Research

In progress

1. Pay for luck in Japan, with Yuho Kusaka (for a book chapter)

2. The evolution of audit styles: Evidence from a Big 4 collapse in Japan, with Hyonok Kim.

Working Paper

1. Passive and proactive motivations of cash holdings, with Masazumi Hattori and Tomohide Mineyama. [TCER WP Link]

2. Real Effects of Cash Holdings: Evidence from Japan, with Masazumi Hattori, Jouchi Nakajima, Yukihiro Yasuda. [RIETI DP]

3. What drives disclosure costs?: Evidence from dynamic adjustments in reporting speed. [SSRN]

4. Peer Effects of Corporate Disclosure in Pandemic Era , with Hyonok Kim and  Kazuo Yamada. [SSRN] [MIC WP] 

5. Mandatory financial reporting frequency and external finance: Evidence from a quasi-natural experiment., [Slide in Japanese][SSRN] [Hitotsubashi WP].

Publication

1. How does stock liquidity affect corporate cash holdings in Japan?: A pre-registered report, (Forthcoming), Pacific-Basin Finance Journal, 102205, in Press, with Kiyonori Iwata and Yukihiro Yasuda. [Link] 

   • Awarded as an IGPRC-22 Grand Finalist 

2. Domestic and International Effects of Economic Policy Uncertainty on Corporate Investment and Strategic Cash Holdings: Evidence from Japan. (2023), Journal of The Japanese and International Economies, with Masazumi Hattori and Yukihiro Yasuda. [Link][RIETI WP] [SSRN]

   • Non-technical summary (日本語での解説) [Link]

3. Does Stock Market Listing Impact Investment in Japan?, (2021),  Journal of The Japanese and International Economies, 101093, with Joseph French and Yukihiro Yasuda. [Link][NBER WP][SSRN].

4.  Under pressure: Listing status and disinvestment in Japan., (2020), Finance Research Letters, 34, 101264 , with Joseph French and Yukihiro Yasuda. [Link][Hitotsubashi WP].

5. Financial Reporting Opacity, Audit Quality and Crash risk: Evidence from Japan., (2020), Journal of Asian Finance, Economics and Business, 7 (1), 9-17, with Soo-Joon Chae and Makoto Nakano. [Link] [Seminar Presentation].

Publication in Japanese

1. Auditor Style and Earnings Comparability: Evidence from Japan., (Forthcoming), Gendai Disclosure in Press, in Japanese, with Hyonok Kim and Jong-Hoon Kim.
   (「監査スタイルと利益の比較可能性 」『現代ディスクロージャー研究』in Press) [Link]

2. Effects of Economic Policy Uncertainty on Corporate Investment: Review of Literature and Evidence from Japan ., (2023), Keizai Kenkyu 73 (4), 289-305, In Japanese, with Masazumi Hattori and Yukihiro Yasuda.
   (「経済政策の不確実性と企業行動－先行研究のレビューと日本企業の投資行動の検証－」『経済研究』第73巻, 第4号, 289-305)[Link]

3. Refinancing risk and Labor: Evidence from Japan., (2022), Gendai Finance 45: 59-87,In Japanese,  with Hyonok Kim.
   (「長期負債の返済と雇用水準の変化 」『現代ファイナンス』第45号, 59-87) [Link]

4. The bright side of frequent financial reporting., (2021), Japan Journal of Finance 40:, 2-23,  In Japanese.
   (「財務報告頻度のリアル・エフェクト：企業投資に注目した四半期報告の政策評価 」『経営財務研究』40, 2-23) [Link].

Other Publications

1. (*Invited) Further questions in corporate disclosure: a case of quarterly reporting controversy , in Japanese, for keynote speech @JAA conference.
   (「四半期開示をめぐる議論と情報開示研究の課題 」『會計』in press)

2. (*Non-Refereed) Investment Dynamics and Conservative Accounting: A Structural Approach in Japan., (2022), Journal of Tokyo Keizai University: Business, 316, 77-104. In Japanese. [Link] 

3. (*Invited) On “a review of quarterly reporting regime”., (2022), Security Analyst Journal, 58 (9): 15-24, In Japanese.  
   (「四半期開示見直しの議論をめぐって」『証券アナリストジャーナル』第60号第3号) [Link]

4. (*Non-Refereed) Internal information quality and corporate investment., , (2021), Journal of Tokyo Keizai University: Business, 310, 67-83. In Japanese. [Link]

5. (*Non-Refereed)  How does COVID-19 affects business environment and corporate disclosure?, (2020), Capital Market, 424, 44-52, In Japanese
   (「COVID-19が事業環境と情報開示に与えた影響」『資本市場』424, 44-52)[Link]
   Original report: COVID-19 and corporate disclosure in Japan: An early picture, with Hyonok Kim. [MIC WP].

6. (*Invited) A synthesis on policy evaluation of frequent financial reporting., (2020), Security Analyst Journal, 58 (9): 15-24, In Japanese
   (「財務報告頻度の経済的影響―四半期財務報告の政策評価の視点から」『証券アナリストジャーナル』第58号第9号) [Link].

Book Chapter

1. Corporate disclosure as a corporate governance mechanism, for a chapter in "Corporate Governance in Japan: Agency Problem and Firm Value" (2020, in Japanese). [Link] [Slide in Japanese]

Awards

1. Best Presentation Award in 2020 All-Japan PBFJ Shark Tank Pitch Event, September 3 2020, Title: “Dividend payments as a response to peer influence: Evidence from Japan”.

Conference Presentation (*Presented by coauthor)

1. JFA-PBFJ Special Issue Conference, Mar 14, 2022, Virtual. [Link]

2. 2021 Korean Accounting Association Summer International Conference, Jun 21, 2021, Virtual. 

3. 5th AEAJ Workshop, March 16, 2021, Virtual. [Link] 

4. Finance Camp 2022 (Japanese Finance Association), March 15, 2021, Virtual.[Link] 

5. (*) 44th Annual Conference of Japanese Finance Association, October 4, 2020, Virtual.

6. 2020 All-Japan Finance PBFJ SHARK TANK PITCH Event, September 3, 2020, Nagoya or Virtual. [Link]
   Best paper award.

7. (*) 37th Accounting and Economic Association of Japan, July 25 2020, Virtual. [Link]

8. 78th Japan Accounting Association Conference, 6-9 September 2019, Kobe, Japan. [Link]

9. (*) 28th NBER-TCER-CEPR Conference, July 27, 2019, Tokyo, Japan. [Link]

10. The 4th International Conference on Corporate Finance: Economic Policy Uncertainty and Corporate Policies around the World, August 1-2 2019, Tokyo, Japan. [Link]

11. 26th Annual Global Finance Conference, June 5-6 2019, Zagreb, Croatia. [Link]

12. 25th Annual Conference of the Multinational Finance Society, June 23-24 2018, Budapest, Hungary. [Link]

13. 8th International Conference of The Japanese Accounting Review, January 6 2018, Kobe, Japan. [Link]

14. 30th Australasian Finance and Banking Conference, December 13-15 2017, Sydney, Australia.

15. 29th Asian-Pacific Conference on International Accounting Issues, November 5-8 2017, Kuala Lumpur, Malaysia.

16. 76th Japan Accounting Association International Doctoral Colloquium, 21-24 September 2017, Hiroshima, Japan.

17. 41st Japan Finance Association Annual Meeting, September 3-4 2017, Osaka, Japan. 

18. 6th International Accounting Conference, August 27-29 2017, Yogyakarta, Indonesia.

19. 40th European Accounting Association 40th. Annual Congress, May 10-12 2017, Valencia, Spain.

20. 7th International Conference of The Japanese Accounting Review, January 7 2017, Kobe, Japan.

21. 28th Asian-Pacific Conference on International Accounting Issues, November 6-9 2016, Maui, Hawaii.

Discussant

1. 31st Nihon Finance Conference, Chen, "Economic Policy Uncertainty, Director Incentive, and R&D Investment: Evidence from Japan", May 20 2023, Tokyo, Japan, 

2. JFA-PBFJ Special Issue Conference, Iwasaki, Kitagawa, and Shuto, "Managerial discretion over initial earnings forecasts.", Mar 14 2022, Virtual. 

3. 2020 Japan Finance Association Eastern Division Meating, Shirasu, Suzuki, and El Ghoul, "Long-Term Shareholders and Corporate Social Responsibility: View from Exogenous Policy Change of Japanese Pension Fund.", July 11 2020, Virtual. [Slide] 

4. 26th Annual Global Finance Conference, Rzeszutek and Szyszkab, "Managerial Overconfidence and Initial Public Offering (IPO) decisions. A behavioral corporate finance perspective.", June 5-6 2019, Zagreb, Croatia. [Slide].

5. 25th Annual Conference of the Multinational Finance Society, Sahota , “Does supplier financing ease capital allocation inefficiencies?”, June 26 2018, Budapest, Hungary. [Slide].

6. 41st Japan Finance Association Annual Meeting, Mahmudov, “CEO turnover and firm performance: evidence from Japan”, September 3-4 2017, Osaka, Japan. [Slide].