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平木 多賀人 

所属部署名国際大学国際経営学研究科
職名特任教授
更新日: 20/04/03 21:30

研究者基本情報

氏名

    平木 多賀人

所属

  • 国際大学国際経営学研究科 特任教授

学歴

  • 1979年01月- 1983年08月University of Arizona Graduate School of Business
  • 1977年06月- 1978年12月アリゾナ大学 Graduate School of Business
  • 1970年04月- 1974年03月学習院大学 法学部

学位

  • Ph.D.(University of Arizona)

委員歴

  • 2012年04月- 2015年03月Research Center for Science Systems, JSPS Social Science Area Committee Member and Research Fellow
  • 2010年04月- 現在Japan Society for the Promotion of Science (JSPS) International Award Selection Committee (2010~2012) (2016- )
  • 2008年04月- 2011年03月Certified Public Accountants and Auditing Oversight Board National Examination Committee
  • 2007年08月- 2014年03月FMA International Associate Editor, Journal of Applied Finance
  • 2007年04月- 2013年09月ABEST21 (International MBA Accreditation Body Accreditation Committee (Chair 2009)
  • 2004年09月- 2010年03月JAFFEE Managing Editor, Asia-Pacific Financial Markets
  • 2004年09月- 2005年08月European Finance Association Program Committee, 2005 Moscow Conference
  • 2003年09月- 2006年08月Korean Securities Association (KSA) Associate Editor, Asia-Pacific Journal of Financial Studies
  • 2003年01月- 現在Asian Finance Association Associate Editor, Pacific-Basin Finance Journal
  • 2002年09月- 現在University of Kuwait International Advisory Board Member, Arab Journal of Administrative Science
  • 2002年07月- 2002年08月Asian Finance Association Conference and Program Chair, 2002 Inauguration Conference in Tokyo
  • 2002年06月- 2004年07月Asian Finance Association First Co-president (2002-2004)
  • 1997年07月- 2001年06月Pacific-Basin Financial Management Society Executive Board Member、President (2001)
  • 1997年03月- 2013年07月FMA International Program Committee, 1997 Honolulu and 2013 Tokyo Asian Conference
  • 1995年04月- 1999年03月Fulbright, Japan-U.S. Educational Commission Award Selection Committee
  • 1994年04月- 1999年09月QUICK Research Institute QSP Index Annual Review Committee
  • 1992年08月- 1996年09月Global Finance Association Board Member and Associate Editor, Global Finance Journal

経歴

  • 2018年09月- 現在国際大学 大学院国際経営学研究科 特任教授
  • 2010年04月- 2018年03月東京理科大学 経営学部 教授
  • 2004年07月- 2004年08月University of Canterbury (New Zealand) School of Management Earskine Visiting Fellow
  • 2004年04月- 2010年03月関西学院大学 専門職大学院経営戦略研究科 教授
  • 2002年08月- 2002年09月Yale University Yale School of Management Scott Shoen Fellow
  • 2000年04月- 2001年03月大阪大学 大学院国際公共政策研究科 郵政寄付講座教授
  • 1994年09月- 1995年03月University of Illinois at Urbana-Champaign College of Business Administration Fulbright Senior Scholar
  • 1988年04月- 2003年03月国際大学 大学院国際経営学研究科 教授
  • 1988年01月- 1998年03月(株)MTBインベストメントテクノロジー研究所 証券運用研究 主任研究員
  • 1986年07月- 1987年12月(株)山一証券経済研究所 システム投資開発部 主任研究員
  • 1983年08月- 1986年07月ハワイ大学マノア校 経営学部 助教授
  • 1974年04月- 1976年06月安田信託銀行株式会社

研究活動情報

研究分野

  • 人文・社会 / 経営学 / フィナンシャルマネジメント

研究キーワード

    ファイナンス, アセットマネジメント, コーポレートファイナンス

論文

  • Country, Industry Concentration and the Performance of International Mutual Funds
    平木多賀人
    Journal of Banking and Finance 59 297-310 2015年 [査読有り]
  • The value of multinationality and business group for Japanese firms
    Jongmoo Jay Choi, Takato Hiraki, James A. Landi
    JOURNAL OF CORPORATE FINANCE 29 88-110 2014年12月 [査読有り]
    We provide evidence for the combined value impacts of corporate multinationality and business group affiliation, incorporating the effect of endogeneity of diversification decisions. The results for Japanese industrial firms indicate that multinational firms have a statistically significant 23% value premium during FY1995-2011 relative to comparable domestic firms; however, the multinationality premium is moderated by the nature of business group as well as the characteristics of the host country. Specifically, the multinationality premium is negatively associated with both keiretsu membership and main bank ownership of group firms. Main bank ownership as well as vertical keiretsu affiliation positively impact the value of multinationality for firms operating in developing countries. These results hold even during the later part of the sample period, when the keiretsu and main bank systems have been under pressure. The implication is that corporate multinationality is a substitute for business group and for inadequate indigenous institutional infrastructure. (C) 2014 Elsevier B.V. All rights reserved.
  • Investor Biases in Japan: Another Pathology of the Keiretsu System
    平木多賀人
    Pacific-Basin Finance Journal 17 100-124 2009年 [査読有り]
  • Risk Premia in International Equity Markets Revisited
    平木多賀人
    Pacific-Basin Finance Journal 17 295-318 2009年 [査読有り]
  • How Did Japanese Investments Influence International Art Prices?
    平木多賀人
    Journal of Financial and Quantitative Analysis 44 1489-1514 2009年 [査読有り]
  • The Impact of Index Futures Trading on the Day-of-the-Week Effect in Japan
    平木多賀人
    Pacific-Basin Finance Journal 6 493-506 2008年 [査読有り]
  • An Analysis of Japanese Stock Return Dynamics Conditional on United States Monday Holiday Closures
    平木多賀人
    International Finance Review Vol. 4: The Japanese Finance: Corporate Finance and Asset Management in Changing Japan 4 233-252 2003年12月 [査読有り]
  • Recognition of Foreign Exchange Risk in the Japanese Stock Market
    平木多賀人
    International Finance Review Vol. 4: The Japanese Finance: Corporate Finance and Asset Management in Changing Japan 4 461-478 2003年12月 [査読有り]
  • The Japanese Finance: Is It Unique?
    平木多賀人
    International Finance Review Vol. 4: The Japanese Finance: Corporate Finance and Asset Management in Changing Japan 4 3-10 2003年12月
  • Investor Familiarity and Home Bias: Japanese Evidence
    平木多賀人
    Pacific-Basin Finance Journal 11 393-412 2003年 [査読有り]
  • Corporate Governance and Firm Value in Japan: Evidence from 1985 to 1998
    平木多賀人
    Pacific-Basin Finance Journal 11 239-267 2003年 [査読有り]
  • An Analysis of the Relative Performance of Japanese and Foreign Money Management
    平木多賀人
    Pacific-Basin Finance Journal 11 393-412 2003年 [査読有り]
  • Investor Sentiment in Japanese and U.S. Daily Mutual Fund Flows
    平木多賀人
    Yale ICF Working Paper No. 02-09 2002年 [査読有り]
  • The Japanese Open-End Fund Puzzle
    平木多賀人
    Journal of Business 74 59-77 2001年 [査読有り]
  • Volume and Individual Security Returns on the Tokyo Stock Exchange
    平木多賀人
    Pacific-Basin Finance Journal 7 351-370 1999年 [査読有り]
  • Is Foreign Exchange Risk Priced in the Japanese Stock Market?
    平木多賀人
    Journal of Financial and Quantitative Analysis 33 361-382 1998年 [査読有り]
  • How Sensitive Is Short-term Japanese Interest Rate Volatility to the Level of the Interest Rate?
    平木多賀人
    Economics Letter 56 325-332 1997年 [査読有り]
  • Predictable Patterns after Large Stock Price Changes on the Tokyo Stock Exchange
    平木多賀人
    Journal of Financial and Quantitative Analysis 32 345-365 1997年 [査読有り]
  • Cointegration, Common Factors, and the Term Structure of Yen Off-Shore Interest Rates
    平木多賀人
    Journal of Fixed Income 6 69-75 1996年 [査読有り]
  • Some Evidence on the Pricing of Exchange Risk in the Japanese Stock Market
    平木多賀人
    MTEC Journal(9) 24-49 1996年
  • International Diversification When Small Firm Stocks Are Treated as Separate Investment Assets: An Application of the Multi-period Model
    平木多賀人
    R. Aggarwal and D. Schirm, eds., Global Portfolio Diversification: Risk Management, Market Microstructure, and Implementation Issues, Academic Press 168-221 1995年 [査読有り]
  • Corporate Governance, Long-Term Investment Orientation, and Real Options in Japan
    平木多賀人
    L. Trigeorgis, ed., Real Options in Capital Investment: New Contributions, Praeger Publishers 151-162 1995年 [査読有り]
  • Are Preholiday Returns in Tokyo Really Anomalous? If So, Why?
    平木多賀人
    Pacific-Basin Finance Journal 3 93-111 1995年 [査読有り]
  • The Information Content of End-of-the-Day Index Futures Returns: International Evidence from the Osaka Nikkei 225 Futures Contract
    平木多賀人
    Journal of Banking and Finance 19 921-936 1995年 [査読有り]
  • Day-of-the-Week Mean Spillover Effect between New York and Tokyo: January 1976 to August 1992: A Note
    平木多賀人
    Pacific-Basin Finance Journal 2 61-72 1994年 [査読有り]
  • The Impact of Saturday Trading on Stock Returns: Evidence from the Tokyo Stock Exchange: January 1976 to January 1989
    平木多賀人
    Financial Engineering and the Japanese Markets 1 67-80 1994年 [査読有り]
  • Stock Return Volatility and Trading Volume: Evidence from the Tokyo Stock Exchange
    平木多賀人
    MTEC Journal(7) 3-9 1994年 [査読有り]
  • Japanese Initial Public Offerings
    平木多賀人
    I. Walter and T. Hiraki, eds., Restructuring Japan's Financial Markets, Business One/Irwin 79-114 1993年 [査読有り]
  • DIVIDEND YIELDS AND STOCK RETURNS - EVIDENCE FROM THE TOKYO-STOCK-EXCHANGE
    RP RAO, R AGGARWAL, T HIRAKI
    JOURNAL OF ECONOMICS AND BUSINESS 44(3) 187-200 1992年08月 [査読有り]
    This study examines the Tokyo Stock Exchange (TSE) and documents that it is characterized by a significant dividend yield effect similar to that found in U.S. markets. The study also confirms the existence of a significant size and seasonal anomaly in the TSE as documented in prior literature. The dividend yield effect is found to be significant in January, March, June, and December but not in the other months. The significance of the dividend yield effect is found to hold even after controlling for the size effect. The tax rationale as an explanation for the dividend yield effect does not appear to be valid for the Japanese stock market. The fact that these anomalies behave in a fashion similar to that observed in the United States is suggestive of either an integrated global capital market or the omission of common elements in the pricing process used or both.
  • Price/Book Value Ratios and Equity Returns on the Tokyo Stock Exchange: Empirical Evidence for Regularities
    平木多賀人
    Financial Review 27 589-605 1992年 [査読有り]
  • The Effect of End-of-the-Day Futures Trading on Overnight Returns on the Nikkei 225 Index: An Application of GARCH Model
    平木多賀人
    MTEC Journal(5) 23-34 1992年 [査読有り]
  • Commentary
    平木多賀人
    Review of Futures Markets 10(3) 458-459 1991年
  • Equity Return Regularities Based on the Price/Sales Ratios: An Empirical Study of the Tokyo Stock Exchange
    平木多賀人
    G. Rhee and R. P. Chang, eds., Asian Capital Market Research, New York: Elsevier Science Publishers 337-354 1990年 [査読有り]
  • Regularities in Tokyo Stock Exchange Security Returns: P/E, Size, and Seasonal Influences
    平木多賀人
    Journal of Financial Research 13 249-263 1990年 [査読有り]
  • Skewness and Kurtosis in Japanese Equity Returns
    平木多賀人
    Journal of Financial Research 12 253-260 1989年 [査読有り]
  • Common Stocks as Inflation Hedge in the United States and Japan
    平木多賀人
    American Business Review 9 58-64 1986年 [査読有り]
  • Pricing Problems of Unseasoned Equity Issues in Japan: An Empirical Test for Primary and Secondary Market Efficiency
    平木多賀人
    Japan Finance Review(4) 1-27 1985年 [査読有り]
  • Testing the Proxy Effect Hypothesis of Inflation on Stock Returns for the Japanese Market
    平木多賀人
    Quarterly Journal of Business and Economics 24 73-87 1985年 [査読有り]
  • Selling Unseasoned Equity Shares in Hong Kong and Japan
    平木多賀人
    Hong Kong Journal of Business Management 3 125-134 1985年 [査読有り]
  • Smelter Emission Controls: The Impact on Mining and the Market for Acid
    平木多賀人
    PB83 National Technical Services, State of Interior, US Government 1983年

受賞

  • 2005年07月 Asian Finance Association 2005 Kuala Lumpur Conference Best Paper Award “Investor Biases in Japan: Another Pathology of the Keiretsu System”
  • 1993年08月 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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