Curriculum Vitae
Last update: December 9, 2022

Katsumasa Nishide
Contact Information:
Graduate School of Economics, Hitotsubashi University,
2-1 Naka, Kunitachi, Tokyo 186-8601, JAPAN.
E-mail: k.nishide#r.hit-u.ac.jp (replace # with @)Website: http://www1.econ.hit-u.ac.jp/nishide/
Personal Information:
Sex: Male
Date of Birth: April 15, 1969
Citizenship: Japan
Current Position:
Professor, Graduate School of Economics, Hitotsubashi University
Research Interests:
Finance, Financial Economics, Mathematical Finance, Financial Engineering
Academic Positions Held:
Professor, Graduate School of Economics, Hitotsubashi University, April 2016 – present.
Professor, Department of Economics, Yokohama National University, April 2015 –March 2016.
Associate Professor, Department of Economics, Yokohama National University, April
2010 – March 2015.
Externally Funded Staﬀ (Assistant Professor), Interdisciplinary Research Center,
Yokohama National University, November 2007 – March 2010.
Associate Professor of Daiwa Securities Group Chair, Graduate School of Economics,
Kyoto University, April 2006 – October 2007.
Assistant Professor, Faculty of Accounting and Finance, Nagoya University ofCommerce and Business, April 2005 – March 2006.
Other Employments:
NLI Research Institute, March 2003 – March 2005.
Bank of Tokyo-Mitsubishi, April 1992 – November 1997.
Education:
Ph.D. in Economics, Kyoto University, 2006.
M.A. in Economics, Kyoto University, 2003.
B.A. in Economics, Kyoto University, 2001.
B.A. in Law, Hitotsubashi University, 1992.
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Publications:⟨Refereed Journal Articles⟩

19. Ebina, T., Y. Kumakura and K. Nishide (2022)“Hostile Takeovers and Friendly
Mergers? Real Options Analysis, Journal of Corporate Finance, 77, 102292.
18. Ebina, T., N. Matsushima and K. Nishide (2022), “Demand Uncertainty, ProductDiﬀerentiation, and Entry Timing under Spatial Competition,” European Journalof Operational Research, 303(1), 286–297.
17. Nishide, K. and Y. Tian (2022), “Brokered versus Dealer Markets: Impact ofProprietary Trading with Transaction Fees,” International Review of Financial
Analysis, 81, 101371.
16. Arai, T., T. Asano and K. Nishide (2019), “Optimal Initial Capital Induced by
Optimized Certainty Equivalent,” Insurance: Mathematics and Economics, 85,
115–125.
15. Goto, M., K. Nishide and R. Takashima (2017), “Leaders, Followers, and Equity
Risk Premiums in Booms and Busts,” Journal of Banking and Finance, 81,
207–220.
14. Elliott, R.J., K. Nishide and C-J. U. Osakwe (2016), “Heston-Type Stochastic
Volatility with a Markov Switching Regime,” Journal of Futures Markets, 36(9),902–919.
13. Nishide, K. and K. Yagi (2016), “Investment under Regime Uncertainty: Impact ofCompetition and Preemption,” International Journal of Industrial Organization,
45, 47–58.
12. Elliott, R.J. and K. Nishide (2014), “Pricing of Discount Bonds with a Markov
Switching Regime,” Annals of Finance, 10(3), 509–522.
11. Ishii, R. and K. Nishide (2013), “Concentrated Equilibrium and Intraday Patternsin Financial Markets,” Applied Mathematical Finance, 20(1), 50–68.
10. Nishide, K. and L.C.G. Rogers (2011), “Market Selection: Hungry Misers andBloated Bankrupts,” Mathematics and Financial Economics, 5(1), 47–66.
9. Kijima, M., K. Nishide and A. Ohyama (2011), “EKC-Type Transitions andEnvironmental Policy under Pollutant Uncertainty and Cost Irreversibility,”
Journal of Economic Dynamics and Control, 35(5), 746–763.
8. Nishide, K. and L.C.G. Rogers (2011), “Optimal Time to Exchange Two Baskets,”
Journal of Applied Probability, 48(1), 21–30.

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7. Nishide, K. and Y. Tian (2011), “Compensation Measures for Alliance Formation:
A Real Options Analysis,” Economic Modelling, 28(1-2), 219–228.
6. Kijima, M., K. Nishide and A. Ohyama (2010), “Economic Models for theEnvironmental Kuznets Curve: A Survey,” Journal of Economic Dynamics andControl, 34(7), 1187–1201.
5. Kijima, M., A. Maeda and K. Nishide (2010), “Equilibrium Pricing of Contingent
Claims in Tradable Permit Markets,” Journal of Futures Markets, 30(6), 559–589.
4. Nishide, K. and A. Ohyama (2009), “Using Real Options Theory to Countries’
Environmental Policy: Considering the Economic Size and Growth,” Operational
Research: An International Journal, 9(3), 229–250.
3. Nishide, K. and E.K. Nomi (2009), “Regime Uncertainty and Optimal Investment
Timing,” Journal of Economic Dynamics and Control, 33(10), 1796–1807.
2. Nishide, K. (2009), “Insider Trading with Correlation between Liquidity Trading
and a Public Signal,” Quantitative Finance, 9(3), 297–304.
1. Nishide, K. (2005), “Price Formation in a Competitive Market When the Payoﬀ ofan Asset Depends on the Market Price,” Kyoto Economic Review, 74(1), 143–161.
⟨Refereed Conference Proceedings⟩

2. Nishide K. (2009), “ The Impact of Momentum Trading on the Market Price andTrades,” Recent Advances in Financial Engineering: Proceedings of the 2008
Daiwa International Workshop on Financial Engineering, 135–159.
1. Fujiwara, H., M. Kijima and K. Nishide (2009), “Estimation of the Local Volatilityof Discount Bonds Using Market Quotes for Coupon Bond Options,” Recent
Advances in Financial Engineering: Proceedings of the 2008 Daiwa International
Workshop on Financial Engineering, 49–69.
⟨Working Papers / Work in Progress⟩• Nishide, K., T. Suzuki, and K. Yagi, “Default Contagion and Systemic Risk in the
Financial Market with Credit Default Swap,” SSRN Working Paper Series#2853258.
• Hayashi, T. and K. Nishide, “Strategic Liquidity Provision in High Frequency
Trading,” SSRN Working Paper Series #2853277.
• Ebina, T. and K. Nishide, “Dynamic Model of Repositioning with aMarkov-Switching Regime,” work in progress.
• Hayashi, T. and K. Nishide, “Competition in High Frequency Market Making,”
work in progress.
3• “Money Supply, Asset Prices and Interest Rates within a General Equilibrium
Framework,” work in progress (with H. Morita).
⟨Books⟩2. Birge, J.R. and V. Linetsky eds, M. Kijima trans. supervised, (2009), Handbooksin Operations Research and Management Science: Financial Engineering, Asakura
Shoten (translating into Japanese).
1. Konno, H., T. Kariya, and M. Kijima eds. (2004), Encyclopedia on Financial
Engineering, Asakura Shoten (in Japanese).
⟨Other publications⟩14. Nishide, K. (2021),“Economy and Financial Markets during the COVID-19 Crisis:
Overview,” Securities Analysts Journal (Japan), 59(10), 2–5 (in Japanese).
13. Nishide, K. (2020),“Japanese Financial Market Reaction to COVID-19,” Securities
Analysts Journal (Japan), 58(10), 53–57 (in Japanese).
12. Nishide, K. (2018), “Definition and Identification of High Frequency Traders,”
Securities Analysts Journal (Japan), 56(10), 53–56 (in Japanese).
11. Nishide, K. (2016), “A Survey on High Frequency Trading,” Securities Analysts
Journal (Japan), 54(11), 53–58 (in Japanese).
10. Nishide, K. (2015), “Credit Risk Evaluation in the Presence of Cross-Holdings ofClaims and Debts,” Discussion Paper Series 2015-J-6, Bank of Japan (inJapanese).
9. Nishide, K. (2013), “Wrong Way Risk in the CVA Evaluation,” NLI ResearchInstitute (in Japanese).
8. Nishide, K. (2011), “A Note on Trade Regulations,” Kojin Kinyu Yu-Cho
Foundation (in Japanese).
7. Nishide, K. (2011), “On the Evaluation of Risk Premium of CAT Bonds,” NLI
Research Institute (in Japanese).
6. Nishide, K. (2011), “On the Market Selection Hypothesis,” Keizai Ronso (Kyoto
University), 185(1), 103–112 (in Japanese).
5. Nishide, K. (2005), “Portfolio Optimization with Resampling Method,” NLI
Research Institute (in Japanese).
4. Nishide, K. (2004), “On the No Trade Theorem,” Keizai Ronso (Kyoto
University), 174(1), 50–66 (in Japanese).
43. Nishide, K. (2004), “On the Structure of Securities Exchange ? Auction Markets
vs. Dealer Markets,” NLI Research Institute (in Japanese).
2. Nishide, K. (2004), “Japan’s New Inflation-Indexed Government Bonds,” NLI
Research Institute (in Japanese).
1. Nishide, K. (2003), “Analysis of a Kyle-Type Model Using Linear Filtering and
Calculus of Variations,” Keizai Ronso Bessatsu Chosa To Kenkyu (Kyoto
University), 27, 53–58 (in Japanese).
Oral Presentations:⟨Overseas⟩• 2022 International Society for the Advancement of Financial Economics
conferences: “Strategic Liquidity Provision in High Frequency Trading,” December
2022, Ho Chi Minh City, Vietnam.
• Quantitative Methods in Finance Conference 2019: “Strategic Liquidity Provision
in High Frequency Trading,” December 2019, Sydney, Australia.
• International Conference on Science, Social Science and Economics (IC3SE):“Strategic Liquidity Provision in High Frequency Trading,” November 2019,
Bangkok, Thailand.
• 2019 INFORMS Annual Meeting (poster presentation): “Hostile Takeovers or
Friendly Mergers?: A Real Options Analysis,” October 2019, Seattle, USA.
• 2019 China International Risk Forum: “Default Contagion and Systemic Risk with
Cross-Ownership of Equities, Debts, and Financial Derivatives,” July 2019,
Tianjin, China.
• Australia and New Zealand Business and Social Science Research Conference 2018:“Brokered versus Dealer Markets: Impact of Proprietary Trading with Transaction
Fees,” December 2018, Auckland, New Zealand.
• 4th International Conference on Social Sciences Economics and Finance: “Default
Contagion and Systemic Risk in the Presence of Credit Default Swaps,” August
2018, Montreal, Canada.
• Annual International Conference on Macroeconomic Analysis and International
Finance 2018: “Auction versus Dealership Markets: Impact of Proprietary Tradingwith Transaction Fees,” March 2018, Rethymno, Greece.
• World Business and Social Sciences Research Conference: “Default Contagion and
Systemic Risk in the Presence of Credit Default Swaps,” December 2017, Bangkok,
Thailand.
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• Mathematics of Risk MATRIX 2017 Conference: “Default Contagion and Systemic
Risk in the Presence of Credit Default Swaps,” October 2017, Creswick, Australia.
• 8th Global Business and Finance Research Conference: “Default Contagion and
Systemic Risk in the Presence of Credit Default Swaps,” October 2017, Taipei,
Taiwan ROC.
• International Academic Conference on Management, Economics and Marketing in
Vienna 2017: “Default Contagion and Systemic Risk in the Presence of Credit
Default Swaps,” August 2017, Vienna, Austria.
• The Fifth Asian Quantitative Finance Conference: “Default Contagion and
Systemic Risk in the Presence of Credit Default Swaps,” April 2017, Seoul, Korea.
• International Conference on Business, Finance and Economics 2017: “Monopolistic
Dealer versus Broker: Impact of Proprietary Trading with Transaction Fees,”
March 2017, Singapore, Singapore.
• 6th Global Business and Finance Research Conference: “Money Supply, Asset
Prices and Interest Rates within a General Equilibrium Framework,” October
2016, Taipei, Taiwan ROC.
• Ninth World Congress of Bachelier Finance Society: “Money Supply, Asset Prices
and Interest Rates within a General Equilibrium Framework,” July 2016, New
York, USA.
• AJRC and HIAS Joint Conference on Recent Issues in Finance andMacroeconomics (invited): “Monopolistic Dealer versus Broker: Impact ofProprietary Trading with Transaction Fees,” March 2016, Canberra, Australia.
• University of Michigan Math Seminar: “Heston-Type Stochastic Volatility with aMarkov Switching Regime,” August 2015, Ann Arbor, United States.
• The 27th European Conference on Operational Research: “Heston-Type Stochastic
Volatility with a Markov Switching Regime,” July 2015, Glasgow, United Kingdom.
• The 7th International IFABS Conference : “Monopolistic Dealer versus Broker:
Impact of Proprietary Trading with Transaction Fees,” June 2015, Hangzhou,
China.
• Fourth IMS-FPS workshop 2014: “Monopolistic Dealer versus Broker: The Impactof Proprietary Trading with Transaction Fees,” July 2014, Sydney, Australia.
• Eighth World Congress of Bachelier Finance Society: “Heston-Type Stochastic
Volatility with a Markov Switching Regime,” June 2014, Brussels, Belgium.

6• Quantitative Methods in Finance Conference 2013: “The Pricing Model ofCorporate Securities under Cross-Holdings of Equities and Debts,” December
2013, Sydney, Australia.
• The 25th European Conference on Operational Research: “Competition and Bad
News Principle in a Real Options Framework,” July 2012, Vilnius, Lithuania.
• Seventh World Congress of Bachelier Finance Society: “Irreversible Investment
under Competition with Markov Switching Regime,” June 2012, Sydney, Australia.
• Quantitative Methods in Finance Conference 2011: “Market Selection: Hungry
Misers and Bloated Bankrupts,” December 2011, Sydney, Australia.
• International Conference on Mathematical Finance and Economics: “Market
Selection: Hungry Misers and Happy Bankrupts,” July 2011, Istanbul, Turkey.
• Sixth World Congress of Bachelier Finance Society: “Optimal Investment Timingwith Linearly Additive Geometric Brownian Motions: The General Case,” June
2010, Toronto, Canada.
• Quantitative Methods in Finance Conference 2009: “Concentrated Equilibrium
and Intraday Patterns in Financial Markets,” December 2009, Sydney, Australia.
• Russia-Japan Symposium on Stochastic Analysis of the Advanced Statistical
Models: “On the Environmental Kuznets Curve: A Real Options Analysis,”
September 2009, Moscow, Russia.
• The 15th International Conference on Computing in Economics and Finance:“Equilibrium Pricing of Contingent Claims in Tradable Permit Markets,” July
2009, Sydney, Australia.
• The 23rd European Conference on Operational Research: “Equilibrium Pricing ofContingent Claims in Tradable Permit Markets,” July 2009, Bonn, Germany.
• The 39th ASTIN Colloquium: “Equilibrium Pricing of Contingent Claims in
Tradable Permit Markets,” June 2009, Helsinki, Finland.
• Quantitative Methods in Finance Conference 2008: “Equilibrium Pricing ofContingent Claims in Tradable Permit Markets,” December 2008, Sydney,
Australia.
• Fifth World Congress of Bachelier Finance Society: “Regime Uncertainty and
Optimal Investment Timing,” July 2008, London, UK.
• International Workshop on Applied Probability: “Equilibrium Pricing ofContingent Claims in Tradable Permit Markets,” July 2008, Compiegne, France.

7• Quantitative Methods in Finance Conference 2007: “Regime Uncertainty andInvestment Strategy,” December 2007, Sydney, Australia.
• The 21st European Conference on Operational Research: “Regime Uncertainty
and Investment Strategy,” July 2007, Prague, Czech.
• Stanford-Tsukuba WCQF (Western Consortium in Quantitative Finance) Joint
Workshop: “Regime Uncertainty and Investment Strategy,” March 2007, Stanford,USA.
• Quantitative Methods in Finance Conference 2006: “Insider Trading with
Imperfectly Competitive Market Makers,” December 2006, Sydney, Australia.
• The 21st European Conference on Operational Research: “The Impact ofCorrelation on Insider Trading with Information Leakage,” July 2006, Reykjavik,
Iceland.
• The Third Conference of the Asia-Pacific Association of Derivatives: “Estimationof the Local Volatility of Discount Bonds Using the Market Prices of Coupon
Bond Options,” June 2006, Busan, Korea.
• The 10th International Conference on Computing in Economics and Finance:“Price Reaction to Momentum Trading and Market Equilibrium,” July 2004,
Amsterdam, the Netherlands.
• The 16th Australasian Finance Conference: “Price Reaction to Momentum
Trading and Market Equilibrium,” December 2003, Sydney, Australia.
⟨In Japan⟩• Nippon Finance Association the 4th Fall Conference of: “A Dynamic Model of
Repositioning with a Markov-Switching Regime,” November 2022, Nagoya
University of Commerce and Business, Nagoya.
• RIMS Workshop on Financial Modeling and Analysis 2022: “A Dynamic Model of
Repositioning with a Markov-Switching Regime,” September 2022, Doshisha
University, Kyoto.
• The 2022 Fall National Conference of Operations Research Society of Japan:“Strategic Liquidity Provision in High Frequency Trading,” September 2022, Toki
Messe Niigata Convention Center, Niigata.
• Workshop on Financial Market Microstructure: “Competition in High Frequency
Market Making,” March 2022, Osaka University, Osaka.
• The 2020 Spring Semiannual Meeting of Japanese Economic Association:“Strategic Liquidity Provision in High Frequency Trading,” May 2020, Online
Conference.
8• Nippon Finance Association the 1st Fall Conference of: “Strategic Liquidity
Provision in High Frequency Trading,” July 2019, Osaka University, Toyonaka.
• Workshop Applied Macro/Micro-Economics and Econometrics 2019: “Strategic
Liquidity Provision in High Frequency Trading,” July 2019, Hokkaido University,
Sapporo.
• Econometrics Workshop: “Default Contagion and Systemic Risk with the
Cross-Ownership of Equities, Debts, and Financial Derivatives,” November 2018,
Keio University, Tokyo.
• RIMS Workshop on Financial Modeling and Analysis 2018: “Optimal Initial
Capital Induced by the Optimal Certainty Equivalent,” November 2018, Kyoto
University, Kyoto.
• The 2018 Spring Semiannual Meeting of Japanese Economic Association:“Optimal Initial Capital Induced by the Optimal Certainty Equivalent,” June
2018, the University of Hyogo, Kobe.
• RIMS Workshop on Financial Modeling and Analysis 2017: “Default Contagion
and Systemic Risk in the Presence of Credit Default Swaps,” November 2017,
Kyoto University, Kyoto.
• The 2017 Spring Semiannual Meeting of Japanese Economic Association: “Default
Contagion and Systemic Risk in the Presence of Credit Default Swaps,” June
2017, Ritsumeikan University, Kusatsu.
• The 2017 Spring National Conference of Operations Research Society of Japan:“Pricing of Credit Default Swaps with CIR-Type Default Intensities,” March 2017,
Okinawa Prefecture Municipal Center, Naha.
• Winter Workshop on Operations Research, Finance and Mathematics 2017:“Default Contagion and Systemic Risk in the Presence of Credit Default Swaps,”
February 2017, Jozankei View Hotel, Sapporo.
• RIMS Workshop on Financial Modeling and Analysis 2016: “Money Supply, Asset
Prices and Interest Rates within a General Equilibrium Framework,” November
2016, Kyoto University, Kyoto,.
• Faculty Seminar at Shinshu University: “Money Supply, Asset Prices and Interest
Rates within a General Equilibrium Framework,” September 2016, Shinshu
University, Matsumoto.
• The 2016 Fall National Conference of Operations Research Society of Japan:“Money Supply, Asset Prices and Interest Rates within a General Equilibrium
Framework,” September 2016, Yamagata University, Yamagata.
9• The 2016 Spring Semiannual Meeting of Japanese Economic Association: “Money
Supply, Asset Prices and Interest Rates within a General Equilibrium
Framework,” June 2016, Nagoya University, Nagoya.
• The 2015 Fall National Conference of Operations Research Society of Japan:“Monopolistic Dealer versus Broker: Impact of Proprietary Trading withTransaction Fees,” September 2015, Kyushu Institute of Technology, Kitakyushu.
• ORJS Summer School in Hokkaido: “Money Supply, Asset Prices, and Interest
Rates within a General Equilibrium Framework,” Wakkanai Sogo-Bunka Center,
Wakkanai.
• The 2015 Spring Semiannual Meeting of Japanese Economic Association:“Monopolistic Dealer versus Broker: Impact of Proprietary Trading withTransaction Fees,” May 2015, Niigata University, Niigata.
• The 6th Conference on Mathematical Analysis in Economic Theory:“Heston-Type Stochastic Volatility with a Markov Switching Regime,” January
2015, January 2015, Keio University, Tokyo.
• The 2014 Fall Semiannual Meeting of Japanese Economic Association:“Heston-Type Stochastic Volatility with a Markov Switching Regime,” October
2014, Seinan Gakuin University, Fukuoka.
• Okayama U. and YNU Joint Workshop on Economics: “Monopolistic Dealer
versus Broker: The Impact of Proprietary Trading with Transaction Fees,” June
2014, Okayama University, Okayama.
• Akita Finance Workshop 2014: “Heston-Type Stochastic Volatility with a Markov
Switching Regime,” May 2014, Akita Prefectural University, Akita.
• Workshop on Financial Market Microstructure: “Monopolistic Market Making
with Brokerage Fees,” February 2014, Osaka University, Osaka.
• Winter Workshop on Finance 2014: “Competition and the Bad News Principle ina Real Options Framework,” February 2014, Hokkaido University, Sapporo.
• Autumn Workshop on Finance 2013: “Estimation of the ACD Model with EM
Algorithm,” October 2013, Hokkaido University, Sapporo.
• The 2013 Spring Semiannual Meeting of Japanese Economic Association:“Competition and the Bad News Principle in a Real Options Framework,” June
2013, Toyama University, Toyama.
• Akita Finance Workshop 2013: “The Pricing Model of Corporate Securities under
Cross-Holdings of Equities and Debts,” April 2013, Akita Prefectural University,
Akita.
10• Winter Workshop on Finance 2013: “Heston-Type Stochastic Volatility with aMarkov Switching Regime,” February 2013, Hokkaido University, Sapporo.
• KIER Workshop on Securities Market Analysis: “Pricing of Discount Bonds witha Markov Switching Regime,” February 2013, Kyoto University, Kyoto.
• Nanzan-YNU Joint Finance Workshop: “Competition and the Bad News Principle
in a Real Options Framework,” November 2012, Nanzan University, Nagoya.
• The 2012 National Conference of Japan Association of Real Options and Strategy(invited): “Competition and the Bad News Principle in a Real Options
Framework,” November 2012, Waseda University, Tokyo.
• The 2012 Fall Semiannual Meeting of Japanese Economic Association: “Pricing of
Discount Bonds with a Markov Switching Regime,” October 2012, Kyushu Sangyo
University, Fukuoka.
• The 2012 Fall National Conference of Operations Research Society of Japan:“Pricing of Discount Bonds with a Markov Switching Regime,” September 2012,
Winc Aichi, Nagoya.
• ORSJ Summer School in Hokkaido: “Theoretical Analysis on Financial Markets
with Asymmetric Information,” August 2012, Jozankei View Hotel, Sapporo.
• Winter Workshop on Finance 2012: “Pricing of Discount Bonds with a Markov
Switching Regime,” February 2012, Hokkaido University, Sapporo.
• Research Seminar of Nippon Finance Association (Kenkyu Kanbokai):“Theoretical and Empirical Results on Market Microstructure,” National Centerof Sciences Building, Tokyo (with Professor W. Ohta).
• The 2011 Autumn Meeting of Japan Association for Applied Economics:“Irreversible Investment under Competition with Markov Switching Regime,”
November 2011, Keio University, Tokyo.
• Hitotsubashi ICS Faculty Seminar: “Market Selection: Hungry Misers and Bloated
Bankrupts,” June 2011, Hitotsubashi University, Tokyo.
• TMU Finance Seminar: “Market Selection: Hungry Misers and Bloated
Bankrupts,” June 2011, Tokyo Metropolitan University, Tokyo.
• The 2011 Fall Semiannual Meeting of Japanese Economic Association: “Market
Selection: Hungry Misers and Happy Bankrupts,” May 2011, Kumamoto Gakuen
University, Kumamoto.
• The 19th Annual Conference of Nippon Finance Association: “Market Selection:
Hungry Misers and Happy Bankrupts,” May 2011, Waseda University, Tokyo.
11• The 2010 Fall National Conference of Operations Research Society of Japan: “Onthe Market Selection Hypothesis,” September 2010, Fukushima University,
Fukushima.
• Summer Workshop on Economic Theory 2010: “On the Market Selection
Hypothesis,” August 2010, Otaru University of Commerce, Sapporo.
• The 2010 Spring Semiannual Meeting of Japanese Economic Association:“Optimal Investment Timing with Linearly Additive Geometric Brownian
Motions: The General Case,” June 2010, Chiba University, Chiba.
• The 18th Annual Conference of Nippon Finance Association: “Optimal
Investment Timing with Linearly Additive Geometric Brownian Motions: The
General Case,” May 2010, Sophia University, Tokyo.
• Workshop on Applied Macro/Micro-Economics and Econometrics: “Concentrated
Equilibrium and Intraday Patterns in Financial Markets,” February 2010,
Hokkaido University, Sapporo.
• Research Seminar of Operations Research Society of Japan: “On theEnvironmental Kuznets Curve: A Real Options Analysis,” October 2009,
Akihabara Daibiru, Tokyo.
• The 2009 Fall National Conference of Operations Research Society of Japan:“Endogenous Liquidity Provision in a Market with Asymmetric Information,”
September 2009, Nagasaki University, Nagasaki.
• CSFI Seminar: “Endogenous Liquidity Provision in a Market with Asymmetric
Information,” July 2009, Osaka University, Toyonaka.
• The 17th Annual Conference of Nippon Finance Association: “Endogenous
Liquidity Provision in a Market with Asymmetric Information,” May 2009,
Aoyama Gakuin University, Tokyo.
• Nanzan-YNU Joint Finance Workshop: “Compensation Measures for Alliance
Formation: A Real Options Analysis,” November 2008, Nanzan University,
Nagoya.
• The 2008 Fall Semiannual Meeting of Japanese Economic Association:“Equilibrium Pricing of Contingent Claims in Tradable Permit Markets,”
September 2008, Kinki University, HigashiOsaka.
• The 2008 Fall National Conference of Operations Research Society of Japan:“Regime Uncertainty and Investment Strategy,” September 2008, Sapporo
Convention Center, Sapporo.

12• Daiwa International Workshop on Financial Engineering: “Compensation
Measures for Alliance Formation: A Real Options Analysis,” August 2008, Sankei
Plaza, Tokyo.
• The 2008 Spring Semiannual Meeting of Japanese Economic Association: “Regime
Uncertainty and Investment Strategy,” May 2008, Tohoku University, Sendai.
• The 2008 Spring National Conference of Operations Research Society of Japan:“On the Pricing of Contingent Claims in Tradable Permit Markets,” March 2008,
Kyoto School of Computer Science, Kyoto.
• Daiwa Young Researchers’ International Workshop on Finance: “On the Pricing ofContingent Claims in Tradable Permit Markets,” March 2008, Kyoto University,
Kyoto.
• YNU-Nanzan Joint Finance Workshop: “Insider Trading with Correlation between
Liquidity Trading and a Public Signal,” February 2008, Pacifico Yokohama,
Yokohama.
• The 2007 Fall National Conference of Operations Research Society of Japan:“Timing an Environmental Policy Optimally under Economic Considerations,”
September 2007, National Graduate Institute for Policy Studies, Tokyo.
• The 15th Annual Conference of Nippon Finance Association: “Insider Tradingwith Imperfectly Competitive Market Makers,” June 2007, Keio University, Tokyo.
• The 2007 Spring National Conference of Operations Research Society of Japan:“Insider Trading with Imperfectly Competitive Market Makers,” March 2007,
Tottori University, Tottori.
• The 2006 Fall Semiannual Meeting of Japanese Economic Association: “Insider
Trading with Imperfectly Competitive Market Makers,” October 2006, Osaka City
University, Osaka.
• Daiwa International Workshop on Financial Engineering: “Insider Trading with
Imperfectly Competitive Market Makers,” September 2006, Tsukuba University,
Tokyo.
• Daiwa International Workshop on Financial Engineering: “The Impact ofCorrelation on Insider Trading with Information Leakage,” July 2005, Kyoto
University, Kyoto.
• The 13th Annual Conference of Nippon Finance Association: “Insider Tradingwith Information Leakage When the Liquidation Value, Noise Trades, and Public
Signal Are Correlated,” June 2005, Yokohama National University, Yokohama.

13• The 2004 Spring Semiannual Meeting of Japanese Economic Association: “Price
Reaction to Momentum Trading and Market Equilibrium,” June 2004, Okayama
University, Okayama.
• The 12th Annual Conference of Nippon Finance Association: “Price Reaction to
Momentum Trading and Market Equilibrium,” March 2004, Chuo University,
Tokyo.
• The 2003 Fall National Conference of Operations Research Society of Japan:“Price Reaction to Momentum Trading and Market Equilibrium,” September
2003, Fukuoka University, Fukuoka.
• The 2002 Fall National Conference of Operations Research Society of Japan:“Market Equilibrium of Continuous-Time Securities Trading under Asymmetric
Information,” September 2002, Future University–Hakodate, Hakodate.
Research Grants:• Grand in Aid for Scientific Research (C) #20K01742 by the Japanese MEXT,
April 2020 – March 2023.
• Grand in Aid for Scientific Research (A) #20H00088 by the Japanese MEXT,
April 2020 – March 2025 (Co-investigator).
• Grand in Aid for Scientific Research (B) #18H01652 by the Japanese MEXT,
April 2018 – March 2021 (Co-investigator).
• Grand in Aid for Scientific Research (C) #17K03797 by the Japanese MEXT,
April 2017 – March 2020.
• Ishii Memorial Securities Research Promotion Foundation, October 2016 – March
2018.
• Grand in Aid for Scientific Research (B) #15H02965 by the Japanese MEXT,
April 2013 – March 2018 (Co-investigator).
• Grand in Aid for Scientific Research (C) #26380390 by the Japanese MEXT,
April 2014 – March 2017.
• Grand in Aid for Scientific Research (A) #25245046 by the Japanese MEXT,
April 2013 – March 2019 (Co-investigator).
• Grand in Aid for Scientific Research (B) #23310098 by the Japanese MEXT, April
2011 – March 2014 (Co-investigator).
• Grand in Aid for Scientific Research (C) #23530362 by the Japanese MEXT,
April 2011 – March 2014.
14• The Zengin Foundation for Studies on Economics and Finance, January 2011 –December 2011.
• Grand in Aid for Scientific Research (B) #18310104 by the Japanese MEXT, April
2006 – March 2008 (Co-investigator).
Membership of Academic Societies:• Japanese Economic Association• Nippon Finance Association– Director for June 2018 – May 2022
– Auditor for June 2012 – May 2016
• Operations Research Society of Japan– Journal associate editor for April 2006 – March 2010
• Securities Analysts Association of Japan– Journal associate editor for November 2014 – October 2022
Referee Experiences:
Annals of Finance, Applied Stochastic Models in Business and Industry, Asia-PacificFinancial Markets, Behaviormetrika, Economic Theory, Energy Economics,
Environment and Development Economics, Environmental Economics and Policy
Studies, Environmental and Resource Economics, Environmental Modelling and
Software, European Journal of Finance, Insurance: Mathematics and Economics,
International Review of Financial Analysis, Japan Journal of Industrial and Applied
Mathematics, Japanese Economic Review, Journal of Commodity Markets, Journal of
Economic Dynamics and Control, Journal of Financial Intermediation, Journal of
Financial Markets, Journal of Futures Markets, Journal of Mathematical Economics,
Journal of the Operational Research Society of Japan, Journal of Public Economics,
Journal of Real Options and Strategy, Journal of the Royal Society Interface, Kyoto
Economic Review, Mathematical Finance, Operations Research, Quantitative Finance,
SIAM Journal of Financial Mathematics, Stochastics, Transactions of the Operational
Research Society of Japan.

15

Lectures:⟨Graduate⟩

Financial Economics A, B
Financial Engineering(Quantitative Finance)
Financial Market Analysis
Special Issue on Economic Information I

Hitotsubashi University
Yokohama National University

2016 – 2021
2010 – 2015

Yokohama National University
Hokkaido University

2011 – 2015
2013

Stochastic Calculus with Application
to FinanceYokohama National University

2008, 2009

Investment Theory
Market Microstructure Analysis

Tokyo Metropolitan University 2006
Kyoto University
2006, 2007

Derivatives

Nagoya University of Commerce and Business

16

2005

⟨Undergraduate⟩

Principles of Financial Engineering
Introduction to Statistics

Hitotsubashi University
Hitotsubashi University

Financial Engineering

2011, 2016 Tokyo Metropolitan University 2018, 2020 2021

Computational Finance

Hokkaido University

2014, 2015,2017, 2019

Basic Seminar

Yokohama National University

2008, 2009,2011, 2014,
2015

Introduction to Macroeconomics

Yokohama National University

2011, 2015

Quantitative FinanceYokohama National University

2010, 2012
– 2014

Mathematics for Business Management Seijo University
Applied Finance
Hokkaido University2021
2016 - 2020

2013
2011

International Financial Strategy

Nagoya University of Commerce and Business2005

Corporate Finance

Nagoya University of Commerce and Business2005

Introduction to International Finance

Nagoya University of Commerce and Business2005

17