Last Updated: January 14, 2010
- BORN: in August 1961 in Kumamoto City, JAPAN
- PROFESSION & AFFILIATION:
Former employee of a Japanese commercial bank, now serving as
Professor of Finance at Chuo University Graduate School of International Acounting (CGSA, MBA Program)
Currently on Leave-of-Absence until June 2010
Visiting Academic Associate at Weatherhead Center for International Affairs of Harvard University
Valuation Advisor for Assets, Liabilities and Capital Advisory Division of Mizuho Bank
Board Member, Nippon Finance Association
Editorial Board Member, Security Analysts Journal
- HOBBIES:
Travel, Music (R&B, Soul, Pops), Play (Musicals), Amateur Radio (Callsign: JI6CUK, JA1BPA)
- QUALIFICATIONS:
Doctor of Philosophy (Ph.D.) in Finance from the University of London in the UK
Master of Business Administration (MBA) with Distinction from INSEAD in France
Chartered Member of The Security Analysts Association of Japan (CMA)
1st Class Amateur Radio Licensee of Japan
- LANGUAGES:
Japanese (mother tongue), English French (fluent), Russian Spanish (only basic)
- PUBLICATIONS:
"Globetrotters --Mauritius and Reunion Is.--" (a tourists' guidebook in Japanaese, Diamond Big Inc., 1991, ISBN: 4-478-03231-9)
"Survival of Japanese Personnel Management in the "New-Breed" Age" (Euro-Asia Centre, INSEAD, 1991)
"Facing Up to the Cost of Equity: Changing Behaviour of Japanese Companies", Chapter 11 of "Finance and the International Economy: 6" (Oxford University Press, 1992, ISBN: 0-19-828796-8)
"Post-Bubble Corporate Finance in Japan" (Kawakami Foundation, the Industrial Bank of Japan, Award Winning Essays Collection, 1993)
"MBA Game Theory" (Diamond Inc., 1999, ISBN: 4-478-37242-X)
Became No. 8 best-selling business book at Maruzen Bookstore in Tokyo
in the week of January 5, 2000.
"Management Analysis and Decision Making by Using Game Theory," "Fujitsu Management Review," No. 207,
2000 Summer (Fujitsu Institute of Management)
"Making Decisions Based on Game Theory," "Diamond Harvard Business Review," January 2002, (Diamond Inc.)
"Key Issues of Business Decision Making Using Game Theory" "Weekly Diamond," April 6, 2002, (Diamond Inc.)
"Game Theory for Becoming an Excellent Decision Maker," (series article 1) "Think!," Spring 2002, (Toyo Keizai Inc., 2002, ISBN: 4-492-83000-6)
"Game Theory for Becoming an Excellent Decision Maker," (series article 2) "Think!," Summer 2002, (Toyo Keizai Inc., 2002, ISBN: 4-492-83001-4)
"Game Theory for Becoming an Excellent Decision Maker," (series article 3) "Think!," Autumn 2002, (Toyo Keizai Inc., 2002, ISBN: 4-492-83002-2)
"Game Theory for Becoming an Excellent Decision Maker," (series article 4) "Think!," Winter 2002, (Toyo Keizai Inc., 2003, ISBN: 4-492-83003-0)
"M&A and Corporate Performance," "Security Analysts Journal," December 2002, (Security Analysts Association of Japan)
"Hints about Negotiation Drawn from Game Theory: The Case of M&A Negotiation," "Hitotsubashi Business Review,
" Spring 2003, (Toyo Keizai Inc., 2003, ISBN: 4-492-82012-4)
"Corporate Valuation and Cash Flow: In Search of Theoretical Relationship between Accounting and Finance," (with Norimitsu Kodabashi) "Kaikei (Accounting)," Vol. 164 No.2 (Moriyama Shoten, 2003)
"Banking in Japan: Will Too Big to Fail Prevail?" (with Adrian van Rixtel, Yupana Wiwattanakantang, and Toshiyuki Souma) Chapter 12 of "Too Big to Fail: Policies and Practices in Government Bailouts" (Praeger Publishers, 2004, ISBN: 1-56720-621-2)
"New Development in Hostile Takeover Market in Japan: A Case of TOB for Sotoh and Yushiro Chemical Industry," "Security Analysts Journal," October 2004 (Security Analysts Association of Japan)
"Valuation in Practice" (Diamond Inc., 2004, ISBN: 4-478-47072-3)
"Survey of Economic Studies on Control Premium: A Practitioner's Guide to How to Deal with Control Premium," "Security Analysts Journal," July 2005 (Security Analysts Association of Japan)
"Effect of a Hostile Takeover on the Operating Performance of a Target Firm" "Weekly Kinyuu Zaisei Jijo," January 16, 2006, (Kinzai Institute for Financial Affairs, Inc.)
"A Hostile Takeover and Target's Corporate Performance: Case of Target Firms of M&A Corporation," Chapter 5 of Study Group Report of M&A and Corporate Management, March 2007, Japan Center for Economic Research
"Long-Term Performance Following Mergers of Japanese Companies: The Effect of Diversification and Affiliation," "Pacific-Basin Finance Journal" 15-2, pp. 154-172, April 2007, Elsevier (Co-authored with Timothy A. Kruse, Kwanwoo Park, and Hun Park) Abstract is here.
"A Hostile Takeover and Target's Corporate Performance," Chapter 5 of Arai, Tomio, Ed., "Examining Hostile Takeovers in Japan" (Nikkei Book, 2007, ISBN: 978-4-532-35274-5)
"Corporate Mergers and Acquisitions (M&A)," Chapter 1 of The Security Analysts Association of Japan, Ed., "Level II Textbook for CMA (Chartered Member of the Security Analysts Association of Japan), Corporate Finance 3," (The Security Analysts Association of Japan, 2007)
"Why Should Discounted Tender Offer Bids Be Successful in Japan?" "Weekly Kinyuu Zaisei Jijo," September 17, 2007, (Kinzai Institute for Financial Affairs, Inc.)
"Has the Threat of a Takeover Improved the Management of Target Firms? An Analysis of Firms in which M&A Consulting, Japan's First Hostile Bidder, Acquired Stakes," "Corporate Ownership and Control" 7-2, pp. 137-145, December 2009, Virtus InterPress (Co-authored with Timothy A. Kruse)
- TRANSLATION WORKS:
"Beyond Greed and Fear" by Hersh Shefrin, Japanese Translation (Toyo Keizai Inc., 2005, ISBN: 4-492-65348-1)
"Business Statistics" (6th edition) by Amir D. Aczel and Jayavel Sounderpandian, Japanese Translation (Diamond Inc., 2007, ISBN: 978-4-478-47092-3, -47093-0)
Translation for "Diamond Harvard Business" (Japanese version of "Harvard Business Review") January 1994, May 1994, January 1996, March 1997, September 1997 and September 2000
Discounted TOB: Their Nature and Causes
Effect of Activist Fund (Steel Partners and MAC) Ownership on the Corporate Performance
Made a presentation about the changes of Japanese financial market and the development of market for corporate control at Maine Business School at The University of Maine in Orono, ME.
Presented a joint paper at the 2009 Annual Meeting of FMA (Financial Management Association) in Orlando, FL.
Attended 2009 Annual Meeting of AFA (American Finance Association) in San Francisco, CA.
Served as a member of the organizing committee of Asian FA - NFA 2008 International Conference 2008 at Pacifico Yokohama in Kanagawa Prefecture.
Attended 2008 Annual Meeting of AFA (American Finance Association) in New Orleans, LA.
Presented a joint paper at the 2007 Annual Meeting of FMA (Financial Management Association) in Orlando, FL.
Presented a joint paper at the 15th Annual Meeting of Nippon Finance Association (NFA) held at Keio University in Tokyo, Japan.
The research on the target companies of the MAC (Murakami Fund) was cited in an article of Nihon Keizai Shimbun (Nikkei) Newspaper.
Attended 2007 Annual Meeting of AFA (Amercan Finance) in Chicago, IL.
Presented a joint paper on discount TOBs in Japan at the research seminar organized by Keio Business School in Yokohama, Japan.
Chaired a session and a co-author presented the joint paper at the 14th Annual Meeting of Nippon Finance Association (NFA) held at the University of Tokyo in Tokyo, Japan.
The research on the target companies of the MAC (Murakami Fund) was cited in an article of Asahi Shimbun Newspaper.
Presented a survey of research of Japanese mergers and acquisitions (M&A) at a seminar of Nippon Finance Association (NFA).
Attended 2006 Annual Meeting of AFA (Amercan Finance) in Boston, MA.
Served as a panelist for a session upon East Asian Financial Market at 2005 Annual Meeting of FMA (Financial Management Association) in Chicago, IL.
Presented a joint research titled "Has the Threat of a Takeover Improved the Management of the Target Firm?" at the
Joint Conference on "Corporate Finance and Governance: Europe-Japan Comparisons" organized by The Centre for Economic Policy Research (CEPR) and The Research Institute of Economy, Trade and Industry (RIETI) held in Tokyo, Japan.
Chaired a session at the 13th Annual Meeting of Nippon Finance Association (NFA) at Yokohama National University in Yokohama, Japan.
Served as a discussant at "Corporate Governance of Banks in Asia: Second Seminar," jointly organized by ADB Institute and Hitotsubashi University..
Served as a speaker at a seminar on "M&A and Valuation" organized by the Security Analysts Association of Japan (SAAJ).
Attended 2005 Annual Meeting of AFA (Amercan Finance) in Phladelphia, PA.
Served as a discussant at Autumn International Forum organized by Chung-Ang University, Hitotsubashi University and Waseda University. Forum theme: "Good Governance and Market Discipline of Corporate Competitiveness".
Attended 2004 Annual Meeting of FMA (Financial Management Association) in New Orleans, LA.
Presented a paper, discussed and chaired a session at the 12th Annual Meeting of Nippon Finance Association (NFA) at Korakuen Campus of Chuo University in Tokyo, Japan.
Attended 2003 Annual Meeting of FMA (Financial Management Association) in Denver, CO.
Discussed a paper at the 11th Annual Meeting of Nippon Finance Association (NFA) at Musashi University in Tokyo, Japan.
Made a lecture on Japanese Corporate Finance at McGill University MBA Japan Program.
Presented a paper at the 63rd Annual Meeting of 2003 Annual Meeting of American Finance Association (AFA) in Washington, DC, U.S.A.
Chaired a session and discussed a paper titled "Does Corporate Performance Improve After Mergers?"
at 2002 Annual Meeting of FMA (Financial Management Association) in San Antonio, TX.
Presented a research report on cash flow, valuation and market value accounting at the 61st JAA Annual Meeting held at Musashi University in Tokyo, Japan.
Presented a paper and chaired a session at 2002 APFA/PACAP/FMA Finance Conference at Keio Plaza Hotel in Tokyo, Japan.
Discussed a paper at the 10th Annual Meeting of Nippon Finance Association (NFA) at Hitotsubashi University in Tokyo, Japan.
Opening ceremony of Chuo University Graduate School of International Accounting (CGSA).
Taught "Japanese Corporate Finance II" course at ENPC MBA-Tokyo.
Attended the 62nd Annual Meeting of American Finance Association (AFA) in Atlanta, GA.
Visited London Business School and discussed a paper.
Attended an on-site inspection by the Ministry of Education (MEXT) for the new Graduate School, as a University faculty representative.
Originally scheduled to discuss a paper titled "Determinants of Capital Structure, Dividend Policy, and Insider Ownership in Japanese Corporations"
at 2001 Annual Meeting of FMA (Financial Management Association) in Toronto, Canada, but cancelled in the wake of the tragic event in the US.
Published the 2nd Edition of "MBA Game Theory" from
Diamond Inc.
Visited London Business School and did research.
Discussed a paper titled "Monitoring and Directors' Incentive: Case in Japan" at the Asia Pacific Finance Association (APFA) 2001 Conference in Bangkok, Thailand.
Reported a preliminary result of the research on Japanese M&A at the monthly meeting of "MPT Forum," sponsored by Toyo Keizai Inc.
Presented a paper at Waseda University, Tokyo, Japan for the 9th Annual Conference of Nippon Finance Association (NFA). (For the homepage of Nippon Finance Association, click here.)
Started working as a professor at the preparation committe of a new graduate school of accounting in Tokyo that is scheduled to open in April 2002.
February 17- March 31, 2001:
Taught "Essential of Accounting and Finance 2" course at Globis Management Institute.
Globis Management Institute is a business unit of Globis Corp.
Spoke at a seminar at Meiji Gakuin University in Tokyo, Japan.
Attended the 61st Annual Meeting of American Finance Association (AFA) in New Orleans, LA.
Presented a paper at University of Missouri in Columbia, MO.
Taught a course of "Introductory Corporate Finance" organized by Career Plaza Corp. in Osaka, Japan.
Taught a course of "Introductory Corporate Finance" organized by Career Plaza Corp. in Tokyo, Japan.
Presented a paper at the 27th Annual Meeting of European Finance Association (EFA) in London, U.K.
Taught a course of "Introductory Corporate Finance" organized by Career Plaza Corp. in Tokyo, Japan.
Presented a paper at Musashi University in Tokyo, Japan.
Presented a paper at Saïd Business School of University of Oxford in Oxford, U.K.
Attended the 60th Annual Meeting of American Finance Association (AFA) in Boston, MA.
Published "MBA Game Theory" from
Diamond Inc.
Presented a revised paper on UK seasoned equity issues at 1999 Meeting of FMA (Financial Management Association) in Orlando, FL.
Attended the congregation ceremony of London Business School in London.
Visited New York on business.
Passed the final oral examination ("viva") by Professor René Stulz of Ohio State University
and Professor Ian Cooper of LBS.
Presented a paper at International University of Japan in Niigata, Japan.
Arrived in Tokyo, Japan. Started working for my employer.
Visited Charles A. Dice Center of Ohio State University in Columbus, OH as a visiting scholar.
Presented a paper at NFA (Nippon Finance Association) / APFA (Asia-Pacific Finance Association) First Joint International Conference held in Tokyo, Japan.
(To send an E-mail to Nippon Finance Association, click here.)
Presented a paper at 1998 EFMA (European Financial Management Association) / FMA (Financial Management Association) Joint Conference held in Lisbon, Portugal. Click here for the program of the conference.
To EXPO '98 Lisboa.
Made a presentation at the 4th International Finance Conference held at Georgia Tech in Atlanta, GA.
Click here for the program of the conference.
Made a speech on changes of Japanese corporate
governance at "Reforming Japan" Conference held at Royal Institute of International Affairs in London.
To see the program of the Conference in PDF format (requires Acrobat 3.0, 15,933 bytes), click here.
Presented a paper at an Annual Meeting of American Finance Association (AFA) in Chicago, IL, U.S.A.
To see the program of the Meeting in PDF format (requires Acrobat 3.0),
click here.
Presented a paper in C4 session at an Annual Meeting of European Financial Management Association (EFMA) at Koç University, Istanbul, Turkey. (Go to EFMA home page to know about the organization.)
Presented a paper at Hosei University, Tokyo, Japan for an
Annual Conference of Nippon Finance Association (NFA).
(To send an E-mail to Nippon Finance Association, click here.)
March 10, 1997: Passed transfer examination and obtained MPhil degree. Now officially a PhD candidate.
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