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


Corporate Social Responsibility and Corporate Finance in Japan, Springer.

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

<Journal Articles> 

Megumi Suto and Hitoshi Takehara (2020), “Corporate social responsibility intensity, management earnings forecast accuracy, and investor trust: Evidence from Japan,” Corporate Social Responsibility and Environmental Management, (Online available).

Keiichi Kubota and Hitoshi Takehara (2019), “Firm-level innovation by Japanese family firms: Empirical analysis using multidimensional innovation measures,” Pacific-Basin Finance Journal, 57.

Keiichi Kubota and Hitoshi Takehara (2019), “Measuring the components of earnings persistency: Applications of the VAR model to long-run Japanese data,” Journal of Accounting, Auditing and Finance, 34(2), 329-342.

Keiichi Kubota and Hitoshi Takehara (2018), “Does the Fama and French five-factor model works well in Japan?” International Review of Finance, 18 (1), 137-146.

Zhaoyang Gu, Keiichi Kubota and Hitoshi Takehara (2017), “How do normative and compliant CSR affect the earnings quality of Japanese firms?” The Japanese Accounting Review, 7, 1-21.

Megumi Suto and Hitoshi Takehara (2017), “CSR and cost of capital: evidence from Japan,” Social Responsibility Journal, 13 (4), 794-816.

Megumi Suto and Hitoshi Takehara (2016), “Estimating the hidden corporate social performance of Japanese firms,” Social Responsibility Journal, 12 (2), 348-362.

Megumi Suto and Hitoshi Takehara (2016), “The link between corporate social performance and financial performance: Empirical evidence from Japanese firms,” International Journal of Corporate Strategy and Social Responsibility, 1 (1), 4-25.

Keiichi Kubota and Hitoshi Takehara (2016), “Information asymmetry and quarterly disclosure decisions by firms: Evidence from the Tokyo Stock Exchange,” International Review of Finance, 16 (1), 127-159.

Tai-Yuan Chen, Zhaoyang Gu, Keiichi Kubota and Hitoshi Takehara (2016), “Accrual-based and real activities based earnings management behavior of family firms in Japan,” The Japanese Accounting Review, 5, 21-47.

Courses in charge

Statistics (MSc in Finance)

Seminar on Portfolio Management (MSc in Finance)

Corporate Finance (Evening MBA)

Equity Portfolio Management (Evening MBA)

Seminar on Portfolio Management (Evening MBA)


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