Professor of Finance
Kyushu University
(Chartered Member of the Securities Analysts Association of Japan)
kot3wa3wa_at_yahoo.co.jp
Empirical Asset Pricing, Agent-based Finance, Behavioral Economics, Financial Analyst
· Ph.D. in cognitive and computer science, The University of Tokyo
· M.A. in cognitive and computer science, The University of Tokyo
· Professor of Finance, Kyushu University, Feb.2024 -
· Associate Professor, Kyushu University, Oct.2020 - Jan.2024
· Quantitative Analyst & Fund Manager, Tokio Marine Asset Management Co., Ltd, Apr. 2003 - Sep.2020
Miwa, K. (2025) Cross-Firm Information in Analyst Reports , International Review of Economics and Finance, In press.
Miwa, K. (2025) Market Participants' Interests and Earnings Forecast Updates: Evidence from Discussion Topics in Investor Meetings , International Review of Economics and Finance, In press.
Miwa, K. (2023) Earnings Expectation and Interactive Discussion with Corporate Insiders, Research in International Business and Finance, 64, 101895.
Miwa, K. (2023) Informational Role of Analyst and Investor Days, Global Finance Journal, 56, 100812.
Miwa, K. (2023) How quickly do investors react to analyst reports? Evidence from reports released outside trading hours, Global Finance Journal, 57,100856.
Miwa, K. (2023) Divergent Opinions on Social Media , International Review of Economics and Finance, 86, pp. 182–196.
Miwa, K. (2022) Levels versus Changes: Information Contents of Textual Information, International Review of Finance, pp. 751–758.
Miwa, K. (2022) The Informational Role of Analysts' Textual Statements, Research in International Business and Finance, vol 59, 101562.
Miwa, K. (2021) Language Barriers in Analyst Reports, International Review of Economics and Finance, vol. 75, pp. 223–236.
Miwa, K. (2020) Market Closures and Cross-sectional Stock Returns, Asia-Pacific Financial Markets, vol. 27, pp. 1–33.
Miwa, K. (2019) Trading Hours Extension and Intraday Price Behavior, International Review of Economics and Finance, vol. 64, pp. 572–585.
Miwa, K. (2019) Short-term Return Reversals and Intraday Transactions, Quarterly Journal of Finance, vol.9,pp.1–25.
Miwa, K. (2019) Stock Futures of a Flawed Market Index, Asia-Pacific Financial Markets, vol.26, pp.1–21.
Miwa, K. (2018) Effective Extension of Trading Hours, Evolutionary and Institutional Economics Review, vol.15, pp.139–166.
Miwa, K. & Ueda, K. (2017) Is the Extension of Trading Hours Always Beneficial? An Artificial Agent-based Analysis. Computational Economics, vol.50, pp. 595–627.
Miwa, K. & Ueda, K. (2016) Analysts' preference for growth investing and vulnerability to market-wide sentiment. Quarterly Review of Economics and Finance, vol.61, pp.40–52.
Miwa, K. & Ueda, K. (2016) Price distortion induced by a flawed stock market index, Financial Markets and Portfolio Management, vol.30(2), pp.137–160.
Miwa, K. (2016) Investor Sentiment, Stock Mispricing, and Long-term Growth Expectations. Research in International Business and Finance, vol.36, pp. 414–423.
Miwa, K. & Ueda, K. (2014) Slow Price Reactions to Analysts’ Recommendation Revisions. Quantitative Finance, vol.14(6), pp.993-1004.
Miwa, K. & Ueda, K. (2014) Analysts’ Reluctance to Voice Conservative Opinions and the Informational Value of Long-term Earnings Growth Forecasts. Advances in Quantitative Analysis of Finance & Accounting, vol. 12, pp.89-116. (awarded Research paper prize,Association of Behavioral Economics and Finance Conference, 2012)
Miwa, K. & Ueda, K. (2011). A Dynamic Volume-Return Relation and Investors’ Positive Feedback Trading. International Review of Finance, vol.11(3), pp.325-351.
SWFA Best Paper in Behavioral Finance , Southwestern Finance Association, 2022
Research paper award, 27 th Conference on the Theories and Practices of Securities and Financial Markets, 2019
Australian Securities Exchange (ASX) Prize for the best quantitative finance paper, Australasian Finance and Banking Conference, 2018
Research paper prize, Association of Behavioral Economics and Finance Annual Conference, 2012
Runner-up Award, FMCG Conference, 2024
JSPS Grant-in-Aid for Scientific Research (C) 2022/4-2026/3
Nomura School of Advanced Management 2022/2-2024/1
Ishii Memorial Securities Research Promotion Foundation 2021/08-2023/03
Yu-Cho Foundation, 2020/08-2021/07
Analyst preview ban: What were the costs and benefits of private communication with management?
Southwestern Finance Association, 2025
Asian Finance Association Annual Meeting 2025
Market Participants' Interests and Earnings Forecast Updates: Evidence from Discussion Topics in Investor Meetings
Southwestern Finance Association, 2025
Range of Analyst Target Prices
*awarded FMCG Runner-up award in 2024
Asian Finance Association Annual Meeting 2024
Nippon Finance Association Annual Conference, 2024
Southwestern Finance Association, 2024
Active Verbal Communication with Corporate Insiders
Sydney Banking and Financial Stability Conference 2024
Southwestern Finance Association, 2025
Asian Finance Association Annual Meeting 2025
Cross-Firm Information in Analyst Reports
Asian Finance Association Annual Meeting 2023
Nippon Finance Association Annual Conference, 2023
New Zealand Finance Meeting 2023
Sydney Banking and Financial Stability Conference 2023
Southwestern Finance Association, 2024
Divergent Opinions on Social Media (former title: Extreme Opinions on Social Media)
*awarded SWFA Best Paper in Behavioral Finance in 2022
Southwestern Finance Association, 2022
Asian Finance Association Annual Meeting 2021
New Zealand Finance Meeting 2021
Nippon Finance Association Annual Conference, 2021
Conference on the Theories and Practices of Securities and Financial Markets 2020
Informational Role of Analyst and Investor Days
Financial Management Association (FMA) Asia Pacific Conference, 2022
Asian Finance Association Annual Meeting 2022
Earnings Expectation and Interactive Discussion with Corporate Insiders
Southwestern Finance Association, 2022
World Finance Conference, 2022
New Zealand Finance Meeting 2022
The Informational Role of Analysts' Textual Statements (former title: The Inforamtional Role of Analysts' Qualitative Research Outputs)
*awarded 27th SFM research paper award in 2019
Australasian Finance and Banking Conference 2019
Conference on the Theories and Practices of Securities and Financial Markets 2019
Nippon Finance Association Annual Conference, 2019
Financial Management Association (FMA) Annual Meeting 2020
Language Barriers in Analyst Reports (former title: Textual Opinions in Analyst Reports)
*awarded Australian Securities Exchange Prize for the best quantitative finance paper in 2018
Australasian Finance and Banking Conference 2018
Conference on the Theories and Practices of Securities and Financial Markets 2018
Asian Finance Association Annual Meeting 2019
New Zealand Finance Meeting 2019
Levels versus Changes: Information Contents of Qualitative Verbal Information
Nippon Finance Association Annual Conference, 2020
Eastern Finance Association Annual Meeting 2020 (Canceled due to Covid-19)
Short-term Return Reversals and Intraday Transactions
Midwest Finance Association Annual Meeting 2018
Conference on the Theories and Practices of Securities and Financial Markets 2018
Trading hours Extension and Intraday Price Behavior
Financial Management Association (FMA) Annual Meeting 2017
Association of Behavioral Economics and Finance Annual Conference, 2017
Nippon Finance Association Annual Conference, 2018
Conference on the Theories and Practices of Securities and Financial Markets 2019
Newzealand finance meeting 2019
Effective Trading Hours Extension
Association of Behavioral Economics and Finance Annual Conference, 2016
23rd International Conference on Computing in Economics and Finance, 2017
Stock Futures of a Flawed Market Index
Asian Finance Association Annual Conference 2016
The 24th Conference on the Theories and Practices of Securities and Financial Market, 2016
Nippon Finance Association Annual Conference, 2017
Price Distortion Induced by a Flawed Stock Market Index
The 22nd Conference on the Theories and Practices of Securities and Financial Market, 2014
The 5th International Conference of the Financial Engineering and Banking Society, 2015
Nippon Finance Association Annual Conference, 2015
Association of Behavioral Economics and Finance Annual Conference, 2015
Is the Extension of Trading Hours Always Beneficial? An Artificial Agent-based Analysis
21st International Conference on Computing in Economics and Finance, 2015
Nippon Finance Association Annual Conference, 2016
The 22nd Conference on the Theories and Practices of Securities and Financial Market, 2014
Analysts’ Preference for Growth Investing and Vulnerability to Market-wide Sentiment
Association of Behavioral Economics and Finance Annual Conference, 2014
The 22nd Annual Conference on Pacific Basin Finance Economics, Accounting, and Management, 2014
Nippon Finance Association Annual Conference, 2014
Investor Sentiment Stock Mispricing, and Long-term Growth Expectations
Association of Behavioral Economics and Finance Annual Conference, 2013
Nippon Finance Association Annual Conference, 2013
Analysts’ Reluctance to Voice Conservative Opinions and the Informational Value of Long-term Earnings Growth Forecasts
The 20th Conference on the Theories and Practices of Securities and Financial Market, 2012
Association of Behavioral Economics and Finance Annual Conference, 2012
Asian Finance Association Annual Conference 2011
The 19th Annual Conference on Pacific Basin Finance Economics, Accounting, and Management、2011
Association of Behavioral Economics and Finance Annual Conference, 2010
Slow Price Reactions to Analysts’ Recommendation Revisions
Nippon Finance Association Annual Conference, 2012
A Dynamic Volume-Return Relation and Investors’ Positive Feedback Trading
Association of Behavioral Economics and Finance Annual Conference, 2009
The 6th International Conference of Computational Intelligence on Economics and Finance 2008
Workshop on Finance,Osaka University, September 2023
Workshop on Finance, Hitotsubashi University, September 2022
Workshop on Securities Market, Japan Securities Research Institute, September 2022
Workshop on Finance, Kobe University, March 2022
Workshop on Finance, Waseda University, July 2021
MPT Forum, March 2021
Nippon Finance Association Autumn Meeting, October 2020
Research Seminar of Textual Analysis, Kyushu University, February 2019
Workshop on Finance, Nagoya University, October 2018
Analyst preview ban: What were the costs and benefits of private communication with management? (with Hidenori Takahashi)
The Benefits of Analyst Teamwork: Evidence from Responses to Corporate Earnings Announcements
Observable Private Communication between Analysts and Corporate Insiders
Range of Financial Analyst Opinions
Active Verbal Communication with Corporate Insiders
*Some working papers are available here