Takato Hiraki

FacultyGraduate School of International Management
PositionSpecially Appointed Professor
Last Updated: Jun. 13, 2019 at 09:40

Researcher Profile & Settings

Name

    Takato Hiraki

Profile & Settings

    Nickname:  thiraki

Affiliation

  • Graduate School of International Management Specially Appointed Professor

Education

  • Jan. 1979Aug. 1983University of Arizona Graduate School of Business Ph.D. Program, Business Administration
  • Jun. 1977Dec. 1978University of Arizona Graduate School of Business Master of Business Administration (MBA)
  • Apr. 1970Mar. 1974Gakushuin University Faculty of Law Political Science

Degree

  • Ph.D.(University of Arizona)

Committee Memberships

  • Apr. 2012Mar. 2015Research Center for Science Systems, JSPS Social Science Area Committee Member and Research Fellow
  • Apr. 2010- TodayJapan Society for the Promotion of Science (JSPS) International Award Selection Committee (2010~2012) (2016- )
  • Apr. 2008Mar. 2011Certified Public Accountants and Auditing Oversight Board National Examination Committee
  • Aug. 2007Mar. 2014FMA International Associate Editor, Journal of Applied Finance
  • Apr. 2007Sep. 2013ABEST21 (International MBA Accreditation Body Accreditation Committee (Chair 2009)
  • Sep. 2004Mar. 2010JAFFEE Managing Editor, Asia-Pacific Financial Markets
  • Sep. 2004Aug. 2005European Finance Association Program Committee, 2005 Moscow Conference
  • Sep. 2003Aug. 2006Korean Securities Association (KSA) Associate Editor, Asia-Pacific Journal of Financial Studies
  • Jan. 2003- TodayAsian Finance Association Associate Editor, Pacific-Basin Finance Journal
  • Sep. 2002- TodayUniversity of Kuwait International Advisory Board Member, Arab Journal of Administrative Science
  • Jul. 2002Aug. 2002Asian Finance Association Conference and Program Chair, 2002 Inauguration Conference in Tokyo
  • Jun. 2002Jul. 2004Asian Finance Association First Co-president (2002-2004)
  • Jul. 1997Jun. 2001Pacific-Basin Financial Management Society Executive Board Member、President (2001)
  • Mar. 1997Jul. 2013FMA International Program Committee, 1997 Honolulu and 2013 Tokyo Asian Conference
  • Apr. 1995Mar. 1999Fulbright, Japan-U.S. Educational Commission Award Selection Committee
  • Apr. 1994Sep. 1999QUICK Research Institute QSP Index Annual Review Committee
  • Aug. 1992Sep. 1996Global Finance Association Board Member and Associate Editor, Global Finance Journal

Academic & Professional Experience

  • Sep. 2018- TodaySpecially Appointed Professor, International University of Japan
  • Apr. 2010Mar. 2018Professor, Tokyo University of Science
  • Jul. 2004Aug. 2004Earskine Visiting Fellow, University of Canterbury (New Zealand)
  • Apr. 2004Mar. 2010Professor, Kwansei Gakuin University
  • Aug. 2002Sep. 2002Scott Shoen Fellow, Yale University
  • Apr. 2000Mar. 2001Postal Service Endowed Professor, Osaka University
  • Sep. 1994Mar. 1995Fulbright Senior Scholar, University of Illinois at Urbana-Champaign
  • Apr. 1988Mar. 2003Professor, International University of Japan
  • Jan. 1988Mar. 1998Senior Research Fellow, MTB Investment Technology Institute, Inc.
  • Jul. 1986Dec. 1987Senior Research Fellow, Yamaichi Research Institute, Inc.
  • Aug. 1983Jul. 1986Assistant Professor, University of Hawaii at Manoa
  • Apr. 1974Jun. 1976Yasuda Trust & Banking Co., Ltd.

Research Activities

Research Areas

  • Management / Management / Financial Management

Research Interests

    Finance, Asset Management, Corporate Finance

Published Papers

  • Country, Industry Concentration and the Performance of International Mutual Funds
    Takato Hiraki, Ming Liu, and Xue Wang
    Journal of Banking and Finance 59 297-310 2015 [Refereed]
  • The Value of Multinationality and Business Group for Japanese Firms
    Jay J. Choi, Takato Hiraki, and James Landi
    Journal of Corporate Finance 29 88-110 2014 [Refereed]
  • How Did Japanese Investments Influence International Art Prices?
    Takato Hiraki, Akitoshi Ito, Darius A. Speith and Naoya Takezawa
    Journal of Financial and Quantitative Analysis 44 1489-1514 2009 [Refereed]
  • Risk Premia in International Equity Markets Revisited
    Stephen J. Brown, Takato Hiraki, Kiyoshi Arakawa, Saburo Ohno
    Pacific-Basin Finance Journal 17 295-318 2009 [Refereed]
  • Investor Biases in Japan: Another Pathology of the Keiretsu System
    Takato Hiraki and Akitoshi Ito
    Pacific-Basin Finance Journal 17 100-124 2009 [Refereed]
  • The Impact of Index Futures Trading on the Day-of-the-Week Effect in Japan
    Takato Hiraki, Edwin D. Maberly, and Paul M. Taube
    Pacific-Basin Finance Journal 6 493-506 2008 [Refereed]
  • An Analysis of Japanese Stock Return Dynamics Conditional on United States Monday Holiday Closures
    Takato Hiraki and Edwin D. Maberly
    International Finance Review Vol. 4: The Japanese Finance: Corporate Finance and Asset Management in Changing Japan 4 233-252 Dec. 2003 [Refereed]
  • The Japanese Finance: Is It Unique?
    Jay J. Choi and Takato Hiraki
    International Finance Review Vol. 4: The Japanese Finance: Corporate Finance and Asset Management in Changing Japan 4 3-10 Dec. 2003
  • Recognition of Foreign Exchange Risk in the Japanese Stock Market
    Jay J. Choi, Takato Hiraki, and Nobuya Takezawa
    International Finance Review Vol. 4: The Japanese Finance: Corporate Finance and Asset Management in Changing Japan 4 461-478 Dec. 2003 [Refereed]
  • An Analysis of the Relative Performance of Japanese and Foreign Money Management
    Stephen J. Brown, William Goetzmann, Takato Hiraki, and Noriyoshi Shiraishi
    Pacific-Basin Finance Journal 11 393-412 2003 [Refereed]
  • Corporate Governance and Firm Value in Japan: Evidence from 1985 to 1998
    Takato Hiraki, H. Inoue, A. Ito, F. Kuroki, and H. Masuda
    Pacific-Basin Finance Journal 11 239-267 2003 [Refereed]
  • Investor Familiarity and Home Bias: Japanese Evidence
    Takato Hiraki, Akitoshi Ito, and Fumiaki Kuroki
    Pacific-Basin Finance Journal 11 393-412 2003 [Refereed]
  • Investor Sentiment in Japanese and U.S. Daily Mutual Fund Flows
    Stephen J. Brown, William Goetzmann, Takato Hiraki, Noriyoshi Shiraishi, and Masahiro Watanabe
    Yale ICF Working Paper No. 02-09 2002 [Refereed]
  • The Japanese Open-End Fund Puzzle
    Stephen J. Brown, William Goetzmann, Takato Hiraki, Toshiyuki Otsuki, and Noriyoshi Shiraishi
    Journal of Business 74 59-77 2001 [Refereed]
  • Volume and Individual Security Returns on the Tokyo Stock Exchange
    Marc Bremer and Takato Hiraki
    Pacific-Basin Finance Journal 7 351-370 1999 [Refereed]
  • Is Foreign Exchange Risk Priced in the Japanese Stock Market?
    Jay J. Choi,Takato Hiraki, and Nobuya Takezawa
    Journal of Financial and Quantitative Analysis  33 361-382 1998 [Refereed]
  • How Sensitive Is Short-term Japanese Interest Rate Volatility to the Level of the Interest Rate?
    Takato Hiraki and Nobuya Takezawa
    Economics Letter 56 325-332 1997 [Refereed]
  • Predictable Patterns after Large Stock Price Changes on the Tokyo Stock Exchange
    Marc Bremer, Takato Hiraki, and Robert J. Sweeney
    Journal of Financial and Quantitative Analysis 32 345-365 1997 [Refereed]
  • Some Evidence on the Pricing of Exchange Risk in the Japanese Stock Market
    Takato Hiraki and Nobuya Takezawa
    MTEC Journal(9) 24-49 1996
  • Cointegration, Common Factors, and the Term Structure of Yen Off-Shore Interest Rates
    Takato Hiraki, Noriyoshi Shiraishi, and Nobuya Takezawa
    Journal of Fixed Income 6 69-75 1996 [Refereed]
  • International Diversification When Small Firm Stocks Are Treated as Separate Investment Assets: An Application of the Multi-period Model
    Takato Hiraki and Hitoshi Takehara
    R. Aggarwal and D. Schirm, eds., Global Portfolio Diversification: Risk Management, Market Microstructure, and Implementation Issues, Academic Press 168-221 1995 [Refereed]
  • Corporate Governance, Long-Term Investment Orientation, and Real Options in Japan
    Takato Hiraki
    L. Trigeorgis, ed., Real Options in Capital Investment: New Contributions, Praeger Publishers 151-162 1995 [Refereed]
  • The Information Content of End-of-the-Day Index Futures Returns: International Evidence from the Osaka Nikkei 225 Futures Contract
    Takato Hiraki, Edwin D. Maberly, and Nobuya Takezawa
    Journal of Banking and Finance 19 921-936 1995 [Refereed]
  • Are Preholiday Returns in Tokyo Really Anomalous? If So, Why?
    Takato Hiraki and Edwin D. Maberly
    Pacific-Basin Finance Journal 3 93-111 1995 [Refereed]
  • Stock Return Volatility and Trading Volume: Evidence from the Tokyo Stock Exchange
    Takato Hiraki and Nobuya Takezawa
    MTEC Journal(7) 3-9 1994 [Refereed]
  • The Impact of Saturday Trading on Stock Returns: Evidence from the Tokyo Stock Exchange: January 1976 to January 1989
    Takato Hiraki, Edwin D. Maberly, and Paul M. Taube
    Financial Engineering and the Japanese Markets 1 67-80 1994 [Refereed]
  • Day-of-the-Week Mean Spillover Effect between New York and Tokyo: January 1976 to August 1992: A Note
    Takato Hiraki, Edwin D. Maberly, and Young.S. Park
    Pacific-Basin Finance Journal 2 61-72 1994 [Refereed]
  • Japanese Initial Public Offerings
    Kevin Hebner and Takato Hiraki
    I. Walter and T. Hiraki, eds., Restructuring Japan's Financial Markets, Business One/Irwin 79-114 1993 [Refereed]
  • The Effect of End-of-the-Day Futures Trading on Overnight Returns on the Nikkei 225 Index: An Application of GARCH Model
    Takato Hiraki and Nobuya Takezawa
    MTEC Journal(5) 23-34 1992 [Refereed]
  • Dividend Yields and Stock Returns: Evidence from the Tokyo Stock Exchange
    Ramesh T. Rao, Raj Aggarwal, and Takato Hiraki
    Journal of Economics and Business 44 187-200 1992 [Refereed]
  • Price/Book Value Ratios and Equity Returns on the Tokyo Stock Exchange: Empirical Evidence for Regularities
    Raj Aggarwal, Takato Hiraki, and Ramesh Rao
    Financial Review 27 589-605 1992 [Refereed]
  • Commentary
    Takato Hiraki
    Review of Futures Markets 10(3) 458-459 1991
  • Regularities in Tokyo Stock Exchange Security Returns: P/E, Size, and Seasonal Influences
    Raj Aggarwal, Ramesh Rao, and Takato Hiraki
    Journal of Financial Research 13 249-263 1990 [Refereed]
  • Equity Return Regularities Based on the Price/Sales Ratios: An Empirical Study of the Tokyo Stock Exchange
    Raj Aggarwal, Ramesh Rao, and Takato Hiraki
    G. Rhee and R. P. Chang, eds., Asian Capital Market Research, New York: Elsevier Science Publishers 337-354 1990 [Refereed]
  • Skewness and Kurtosis in Japanese Equity Returns
    Raj Aggarwal, Ramesh Rao, and Takato Hiraki
    Journal of Financial Research 12 253-260 1989 [Refereed]
  • Common Stocks as Inflation Hedge in the United States and Japan
    Takato Hiraki
    American Business Review 9 58-64 1986 [Refereed]
  • Selling Unseasoned Equity Shares in Hong Kong and Japan
    Stephen Dawson and Takato Hiraki
    Hong Kong Journal of Business Management 3 125-134 1985 [Refereed]
  • Testing the Proxy Effect Hypothesis of Inflation on Stock Returns for the Japanese Market
    Takato Hiraki
    Quarterly Journal of Business and Economics 24 73-87 1985 [Refereed]
  • Pricing Problems of Unseasoned Equity Issues in Japan: An Empirical Test for Primary and Secondary Market Efficiency
    Takato Hiraki
    Japan Finance Review(4) 1-27 1985 [Refereed]
  • Smelter Emission Controls: The Impact on Mining and the Market for Acid
    Michael Reiber (Principal Investigator), Takato Hiraki and 3 others
    PB83 National Technical Services, State of Interior, US Government 1983

Awards & Honors

  • Jul. 2005 Asian Finance Association 2005 Kuala Lumpur Conference Best Paper Award “Investor Biases in Japan: Another Pathology of the Keiretsu System”
  • Aug. 1993 Sandra Ann Morsilli Pacific-Basin Capital Markets (PACAP) PACAP Competitive Research Award "Price and Volume Effects on TOPIX Returns Associated with the Trading of Nikkei Futures: January 1976 to December 1993"


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