English CV

Professor of Accounting

Graduate School of Business Administration

Hitotsubashi University

WORK:

Naka 2-1, Kunitachi, Tokyo 186-8601, Japan

Website: Personal: https://sites.google.com/site/makotonakano2/

University: https://hri.ad.hit-u.ac.jp/html/358_profile_en.html

Mini Lecture in English : https://www.youtube.com/watch?v=6s-r_12cwAw

Education:

B.Commerce, Hitotsubashi University. 1990

M.Commerce, Hitotsubashi University. 1992

Ph.D. (Accounting and Management), Hitotsubashi University. 1995

Employment:

Professor, Hitotsubashi University Business School, April 2009- present

Independent Outside Director, AVANT Group (TSE・PRM3836）, September 2022- present

Professor, Director of Management Innovation Research Center, Hitotsubashi University, July 2016-March 2022.

Professor, Assistant Vice President for Industry-University-Government Collaboration, Hitotsubashi University, December 2012-November 2014.

Professor, Graduate School of Commerce and Management, Hitotsubashi University, April 2009-present.

Associate Professor, Graduate School of Commerce and Management, Hitotsubashi University, April 2007- March 2009.

Associate Professor, Graduate School of International Corporate Strategy, Hitotsubashi University, April 2001- March 2007.

Associate Professor, Faculty of Business, Yokohama City University, April 1996–March 2001.

Assistant Professor, Faculty of Business, Yokohama City University, April 1995–March 1996.

Adjunct and Visiting Positions:

Vice President, International Association for Accounting Education & Research (IAAER) 2021-

Board Member, Japan Accounting Association. September 2018-

Chair, International Committee, Japan Accounting Association. September 2021-

CPA Exam committee member, Financial Services Agency of Japan. December 2017-2021

Associate Editor, Security Analysts Journal (in Japanese), November 2016-

Visiting Scholar, The University of Sydney Business School. April 2015-March 2016.

Visiting Researcher, Institute for Monetary and Economic Studies, Bank of Japan, September 2012- September 2014.

Member of the Intangible Assets Technical Committee, Accounting Standards Board of Japan (ASBJ), July 2007- July 2009.

Visiting Associate Professor, Leuven Katholic University (Belgium), April 2001-September 2001.

Research Interests:

Corporate Finance

Intangible Assets

Accounting Beta

Macro Accounting

Human Capital Accounting

Teaching Experience:

Financial reporting (Undergraduate in Japanese)

Financial statements analysis (Undergraduate in Japanese)

Financial Management (Undergraduate in Japanese)

Accounting & Business Valuation (MBA in English)

Corporate finance (MBA & Ph.D. in Japanese)

Advanced financial accounting (Ph.D. in Japanese)

Honors:

The Japanese Institute of Certified Public Accountants (JICPA) Academic Book Award, July 2010.

Competitive Manuscript Award, Japan Accounting Association, September 2006

Invited Presentations:

・Korean Accounting Association Annual Conference, 21 June 2019, Gyeongju, Korea , "Aggregate Earnings Informativeness and Economic Shock: International Evidence," co-author with Yuto Yoshinaga. (Invited)

・Korean Accounting Association, Annual Summer International Conference, June 2010, Busan, Korea, "What Explains Widening Profitability Dispersion around the World?"

・Joint Conference of 26th Asian-Pacific Conference on International Accounting Issues and 2014 ACCOUNTING THEORY AND PRACTICE CONFERENCE, 26-28 Oct 2014, Taipei, "Effecfts of Accounting Conservatism on Corporate Investment Levels, Risk Taking, and Shareholder Value"

Publications:

Book:

International Perspectives on Accounting and Corporate Behavior. Springer, 1-307, 2014. Kunio ITO and Makoto NAKANO, co-editor .

Reliance on Foreign Markets: Multinationality and Performance. Springer, Briefs in Business Series, 1-35, 2014. (with Purevdorj Bayanjargal).

Profitability Gap & Intangible Assets, 1-207, Toyokeizai, Japan, 2009. (in Japanese).

Valuation of Japanese Firms, 1-234, Chuoukeizai, 2009. (in Japanese with Mikiharu Noma).

Journal Articles:

・ Yoshinaga. Y., and Nakano, M., " Aggregate Earnings Informativeness and Economic Shock: International Evidence," Asia-Pacific Journal of Accounting & Economics, (forthcoming) www.tandfonline.com/doi/full/10.1080/16081625.2021.1952084

・Shirabe, Y., and Nakano, M., "Does Integrated Reporting Affect Real Activities Manipulation?" Sustainability, Vol 14. Issue 17. (September 2022)

www.mdpi.com/2071-1050/14/17/11110

・Chae, S., Nakano, M., Fujitani, R., "Financial Reporting Opacity, Audit Quality and Crash Risk: Evidence from Japan," The Journal of Asian Finance, Economics and Business, Vol.7, Issue 1, 9-17, 2020 .

・Takasu, Y., and Nakano, M., "Conservative loan loss allowance and bank lending," The Journal of Asian Finance, Economics and Business, Vol.6, Issue 3, 9-18, 2019.

"Foreign ownership and firm performance: evidence from Japan’s electronics industry," Applied Financial Economics, Volume 23, Issues 1, 41-50, 2013. (with Pascal Nguyen)

“Income smoothing, analysts forecasts, and firm-specific stock return volatility,” Kinyu Kenkyu (Finance Research), Volume 31, Issue 4, 175-214. 2012, Institute for Monetary and Economic Studies, Bank of Japan (in Japanese with Yusuke Takasu).

"What do Smoothed Earnings Tell Us about the Future?" The Japanese Accounting Review, Volume 2, 1-32, 2012. (with Yusuke Takasu)

"Board size and corporate risk-taking: Further evidence from Japan," Corporate Governance: An International Review, Volume 20. Issue 4. 369-387, July 2012. (with Pascal Nguyen)

"Does Diversification Strategy Create or Destroy Value?" Hitotsubashi Journal of Commerce and Management, Vol.39, No.1, 31-43, October 2004.

"Incremental versus Relative Information Content of Pension Liability," Hitotsubashi Journal of Commerce and Management, Vol.38 No.1, 1-12, October 2003.

Journal Articles in Japanese

“Comparing equity valuation model: Residual income model, DCF, and EVA model,” Security Analyst Journal, 98-110, February 2006. (in Japanese with Kimihiro Nishio)

“Monthly residual income valuation analysis,” Accounting Progress (JAA), Vol.6, 2005, 17-33. (in Japanese with Yoshiyuki Matsuura and Shingo Oue)

“Value relevance of R&D expenditure: evidence from Japan,” Japan Journal of Finance, Vol.24, Issue2, 133-146, 2005. (in Japanese with Tomoharu Ichikawa)

“Valuation of diversified firms in Japan,” Security Analyst Journal, January 2004, 80-93 (in Japanese with Yukimitsu Yoshimura)

“Pension accounting factors and maximizing firm value,” Diamond Harvard Business, May 1998, 36-45 ( in Japanese).

Chapters in Book:

“International Comparison of Profitability Dispersion,” in H. Itami, K. Kusunoki, T. Numagami, and A. Takeishi (eds), Dynamics of Knowledge, Corporate Systems and Innovation, Chapter 11, 267-291. Springer- Verlag Berlin Heidelberg, 2010.

“Intangible Assets' Effect on Shareholders' Value," in I.Nonaka and K. Ichijo (eds), Knowledge Creation and Management, Chapter 11, 176-197, Oxford University Press, New York, USA, 2007.

Working Papers/Work in Progress:

"What Explains Widening Profitability Dispersion around the World?" (with Yasuharu Aoki) invited to revise and resubmit by Journal of Business Finance and Accounting.

“Does Board Size affect firm performance: Causal evidence using Japanese data” (with Pascal Nguyen) invited to revise and resubmit by Journal of Business Finance and Accounting.

“Effects of Accounting Conservatism on Corporate Investment Levels, Risk Taking, and Shareholder,” Bank of Japan Discussion Paper Series, 2014-E-10. Institute for Monetary and Economic Studies, Bank of Japan (with Fumitaka Ohtsubo and Yusuke Takasu). October 2014.

http://www.imes.boj.or.jp/research/abstracts/english/14-E-10.html

Recent Presentations:

・32nd. Asian-Pacific Conference on International Accounting Issues，15-17 October 2023, GoldCoast, Australia, "The Impact of Analyst Coverage on Management Forecast Accuracy," co-author with Takuma Kochiyama, Hiroki Nawata, Toshiki Shimizu.

・The 32nd Australasian Finance and Banking Conference, 6-8 December 2019, Sydney, Australia, "Integrated Reporting and Earnings Management," co-author with Yuji Shirabe.

・The 32nd Australasian Finance and Banking Conference, 6-8 December 2019, Sydney, Australia, "Aggregate Earnings

Informativeness and Economic Shock: International Evidence," co-author with Yuto Yoshinaga.

・29th. Asian-Pacific Conference on International Accounting Issues，14-15 October 2019, Warsaw, Poland, "Aggregate Earnings

Informativeness and Economic Shock: International Evidence," co-author with Yuto Yoshinaga.

・26th. Asian-Pacific Conference on International Accounting Issues，7-8 November 2016, Maui, Hawaii, "Conservative Loan Loss Allowance and Bank Lending" co-author with Yusuke Takasu.

・American Accounting Association Annual Meeting, 10 August 2016, New York, USA, "Conservative Loan Loss Allowance and Bank Lending" co-author with Yusuke Takasu.

・European Accounting Association 39th. Annual Congress, 12 May 2016, Maastricht, Netherlands, "Conservative Loan Loss Allowance and Bank Lending" co-author with Yusuke Takasu.

・Discipline of Accounting Research Seminar Series, University of Sydney 12 August 2015, "Effects of Accounting Conservatism on Corporate Investment Levels, Risk Taking, and Shareholder Value."

・26th Asian-Pacific Conference on International Accounting Issues, 26-28 Oct 2014, Taipei, "Does Acquiring Firm's Growth Opportunity Affect the Market Valuation of Goodwill?" co-author with Yuji Shirabe.

・26th Asian-Pacific Conference on International Accounting Issues, 26-28 Oct 2014, Taipei, "Cash Holdings and Earnings Persistence," co-author with Yuto Yoshinaga.

・European Accounting Association 36th. Annual Congress, May 2013, Paris, France, "Board Vintage and risk-taking" (with Pascal Nguyen).

・24th. Asian-Pacific Conference on International Accounting Issues, October 2012, Maui, Hawaii, "Does reliance on foreign markets make a difference?" (with Bayanjargal PUREVDORJ).

・American Accounting Association Annual Meeting, August, 2012, Washington, DC., "Quality of Smoothed Earnings -Persistence and Dividend Policy-" (with Yusuke Takasu).

・The 2012 Asian Finance Association Annual Meeting, July 2012, Taipei, Taiwan, "Do older boards affect firm performance? : An empirical analysis based on Japanese firms," (with Pascal Nguyen).

・European Accounting Association 35th. Annual Congress, May 2012, Ljubljana, Slovenia, "Quality of Smoothed Earnings -Persistence and Dividend Policy-" (with Yusuke Takasu).

・The Sixth. Annual Conference on Asia-Pacific Financial Markets, December 2011, Seoul, Korea. "Do older boards affect firm performance? : An empirical analysis based on Japanese firms," (with Pascal Nguyen).

・23rd. Asian-Pacific Conference on International Accounting Issues，October 2011, Beijing, China. "Quality of Smoothed Earnings -Persistence, Predictability, and Dividend Policy?" (with Yusuke Takasu).

・European Accounting Association 34th. Annual Congress, April 2011, Rome, Italy. "What Explains Widening Profitability Dispersion around the World?" (with Yasuharu Aoki).

・22nd. Asian-Pacific Conference on International Accounting Issues，November 2010, Gold Coast, Australia. "What Explains Widening Profitability Dispersion around the World?" (with Yasuharu Aoki).

・American Accounting Association, Annual Meeting, August 2010, San Francisco, United States. “The Accounting and Non-Accounting Factors Effect on Macro Profitability Dispersion.” (with Yasuharu Aoki).

Others:

Executive education experience

Mitsubishi UFJ Financial Group, All Nippon Airways, Panasonic, RICOH, Fuji Film, Coca Cola Japan, Denso, Sumitomo Forest, Lawson, Mabuchi Motor, Kirin Holdings, Calbee, Mitsubishi Estate, EPSON.