RESEARCH INTERESTS

Entrepreneurial finance (IPOs, Venture capital, Private equity, Start-up financing) / Corporate finance (Capital structure; Cash holding)

Book

『日本企業はお金持ちになったのか』

PUBLICATIONS (Refereed Journals)

1. "Do the use of proceeds disclosure and bank characteristics affect bank underwriters’ certification roles?" (with Suzuki, Katsushi ), Journal of Business Finance and Accounting 39, 1102-1130 (2012).

2. "IPOs, growth, and the impact of relaxing listing requirements" (with Takahashi, Hidenori) Journal of Banking & Finance 59, 505-519 (2015).

   • Non-technical summary at LSE Business Review

3. "Supply-chain spillover effects of IPOs" (with Kutsuna, Kenji, Smith, Janet, and Smith, Richard) Journal of Banking & Finance 64(3), 150-168 (2016).

4. "Determinants of underwriting fees by new entrant banks: Evidence from the Japanese IPO underwriting market" (with Koda, Keiichiro) Financial Management 47 (2), 285-307 (2017).

5. "Trade and financial channels as the transmission mechanism of the financial crisis" (with Shikimi, Masayo) International Review of Economics and Finance 63, 364-381 (2019).

6. "Inter-firm relationship and leverage adjustment," Research in International Business and Finance, 50, 381-391 (2019).

7. "Same bed, different dream: The analysis of the composition of IPO shares and withdrawal decisions" (with Fan, Pengda) Small Business Economics 55,955-974 (2020). 

8. "Petty cash from parents: Provision liquidity to spin-offs by trade credit channel" (with Honjo, Yuji) Journal of Small Business Management (Forthcoming). 

9. "Prediction accuracy of sales surprise for inventory turnover" (with Sano, Hiroki ) International Journal of Production Research 59 (17) 5337-5351 (2021).

10. "When Japanese stock market meets COVID-19: Impact of ownership, China and US exposure, and ESG channels" (with Takahashi, Hidenori) International Review of Financial Analysis 74, 101670, (2021). 

11. "Corporate debt mix and long-term firm growth in Japan" (with Ahn, Yongkil, Shinozawa, Yoshikatsu) Emerging Markets Finance and Trade (2021).

12. "Passive trading and firm performance: A quasi-natural experiment using the TSE-OSE merger in Japan" (with Mohsni, Sana and Otchere, Isaac) Pacific-Basin Finance Journal.

13. "The Bank of Japan’s Equity Purchases and Stock Illiquidity" Journal of Financial Markets" (with El Kalak, Izidin Hidenori Takahashi and Leung, Woon Sau) Journal of Financial Markets  63, 100770 (2022).

14. "Management Innovations in Family Firms after CEO Successions: Evidence from Japanese SMEs" (with Uchida, Hirofumi and Zazzaro, Alberto ) Japan and the World Economy (2023).

15. "The Bank of Japan’s equity purchases and stock price crash risk" (with Tosun, Onur and El Kalak, Izidin) Economics Letters (2023).

16. "Does ownership structure influence carbon emission? Different roles of institutional investors" (Fan, Pengda, Qian, Xuepeng, Wang, Jian) Journal of Climate Finance (2023).

17. "The decline of bank ownership and firm’s capital structure: evidence from Japanese business groups" (with El Kalak, Izidin and Mazouz, Khelifa) Applied Economics (2024).

18. "Does passive ownership affect corporate governance? Evidence from the Bank of Japan’s ETF purchasing program" (with Sai, Masumi) Research in International Business and Finance (2025).

19. "Beneficiary investor monitoring and asset manager engagement" (with Sai, Masumi, Tsukioka, Yasutomo) Journal of Corporate Finance 102893.

WORKING PAPERS

• "Peer effects of corporate disclosure in a pandemic era" (with Fujitani, Ryosuke and Kim, Hyonok) February 2021.

• "Do Regulatory Changes Affect the Innovation of IPOs?" November 2020.

• ”Can firms CEOs predict the future performance after going public?" 

• "The capital crunch and corporate cash holdings: Does listing status matter?" (with Takahashi, Hidenori), April 2018. 

• "Does foreign ownership explain innovation decisions? Evidence from Japan" (with Okubo, Toshihiro and Wagner, Alexander) July 2017.

LINK

Research Map,  Orcid, Google Scholar

c.v. (May 2023) 

Since January 8, 2008

Last Update: October 8, 2025