CURRICULUM VITAE

Education:  

            Ph.D. in Management Sciences (Financial Economics), Yale University, 1987

            MBA, Yale School of Management, 1983

            B.A. in Economics, University of Tokyo, 1978

 

Academic Honors:  

            1999-             Grant from CIBEAR Program, University of Southern California

            1994-1998       Grant from Center on Japan-U.S. Business and Economic Studies, New York University

            1994-1999       Grant from East Asian Institute, Columbia University

            1992               Nominated for Smith Breeden Awards for Best Paper Published in Journal of Finance, American Finance Association

            1992               Grant from the Futures Center, Columbia University

            1991-1992       Batterymarch Fellowship

            1991-1998       Research support from Mitsubishi Trust and Banking Professorship at Columbia University

            1991               American Association of Individual Investors Award for best paper in investments, Western Finance Association

            1987-1991       University of California Committee on Research Grant

            1986-1987       Dean Witter Fellowship

            1985-1987       Daiwa Securities Grant

            1983-1987       Yale University Fellowship

            1981-1983       Bank of Tokyo Fellowship

 

Employment:

               2000               Visiting Scholar, Board of the Governors of the Federal Reserve System, Washington, D.C.

            1998 -            Associate Professor of Finance and Business Economics, Marshall School of Business, University of Southern California

            1993-1999       Associate Professor of Finance, Graduate School of Business, Columbia University

            1991-1993       Assistant Professor of Finance, Graduate School of Business, Columbia University

            1987-1991       Assistant Professor of Finance, Graduate School of International Relations and Pacific Studies, University of California, San Diego

            1982-1986       Teaching Fellow in Finance, Yale School of Management

            1978-1983       Officer in International Finance, Bank of Tokyo, Ltd., New York and Tokyo

 

Institutional Affiliations:  

            Member, East Asian Institute, Columbia University

            Faculty Research Associate, Center for Japanese Economy and Business, Graduate School of Business, Columbia University

            Associate, Center on Japan-U.S. Business and Economic Studies, Stern School of Business, New York University

            Research Associate, Center for Pacific Basin Monetary and Economic Studies, Federal Reserve Bank of San Francisco

            Member, American Finance Association

            Member, Society for Financial Studies

            Member, Western Finance Association

            Member, European Finance Association

            Member, Japan Finance Association

            Member, Association for Japan Business Studies

                                   

Professional Services:  

            Associate Editor, Journal of Empirical Finance

            Associate Editor, Pacific Basin Finance Journal

            Associate Editor, Asia-Pacific Financial Markets

            Associate Editor, International Review of Finance

            Ad-hoc Reviewer, the Government of Hong Kong Academic Grant Office

            Ad-hoc Reviewer, Japan-United States Friendship Commission

            Program Committee, Western Finance Association

            Program Committee, Pacific Basin Capital Markets Conference

            Program Committee, Association for Japanese Business Studies

            Program Committee, Financial Management Association

            International Review Committee, National Taiwan University Finance Conference

            Program Committee, Asia Pacific Finance Association

            Founding Member, Japan Association of Cultural Economics

            Founding Member, Japan Association for Financial Economics

            Founding Member, Japan Association for Financial Engineering

           

 

Courses Taught:  

            Pacific Rim Education Program (MBA, real time case course)

            Corporate Finance (MBA, case course)

            Corporate Finance (MBA, theory and cases)

            Corporate Financial Strategies (MBA/Undergraduate, case course)

            Financial Management (Undergraduate)

            Financial Policies and Corporate Control (MBA/Undergraduate)

            Foundations of Finance (MBA, introductory theory course)

            International Financial Management (MBA, theory and cases)

            Investments (MBA, theory course)

            Japanese Financial Markets (MBA)

            Pacific Basin Financial Markets (MBA)

            Financial Economics II - Continuous Time Models (Ph.D.)

            Empirical Methods in Finance (Ph.D.)

            Quantitative Decision Making (MBA)

           

 

Publications:

 

I.  Books:

 

1.         Japanese Financial Market Research, coedited with Warren Bailey and William Ziemba, North Holland , 1991.

 

2.         Stocks, Bonds, and Inflation - Japan, with Roger Ibbotson, Chicago, IL: Ibbotson Associates, 1989 (updated quarterly).

   

II. Articles:

 

3.         “The Components of the Bid-Ask Spread in a Limit Order Market: Evidence from the Tokyo Stock Exchange,” with Hee-Joon Ahn, Jun Cai, and Richard Ho, Journal of Empirical Finance, Vol.9 (2002).

 

4.         “Living with the Enemy: An Analysis of Foreign Equity Investment in Japan,” with Jianping Mei, Journal of International Money and Finance, Vol. 20-5 (2001).

 

5.         “Institutional Affiliation and the Role of Venture Capital: Evidence from Initial Public Offerings in Japan,” with Frank Packer and Jay Ritter, Pacific Basin Finance Journal, Vol. 8-5 (2000).  

 

6.         “Bank Owned Security Subsidiaries in Japan,” with Takeo Hoshi, in Masahiko Aoki and Gary Saxonhouse (eds.), Finance, Governance and Competitiveness in Japan, Oxford University Press, 2000.

 

7.         “An Analysis of Bidding in the Japanese Government Bond Auctions,” with Narasimhan Jegadeesh, Journal of Finance, Vol.53-2 (1998).

 

8.         “Interaction in Investment Among Rival Japanese Firms,” with Silverio Foresi and Jianping Mei, Japan and the World Economy. Vol.10-4 (1998).

 

9.         “Securities Trading in the Absence of Dealers: Trades and Quotes on the Tokyo Stock Exchange,” with Joel Hasbrouck, Review of Financial Studies, Vol.8-3 (1995).

 

10.       “Changing Corporate Financing Structure and the Main Bank System in Japan,” with John Campbell, in Masahiko Aoki and Hugh Patrick (eds.) Japanese Main Bank System, Oxford University Press, 1995.

 

11.       “A Comparison of Relation Between Security Market Prices, Returns and Accounting Measures in Japan and the United States,” with Charles Hall and Trevor Harris, Journal of International Financial Management and Accounting, Vol.5-1 (1994).

                      Reprinted in Frederick Choi and Richard Levich (eds.), International Capital Markets in a World of Accounting Differences, Burr Ridge, IL: Irwin, 1994.

 

12.       “Equity Trading Costs,” (in Japanese) Japanese Security Analysts Journal, Vol. 30-11 (1993).

 

13.       “Can Fundamentals Predict Japanese Stock Returns?” with Louis Chan and Josef Lakonishok, Financial Analysts Journal, July/August 1993.

 

14.       “The Interest Rate Process and the Term Structure of Interest Rates in Japan,” with John Campbell, in Kenneth Singleton (ed.) Japanese Monetary Policy, NBER Monograph, Chicago: University of Chicago Press, 1993.

 

15.       “International Capital Market Integration,” with Philippe Jorion, in Peter Newman, Murray Milgate, and John Eatwell (eds.) The New Palgrave Dictionary of Money and Finance, London: Macmillan Press, 1992.

 

16.       “Tokyo Stock Exchange,” in Peter Newman, Murray Milgate, and John Eatwell (eds.) The New Palgrave Dictionary of Money and Finance, London: Macmillan Press, 1992.

 

17.       “Japanese Stock Prices and Accounting Fundamentals,” (in Japanese) Japanese Security Analysts Journal, Vol.30-9 (1992).

 

18.       “Predictable Stock Returns in the U.S. and Japan: A Study of Long-Term Capital Market Integration,” with John Campbell, NBER Working Paper, 1989, Journal of Finance, Vol.47-1 (1992).

 

19.       “Fundamentals and Stock Returns in Japan,” with Louis Chan and Josef Lakonishok, Journal of Finance, Vol.46-5 (1991).

 

20.       “A Standard Data Base for the Analysis of the Japanese Security Markets,” Journal of Business, Vol.64-1 (1991).

 

21.       “Japanese Security Markets: An Overview,” in Japanese Financial Market Research, North Holland, 1991.

 

22.       “The Effect of the 1987 Stock Crash on International Financial Integration,” with Ronald Masulis and Victor Ng, in Japanese Financial Market Research, North Holland, 1991.

 

23.       “Correlations in Price Changes and Volatility Across International Stock Markets,” with Ronald Masulis and Victor Ng, Review of Financial Studies, Vol.3-2 (1990).

                    Reprinted in René Stulz and G. Andrew Karolyi (eds.) International Capital market Integration, London: Edward Elgar Publishing, 2003.

 

24.       “Japanese Stocks, Bills, Bonds, and Inflation,” Journal of Portfolio Management, Winter 1989.

                      Reprinted in Edwin Elton and Martin Gruber (eds.), Japanese Capital Markets, New York: Harper & Row 1990.

 

25.       “An Empirical Examination of the Arbitrage Pricing Theory: Using Japanese Data,” Japan and the World Economy, Vol.1-1 (1988).

                      Reprinted in Edwin Elton and Martin Gruber (eds.), Japanese Capital Markets, New York: Harper & Row, 1990.

 

26.       “The Arbitrage Pricing Theory: Empirical Evidence in the Japanese Market,” (in Japanese) with Stephen Ross, in Japanese Security Analysts Journal, Vol.24-10 (1986).

 

27.       “On Ianis Xenakis’s ‘Axioms of Stochastic Music’,” (in Japanese) Ongaku Geijutsu (Musical Art), Vol.36-5 (1978).

 

28.       Several essays on music and musicians for various magazines (1977-1980).  

 

III. Comments, Book Reviews, etc.:  

 

29.       “A Note on Asian Financial Crisis,” 1998.

 

30.       “Comments” on Shoichi Royama, “Big Bang in the Japanese Securities Markets,” 1998.

 

31.       Discussion chapter in Ryuzo Sato, Rama Ramachandran, and Myra Aronson (eds.) Trade and Investment in the 1990s: Experts Debate on Japan-U.S. Issues, New York: New York University Press, 1996.

 

32.       “Comments” in Stijn Claessens and Sundareshan Gooptu (eds.) Portfolio Investment in Developing Countries, World Bank, 1994.

 

33.       “Synfuel Development,” (a case with software), Yale School of Management, 1985.

 

IV.  Working Papers and Works in Progress:

 

34.       “Stock Repurchases in Japan,”, work in progress.

 

35.       “Idiosyncratic Risk and Creative Destruction in Japan,” with Jianping Mei and Yexiao Xu, Working Paper, 2003.

 

36.       “Tick Size Change and Liquidity Provision on the Tokyo Stock Exchange,” with Hee-Joon Ahn, Jun Cai and Kalok Chan, Working Paper, 2003.

   

37.       “Bank Underwriting of Corporate Bonds: Evidence from Japan after the Financial System Reform of 1993,” with Takeo Hoshi, Working Paper, 2003.  

 

38.        "Minimum Trading Unit and the Liquidity," with Hee-Joon Ahn and Jun Cai, Working Paper, 2001.  

 

39.       “Stock and Land Prices in Japan,” with Takeo Hoshi, Working Paper, 1991, revised 1993.

 

40.       “Are Japanese Stock Prices ‘Too Low’?: A Comment on Japan Securities Research Institute Report,” with Takeo Hoshi, Working Paper, 1988.

 

41.       “A New View on Asset Return Anomalies: An Investigation of Gold Data, 1869-1876,” Working Paper, 1987.

 

42.       “Long-Term and Short­Term Labor Contracts,” Working Paper, 1985.

 

 

Workshop Presentations:

Board of Governors of the Federal Reserve System, Columbia University, Joint Columbia-NYU Workshop, Cornell University, Dartmouth College, Duke University, Federal Reserve Bank of New York, Hitotsubashi University, Indiana University, INSEAD, Kyoto University, London Business School, McGill University, National Bureau of Economic Research, New York University, Ohio State University, Princeton University, Seoul National University, Stanford University, State University of New York at Buffalo, Stockholm School of Economics, University of California, Berkeley, University of California, Irvine, University of California, Los Angeles, University of California, San Diego, University of California, Santa Barbara, University of California, Santa Cruz, University of Chicago, University of Illinois, Urbana-Champaign, University of Maryland, University of Southern California, University of Tokyo, University of Western Ontario, University of Wisconsin, Madison, Yale University

 

 

Conference Presentations:  

               Discussant, Western Finance Association Meetings, Cabo San Lucas, Mexico, 2003.

               Presenter, The 13th Annual Conference on Financial Economics and Accounting, University of Maryland, November 2002.

               Presenter, National Bureau of Economic Research Japan Working Group meeting, Tokyo, September 2002.

               Invited Speaker, Index Summit, Tokyo, May 2001.

Discussant, The Seventh International Finance Conference, Georgia Institute of Technology, April 2001.

            Presenter, Conference on Financial Economics and Accounting, University of Michigan, October 2000.

            Presenter, Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, May 2000.

            Presenter, National Bureau of Economic Research Japan Working Group Meeting, Cambridge , May 2000.

            Presenter, West Coast Japan Economic Seminar, University of California, Santa Cruz, April 2000.

            Presenter, Japan Finance Association Meetings, June 1999.

            Presenter, Conference “Doing Business in Japan” University of Southern California, June 1999 and June 2000.

            Presenter, Conference “Asia-Pacific Business Outlook,” University of Southern California, March 1999 and March 2000.

            Discussant, Conference “The Political Economy of the Japanese Financial Crisis,” University of California, Los Angeles, February 1999.

            Presenter, National Bureau of Economic Research Japan Working Group meeting, Stanford, February 1999.

            Presenter, Faculty Center Symposium on Asian Financial Crisis, University of Southern California, December 1998.

            Discussant, Conference “The Japanese Financial System,” Columbia University, October 1998.

            Presenter, Japan Finance Association and Asia Pacific Finance Association Joint Conference, Tokyo, July 1998.

            Presenter, Western Finance Association Meetings, Monterey, June 1998.

            Presenter and Discussant, The Fourth International Finance Conference, Georgia Institute of Technology, May 1998.

            Presenter, American Finance Association Meetings, Chicago, January 1998.

            Presenter, Japan Economic Seminar, Harvard University, November 1997.

            Presenter, Discussant and Session Chair, Asia-Pacific Finance Association Meetings, Kuala Lumpur , July 1997.

            Presenter, Conference “Investing in Asian Markets,” Hofstra University, April 1997.

            Presenter, Hugh Patrick Festschrift Conference, Stanford University, March 1997.

            Presenter, The Second International Finance Conference, Georgia Institute of Technology, May 1996.

            Presenter, Japan Association for Financial Economics Meetings, Tokyo, May 1996.

            Presenter, Conference in International Investment, Vanderbilt University, April 1996.

            Presenter, Conference “Micro-economic Reform and Deregulation in Japan,” Columbia University, March 1996.

            Discussant, Japan Economic Seminar, Columbia University, February 1996.

            Presenter, American Finance Association Meetings, San Francisco, January 1996.

            Presenter, Conference “Emerging Trends in Japanese Financial Markets,” Columbia University, December 1995.

            Presenter, Discussant and Session Chair, National Taiwan University Finance Conference, Taipei, Taiwan, November 1995.

            Presenter, European Finance Association Meetings, Milan, August 1995.

            Presenter, National Bureau of Economic Research Summer Institute, July 1995.

            Presenter, Discussant, and Session Chair, Asia Pacific Finance Association Meetings, Hong Kong , July 1995.

            Presenter, Japan Association for Financial Economics Meetings, Tokyo, May 1995.

            Presenter, Conference “Portfolio Investment and Derivative Strategy,” Bangkok, Thailand, May 1995.

            Discussant, American Finance Association Meetings, Washington, D.C., January 1995.

            Instructor/Moderator, Firm-Wide Training Conference, Morgan Stanley, Tokyo, May 1994.

            Presenter, Japan Association for Financial Economics Meetings, Tokyo, May 1994.

            Presenter, Conference “Asset and Land Prices: Conceptual Issues and the Japanese Experience,” Boston University, April 1994.

            Presenter and Panel Discussant, Conference “Recent Developments in International Financial Markets: Implications to Japan and the United States,” New York University, February 1994.

            Presenter, American Finance Association Meetings, Boston , January 1994.

            Presenter, Japan Association for Financial Economics, Tokyo, November 1993.

            Session Chair, Financial Management Association Meetings, Toronto, October 1993.

            Discussant, Conference on Portfolio Investment in Developing Countries, World Bank, September 1993.

            Presenter, Western Finance Association Meetings, Whistler, British Columbia, June 1993.

            Discussant, Western Finance Association Meetings, Whistler, British Columbia, June 1993.

            Presenter, Whittemore Conference on International Capital Acquisition, Dartmouth College, May 1993.

            Presenter, Conference “Japanese Main Bank System and its Relevance for Developing Market and Transforming Socialist Economies,” Stanford University, April 1993.

            Presenter, American Finance Association Meetings, Anaheim, January 1993.

            Presenter, Third Annual Conference on Finance and Accounting, New YorkUniversity, November 1992.

            Presenter, Conference on International Capital Markets in a World of Accounting Differences, New York University, October 1992.

            Presenter and discussant, Conference “Japanese Main Bank System and its Relevance for Developing Market and Transforming Socialist Economies,” Washington, D.C., August 1992.

            Presenter, Pacific Basin Capital Markets Conference, Hong Kong, July 1992.

            Discussant, Western Finance Association Meetings, San Francisco, June 1992.

            Invited Speaker, Japan Commodities Funds Association, Tokyo, March 1992.

            Presenter, Japan Economic Seminar, Harvard University, February 1992.

            Presenter, Traded Markets Seminar, London Business School, December 1991.

            Invited Speaker, MPT Research Group, Tokyo, December 1991.

            Presenter, Conference on Capital Markets and Corporate Finance in Japan and the U.S. University of Tokyo and Columbia University, Tokyo, December 1991.

            Presenter, Conference on Pacific Rim Capital Markets, New York University, December 1991.

            Presenter, Conference “Japan in a Global Economy,” Stockholm School of Economics, September 1991.

            Presenter, European Finance Association Meetings, Rotterdam, August 1991.

            Presenter, Western Finance Association Meetings, Jackson Hole, June 1991.

            Presenter, National Bureau of Economic Research conference on Japanese Monetary Policy, Tokyo , April 1991.

            Presenter, American Finance Association Meetings, Washington, D.C., December 1990.

            Discussant, Association of Managerial Economics Meetings, Washington, D.C., December 1990.

            Discussant, American Economic Association Meetings, Washington, D.C., December 1990.

            Presenter and Discussant, First Annual Conference on Finance and Accounting, Rutgers University , October 1990.

            Presenter, The Institute for Quantitative Research in Finance (The Q-Group), Tucson, October 1990.

            Presenter, Berkeley Program in Finance, Santa Barbara, September 1990.

            Presenter and Discussant, European Finance Association Meetings, Athens, August 1990.

            Presenter, FAIR/NBER Joint Conference on Japanese Corporate Financial Behavior, August 1990.

            Presenter and Discussant, Western Finance Association Meetings, Santa Barbara, June 1990.

            Presenter, Berkeley Program in Finance in Asia, Tokyo, Japan, June 1990.

            Presenter, Conference “Japanese Capital Markets,” Stockholm School of Economics, May 1990.

            Presenter, Conference “Statistical Models of Financial Volatility,” University of California, San Diego, April 1990.

            Presenter, Conference “Japanese Capital Markets,” New York University, March 1990.

            Presenter, The Wharton Conference on Investment Management, Philadelphia, February 1990.

            Presenter, American Finance Association Meetings, Atlanta, December 1989.

            Presenter and Discussant, European Finance Association Meetings, Stockholm, August 1989.

            Session Chair and Presenter, TIMS Meetings, Osaka, Japan, July 1989.

            Presenter, Euromoney Conference on International Investments, Amsterdam, June 1989.

            Presenter, Western Finance Association Meetings, Seattle, June 1989.

            Presenter, Berkeley Program in Finance, Yosemite, April 1989.

            Discussant, American Finance Association Meetings, New York, December 1988.

            Invited Panel Speaker, Financial Management Association Meetings, New Orleans, October 1988.

            Presenter, Conference “Executive Program for Investment Managers,” University of California, San Diego, August 1988.

            Presenter, Conference “Investment in Japan,” Institute for International Research, New Yor, October 1987.

            Presenter, Berkeley Program in Finance in Asia, Oiso, Japan, May 1987.

            Presenter, Symposium on Financial Investment in the U.S. and Japan, New York University, April 1987.

            Invited Speaker, Japanese Financial Analyst Association, September 1986.

 

 

Refereeing for Professional Journals:  

            American Economic Review

            Economics Letters

            Financial Review

            Japan and the World Economy

            Journal of Banking and Finance

            Journal of Business

            Journal of Business and Economic Statistics

            Journal of Economics and Business

            Journal of Empirical Finance

            Journal of Finance

            Journal of Financial and Quantitative Analysis

            Journal of Financial Intermediation

            Journal of International Economics

            Journal of International Financial Management and Accounting

            Journal of International Financial Markets, Institutions, and Money

            Journal of International Money and Finance

            Journal of Money, Credit, and Banking

            Journal of the Japanese and International Economies

            Pacific Basin Finance Journal

            Real Estate Economics

            Review of Economics and Statistics

            Review of Financial Studies

            Review of Quantitative Finance and Accounting

 

 

Refereeing Books for:  

            Academic Press

            Addison-Wesley

            John Wiley

            Kluwer Academic Publishers

            MIT Press

            Oxford University Press

 

 

Public Relations:  

            Often quoted by Institutional Investor, Wall Street Journal, New York Times, Investors News Daily, and Yomiuri Shinbun.

            Long articles written for Nihon Keizai Shinbun (Japan Economic Journal)

            Appeared in National Public Radio, Newsweek in Radio, CNBC, Voice of America (China), Money Radio, and JATV (Los Angeles)