Doctor of Business Administration
(Kobe University)



Professor of Finance

Abstract of Research and Education

I specialize in “corporate finance”, which belongs to the area of finance including capital markets theory and investment theory. Whereas most researchers in the field of corporate finance conduct empirical research with using statistical methods, I am a theoretical model-builder as a rare style in Japan.
My main research topic is payout policy (i.e. dividends and share repurchases). I am interested in how the standard theoretical conclusions are modified when the effects of taxes, agency costs, and information asymmetries are considered simultaneously, rather than separately. Furthermore, I also interested in how a fims’s financial policy is determined when investors have heterogeneous tax and consumption preferences.
In recent years, my interests have gradually shifted to improving financial analysis tools in an attempt to utilizing them for for corporate finance practice. In addition, I would like to propose a theoretical framework of debt structure in a unified fashion.
Every year, I provide lectures on corporate finance at the undergraduate level, and applied course in finance for MBAs at the graduate level. The goal of the undergraduate seminar is to cultivate skills in applying the knowledge of finance to practice by using financial analysis techniques.
No matter what you learn, it is important to take a stance of “fun and serious” rather than “boring and serious” or “fun and unserious”.

Details of Research Achievement