Waseda Business School
(Graduate School of Business and Finance)


YOTSUZUKA Toshiki, Professor



Professor Yotsuzuka was a Managing Director at the Salomon Brothers (now part of Citigroup), where he worked from 1989 through 1997 in the areas of Japanese fixed income arbitrage, Japanese convertible arbitrage and firm-wide risk management. Prior to his Salomon career, Dr. Yotsuzuka was an assistant professor at the Graduate School of Business of the University of Chicago. He returned to academia in 1997 and held faculty positions at Hosei University and Hitotsubashi University before moving to Waseda University in 2004. Since 1997, he has also served as a director on the boards of directors of Simplex Inc. and Simplex Asset Management, and subsequently as an advisor of BlackRock Inc. Professor Yotsuzuka obtained his Ph.D. in Economics from the Massachusetts Institute of Technology.

Academic Degrees

Ph.D. in Economics, Massachusetts Institute of Technology

B.A. in Economics, Kyoto University

Selected Publications

“Complex Financial Products in Japan: Evolution of Structured Products and Regulatory Responses”, Current Developments in Monetary and Financial Law, Volume 6, International Monetary Fund, 2013.

“Option-Theoretic Perspectives on Hedge Fund Performance Fees”, Futures & Options Report, Osaka Stock Exchange, 2006 (in Japanese).

“Theory and Practice of Yield Curve Trading: Insights from US Bond Markets”, Securities Analysts Journal, 2005 (in Japanese).

“Market-Neutral Hedge Fund Strategies”, Securities Analysts Journal, 2003 (in Japanese).

“Pricing Swap Credit Risk”, Securities Analysts Journal, 1997 (in Japanese).

“Ricardian Equivalence in the Presence of Capital Market Imperfections”, Journal of Monetary Economics, Vol. 20, 1987.

Hedge Fund Technology – The Frontiers of Financial Technology and Investment Strategy (Co-authored with Yoshihiro Mikami), Toyo Keizai Shimposha, 2000 (in Japanese).

Courses  in charge

Fixed Income Investments (MSc in Finance)

Asset Allocation (MSc in Finance)

Seminar – Topics in Fixed Income Strategies (MSc in Finance)

Fixed Income Investments (Evening MBA)

Hedge Funds (Evening MBA)

Seminar – Topics in Fixed Income Strategies (Evening MBA)


URL of Personal Home Page: http://www.f.waseda.jp/yotsuzuka/


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SHIGEMOTO Akiko, Associate Professor
SAITO Kenji, Professor
NEMOTO Naoko, Professor
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