Toshinori (Toshi) Fukui is a Senior Lecturer (Assistant Professor) at the Department of Banking and Finance, Monash Business School, Monash University. His primary research interests are in corporate finance, specifically operating leverage, capital structure, corporate governance, information economics, and corporate social responsibilities. His first study with Todd Mitton at Brigham Young University and Rob Schonlau at Colorado State University was published in the Journal of Financial and Quantitative Analysis in 2023. Toshi was honored with the Dean's Award for Outstanding Teaching in 2022 and, subsequently, the Dean's Award for Outstanding Research in 2023 from Mays Business School.
Toshi holds a Bachelor of Science in Management – Finance and a Bachelor of Arts in Economics from Brigham Young University, Provo, Utah, conferred in December 2014. Following this, he pursued advanced studies at the University of Houston, where he earned a Master of Science in Finance in 2018. Before joining the Ph.D. program, Toshi enriched his professional experience at a textbook company in Orem, Utah. In this capacity, he served as a finance content specialist. He has the authorship/co-authorship of several textbooks in the fields of finance and mathematics.
Operating Leverage
Corporate Finance
Capital Structure
Executive Compensation
Corporate Social Responsibilities
Asset pricing/Investment
Ph.D. Business Administration-Finance, Texas A&M University
M.S. Finance, University of Houston
B.S. Management, Finance Emphasis, Brigham Young University
B.A. Economics, Brigham Young University
Toshinori Fukui
Monash Business School
Monash University
Building H, Room H3.85, Caulfield Campus
900 Dandenong Road
Caulfield, VIC 3145
Australia
Email: toshinori "dot" fukui "at" monash.edu
October 2025
Attend 2025 Financial Management Association (FMA) Annual Meeting in Vancouver, Canada
Present my paper "Fixed Cost Coverage Ratio: Operating Leverage, Risk and Cost of Capital" with Adam Kolasinski at Texas A&M University at the 2025 FMA Annual Meeting
Discussing "Operating Leverage and Risk Premium" authored by Li, Kogan, Zhang, and Zhu at the 2025 FMA Annual Meeting
August 2025
Earn a PhD in Business Administration - Finance from Mays Business School, Texas A&M University, College Station, TX
July 2025
Teach BFF2701 Equity Markets with Dr. Minsu Ko
Start an appointment as a Senior Lecturer (Assistant Professor equivalent in the U.S.) at Monash University in Melbourne, Australia
Accepted "Fixed Cost Coverage Ratio: Operating Leverage, Risk and Cost of Capital" to the 2025 FMA Annual Meeting
May 2025
Defend my dissertation, "Essay on Operating Leverage and Finance"
Teach FINC 341 Summer 2025
March 2025
Present my paper, "Fixed Cost Coverage Ratio: Operating Leverage, Risk and Return" at Brigham Young University
January 2025
Attend 2025 American Finance Association Annual Meeting in San Francisco, CA
Teach FINC 409 599 Spring 2025
November 2024
Present my paper, "Fixed Cost Coverage Ratio: Operating Leverage, Risk and Return" at Xavier University, University of Denver, University of Minnesota-Duluth, Monash University, and Loyola University Chicago
October 2024
Attend 2024 Financial Management Association (FMA) Annual Meeting in Grapevine, TX
September 2024
Present my job market paper, "Fixed Cost Coverage Ratio: Operating Leverage, Risk and Return" at Texas A&M's PG&E Corporation Distinguished Lecture Series (Friday, September 20, 2024)
July 2024
Start teaching FINC 341: Business Finance with 150+ students for Summer 2024
September 2023
Determinants of Capital Structure: An Expanded Assessment with Todd Mitton and Rob Schonlau is published in the Journal of Financial and Quantitative Analysis, Volume 58, Issue 6, Page 2446-2488
May 2023
Receive Mays Business School Dean's Award for Outstanding Research by a Doctoral Student
May 2022
Receive Mays Business School Dean's Award for Outstanding Teaching by a Doctoral Student
August 2021
Start teaching FINC 361, Financial Management, for Fall 2021