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Faculty Members

HIROTA, Shin'ichi
Associate Professor
Lectures Japanese Readings in Business and Economics
Present Address (Office) School of Commerce, Waseda University
1-6-1 Nishiwaseda, Shinjuku, Tokyo, 169-8050, JAPAN
Tel: +81-3-5286-2088, Fax: +81-3-3203-7067
E-mail: shirota@mn.waseda.ac.jp
Present Position Associate Professor, School of Commerce, Waseda University, Tokyo, Japan
Education 1987-91 Doctor of Economics, Doshisha University, JAPAN
1985-87 Master of Economics, Doshisha University, JAPAN
1981-85 Department of Economics, Doshisha University, JAPAN
Working Experience 2000- Associate Professor, School of Commerce, Waseda University
1998- Assistant Professor, School of Commerce, Waseda University
1992-98 Assistant Professor, Faculty of Business Administration and Information, Setsunan University
1991-92 Assistant Professor, Department of Literature, Eichi University
Part-Time Positions 1997-98 Part-Time Lecturer, Department of Economics, Doshisha University
1994 Part-Time Lecturer, Department of Economics, Shiga University (Summer)
1990-91 Part-Time Lecturer, Department of Literature, Baika Women's College
Professional Service 1999- Research Associate, Japanese Bankers Association
1999- A Member of the Working Group of Financial Advisory Council to the Prime Minister of Japan
1998- Auditor, Nippon Finance Association
1994-96 Research Associate, Japanese Bankers Association
1990-91 Visiting Researcher, Japan Securities Research Institute
Professional Affiliations Japanese Economic Association
Nippon Finance Association
Japan Society of Monetary Economics
American Finance Association
Economic Science Association
Tokyo Center for Economic Research
Research Books (in Japanese)
Akio Kurada, Yasuhiro Yonezawa, Keishi Shinbo, and Shin'ichi Hirota, A Big-Bang in Japanese Corporate Finance, Tokyo, Toyokeizai-shinposha, (June 1998).

Published Articles (in English)
Shin'ichi Hirota, "Bank-Firm Relationships and Corporate Governance in Japan: Evidence from the 1960s - 1990s", in: D.G.Dickinson (ed.), Financial Sector Reform in South East and East Asia, Edward Elgar, (forthcoming).
Shin'ichi Hirota, "Are Corporate Financing Decisions Different in Japan? An Empirical Study on Capital Structure", Journal of the Japanese and International Economies 13, (September 1999).
Shin'ichi Hirota and Yoshiro Tsutsui, "Do Banks Diversify Portfolio Risk? A Test of the Risk Cost Hypothesis", Japan and the World Economy 11, (January 1999).
Shin'ichi Hirota and Kazuhito Ikeo, "Two Roles of Debt and Optimal Capital Structure", Journal of Business and Information 4, (February, 1997)
Atsuo Fukuda and Shin'ichi Hirota, "Main Bank Relationship and Capital Structure in Japan", Journal of the Japanese and International Economies 10 (September 1996)

Published Articles (in Japanese)
Shin'ichi Hirota and Toshihiro Horiuchi, "Recent Changes of the Main Bank Relationships in Japan", Review of Monetary and Financial Studies, (forthcoming).
Shin'ichi Hirota, "Is the Bank-Oriented System in Japan Changing? Interview Evidence" The Waseda Commercial Review, No. 383, (September 1999)
Shin'ichi Hirota, "The Main Bank Relationships in Japan: A Descriptive Analysis in 1990s", Kinyu (Japanese Bankers Association Review), No. 609, (December 1997).
Shin'ichi Hirota, "The Main Bank Relationships in Japan: 1964-1992", Doshisha Economic Review 48, (March 1997).
Shin'ichi Hirota, "Corporate Financing Decisions of Japanese Firms", in S. Itoh (ed.), Japanese Economy and Finance, Kyoto, Koyo-Shobo, (March 1997).
Shin'ichi Hirota, "Corporate Governance in Japanese Capital Markets: An Empirical Study", in T. Tachibanaki and Y. Tsutsui (eds.), Japanese Capital Markets, Tokyo, Nihon-Hyoronsha, (September 1996).
Shin'ichi Hirota and Kazuhito Ikeo, "Corporate Finance and Managerial Efficiency", in H. Itoh (ed.), The Japanese Firm as a System, Tokyo, University of Tokyo Press (June 1996).
Shin'ichi Hirota, "Implicit Contracts in Japanese Loan Markets", Doshisha Economic Review 46, (February 1995).
Atsuo Fukuda and Shin'ichi Hirota, "Why Does the Main Bank Rescue the Firm? An Event Study Analysis", Doshisha Economic Review 46, (February 1995).
Shin'ichi Hirota, "Interpreting the Loan Rate Variations in Japan: Risk Sharing and the Full-cost Principle", in T. Tachibanaki and K. Matsuura (eds.), Japanese Financial System: Markets and Institutions, Tokyo, Nihon-Hyoronsha, (October 1994).
Shin'ichi Hirota and Atsuo Fukuda, "Choice among Equity, Debt, and the Main Bank Borrowing: An Optimal Capital Stricture of Japanese Firms", Review of Monetary and Financial Studies 7, (July 1994).
Kazuhito Ikeo and Shin'ichi Hirota, "Corporate Capital Structure and the Main Bank in Japan", in A. Horiuchi and N. Yoshino (eds.), Structural Analyses of the Japanese Financial System, Tokyo, University of Tokyo Press, (June 1992).
Shin'ichi Hirota and Yoshiro Tsutsui, "Scope Economies in the Japanese Banking Industry", in A. Horiuchi and N. Yoshino (eds.), Structural Analyses of the Japanese Financial System, Tokyo,University of Tokyo Press, (June 1992).
Kazuhito Ikeo and Shin'ichi Hirota, "Corporate Capital Structure and the Role of Banks in Japan", in the Proceedings of the Annual Meeting of the Society for the Economic Studies of Securities 27, (May 1992).
Shin'ichi Hirota, "The Relationship between the Size and the Growth in Japanese Financial Industries: Empirical Evidence", Doshisha Economic Review 42, (March 1991).
Shin'ichi Hirota, "The Determinants of the Profit Rates in the Japanese Banking Industry: Empirical Evidence", Doshisha Economic Review 42, (February 1991).
Shin'ichi Hirota, "The Risk Sharing Role of the Main Banks in Japan: An Empirical Study", in the Proceedings of the Annual Meeting of Japan Society of Monetary Economics 71, (January 1991).
Yoshio Itaba, Tokujiro Kubo, Atsunobu Sugimoto, and Shin'ichi Hirota, "On the Economic Role of Options", Doshisha Economic Review 42, (December 1990).
Shin'ichi Hirota, "The Economic Role and Pricing of Options: Re-examination on the Option Theory under Asymmetric Information", Shoken Keizai, No. 173, (October 1990).
Shin'ichi Hirota, "The Risk Sharing Role of the Main Banks in Japan: An Empirical Study", Doshisha Economic Review 41, (March 1990).
Shin'ichi Hirota, "The Stability of the Main Bank in Japan: A Survey and a Theoretical Analysis", Doshisha Economic Review 41, (November 1989).
Shin'ichi Hirota, "A Theoretical Analysis on the Security Underwriting Syndicate", Doshisha Economic Review 41, (November 1988).

Published Short Articles (in Japanese)
Shin'ichi Hirota, "Considering the Society through Experimental Economics", Keizai Seminar, (forthcoming).
Shin'ichi Hirota and Koji Kawano, "Do School Ties Affect the Decision of Employment? Evidence from Job Markets in Japan", Keizai Seminar, (January 1999).
Shin'ichi Hirota, "Is the Japanese Main Bank System Changing?", Keizai Seminar, (February 1998).
Shin'ichi Hirota, "Theories on Corporate Governance and the Japanese Firm", ESP (Economy, Society, Policy), (April 1995)

Book Reviews (in Japanese)
Shin'ichi Hirota, A Book Review of Japan's Financial System: Markets, Banks, and Their Stability, by Shiro Yabushita (Tokyo, University of Tokyo Press, 1995), Review of Monetary and Financial Studies 11.12, (March 1997).
Shin'ichi Hirota, A Book Review of Banks and Financial System in Japan, by Yoshiaki Shikano (Tokyo, Toyokeizai-Shinposha, 1994), Shoken Keizai, No. 192, (June 1995).

Text Books, Dictionaries, and Articles for Educational Purposes (in Japanese)
Shin'ichi Hirota, "Microeconomics for Finance", in N. Yoshino and A. Takatsuki (eds.), Introduction to Finance (2nd ed.), Tokyo, Yuhikaku, (September 1999).
Shin'ichi Hirota, "Individual Decisions in Finance", in H. Imamura (ed.), Finance Theory, Kyoto, Yachiyo-Shobo, (March 1997).
Shin'ichi Hirota, "Microeconomics for Finance", in N. Yoshino and A. Takatsuki (eds.), Introduction to Finance (1st ed.), Tokyo, Yuhikaku, (October 1996).
Shin'ichi Hirota, "Introduction to Finance", Keizai Seminar, (March 1994).
Shin'ichi Hirota, "Banks and Financial Intermediaries" in R. Tachi (ed.), Dictionary of Banking and Finance, Tokyo, Toyokeizai-Shinposha, March 1994.
Shin'ichi Hirota and Kazuhito Ikeo, "Information Asymmetries and Financial Intermediation", in R. Tachi (ed.), Dictionary of Banking and Finance, Tokyo, Toyokeizai-Shinposha, March 1994.

Unpublished Papers (in English)
Shin'ichi Hirota, Tatsuyoshi Saijo, Yasuyo Hamaguchi, and Toshiji Kawagoe, "The Free-rider Problem in Corporate Takeovers: Evidence from Laboratory Markets", the paper presented at the Conference: New Development in Experimental Economics (March 1999), revised in December 1999.
Shin'ichi Hirota and Hideaki Miyajima, "Has the Bank-Intervention-Governance Changed Recently in Japan? Evidence from 1970s - 1990s", the paper presented at the 1999 Fall Meeting of Japan Society of Monetary Economics (October 1999).
Shin'ichi Hirota, "Main Bank Relationships, Intercorporate Shareholdings, and Corporate Governance in Japan: Evidence from 1960s - 1990s", the paper presented at the 1999 Annual Meeting of Nippon Finance Association (June 1999).
Shin'ichi Hirota, "Does Financial Market Competition Destroy Lending Relationships? Evidence from the Main Bank Relations in Japan", the paper presented at the 1999 Spring Meeting of Japanese Economic Association (May 1999).

Unpublished Papers (in Japanese)
Shin'ichi Hirota, Tatsuyoshi Saijo, Yasuyo Hamaguchi, and Toshiji Kawagoe, "Does Takeover Mechanism Work? Experimental Evidence", the paper presented at 1st Experimental Economics Conference of Japan (September 1998) and the 1998 Spring Meetings of Japanese Economic Association (June 1998).
Toshihiro Horiuchi and Shin'ichi Hirota, "What is the Main Bank? An Examination", Discussion Paper of Economics and Business, Kyoto Sangyo University, No. 13 (March 1994).
Presentations 1999 Fall Meeting of Japan Society of Monetary Economics (October 16, Tohoku University).
1999 Annual Meeting of Nippon Finance Association (June 5, Aoyama-Gakuin University).
1999 Spring Meeting of Japanese Economic Association (May 15, Kagawa University).
NFA/APFA First Joint International Conference (Nippon Finance Association the 1998 Annual Meeting) (July 20, Yuport-Hotel, Gotanda)
1998 Spring Meeting of Japanese Economic Association (June 13, Aoyama-Gakuin University).
1997 Fall Meeting of Japan Society of Monetary Economics (November 2, Hokkaido University).
1997 Spring Meeting of Japan Society of Monetary Economics (June 1, Chiba-Shoka University).
1997 Annual Meeting of Nippon Finance Association (May 24, Hosei University).
1996 Annual Meeting of Nippon Finance Association (May 18, Keio University).
1995 Fall Meeting of Japan Society of Monetary Economics (October 28, Kobe University).
1994 Fall Meeting of Japan Society of Monetary Economics (November 13, Chukyo University).
1994 Spring Meeting of Japan Society of Monetary Economics (May 28, Seijo University).
1993 Annual Meeting of Nippon Finance Association (November 21, Musashi University).
1993 Western Meeting of Japan Society of Monetary Economics (November 6, Kansai University).
1993 Spring Meeting of Japan Society of Monetary Economics (June 6, University of Tokyo).
1991 Annual Meeting of Japanese Economic Association (September 14, Hokkaido University).
1991 Western Meeting of Japanese Economic Association (June 8, Konan University).
1991 Annual Meeting of Society for the Economic Studies of Securities (May 19, Meiji University).
1991 Western Meeting of Japan Society of Monetary Economics (February 23, Doshisha University).
1990 Annual Meeting of Japanese Corporate Finance Association (October 28, Kyoto University).
1990 Western Meeting of Society for the Economic Studies of Securities (October 13, Osaka Shoken Kaikan).
1989 Fall Meeting of Japan Society of Monetary Economics (October 28, Kansei-Gakuin University).
1989 Western Meeting of Japanese Economic Association (June 10, Doshisha University).
Refereeing Experience Japanese Economic Review, Kinyu Keizai Kenkyu (Review of Monetary and Financial Studies), Gendai Finance (Journal of Nippon Finance Association), Finance Kenkyu (Japan Financial Review), Keizaigaku-Ronshu (The Journal of Economics)
Fellowships and Grants 1998 A Grant-in-Aid from Zengin Foundation for Studies on Economics and Finance
1997-98 Japanese Ministry of Education Grant-in-Aid
1997 A Grant-in-Aid from Tokyo Center for Economic Research
1995 A Grant-in-Aid from Zengin Foundation for Studies on Economics and Finance
1991 Japan Foundation for the Promotion of Research in Economics Research Grant (co-researcher with Kazuhito Ikeo)
1991 Japan Securities Scholarship Foundation (co-researcher with Kazuhito Ikeo)
Current Reserch Interests Experimental Economics, Cultural Difference and People's Behavior, Comparing Financial Systems, Japanese Financial System, Corporate Governance


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