Doctor of Business Administration
(Kobe University)



Professor of Finance

Specialized Fields

Corporate Finance

Fields of Interest

Dividends, Stock Repurchases, Stock issue, Capital markets

Current Research

  • “A fisherian approach to the dividend puzzle: Taxes, consumption, and risk diversification”, SSRN working paper series, 2017.
  • “Consumption-clientele effects, market equilibrium, and dividend policy under uncertainty”, (Unpublished working paper).
  • “Majority support of shareholders, monitoring incentive, and dividend policy” (with Ikeda, Naoshi), Journal of Corporate Finance, 30, 2015, pp.1-10.
  • “Median-voter model of payout policy”, SSRN Working Paper Series, #1956519. 2012
  • “Tax preferences, monitoring incentive, and dividend policy”, SSRN Working Paper Series, #2145370. 2011
  • “Why pay dividends and issue equity simultaneously?”, SSRN Working Paper Series, #1533652. 2010
  • “Tax clientele effects of dividends under intertemporal consumption choices”, Journal of Banking & Finance34(5), 2010, pp.1089-1097.