Working Papers

Unsecured loans and Intangible Investment,(Co-authored with Iichiro Uesugi and Hiromichi Iwaki) RIETI Discussion Paper Series 23E034, May 2023. pdf

Floods and Loan Reallocation: New Evidence,(Co-Authored with Duc Giang Nguyen, and Thu Ha Nguyen) RIETI Discussion Paper Series 22E088, September 2022. pdf

Structural Change in Firm Dynamics: From Inter-Firm Network and Geospatial Perspectives, (Co-authored with Gee Hee Hong and Yukiko Umeno Saito) RIETI Policy Discussion Paper Series 19P031, November 2019. pdf

Supply Chain Disruptions and Trade Credit, (co-authored with Yi Lu, Yas Todo, and Lianmin Zhu), RIETI DP 17E054, March 2017. pdf

Product Network Connectivity and Information for Loan Pricing, (co-authored with Jiangtao Fu), RIETI DP 17E028, March 2017. pdf

Investment Distortion by Collateral Requirements: Evidence from Japanese SMEs, Research Institute of Economy, Trade and Industry (RIETI) DP 15E050, April 2015 (last revised March 2018). revised version

The Certification Role of Pre-IPO Banking Relationships: IPO Underpricing and Post-IPO Performance in Japan, Waseda Institute of Political Economy Working Paper Series E1423, March 2015. pdf

A Report on a Fact-Finding Survey of the Credit-Decision System and Loan Pricing in Small Business Financing in Japan, (co-authored with Prof. Tadanobu Nemoto and Prof. Wako Watanabe), RIETI DP 11E053, 2011. pdf

Endogenous Relationship Banking to Alleviate Excessive Screening in Transaction Banking, Hitotsubashi University Institute of Economic Research DP, No. 487, 2006. pdf

Refereed Articles

Network-Motivated Forbearance Lending, (co-authored with Ryo Okui and Yukiko Umeno Saito). Management Science, forthcoming, 2025. pdf   Online Appendix. pdf

Intensified Competition and Search-for-Yield under Prolonged Monetary Easing, Jorunal of the Japanese and International Economies 56: 101076, 2020.

Are Japanese Companies Less Risky and Less Profitable than US Companies? Evidence from a Matched Sample, (co-authored with Jiangtao Fu), Japan and the World Economy 51: 100960, 2019.

The Objective Function of Government-Controlled Banks in a Financial Crisis, Journal of Banking and Finance 89, pp. 78-93, 2018.

Inside Bank Premiums as Liquidity Insurance, (co-authored with Tadanobu Nemoto, and Wako Watanabe), Journal of the Japanese and International Economies 42, pp. 61-76, 2016.

The Certification Role of Pre-IPO Banking Relationships: Evidence from IPO Underprising in Japan, Japanese Economic Review 68(2), pp.244-256, 2017.

Bank Consolidation and Soft Information Acquisition, (co-authored with Hirofumi Uchida), Journal of Financial Services Research 45, pp.173-200, 2014. 

Lending Competition and Credit Availability for New Firms: Empirical Study with the Price Cost Margin in Regional Loan Markets, Journal of Banking and Finance 36, pp.1822-1838, 2012.

Interbank Competiton and Information Acquisition: Evidence from Interest Rate Difference, Journal of Financial Intermediation 19, pp.279-304, 2010.

Interbank Competition and Relationship Banking: Evidence from Japan, (co-authored with Nobuyoshi Yamori), International Journal of Business 15, pp.377-393, 2010.

Learning from a rival bank and lending boom, Journal of Financial Intermediation 15, pp. 555-575, 2006.

Refereed Articles in Japanese

Kin'yu Kikan No Keiei Tougo To Soft Joho No Kison (Negative Impact of Bank Consolidation against on Soft Information Acquisition), Keizai Kenkyu, Institute of Economic Research, Hitotsubashi University, April 2008.

Relationship-Gata Kin'yu Chukai No Keizai Bunseki (Economic Analysis of Relationship-Based Financial Intermediation), Gendai Finance, September 2008.

Other Publications

The Decision-Making Mechanism of Regional Financial Institutions and the Utilization of Soft Information, co-authored with Tadanobu Nemoto and Wako Watanabe, Public Policy Review (Policy Research Institute, Ministry of Finance, Japan) 9(1), pp. 87-115, January 2013. pdf