Waseda Business School
(Graduate School of Business and Finance)


TAKEHARA Hitoshi, Professor



Professor Takehara received his Ph.D. in Management Science and Engineering from the University of Tsukuba. After working at the MTB Investment Technology Institute (current Mitsubishi UFJ Trust Investment Technology Institute) as a researcher, he started his academic career as an assistant professor at the Institute of Socio-Economic Planning, University of Tsukuba. Since 2006, he has been a professor at the Waseda University. Professor Takehara’s main research interest is in asset pricing models and portfolio management.

Academic Degrees

Ph.D. in Management Science and Engineering, University of Tsukuba

Selected Publications


Reform and Price Discovery at the Tokyo Stock Exchange from 1990 to 2012, Palgrave Macmillan

<Journal Articles> 

Megumi Suto and Hitoshi Takehara (2016),”Estimating the hidden corporate social performance of Japanese firms,” Social Responsibility Journal, Vol.12, No.2, 348-362.

Keiichi Kubota and Hitoshi Takehara (2016), “Information asymmetry and quarterly disclosure decisions by firms: Evidence from the Tokyo Stock Exchange,” International Review of Finance, Vol. 16, No.1, 127-159.

Tai-Yuan Chen, Zhaoyang Gu, Keiichi Kubota and Hitoshi Takehara (2015), “Accrual-based and real activities based earnings management behavior of family firms in Japan,” The Japanese Accounting Review, Vol. 5, 21-47.

Takashi Ebihara, Keiichi Kubota, Hitoshi Takehara and Eri Yokota (2014), Market liquidity, private information, and the cost of capital: Market microstructure studies on family firms in Japan,” Japan and the World Economy, Vol. 32. 1-13.

Ravi Jagannathan, Srikant Marakani, Hitoshi Takehara and Yong Wang (2012), “Calendar cycles, infrequent decisions and the cross-section of stock returns,” Management Science, Vol.58, 507-522.

Courses in charge

Statistics (MSc in Finance)

Equity Investment (MSc in Finance)

Seminar on Portfolio Management (MSc in Finance)

Corporate Finance (Evening MBA)

Equity Investment (Evening MBA)

Seminar on Portfolio Management (Evening MBA)


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SAITO Kenji, Professor
NEMOTO Naoko, Professor
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