Akinobu SHUTO

Profile:

Akinobu SHUTO, Ph.D, 

Associate Professor of Accounting

Graduate School of Economics, The University of Tokyo.

Hongo, Bunkyo-ku, Tokyo, 113-0033, Japan.

Office: 1006 Economics Research Building

Email: shuto@e.u-tokyo.ac.jp

CV (English)

• Google Scholar Citations

• SSRN author page

Research Interests:

earnings management, accounting conservatism, corporate governance, executive compensation, debt contract, ownership structure, management earnings forecast, accounting fraud

Education:

• Ph.D. Graduate School of Business Administration, Kobe University, 2011

• M.S. Graduate School of Commerce, Kansai University, 1999

• B.A. School of Commerce, Kansai University, 1997

Positions:

• Professor, Graduate School of Economics, The University of Tokyo, April 2025 to present

• Associate Professor, Graduate School of Economics, The University of Tokyo, 2015 to 2025

• Associate Professor, Research Institute for Economics and Business Administration, Kobe University, April 2008 to March 2015

• Associate Professor of Accounting, Faculty of commerce, Senshu University, 2004 to 2008.

• Assistant Professor of Accounting, Faculty of commerce, Senshu University, 2002 to 2004.

Visiting:

• Visiting Scholar, the School of Management, Yale University, July 2012 to Jun 2013.

• Visiting Scholar, the Leonard N. Stern School of Business, New York University, September 2011 to Jun 2012.

Other Professional Position:

• National Tax College , National Tax Agency , Visiting Professor, 2019 to present.

• Ernst & Young ShinNihon LLC., Technical Adviser, 2016 to present.

• Institute for Monetary and Economic Studies, Bank of Japan, Visiting Scholars, 2016 to 2018.

• Financial Technology Research Institute, Inc., Technical Adviser, 2015 to 2018.

Working paper:

• “Short-selling threats and management disclosure behavior: Evidence from the effect of disclosure of short interest on peer firms’ management forecasts,” (with Toshio Moriwaki) 2024.

• “How does delegated main bank monitoring substitute accounting information in the bond market?,” (with Kodai Ito) 2024.

• “The financial reporting quality of subsidiary firms and the scope of consolidation: Evidence from the reform of consolidation regulation,”  (with Shunsuke Matsuno) 2021. 

Selected Publications: 

• “The effect of the balance sheet approach on the usefulness of accounting information in assessing bank default risk” (with Demerjian, Peter R. and Ito, Kodai) Journal of Accounting, Auditing & Finance forthcoming.

• “How do bank lenders use borrowers’ financial statements? Evidence from a survey of Japanese banks,” (with Takuma Kochiyama and Ryosuke Nakamura) Accounting and Business Research 1–33, 2025.

• “The impact of accounting quality on investment efficiency: Evidence from the 2001 bank shareholding limitation act of Japan,” (with Enomoto, Masahiro, Jung, Boochun and Rhee, S. Ghon)  Japan and the World Economy, Japan and the World Economy 72: 101280, 2024.

• “Unexpected management forecasts and future returns,” (with Norio Kitagawa) Journal of Business Finance and Accounting 51 (9-10): 2452-2489, 2024.

• “Delegated bank monitoring by bond investors: Evidence from Japanese main banks,” (with Naoki Futaesaku and Norio Kitagawa) European Accounting Review 1–23, 2023.

• “Managerial discretion over initial management earnings forecasts,” (with Takuya Iwasaki   and Norio Kitagawa) Pacific-Basin Finance Journal 77, 2023.

• “Budget ratcheting and debtholders’ monitoring: Evidence from private colleges and universities,” (with Makoto Kuroki) Journal of Management Accounting Research 34 (2): 163–179, 2022.

•  “Are more able managers good future tellers? Learning from Japan,” (with Souhei Ishida and Takuma Kochiyama) Journal of Accounting and Public Policy 40 (4): 106815, 2021.

• “Management earnings forecasts and the cost of debt,” (with Norio Kitagawa) Journal of Accounting, Auditing & Finance 36 (3): 585–612, 2021.

• “Management earnings forecasts as a performance target in executive compensation contracts” (with Shota Otomasa, and Atsushi Shiiba) Journal of Accounting Auditing and Finance 35(1):  139–167, 2020.

• “The role of accounting conservatism in executive compensation contracts” (with Takuya Iwasaki, Shota Otomasa, and Atsushi Shiiba) Journal of Business Finance and Accounting 45 (9-10): 1139-1163, 2018. 

• “Predicting accounting fraud: Evidence from Japan” (with Song Mingzi and Naoto Oshiro) The Japanese Accounting Review 6: 17-63, 2016.

• “The effect of institutional factors on discontinuities in earnings distribution: Public versus private firms in Japan,” (with Takuya Iwasaki) Journal of Accounting Auditing and Finance 30 (3): 283-317, 2015.

• “Stable shareholdings, the decision horizon problem and pattern of earnings management,” (with Takuya Iwasaki) Journal of Business Finance and Accounting 41 (9-10): 1212-1242, 2014.

• “The effect of managerial ownership on the cost of debt: Evidence from Japan,” (with Norio Kitagawa) Journal of Accounting Auditing and Finance 26 (3): 590-620, 2011.

• “Managerial ownership and accounting conservatism: Empirical evidence from Japan,” (with Tomomi Takada) Journal of Business Finance and Accounting 37 (7-8): 815-840, 2010.

• “The relative and incremental explanatory powers of dirty surplus items for debt interest rate,” (with Shota Otomasa, Kazuyuki Suda) Journal of International Accounting, Auditing and Taxation 18 (2): 119-131, 2009.

• “Earnings management to exceed the threshold: A comparative analysis of consolidated and parent-only earnings,” Journal of International Financial Management and Accounting 20 (3): 199-239, 2009.

• “Managerial ownership and earnings management: Theory and empirical evidence from Japan,” (with Nobuyuki Teshima) Journal of International Financial Management and Accounting 19 (2):107-132, 2008.

•  “Executive compensation and earnings management: Empirical evidence from Japan,” Journal of International Accounting, Auditing and Taxation 16 (1): 1-26, 2007. 

Published books:

• “Earnings Management: Theory and Empirical Evidence from Japan” chuuokeizaisha, March, 2010, in Japanese.

• “Earnings management to meet earnings benchmarks: Evidence from Japan,” (with Kazuyuki Suda) In Focus on finance and accounting research, edited by M. H. Neelan. New York: Nova Science Publishers: 67-85, 2007.