk," co-authored with Akihiko Takahashi and Narihisa Nakagawa, The Journal of Fixed Income, Vol.11, No.3, December 2001.

"Earning Forecasts, Earning Surprises and the Value Anomaly," co-authored with Hajime Watabe, Chapter 4 in The Frontier of Asset Management Theory, edited by H. Sasai and Y. Asano, March 2002 (in Japanese).

"Cross-Shareholdings and Equity Valuation in Japan," co-authored with Seiji Ogishima, SAAJ e-journal (http://www.saa.or.jp/english/journal.html), March 2002.

"Dynamic Optimality of Yield Curve Strategies," co-authored with Akihiko Takahashi and Norio Tokioka, International Review of Finance (forthcoming).

"Valuing Variable Annuities," co-authored with Ryoichi Ikeda and Yoichiro Hasegawa, Modern Finance, No.14, September 2003.

"Credit Risk Modeling Approaches," Security Analysts Journal, Vol.42, No.3, March 2004 (in Japanese).