Based on my work experiences as a credit analyst at DBJ, I started to have an research interest on the Japanese corporate investment behavior and how it could be affected by financial conditions. A few years after finishing a theoretical study on "the Japanese financial system" as the master's thesis at the University of Tokyo in 1995, I got into an economist position at DBJ and wrote several empirical papers investigating the Japanese corporate investment behavior and the decline in the return on capital since 1980's (including the bubble economy), with which my research career began. RICF provided me an excellent network with academics and I carried out joint studies based on DBJ's corporate financial database regarding 1) the recovery of troubled firms in Japan during the “lost decade”, 2) estimation of the multiple q model (the extension of ordinary q model considering the heterogeneity among multiple capital goods) for Japanese firms.

I plan to extend my recent studies as follows.
1. As for the recovery of troubled firms in Japan, a) comparison between the effects of the Japanese banking crisis and the post "Lehman Shock" turmoil, b) testing the effects of corporate governance such as turnover of CEO.
2. As for the multiple q model of investment, estimation in the framework permitting the adjustment cost functions to be partly non-convex.

In addition, I also plan to start a new project to study how the growing role of intangible assets and financial innovations affect the corporate investment behavior.