Recent Research Interests

My current research field is financial economics including asset pricing and corporate finance issues. In particular, now I investigate how CEOs compensation is determined, how investors replace an incumbent manager with a new manager using dynamic contract models based on a continuous-time framework. As we live in a world undergoing rapid change, we need to know more about what risk and uncertainty bring about in our economy and society. Corporate cash holding is also of interest to me because many firms in developed countries holds a large amount of cash rather than investing in capital goods. Why do they accumulate cash? Do this enhance economic welfare? There are still many problems on those issues that remains to be answered. I would like to solve the questions in terms of theoretical and empirical studies.

Selected Publications

  • “Investment Timing Decisions of Managers under Endogenous Contracts,” joint work with Hiroshi Osano, Journal of Corporate Finance, Vol. 29, 607-627, 2014.
  • “Managerial Incentives and the Role of Advisors in the Continuous-Time Agency Model,” joint work with Hiroshi Osano, Review of Financial Studies, Vol. 26, No. 10, 2620-2647, 2013.
  • “Access Pricing and Investment with Stochastically Growing Demand,” joint work with Keizo Mizuno, International Journal of Industrial Organization, Vol. 24, No. 4, 795-808, 2006.