Yuki Sato
 
Associate Professor, Department of Economics, Keio University
E-mail: yuki.sato [at] keio.jp
 

  
Employment
Associate Professor, Department of Economics, Keio University, 2017-present.
Assistant Professor, Department of Finance, HEC Lausanne and Swiss Finance Institute, 2011-2017.

Education
PhD in Economics, London School of Economics, 2011.
MSc in Economics, University College London, 2006.
MA in Economics, Keio University, 2003.
BA in Economics, Keio University, 2001.

Research Interests
Information problems in financial markets, market frictions and asset prices, delegated portfolio management, bubbles and crises.

Publications
 
Delegated Portfolio Management, Optimal Fee Contracts, and Asset PricesJournal of Economic Theory, 2016, 165, 360-389. [PDF]
A model of asset-market equilibrium with portfolio delegation and optimal fee contracts. Stock price, fund fee, fund size, and fund strategy feed back into one another.
 
Fund Tournaments and Asset Bubbles, Review of Finance, 2016, 20, 1383-1426. [PDF]
Fund managers' ranking tournaments may either fuel or dampen bubbles, depending on the degree of convexity of the flow-performance relationship.
 
Opacity in Financial Markets, Review of Financial Studies, 2014, 27, 3502-3546. [PDF]
Opaque assets trade at a premium due to demand from opaque fund managers who try to attract flows by manipulating investor beliefs.
 
Working Papers
 
Innovation, Delegation, and Asset Price Swings [PDF]
Investors' learning about an innovative asset and financial experts' moral hazard generate bubble-like price dynamics: gradual upswing, overshoot, and reversal.
 
Other Publications (without peer review)
 
Opaque Financial Intermediation (in Japanese, 金融仲介における不透明性), in Kameda, K., Nakata, M., Nakahigashi, M., and N. Yoshino (eds.), "Challenge and Future Direction of Japan's Economy (日本経済の課題と針路)," Keio University Press, 2015, pp.205-216.
 
Referee
Journal of Banking and Finance, Journal of Economic Theory, Journal of Finance, Review of Economic Studies, Review of Finance, Review of Financial Studies