F. TAKEDA
Keio Business School
E-mail: ftakeda [at] kbs.keio.ac.jp
September 30, 2025
Education
Yale University, Ph.D. in Economics, December 2001
University of Tokyo, B.A. in Russian Studies, March 1991
Positions
[1] Academic Positions
Professor of Applied Empirical Economics, Keio University, Apr. 2022 - present.
Graduate School of Business Administration, Apr. 2022 - present.
Associate Professor of Applied Economics, University of Tokyo, Mar. 2004 - Mar. 2022
Department of Technology Management for Innovation, Apr. 2006 - Mar. 2022
Department of Systems Innovation, Mar. 2004 - Mar. 2022
Department of Geo-system Engineering, Mar. 2004 - Mar. 2008
Associate Professor of Economics, Yokohama City University, Apr. 2003 - Feb. 2004
Faculty of Economics and Business Administration
Lecturer of Economics, Yokohama City University, Apr. 2002 - Mar. 2003
Faculty of Economics and Business Administration
[2] Visiting Positions
Visiting Scholar, University of Illinois at Urbana-Champaign, July - September, 2015
V. K. Zimmerman Center for International Education and Research in Accounting
Visiting Professor, University of Alberta, April - June 2015
Department of Finance and Statistical Analysis, School of Business
Visiting Professor, University of Alberta, Jan. - Dec. 2008
Department of Finance and Management Science, School of Business
Visiting Associate Professor, Yale University, Sep. - Dec. 2007
Council on East Asian Studies and Department of Economics
[3] Other Positions
Outside Audit & Supervisory Board Member, Mitsui O.S.K. Lines, Ltd., June 2023 - present.
Courses Taught
Keio Business School
Graduate Applied Empirical Economics, 2022 - present (in Japanese)
Graduate Japanese Business Environment -Institutions and Systems -, 2022 - present
University of Tokyo
Undergraduate International Economics, 2004 - 2022 (in Japanese)
Undergraduate Industrial Organization, 2005 - 2021 (in Japanese)
Undergraduate Principles of Economics, 2004 (in Japanese)
Graduate Economic Development of Japan, 2011 - 2014, 2016 - 2021.
Graduate Principles of Economics, 2006 - 2007, 2009 - 2010 (in Japanese)
Graduate International Financial Management, 2005 (in Japanese)
Yale University
Undergraduate Economic Development of Japan, 2007
Yokohama City University
Undergraduate International Economics, 2002 - 2003 (in Japanese)
Undergraduate Principles of Economics, 2002 (in Japanese)
Undergraduate Advanced Macroeconomics, 2003 (in Japanese)
Research Papers (IF in 2024)
[1] Refereed Journal Articles
[1-48] "Empirical study on voting results and proxy advisor recommendations in Japan." (with H. Miyachi) Journal of International Financial Markets, Institutions, and Money 92, 101973, 2024 (IF: 6.1)
[1-47] "Does Twitter Happiness Predict Bullish Markets? A Study of the US Stock Markets." (with V. Swamy and M. Dharani) IIMB Management Review 36(4): 309-321, 2024 (IF: 1.0)
[1-46] "Effects of COVID-19 pandemic on the market value of Japanese gaming companies" (with C. Feng) Applied Economics 56(40): 4849-4860, 2024 (IF: 2.1).
[1-45] "Effects of shareholder proposals on the market value of Japanese firms" (with R. Sato) International Review of Economics and Finance 86: 320-333, 2023 (IF: 5.6)
[1-44] "Employing String Similarity Metrics of Partners to Estimate Audit Team Continuity: Determinant and Its Effects on Audit Outcomes and Pricing." (with Frendy) Journal of Accounting Literature 45(2): 314-339, 2023 (IF: 4.2)
[1-43] "Do sentiment indices always improve the prediction accuracy of exchange rates? " (with T. Ito) Journal of Forecasting 41(4): 840-852, 2022 (IF: 2.7) .
[1-42] "Do Sport Sponsorship Announcements Help or Hurt Rival Sponsors’ Market Values? " Journal of Advertising Research 62(2): 167-176, 2022. (IF: 2.4)
[1-41] "The Impact of Postponing the Olympics on Stock Markets." (with Y. Suenaga) International Advances in Economic Research 27(3): 219-232, 2021. (IF: 0.7)
[1-40] "Application of Google Trends-based sentiment index in exchange rate prediction." (with T. Ito, M. Masuda, A. Naito, and F. Takeda) Journal of Forecasting 40(7): 1154-1178, 2021. (IF: 2.7)
[1-39] "Hedge fund activism in Japan under the Stewardship and Corporate Governance Codes." ( with H. Miyachi) International Advances in Economic Research 27(2): 119-130, 2021. (IF: 0.7)
[1-38] "Does athletes' performance influence a sponsor's stock-market value?" (with K. Mori and T. Morino) Journal of Advertising Research 60(4): 439-451, 2020. (IF: 2.4)
[1-37] "IFRS adoption and accounting conservatism of Japanese firms with governance system transition ." (with K. Shimamoto) International Advances in Economic Research 26(2): 161-173, 2020. (IF: 0.7)
[1-36] "Market Reaction to Sport Sponsorship Announcements: Comparison between Sponsors and Their Rivals." (with Y. Hino) Sport Management Review 23(3): 401-413, 2020. (IF: 3.8)
[1-35] "Does Japanese Business Group Membership Improve Post-Merger Performance?" (with K. Kaneko and R. Kashiwazaki) International Advances in Economic Research 26(1): 45-57, 2020. (IF: 0.7)
[1-34] "Internet Flaming: Stock Price Reactions and Corporate Response ." (with K. Mori) International Journal of Innovation in Management 7(2): 73-80, 2019.
[1-33] "Does IFRS adoption accelerate M&A? The consequences of different goodwill accounting in Japan." (with R. Kashiwazaki and S. Sato) International Advances in Economic Research, 25(4): 399-415, 2019. (IF: 0.7)
[1-32] "Asset Pricing with Liquidity Risk: A Replication and Out-of-Sample Tests with the Recent US and the Japanese Market Data." (with E. Kazumori, F. Fang, R. Sharman, and H. Yu) Critical Finance Review 8(1-2): 73-110, 2019. (IF: 2.5)
[1-31] "Investor Attention and Google Search Volume Index: Evidence from an Emerging Market using Quantile Regression Analysis." (with V. Swamy and M. Dharani) Research in International Business and Finance, 50: 1-17 2019. (Lead article). (IF: 6.9)
[1-30] "Market Reactions to Stock Rating and Target Price Changes in Analyst Reports: Evidence from Japan." (with S. Ishigami) Journal of International Financial Markets, Institutions & Money 52: 134-151, 2018. (IF: 6.1)
[1-29] "IFRS Adoption and Stock Prices of Japanese Firms in Governance System Transition." (with S. Sato) The International Journal of Accounting 52(4): 319-337, 2017. (IF: 1.8)
[1-28] "Google Search Intensity and Its Relationship to the Returns and Liquidity of Japanese Startup Stocks." (with Y. Adachi and M. Masuda) Pacific-Basin Finance Journal 46(B): 243-257, 2017. (IF: 5.3)
[1-27] "Characteristics and Stock Prices of Firms Flamed on the Internet: Evidence from Japan." (with Y. Adachi) Electronic Commerce Research and Applications 17: 49-61, 2016. (IF: 5.9)
[1-26] "Cross-Border M&As and Firm Value: A Comparison of China- and US-Japan M&As." (with K. Chikamoto and A. Yokoyama) Contemporary Economic Policy 34(2): 352-368, 2016. (IF: 1.9)
[1-25] "The Impact of XBRL Adoption on the Information Environment in Japan." (with Z. Bai and M. Sakaue) The Japanese Accounting Review 4: 49-74, 2014.
[1-24] "Global Audit Firm Networks and Their Reputation Risk." (with Y. Saito) Journal of Accounting, Auditing & Finance 29(3): 203-237, 2014, Lead article. (IF: 1.3)
[1-23] "Google Search Intensity and Its Relationship with Returns and Trading Volume of Japanese Stocks." (with T. Wakao) Pacific-Basin Finance Journal 27: 1-18, 2014, Lead article. (IF: 5.3)
[1-22] "Information Content of Internal Control Weaknesses: The Evidence from Japan." (with R. Nishizaki and Y. Takano) The International Journal of Accounting 49(1): 1-26, 2014, Lead article. (IF: 1.8)
[1-21] "Cross-border M&A and Firm Value: Evidence from Chinese Acquisitions of Japanese Firms." (with K. Chikamoto, C. Lu, and M. Watanabe) Corporate Ownership & Control 10 (Spring: Special Conference Issue): 8-29, 2013, Lead article.
[1-20] "Reputation of Low-Quality Big 4 and Non-Big 4 Auditors: Auditor Switches from Former ChuoAoyama Clients." (with H. Murase and S. Numata) Journal of Governance and Regulation 2 (2: Special Conference Issue): 7-23, 2013, Lead article.
[1-19] "Market Reactions to the Reform of Shareholder Derivative Litigation in Japan." (with S. Kawashima) Journal of Forensic and Investigative Accounting 5(2): 200-233, 2013.
[1-18] "Effects of Oral Intervention on Fluctuations in Exchange Rates: Evidence from Japan 1995-2011." (with S. Sakata) Journal of Reviews on Global Economics 2: 60-78, 2013.
[1-17] "The Effect of the Fukushima Nuclear Accident on Stock Prices of Electric Power Utilities." (with S. Kawashima), Energy Economics 34(6): 2029-2038, 2012. (IF: 14.2)
[1-16] "The Economic Impact of Herd Behavior in the Japanese Loan Market." (with R. Nakagawa and H. Oiwa) Pacific-Basin Finance Journal 20(4): 600-613, 2012. (IF: 5.3)
[1-15] "Stock Market Reactions to Audit Failure in Japan: The Case of Kanebo and ChuoAoyama." (with S. Numata) The International Journal of Accounting 45(2): 175-199, 2010. (IF: 1.8)
[1-14] "Stock Market Reactions to the Japanese Sarbanes-Oxley Act of 2006." (with K. Seino) Corporate Ownership & Control, Volume 7, Issue 2, Winter 2009, 126-136, 2009.
[1-13] “Price Movements in the Japanese Online Home Electronics Markets.” (with T. Akimoto) Electronic Commerce Research and Applications 8(1): 28-36, 2009. (IF: 6.3)
[1-12] “A Change in Market Responses to the Environmental Management Ranking in Japan.” (with T. Tomozawa) Ecological Economics 67(3): 465-472, 2008. (IF: 6.3)
[1-11] “How Large Creditors Affect Corporate Bond Prices through Creditor Coordination.” (with K. Takeda) Journal of International Economic Studies, No. 22, 31-49, 2008.
[1-10] “An Empirical Study on the Impact of Environmentally-Friendly News on Stock Prices in Japan.” (with S. Nagayama) Global Business & Economics Anthology 2007, Vol. 1, 129-137, 2007.
[1-9] “Mergers and Acquisitions and Corporate Performance in Japan.” (with R. Kawahara) ICFAI Journal of Mergers and Acquisitions 4(3): 36-45, 2007
[1-8] “Quantifying Stock Price Reactions to Announcements of Mergers and Acquisitions in Japan.” (with Y. Kakuda) Global Business & Economics Anthology 2006, Vol. 1, 144-154, 2006.
[1-7] “The Effect of Management Strategies on Firm Value: The Case of the Online Advertising Industry in Japan.” (with T. Murata) Global Business & Economics Anthology 2006, Vol. 1, 25-36, 2006.
[1-6] “Trade and the Environment in East Asia: Examining the Linkages with Japan and the USA.” (with K. Matsuura) Journal of the Korean Economy 7(1): 33-56, 2006.
[1-5] “The Price of Debt and the Role of Large Creditors in Creditor Coordination.” (with K. Takeda) Global Business & Economics Anthology 2005, 146-157, 2005.
[1-4] “The Effect of 'Dirty' Trade on the Environment: A Panel Cointegration Analysis of CO2 Emissions in Latin America.” (with K. Matsuura) Global Business & Economics Anthology 2005, 280-288, 2005.
[1-3] “Refinancing and Coordination among Multiple Creditors and a Debtor Firm.” (with K. Takeda) Global Business & Economics Review 7( 2/3): 234-246, 2005.
[1-2] “A Twin Crisis Model with Incomplete Information.” Journal of the Japanese and International Economies 18(1): 38-56, 2004. (IF: 3.1)
[1-1] “Exchange Rate Pass-Through and Strategic Behavior in Japanese Imports of DRAMs.” (with K. Matsuura) Journal of the Korean Economy 4(2): 345-369, 2003.
[2] Refereed Letter Journal Articles
[2-8] "Market reactions to proxy advisory companies’ recommendations in Japan." (with K. Masumoto) Finance Research Letters 50: 103331, 2022. (IF: 6.9)
[2-7] "The Impact of Information Technology Investment Announcements on the Market Value of the Japanese Regional Banks." (with K. Takeda, T. Takemura, and R. Ueda) Finance Research Letters 41, 2021. (IF: 6.9)
[2-6] "Nowcasting of the US Unemployment Rate Using Google Trends ." (with S. Nagao and R. Tanaka) Finance Research Letters, 30: 103-109, 2019. (IF: 6.9)
[2-5] “Stock Price Reactions to Public TV Programs on Listed Japanese Companies.” (with H. Yamazaki) Economics Bulletin 13(7): 1-7, 2006.
[2-4] “An Empirical Study on Stock Price Responses to the Release of the Environmental Management Ranking in Japan.” (with T. Tomozawa) Economics Bulletin 13(6): 1-4, 2006.
[2-3] “Trade and the Environment in Latin America: Examining the Linkage with the USA.” (with K. Matsuura) Economics Bulletin 6(6): 1-8, 2005.
[2-2] “Exchange Rate Pass-Through and Strategic Pricing: Evidence from Japanese Imports of DRAMs.” (with K. Matsuura) Economics Bulletin 6(8): 1-13, 2003.
[2-1] “Bank Runs and International Financial Instability Revisited.” Economics Letters 73(2): 187-194, 2001. (IF: 1.8)
[3] Book Chapters
[3-3] "Corporate Governance in Japan." in V. Capizzi, U. Braendle, and A. Kostyuk (Eds.) "Corporate Governance: new challenges and opportunities." (236-250). Virtus Interpress: Uklaine, 2017.
[3-2] "Market Reactions to the Disclosure of Internal Control Weaknesses under the Japanese Sarbanes-Oxley Act of 2006." 119-133 (with H. Kawanishi) In: A. S. Wetherby ed., The Stock Market: Crisis, Recovery, and Emerging Economies. Nova Science Publishers: NY, 2011.
[3-1] “Coordination Risk Premium in Corporate Bond Returns: the Role of Large Creditors in Creditor Coordination." (with K. Takeda) In: P. Xu ed., Economic Analyses of Corporate Bond Markets: Lessons from Japan's Experience and the State in Asia. Institute of Comparative Economic Studies, Hosei University: Tokyo, Japan, 2007 (in Japanese).
[4] Conference Proceedings
[4-10] "The impact of revealed scandal of J-POP agency on the market value of sponsoring companies" Proceedings of the 22nd Asian Academic Accounting Association Annual Conference 2025, forthcoming.
[4-9] "The effects of activist board representation on targets' performance in Japan." Proceedings of the 33rd Asian-Pacific Conference on International Accounting Issues.
[4-8] "Stock Price Reactions to Research and Development News on Pharmaceutical Companies in Japan" (with T. Imai) Proceedings of the 2024 IEEE International Conference on Industrial Engineering and Engineering Management (IEEM2024): 1119-1123.
[4-7] "Market Reactions to eSports Sponsorship Announcements in Japan: Before and After the Outbreak of COVID-19" (with N. Maki) Proceedings of the 2023 IEEE International Conference on Industrial Engineering and Engineering Management (IEEM2023): 118-122.
[4-6] "Corporate responses to Internet flaming: Evidence from Japan." (with K. Mori) Proceedings of the 2019 IEEE International Conference on Industrial Engineering and Engineering Management (IEEM2019): 359-363 .
[4-5] "Application of Google Trends Data in Exchange Rate Prediction" (with M. Masuda) Proceedings of International Symposium on Forecasting 2019.
[4-4] "Is IFRS conditionally or unconditionally more conservative than local GAAP? Evidence from Japan." (with S. Kikuta and K. Shimamoto) Proceedings of 2018 AAA Annual Meeting.
[4-3] "The Impact of Online Flaming of Firm Value: The Evidence from Japan." (with Y. Adachi) Proceedings of the 2014 International Conference on Internet Studies.
[4-2] “Price Dispersion in the Japanese Online "Digital Holy Durables" Market.” (with D. Katano) Proceedings of the 2007 APEA Annual Conference.
[4-1] “Creditor Coordination in Japan: An Event Study Analysis.” Proceedings of the 2005 IBER Conference.
[5] Other Articles
[5-10] "The impact of the COVID-19 pandemic on Japanese stock markets, revisited." (with K. Mori) Keio Business Forum 39(1), 2023.
[5-9] "Hedge fund activism in Japan: A Comparison between the First and Second Waves." (with K. Kikuchi and H. Miyachi) Keio Business Forum 39(1), 2023.
[5-8] "Online reputation and firm value." Securities Analysts Journal 56 (7): 37-44, 2018 (in Japanese).
[5-7] "A reply to the discussion." (with S. Sato) The International Journal of Accounting 52(4), 2017.
[5-6] "The impact of audit failure on firm value: lessons and implications from empirical studies." Accounting 69(2), 2017 (in Japanese).
[5-5] "Corporate Governance and Stock Prices of Japanese Firms Adopting International Financial Reporting Standards." (with T. Watanabe), Doshisha Shogaku (The Doshisha Business Review) 67(4): 303-315, 2016.
[5-4] Book review on International Perspectives on Accounting and Corporate Behavior, Advances in Japanese Business and Economics 6, Kunio Ito and Makoto Nakano (Eds.), Springer Tokyo, Japan (2014). International Journal of Accounting 50(2), 2015, 242-245.
[5-3] "R&D Stages and Stock Price Reactions in the Japanese Market." (with S. Nagayama) Working paper, presented at the 2009 MEA and WEAI Conference. Available at SSRN: http://ssrn.com/abstract=1695820.
[5-2] “Perspectives on the Recent Twin Crisis Literature.” Sophia Economic Review, Vol.48, No.1-2, 2003, 107-124.
[5-1] “Lessons from the Insurance Crises in Jamaica, Japan, South Korea and the USA” Policy Analysis Review III, 2002, 18-25, Tokyo Foundation. (in Japanese)
[6] Working Papers
[6-3] "The effect of IFRS adoption on foreign investment in Japanese equity market revisited" (with Y. Kubota)
[6-2] "Moderating Effects of Restructuring-Driven, Involuntary, and Voluntary Auditor Switching on Buying Power and Audit Fees." (with Frendy)
[6-1] "On the Virtue of Being Regular and Predictable: A Structural Analysis of the Primary Dealer System in the United States Treasury Auctions." (with E. Kazumori)
Presentations
[1] Conference/Symposium Presentations [Article number]
2026
WEAI: 18th International Conference, Bangkok, April 2026 [6-3] (scheduled)
2025
AAAA: 22nd Annual Conference, Taipei, November 2025 [4-10] (scheduled)
APMAA: 20th Annual Conference, Shah Alam, October 2025 [6-3] (scheduled)
International Conference on Empirical Economics (ICEE PSU Altoona), Virtual, August 2025 [6-3]
WEAI: 100th Annual Conference, Virtual, June 2025 [4-10]
EBES: 51st Conference, Virtual, April 2025 [4-9][4-10]
2024
IEEM: Annual Conference, Bangkok, December 2024 [4-8]
APC: 33rd Conference: Vancouver, November 2024 [6-3][4-9]
APMAA: 19th Annual Meeting, Virtual, October 2024 [4-9]
Vietnam Symposium in Banking and Finance: Virtual, October 2024 [4-9]
Vietnam Symposium in Entrepreneurship, Finance, and Innovation: Virtual , September 2024 [4-9]
ISAFE: 2nd Annual Meeting, Virtual, July 2024 [6-3] (by co-author)
WEAI: 99th Annual Conference, Virtual, June 2024 [4-8]
AEA: Annual Meeting: San Antonio, Texas, January 2024 (Poster session) [1-48]
2023
IEEM: Annual Conference, Singapore, December 2023 (Poster session) [4-7]
Vietnam Symposium on Banking and Finance 2023, Virtual, October 2023 [1-48]
APMAA: 18th Annual Meeting, Virtual, October 2023 [1-48]
TCER Finance Group: Summer Conference, Asahikawa, September 2023 [1-48]
WEAI: 17th International Conference: Virtual, April 2023 [4-7]
2022
ISAFE: 1st Annual Meeting, Virtual, Dec. 2022 [1-45]
Taiwan Accounting Association: Annual Conference, Virtual, Dec. 2022 [1-45]
Chinese Economic Association: 14th Europe / 33rd UK Conference, Virtual, Nov. 2022 [4-7]
APMAA: 17th Annual Meeting, Virtual, Nov. 2022 [1-45]
AAA: Joint Meeting of the Mid-Atlantic and Northeast Regions, Virtual, Oct. 2022 [1-45]
TCER Finance Group: Summer Conference, Sapporo, September 2022 [1-45]
Korean Accounting Association: Annual Conference, Virtual, June 2022 [1-44] (by co-author)
IAES: 93rd Conference, Virtual, March 2022 [1-45]
2021
APMAA: 16th Annual Meeting, Virtual, November 2021 [5-9]
IAES: 92th Conference, Virtual, October 2021 [5-9]
JAA: 80th Annual Meeting, Virtual, September 2021 [1-44] (by co-author)
AAA: Annual Meeting, Virtual (Research Interactive Forum), August 2021 [5-9][6-2]
41st International Symposium on Forecasting: Virtual, June 2021 [1-43]
WEAI: 96th Annual Conference, Virtual, June 2021. [1-41]
EAA: Annual Congress, Virtual, May 2021 [1-39] [6-2]
AAA: Spark: Meeting of Regions, Virtual, May 2021 [1-39]
IAES: 91th Conference, Virtual, May 2021 [1-41][1-43]
WEAI: 16th International Conference, Virtual, March 2021. [1-39]
TCER Finance Group: Spring Conference, March, 2021 [5-9]
2020
TJAR: 11th Annual Conference, Virtual, December 2020. [6-2] (by co-author)
WFBS: Annual Conference, Virtual, December 2020 [1-39] (by co-author)
IAES: 90th Conference, Virtual, October 2020 [1-39]
JAA: Annual Meeting, Virtual, September 2020 [6-2] (by co-author)
ES: World Congress, Virtual, August 2020 [6-1]
2019
IEEM: Annual Conference, Macau, December 2019 [4-6]
UTokyo-NTU Joint Conference, Tokyo, Japan, December 2019 [4-6]
APMAA: 15th Annual Meeting, Doha, Qatar, November 2019 [1-35]
APC: 31st Conference, Warsaw, Poland, October 2019 [1-35]
AAA: Annual Meeting, San Francisco, USA, August 2019 [1-33]
International Conference on Innovation and Management: Summer Meeting, Hiroshima, Japan, July 2019 [1-34]
5th Symposium on Quantitative Finance and Risk Analysis: Kos Island, Greece, June 2019 [4-5]
39th International Symposium on Forecasting: Thessalonik, Greece, June 2019 [4-5]
EAA: 42nd Annual Congress, Paphos, Cyprus, May 2019 [1-33]
IAES: 87th Conference, Athens, Greece, March 2019 [1-33] [1-38] .
WEAI: 15th International Conference, Tokyo, Japan, March 2019 [1-33][1-38] .
JAFEE: 50th Winter Meeting, Tokyo, Japan, February 2019 [2-6] (by co-author)
2018
APMAA: Annual Meeting, Tokyo, Japan, Oct. 2018 [5-12]
AAA: Annual Meeting, Washington, DC, USA, August 2018 [4-4]
The International Accounting Symposium, Seoul, Korea, June 2018 [4-4]
Forum for Economists: The 10th Global Conference, Amsterdam, Netherland, May 2018 [1-38]
IAES: 85th Annual Meeting, London, UK, March 2018 [1-36] [4-4]
2017
WBFS: Bangkok, Thailand, December 2017 [1-28]
Vietnam Symposium in Banking and Finance, Ho Chi Minh, Vietnam, October 2017 [1-28]
IAES: 84th Annual Meeting, Montreal, Canada, October 2017 [1-28]
AAA: Annual Meeting, San Diego, CA, USA, August 2017 [1-29]
WFC: Sardinia, Italy, July 2017 [1-29]
WEAI: 13th International Conference, Santiago, Chile, January 2017 [1-36] .
2016
Vietnam Symposium in Banking and Finance, Hanoi, Vietnam, November 2016 [1-36]
APC: 28th Conference, Maui, USA, November 2016 [1-30].
FMA: Asia/Pacific Conference, Sydney, Australia, July 2016 [1-27].
The International Accounting Symposium, Rome, Italy, June 2016 [1-30]
FMA: European Conference, Helsinki, Finland, June 2016 [1-27].
IAES: 81st Conference, Lisbon, Portugal, Mar. 2016 [1-27]
2015
APC: 27th Conference, Gold Coast, Australia, Nov. 2015 [5-5]
AAA: Annual Meeting, Chicago, USA, August 2015 [5-5]
CAAA: Annual Meeting, Toronto, Canada, May 2015. [5-5]
WEAI: 11th International Conference, New Zealand, January, 2015 [4-3].
2014
Mitsubishi UFJ Foundation International Conference: Hayama, Japan, August 2014 [1-26].
2nd AIEA-NBER Conference on Innovation and Entrepreneurship, KAIST, Korea, August, 2014 [4-3].
International Conference on Internet Studies: Singapore, August 2014 [4-3]
EAA: 37th Annual Congress, Talline, Estonia, May 2014. [1-26]
FMA Asian Conference: Hitotsubashi University, Japan, May 2014 [1-23]
MFA: Annual Conference, Orlando, FL, USA, March 2014. [1-23]
2013
TJAR: 4th Annual Conference, Kobe University, Japan, ecember 2013. [1-25]
APMAA: 9th Conference, Nagoya, Japan, November 2013 [1-26]
AAAA: 14th Annual Conference, Penang, Malaysia, October, 2013 [1-25]
AIEA-NBER Conference on Innovation and Entrepreneurship, KAIST, Korea, August, 2013 [1-26]
APEA: Annual Meeting, Osaka, Japan, July, 2013 [1-18]
EAA: 36th Annual Congress, Paris, France, May 2013. [1-25]
Virtus Interpress: Conference in Paris, France, April, 2013. [1-20] [1-21]
WEAI: 10th Biennual Pacific Rim Conference, Tokyo, Japan, March, 2013. [1-18][1-21]
2012
AAA: Annual Meeting, Washington, D.C., USA, August, 2012. [1-17]
APEA: Annual Meeting, Singapore, June, 2012. [1-17]
IAEE: 35th Annual International Conference, Perth, Australia, June, 2012. [1-17]
ISEE: 2012 Conference - Ecological Economics and Rio+20, Rio de Janeiro, Brazil, June, 2012. [1-17]
EAA: 35th Annual Congress, Ljubliana, Slovenia, May 2012. [1-22]
AAA: Public Interest Section Mid-Year Conference, Orland, FL, USA, Mar. 2012. [1-17]
AAA: 3rd Forensic & Investigative Accounting Section Mid-Year Conference, Chicago, IL, USA, Mar. 2012. [1-19]
AAA: International Accounting Section Mid-Year Conference, Pheonix, AZ, USA, Feb. 2012. [1-20]
2011
APC: 23rd Conference, Beijing, China, Oct. 2011. [1-20]
AAA: Annual Meeting, Denver, CO, USA, Aug. 2011. [1-22][1-24]
AAA: 2nd Forensic & Investigative Accounting Section Mid-Year Conference, New Orleans, LA, USA, Mar. 2011. [1-22]
2010
APC: 22nd Conference, Gold Coast, Australia, Nov. 2010. [3-2]
AAA: Annual Meeting, San Francisco, CA, USA, Aug. 2010. [1-20]
APEA: Annual Meeting, Hong Kong, Jul. 2010. [1-16]
WEAI: Annual Meeting, Portland, OR, USA, June 2010 (by co-author). [1-16]
CAAA: Annual Meeting, Vancouver, Canada, May 2010. [1-20]
JSME: Spring Meeting (Chuo University), Japan, May 2010 (by co-author). [1-16]
"Frontiers of Financial and Behavioral Research" Conference (Ritsumeikan University Research Center for Finance & Monetary Economics Workshop), Osaka, Japan, Mar. 2010 (by co-author). [1-16]
AAA: International Accounting Section Mid-Year Conference, Palm Springs, CA, USA, Jan. 2010. [1-14]
2009
AAA: Annual Meeting, NY, Japan, Aug. 2009 (Research Interactive Forum) [1-24]
CAAA: Annual Meeting, Montreal, Canada, Jun. 2009 [1-24]
WEAI: 8th Biennial Pacific Rim Conference, Kyoto, Japan, Mar. 2009. [1-15][5-3]
MEA: Annual Meeting, Cleveland, USA, Mar. 2009.[1-15] [5-3]
2008
AAA: Northeast Region Meeting, Newport, RI, USA, Nov. 2008 [1-15]
AEA: Winter Meeting, New Orleans, USA, Jan. 2008 [4-2]
2007
APEA: Annual Meeting, Hong Kong, Jul. 2007 [4-2]
B&ESI: Annual Meeting, Antibes, France, Jul. 2007 [1-10]
JEA: Spring Meeting (Osaka Gakuin University), USA, Jun. 2007 [4-2]
2006
ES: South & South East Asia Meeting, Chennai, India, Dec. 2006 [4-2]
“Reexamination of the Japanese Economic System” Conference (Hitotsubashi University), Japan, Nov. 2006 (by co-author) [1-3]
JEA: Autumn Meeting (Osaka City University), Japan, Oct. 2006 [1-10]
APEA: Annual Meeting (University of Washington), USA, Jul. 2006 [1-10]
B&ESI: Annual Meeting, Florence, Italy, Jul. 2006. [1-7][1-8]
2005
“Korea and the World Economy IV” Conference (University of Washington), DUSA, ec. 2005 [1-6]
International Business & Economics Research: Las Vegas Meeting, USA, Oct. 2005 [4-1]
JEA: Autumn Meeting (Chuo University), Japan, Sep. 2005 [2-3]
B&ESI: Annual Meeting, Grand Canyon, USA, Jul. 2005. [1-4][1-5]
JEA: Spring Meeting (Fukushima University), Japan, Jun. 2005 [1-6]
MEA: Annual Meeting, Milwaukee, USA, Mar. 2005 [1-6]
2004
B&ESI: Annual Meeting, Rhodes, Greece, Jul. 2004 [1-3]
AEA: Winter Meeting, San Diego, USA, Jan. 2004 [1-1]
2003
JSME: Autumn Meeting (Shiga University), Japan, Oct. 2003 [1-5]
“Korea and the World Economy II” Conference (University of Washington), USA, Aug. 2003 [1-1]
“International Trade and Factor Mobility” Conference (Kansai University), Japan, Jul. 2003 [1-1]
JEA: Spring Meeting (Oita University), Japan, Jun. 2003 [1-1]
2002
Taiwan Conference (Institute of Statistical Research), Taiwan, Jul. 2002
2001
JEA: Autumn Meeting (Hitotsibashi University), Japan, Oct. 2001 [1-2]
2000
“Innovations in Asian Identity” Conference (University of Toronto), Canada, Oct. 2000. [2-1]
[2] Seminar Presentations
Indian Institute of Management Bangalore, October 2024
CKJ Workshop: Keio University, August 2024
Aoyama Gakuin University, Webinar, June 2023
Keio Business School ALUMNI, Strategic Insight Seminar, July 2022
Keio Business School, May 2022
Yokohama City University: February, 2022
Musashi University: May 2021
Satsuki-kai: April 2021
IBS-Hyderabad: August 2020
Institute of Statistical Research: July, 2020
JSDA Capital Market Forum: February, 2020
Japan Securities Research Institute: December, 2019
International Christian University: May, 2019
Daiwa Securities: October, 2017.
Hitotsubashi University (ICS Faculty Seminar): October, 2016.
Hitotsubashi University (ICS Faculty Seminar): June, 2014.
Chonnam National University: Mar. 2013.
JAA: Special committee on auditing: Nov. 2012.
Kobe University (TJAR Workshop): Oct. 2012.
Old Dominion University: Mar. 2012 (by co-author)
JAA: Special committee on auditing: Mar. 2012
Hitotsubashi University (Ito Seminar): Jul. 2011.
Yale University (Todai-Yale Initiative Lecture Series): Sep. 2009
California State University, Fullerton: (Annual Academic Seminar on Corporate Reporting & Governance): Sep. 2008
Osaka City University: Mar. 2007
Hosei University (Institute of Comparative Economic Studies): Oct. 2006 (by co-author)
University of Tokyo (Dept. of Geosystem Engineering): Dec. 2005
Institute of Statistical Research: Nov. 2004
Hosei University (Institute of Comparative Economic Studies): Jul. 2004
Institute of Statistical Research: Jul. 2003
Yokohama National University: Apr. 2003
University of Tokyo (Dept. of Advanced Social and International Studies): Dec. 2002
Hitotsubashi University (Macro-Money Workshop): Dec. 2002
Japan Society for Monetary Economics: Kanto Meeting: Jun. 2002
Postal Services Research Institute (Finance Forum): Jan. 2001
Sophia University: Nov. 2001
Yokohama City University: Oct. 2001
International Monetary Fund: Bloomsbury Luncheon Meeting, Jul. 2001
Bank of Japan: Mar. 2001 & May 2001
Waseda University (TCER seminar): Jun. 2000
Kobe University: Jun. 2000
Hokkaido University: Jun. 2000
University of Tokyo (Macroeconomics Workshop): May 2000
Yale University (Trade and Development Workshop): Apr. 2000
Award
Best Paper Award of the International Conference on Innovation and Management (IAM2019S).
Fellowships and Grants
Japan Society for the Promotion of Science: Grant-in-Aid for Scientific Research (C) 25K05191, April 2025 - March 2028.
Japan Society for the Promotion of Science: Grant-in-Aid for Scientific Research (C) 25K05414, April 2025 - March 2028.
Keio Gijuku Fukuzawa Memorial Fund for the Advancement of Education and Research: Grant, April 2025-March 2026.
Keio University Academic Development Fund: Grant, April 2022-March 2026.
Keio Management Society: Grant, April 2022-March 2023.
Japan Society for the Promotion of Science: Grant-in-Aid for Scientific Research (C) 22K01550, April 2022 - March 2025.
Ishii Memorial Securities Research Promotion Foundation: Grant, September 2021 - March 2023.
The Mitsubishi UFJ Trust Scholarship Foundation: Grant, April 2019 - March 2020.
Japan Society for the Promotion of Science: Grant-in-Aid for Scientific Research (C) 19K01751, April 2019 - March 2022
Japan Security Scholarship Foundation: Grant, Oct. 2017 - Sep. 2018
Nihon Hosei Gakkai: Grant, Apr. 2017 - Mar. 2018.
Japan Society for the Promotion of Science: Grant-in-Aid for Scientific Research (C) 16K03734, April 2016 - March 2019
Nomura Foundation: Grant, April, 2016-March, 2017.
Nomura Foundation: Travel Expenses, May-October, 2013
Japan Society for the Promotion of Science: Grant-in-Aid for Scientific Research (C) 25380388, Apr. 2013 - Mar. 2016
Nomura Foundation: Travel Expenses, June, 2012
Japan Society for the Promotion of Science: Grant-in-Aid for Scientific Research (C) 22530475, Apr. 2010 - Mar. 2013
The Institute of Internal Auditors - Japan: Grant, Oct. 2009 - Mar. 2012
Kampo Zaidan: Grant, July 2009 - June 2010
Murata Science Foundation: Travel Grant, Jun. 2009
Sumitomo Foundation: Grant, Nov. 2006 - Jul. 2007
Japan Security Scholarship Foundation: Grant, Nov. 2006 - Jul. 2007
Seimeikai: Grant, Oct. 2006 - Jul. 2007
Japan Society for the Promotion of Science: Grant-in-Aid for Young Scientists (B) 17730153 Apr. 2005 - Mar. 2007
Postal Life Insurance Foundation of Japan: Grant, Jun. 2005 - Jun. 2006
Nomura Foundation: Grant, Nov. 2004 - Oct. 2005
Research Institute for Postal Savings Fund: Grant, Nov. 2003 - Oct. 2004
Japan Post: Grant, Oct. 2003 - Feb. 2004
Yokohama Academic Foundation: Travel Expenses, Aug. 2003
Yale University: Ph.D. Student Travel Grant, Oct. 2000
Yale University: Dissertation Fellowship, Sep. 2000 - Dec. 2000
Nomura Research Institute: Study Abroad Scholarship, July 1996 - May 1998
Professional Activities
[1] Editorial Positions
[Refereed Journals]
Editorial Board Member, Accounting Open, May 2025 - present.
Associate Editor, The Japanese Accounting Review, Oct. 2012 - present.
Associate Editor, Electronic Commerce Research and Applications (Elsevier), Aug. 2008 - present.
Editorial Board Member, The International Journal of Accounting (World Scientific), Sep. 2013 - present.
Editorial Board Member, Journal of Governance and Regulation, Jan. 2012 - May 2017.
Editorial Advisory and Review Board Member, Journal of Financial Reporting and Accounting (Emerald), April 2013 -June 2014.
[Book]
Co-Editor, Anti-crisis paradigms of corporate governance in banks: a new institutional outlook, Virtus Interpress: Ukraine, 2010.
[2] Refereeing
[Journal articles]
Accounting Forum (2023)
Accounting Progress (2021)
Advanced Engineering Informatics (2023)
Applied Economics (2006-07, 2015-16, 2018, 2021)
Applied Economics Letters (2022)
Asian Review of Accounting (2024)
Axioms (2023)
Business Strategy and the Environment (2023)
Cogent Economics and Finance (2022, 2023)
Complexity (2020)
Contemporary Accounting Research (2011)
Ecological Economics (2013, 2020)
Electronic Commerce Research and Applications (2011-12, 2014, 2016, 2019- 21)
Emerging Markets Finance and Trade (2017)
Empirica (2003)
Energy Economics (2013, 2015)
Environmental and Resource Economics (2012)
Environmental Challenges (2021)
Eurasian Business Review (2020)
European Journal of Finance (2021-22)
European Sport Management Quarterly (2019-20)
Financial Innovation (2021, 2023)
Finance Research Letters (2020-21, 2023-2025)
Frontiers in Finance and Economics (2006)
Global Business and Economics Anthology (2005)
Global Business and Economics Review (2004)
International Journal of Accounting (2013, 2015-16, 2018, 2020-21, 2024)
International Journal of Forecasting (2025)
International Journal of Information Technology and Decision Making (2018)
International Journal of Sport Finance (2022)
International Review of Economics and Finance (2019)
International Review of Financial Analysis (2020)
Japanese Economic Review (2001, 2004-05, 2009)
Journal of Advertising (2022)
Journal of Banking and Finance (2018, 2021)
Journal of Behavioral Finance (2013)
Journal of Business Ethics (2016)
Journal of Cleaner Production (2016)
Journal of Commodity Markets (2017)
Journal of Environmental Economics and Management (2010)
Journal of Financial Management of Property and Construction (2022)
Journal of Financial Reporting and Accounting (2013)
Journal of Institutional and Theoretical Economics (2006)
Journal of International Money and Finance (2005)
Journal of Open Innovation: Technolopgy, Market, and Complexity (2025)
Journal of the Japanese and International Economies (2005, 2009, 2022)
Journal of Multinational Financial Management (2019)
Journal of Reviews on Global Economics (2014)
Management Science (2025)
Managerial Auditing Journal (2013, 2017)
Managerial Finance (2018)
Monetary and Economic Studies (2003, 2006)
Nature Climate Change (2018)
Pacific Accounting Review (2019)
Pacific-Basin Finance Journal (2016~2019, 2023-2024)
PLOS ONE (2020, 2022-2024)
Quarterly Review of Economics and Finance (2021)
Research in Globalization (2023)
Research in International Business and Finance (2017, 2019, 2021, 2023-2025)
Scientific Reports (2025)
[Conference and Symposium]
AAA Joint Meeting of the Mid-Atlantic and Northeast Regions: 2022
IAAER World Congress : 2022
AAA Spark Virtual Meeting of Regions: 2021
APMAA Annual Conference: 2018.
CAAA Annual Conference: 2016-2019.
FMA Asian Conference: 2014, 2017.
IEEM Annual Conference: 2014-2016, 2019.
AAA Annual Conference: 2016, 2019, 2021.
The International Accounting Symposium: 2016, 2018.
NETs 2015 International Conference on Internet Studies: Tokyo, July 2015.
AAA-IAS Mid-year Conference: San Antonio, USA, February 2014.
AAAA 14th Annual Conference: Penang, Malaysia, October 2013.
[3] Discussant
APMAA: 20th Annual Conference, Shah Alam, October 2025
International Conference on Empirical Economics (ICEE PSU Altoona), Virtual, August 2025
WEAI: 100th Annual Conference, Virtual, June 2025
APMAA: 18th Annual Meeting, Virtual, Oct. 2024
Vietnam Symposium on Banking and Finance: Virtual, October, 2024
Vietnam Symposium in Entrepreneurship, Finance, and Innovation: Virtual , September 2024
Japan Finance Association: 48th Conference, Toyo University, September 2024
JAA: 83rd Annual Meeting, Waseda University, August 2024
ISAFE: 2nd Annual Meeting, Virtual, July 2024
WEAI: 99th Annual Conference, Virtual, June 2024
Vietnam Symposium on Banking and Finance: Virtual, October, 2023
APMAA: 18th Annual Meeting, Virtual, October, 2023
WEAI: 17th International Conference, Virtual, April 2023
ISAFE: 1st Annual Meeting, Virtual, Dec. 2022
Taiwan Accounting Association: Annual Conference, Virtual, Dec. 2022
Chinese Economic Association: Annual Conference, Virtual, November 2022
APMAA: 17th Annual Meeting, Virtual, November 2022
AAA: Joint Meeting of the Mid-Atlantic and Northeast Regions, Virtual, Oct. 2022
IAES: 93rd Conference, Virtual, March 2022
Accounting: 2nd Conference, Virtual, March 2022
IAES: 92nd Conference, Virtual, October 2021
JAA: Annual Conference, International session, Virtual, September 2021
WEAI: 96th Conference, Virtual, June 2021
IAES: 91st Conference, Virtual, May 2021 (2 papers)
WEAI: International Conference, Virtual, March 2021
WFBS: Annual Conference, Virtual, December 2020
IAES: 90th Conference, Virtual, October 2020
APMAA: Annual Conference, Doha, Qatar, November 2019
WEAI: 15th International Conference, Tokyo, Japan, March 2019 (2 papers).
APMAA: Annual Meeting, Tokyo, Oct. 2018
The 10th Global Conference, Amsterdam, May 2018
IAES: 85th Conference, London, UK, March 2018
WBFS, Bangkok, Thailand, December 2017
Vietnam Symposium in Banking and Finance, October 2017
IAES: 84th Conference, Montreal, Canada, October 2017
WFC: Sardinia, Italy, July 2017
WEAI 13th International Conference, Santiago, Chile, January 2017
Vietnam Symposium in Banking and Finance, November 2016
FMA: Asia/Pacific Conference, Sydney, Australia, July 2016.
FMA: European Conference, Helsinki, Finland, June 2016.
IAES: 81st Conference, Lisbon, Portugal, Mar. 2016.
TJAR: 6th Conference, Kobe, December, 2015.
WEAI: 11th International Conference, New Zealand, January, 2015.
AIEA-NBER: 2nd Conference, KAIST, Korea, August 2014
FMA Asian Conference: Hitotsubashi University, May 2014
MFA: Annual Meeting, Orlando, FL, March 2014.
WEAI: 10th Biennual Pacific Rim Conference, Tokyo, March, 2013. (2 papers)
JEA: Autumn Meeting (Kyushu Sangyo University), Oct. 2012.
AAA: International Accounting Section Mid-year Conference, Feb. 2012.
APEA: Annual Meeting, Hong Kong, Jul. 2010.
CAAA: Annual Meeting, Vancouver, May 2010.
CAAA: Annual Meeting, Montreal, Jun. 2009.
WEAI: 8th Biennial Pacific Rim Conference, Kyoto, Mar. 2009
MEA: Annual Meeting, Clevelend, Mar. 2009 (2 papers)
B&ESI: Annual Meeting, Antibes, France, Jul. 2007
JEA: Spring Meeting (Osaka Gakuin University), Jun. 2007
JEA: Autumn Meeting (Osaka City University), Oct. 2006
JEA: Spring Meeting (Fukushima University), Jun. 2006
JEA: Spring Meeting (Kyoto Sangyo University), Jun. 2005
MEA：Annual Meeting, Milwaukee: Mar. 2005
JSME: Spring Meeting (Kanagawa University), May 2004
TCER Post-Zushi Conference, Kochi: Mar. 2004
JSME: Autumn Meeting (Shiga University), Oct. 2003
TCER Post-Zushi Conference, Kagoshima: Mar. 2003
"New Development in the Asia Pacific Region: Economic Analysis Using Micro Data" Conference (Yokohama National University): Feb. 2003
Taiwan Conference (Institute of Statistical Research): Jul. 2002
"Asian Crisis IV: The Recovery and the Rest of the World" Conference (National Taiwan University): Jul. 2002
Finance Forum (Postal Services Research Institute): Feb. 2002
[4] Session Chair and Moderator
APMAA: 20th Annual Conference, Shah Alam, October 2025
Vietnam Symposium on Banking and Finance: Virtual, October, 2024
ISAFE: 2nd Annual Meeting, Virtual, July 2024
APMAA Annual Conference, Virtual, October 2023
APMAA Annual Conference, Virtual, November 2022
APMAA Annual Conference, Virtual, November 2021
IAES: 92nd Annual Meeting, Virtual, October 2021
WFBS: Annual Conference, Virtual, December 2020
IAES: 90th Annual Meeting, Virtual, October 2020
APMAA Annual Conference, Doha, Qatar, November 2019
APMAA Annual Conference, Waseda University, October 2018
The 10th Global Conference, Amsterdam, May 2018
FMA: European Conference, Helsinki, Finland, June 2016.
TJAR: 4th Annual Conference, Kobe University, December 2013.
AAAA: 14th Annual Conference, Penang, Malaysia, October, 2013.
“Korea and the World Economy IV” Conference (University of Washington): Dec. 2005
[5] Panelist
APMAA Annual Conference, Virtual, November 2022
[6] Conference Committee
NETS International Conference on Internet Studies Organizing Committee, 2015 - 2016.
IEEM Conference: Technical Committee, 2015 - 2016.
FMA Asian Conference: Program Committee, 2014, 2017.
AAAA 14th Annual Conference: Review Committee, Penang, Malaysia, October 2013.
Virtus Interpress: Scientific Committee of Conference in Paris, April 2013.
[7] Affiliations
AIEA, Co-founder, 2013 - present
APMAA, Steering Committee, 2012 - present / Director, 2021 - .
JAA, Member, 2012 - present.
IEFS, Member, 2003 - present.
JEA, Member, 2001 - present.
SAAJ, Certified Member Analyst (CMA), 1994 - present.
* Notes on abbreviations:
AAA=American Accounting Association (HP)
AAAA=Asian Academic Accounting Association (HP)
AEA=American Economic Association (HP)
AFA=American Finance Association (HP)
AIEA=Asian Innovation and Entrepreneurship Association (HP)
APC=Asian-Pacific Conference on International Accounting Issues (HP)
APEA=Asia-Pacific Economic Association (HP)
APMAA=Asia-Pacific Management Accounting Association (HP)
B&ESI=Business & Economics Society International (HP)
CAAA=Canadian Academic Accounting Association (HP)
CEA=Chinese Economic Association (HP)
EAA=European Accounting Association (HP)
EBES=Eurasian Business and Economics Society (HP)
ES=Econometric Society (HP)
FMA=Financial Management Association (HP)
IAAER=International Association for Accounting Education & Research (HP)
IAEE=International Association for Energy Economics (HP)
IAES=International Atlantic Economic Society (HP)
IEFS=International Economics and Finance Society Japan (HP)
IIF=International Institute of Forecasters (HP)
ISAFE=International Society for the Advancement of Financial Economics (HP)
ISEE=International Society for Ecological Economics (HP)
JAA=Japan Accounting Association (HP)
JAFEE=Japan Association of Financial Economics and Engineering (HP)
JEA=Japanese Economic Association (HP)
JSME=Japan Society of Monetary Economics (HP)
MEA=Midwest Economics Association (HP)
MFA= Midwest Finance Association (HP)
SAAJ=Securities Analysts Association of Japan (HP)
TCER=Tokyo Center for Economic Research (HP)
TJAR=The Japanese Accounting Review (HP)
WEAI=Western Economic Association International (HP)
WBFS=World Banking & Finance Symposium (HP)
WFC=World Finance Conference (HP)