Updated on 2024/10/07

写真b

 
TAKEZAWA Nobuya
 
*Items subject to periodic update by Rikkyo University (The rest are reprinted from information registered on researchmap.)
Affiliation*
College of Business Department of Global Business
Graduate School of Business Doctoral Program in Business
Graduate School of Business Master's Program in International Business
Title*
Professor
Degree
BA （ University of Michigan, Ann Arbor ） / MPA （ International Christian University ） / PhD （ Simon Fraser University ）
Research Theme*

  • ファイナンス領域を専門とする。特にファイナンスにおける実証分析・計量分析を幅広く行い、最近は、スポーツファイナンス及びリアルオプションの応用・事例研究に従事している。

    • Research Interests

  • Finance (Empirical Finance)

  • Sports Finance

  • Sports Economics

  • Education (Non-cognitive Skills, International)

    • Campus Career*
    • 4 2008 - Present 
      College of Business   Department of Global Business   Professor
    • 4 2011 - Present 
      Graduate School of Business   Master's Program in International Business   Professor
    • 4 2008 - Present 
      Graduate School of Business   Doctoral Program in Business   Professor
    • 4 2008 - 3 2011 
      Graduate School of Business   Master's Program in Business   Professor
     

    Research Areas

    • Humanities & Social Sciences / Money and finance

    Research History

    • 4 2008 - Present 
      Rikkyo University   Graduate School of Business PhD Program   Professor

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    • 4 2008 - Present 
      Rikkyo University   Graduate School of Business MIB Program   Professor

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    • 4 2008 - Present 
      Rikkyo University   College of Business Department of Global Business   Professor

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    • 9 2000 - 3 2008 
      International Christian University   Graduate School of Public Administration   Senior Associate Professor

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    • 9 2000 - 3 2008 
      Division of International Studies, International Christian University   Senior Associate Professor

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    • 1 1997 - 8 2000 
      Graduate School of International Management, International University of Japan   Associate Professor

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    • 9 1993 - 12 1996 
      Graduate School of International Management, International University of Japan   Assistant Professor

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    • 1987 - 1988 
      International Christian University   Social Science Research Institute   Research Assistant (Part-time)

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    Education

    • - 4 1995 
      Simon Fraser University   Department of Economics (PhD)

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      Country： Canada

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    • - 6 1986 
      International Christian University   Graduate School, Division of Public Administration (MPA)(Economic Policy)

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      Country： Japan

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    • - 4 1984 
      University of Michigan, Ann Arbor   College of Literature, Science and the Arts (BA)   (Political Science)

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      Country： United States

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    Awards

    • 2019  
      Waseda University Teaching Award  (Waseda Business School)

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    • 1988  
      Government of Canada Award to Foreign Nationals 1988~1992  (Doctoral Studies)

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    Papers

    • A note on math and text anxiety in learners of introductory finance

      Takezawa

      Rikkyo Business Review17   55 - 59   7 2024

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      Students who face anxiety with mathematics may find finance courses more demanding due to the quantitative nature of the subject matter. However, the effects of math anxiety and test anxiety could be misconstrued for each other. This paper examines whether math anxiety and text anxiety affect how students perform in an introductory finance course. Overall, our findings indicate greater text anxiety is associated with lower test scores and that non-cognitive skills such as grit play an important role in the learning process.

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    • Stock returns and sporting success of the Indonesian National football team

      N. Takezawa, F. Johannes

      Rikkyo Business Review16   3 - 12   7 2023

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      Language：English  

      The empirical literature on investor sentiment investigating the impact of national football team sporting success on local stock market returns remains inconclusive. This calls for a study of investor sentiment in the context of sporting success on an independent sample. The Indonesian national team provides us with an opportunity to examine whether such investor sentiment plays a role in an emerging Asian economy with a long history of football. In line with the literature, we regress local stock index returns on win and loss dummy variables and find little evidence of an impact on stock returns for Indonesia competing in the AFF Suzuki Cup. We conclude fervor in football in Indonesia is largely with local teams as opposed to the national football team.

      DOI： 10.14992/0002000114

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    • Do stadium naming rights announcements impact stock prices: A note on the Japanese experience Peer-reviewed

      Nobuya Takezawa, Yosuke Tsuji, Carolin Schlueter

      Asian Sport Management Review17   17 - 32   5 2023

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      Language：English  

      Since the 2002 FIFA World Cup in South Korea and Japan, we have witnessed an increasing number of stadium naming rights deals in Japan. This paper contributes to the literature by examining the market value of naming rights sponsorship beyond the North American experience. We assess the impact of 36 Japanese naming rights deals from 2003 to 2020 on the corporate sponsor`s stock price. The corporate sponsor stock returns are regressed on naming rights announcement dummy variables in a time series regression. Our findings note that the market reacted to the naming rights deal at the time of official announcement only in select cases consistent with the findings in Leeds et al. (2007) for the US market.

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    • Does On-stage Performance of Esports Teams Impact Stock Prices: Evidence From the Astralis Group Peer-reviewed International journal

      Shuxin Li, Nobuya Takezawa, Jiaxi Zhou

      Applied Economics Letters30 ( 5 ) 674 - 677   2023

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      Publishing type：Research paper (scientific journal)   Publisher：Informa UK Limited  

      The recent establishment and popularity of professional esports leagues, coupled with the public listing of the Denmark-based esports team Astralis Group, presents an opportunity to assess whether wins and losses impact a team`s stock price in nontraditional sports. We provide empirical evidence that wins in championship matches impact stock returns for Astralis in a regression-based event study. This suggests that investors perceive championship wins as an indicator of future earnings growth of the group.

      DOI： 10.1080/13504851.2021.2009757

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    • How Do Gritty Students Perform in an Introductory Finance Course

      N Takezawa

      Rikkyo Business Review15   3 - 9   2022

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      This study finds grit plays an important role in determining academic performance in an online introductory finance course where the results are largely driven by the perseverance component of the GRIT-S scale index. Moreover, our findings contribute to the literature by providing preliminary evidence that grit best predicts the outcome requiring relatively more complex problem-solving and creativity rather than straightforward numerical calculations or testing basic knowledge in the subject matter.

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    • Investigating self-beliefs and success for English medium instruction learners studying finance Peer-reviewed International journal

      Gene Thompson, Nobuya Takezawa, Heath Rose

      Journal of Education for Business97 ( 4 ) 220 - 227   2022

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      Publishing type：Research paper (scientific journal)   Publisher：Informa UK Limited  

      English is increasingly being used as a medium instruction in business education at the tertiary level, with its growth fueled by university internationalization. As a result, many students enrolled in English medium business programs are learning through a second or foreign language, with variant levels of prior knowledge and experiences. This raises questions over the impact these factors have on students’ ability to succeed. This paper reports on an investigation of the extent that English language proficiency, mathematical ability, English self-efficacy, mathematical self-efficacy, experience overseas, and gender predict success in studying finance in English at a university in Japan.

      DOI： 10.1080/08832323.2021.1924108

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    • A Better Tokyo Dome? : A Note on the Mitsui Fudosan Tender Offer Bid for Tokyo Dome Corporation

      N. Takezawa, A. Hongo

      Rikkyo Business Review14   95 - 103   2021

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      Publishing type：Research paper (bulletin of university, research institution)  

      This note provides an overview of the TOB for Tokyo Dome Corp. by Mitsui Fudosan. We conduct an event study to investigate how the market perceived and reacted to the TOB. In order to assess the claims of operational mismanagement made by Oasis, we turn to an Economic Value Added (EVA) analysis.

      DOI： 10.14992/00020991

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    • Learning About Sports Business in Japan : The Queens College Study Abroad Program at Rikkyo University

      N. Takezawa, S. Taniguchi

      Rikkyo Business Review14   85 - 93   2021

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    • Post-IPO Financial Performance and Informational Efficiency of Stock Returns of Bali United Football Club: The Preliminary Evidence Peer-reviewed International journal

      Nobuya Takezawa, Sintia Farach Dhiba

      Asian Sport Management Review15   39 - 48   2020

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      Bali United Football Club successfully listed on the Indonesia Stock Exchange in 2019, making it the second professional football team in Asia to undertake an IPO. This paper aims to provide preliminary empirical evidence on the post-IPO financial performance of Bali United and the impact of match outcomes on its stock price. We find revenue and income improves after going public and that on-field performance has a direct impact on Bali United`s stock prices. These empirical findings suggest that going public could help improve transparency of football clubs in Indonesia. Given the dearth of research on football in Indonesia, the paper also has the objective of contributing to the literature on sports business in Indonesia.

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    • Cleats, Helmets and Other Intangible Assets: A Note on Athlete Securitization

      B Lim, N Takezawa

      Rikkyo Business Review ( 13 ) 19 - 29   2020

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      The note provides an overview of issues related to athlete securitization and income sharing arrangements with reference to the San Francisco-based brand acquisition/marketing start-up Fantex Inc. (Fantex).

      DOI： 10.14992/00020020

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    • Does Math Proficiency Determine Performance in Introductory Finance Courses: Preliminary International Evidence

      N Takezawa

      Rikkyo Business Review ( 13 ) 13 - 18   2020

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      This study provides preliminary empirical evidence indicating math skills play an important role in determining student performance in an introductory finance course. We regressed the test scores on the final test on math pre-test scores, self-reported hours of study per week, GPA, and grade in statistics course.

      DOI： 10.14992/00020019

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    • To What Extent Does Championship Contention and Relegation Affect Match Attendance in J-League?

      N Takezawa

      Rikkyo Business Review6   72 - 74   2013

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      Language：English   Publishing type：Research paper (bulletin of university, research institution)  

      This paper provides preliminary evidence on the impact of relegation and contention for championship on stadium attendance using match level data for J-League (Japan) from 2005 to 2007.

      DOI： 10.14992/00009838

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    • The Abandonment Option in the Oil Processing Industry: A Case Study Peer-reviewed

      Mano, Takezawa, Takezawa

          279 - 300   2006

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      Language：Japanese   Publishing type：Research paper (scientific journal)  

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    • Using Warrants as Synthetic Stock Options: A Note

      N Takezawa

      Journal of Social Science (ICU)50 ( 50 ) 71 - 80   2003

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      Language：English   Publishing type：Research paper (bulletin of university, research institution)  

      Before stock options were legalized in Japan, companies expenmented with instruments referred to as synthetic stock options. As Sony was pioneering in the use of this instrument, It is often referred to as the Sony type synthetic stock option. Applying the methodology developed in Muelbroek (2001) we find the empirical evidence suggests that Sony executives did not value the warrants at a discount even when assuming they are completely undiversified.

      DOI： 10.34577/00002866

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    • Recognition of Foreign Exchange Risk in the Japanese Stock Market Peer-reviewed

      J Choi, T Hiraki, N Takezawa

      International Finance Review   456 - 482   2003

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      Language：English   Publishing type：Research paper (scientific journal)   Publisher：Elsevier Science  

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    • A Note on Credit Risk of Vertical Keiretsu Firms: Preliminary Evidence From the Japanese Automobile Industry Peer-reviewed

      Takezawa, Takezawa

      Asia Pacific Financial Markets ( 10 ) 377 - 298   2003

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      Language：English   Publishing type：Research paper (scientific journal)  

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    • When Should You Invest in a Condominium? Making Investment Timing Decisions Based on an income Capitalization Criteria Peer-reviewed

      Moon, Takezawa, Takezawa

      Practitioner Journal: Japanese Association of Real Estate Finance Engineering ( 1 ) 65 - 75   2003

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      Language：English   Publishing type：Research paper (scientific journal)  

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    • Did Option Markets Anticipate the Decline in Japanese Stock Prices 1990? Peer-reviewed

      Takezawa, Takezawa

      International Finance Review   229 - 234   2003

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      Language：English   Publishing type：Research paper (scientific journal)   Publisher：Elsevier Science  

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    • Real Options and the Evaluation of Research and Development Projects in Pharamaceutical Industry: A Case Study Peer-reviewed

      Trang Nguyen Thu, Takezawa, Takezawa

      Journal of the Operations Research Society of Japan ( 45 ) 385 - 403   2003

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      Language：English   Publishing type：Research paper (scientific journal)  

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    • Share buybacks in Japan: The Preliminary Evidence

      N Takezawa

      社会科学ジャーナル (ICU)48 ( 48 ) 83 - 90   2002

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      Language：English   Publishing type：Research paper (bulletin of university, research institution)  

      DOI： 10.34577/00002891

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    • The Real Option Premium in Japanese Land Prices Peer-reviewed

      H Yamaguchi, N Takezawa, U Sumita

      Proceedings 4th Annual Real Options Conference (Cambridge University)   2000

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      Language：English   Publishing type：Research paper (international conference proceedings)  

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    • Is foreign exchange risk priced in the Japanese stock market? Peer-reviewed

      JJ Choi, T Hiraki, N Takezawa

      Journal of Financial and Quantitative Analysis33 ( 3 ) 361 - 382   9 1998

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      Language：English   Publishing type：Research paper (scientific journal)   Publisher：UNIV WASHINGTON  

      The exchange rate is an important variable that affects international competitiveness and performance of Japanese firms. We use an unconditional and a conditional multi-factor asset pricing model to examine whether exchange risk is recognized and priced in the Japanese stock market. The results indicate that the exchange risk is generally priced in Japan. More specifically, we provide evidence, in the unconditional model, that the exchange risk is priced in both weak and strong yen periods, when the bilateral yen/U.S. dollar exchange rate measure is used. The results are more mixed when the trade-weighted exchange rate is used. For the conditional model, the exchange risk is priced regardless of the exchange rate measure used. The combined evidence from the two models suggests an interesting observation about the role of the secular exchange rate trend in shaping the perception of exchange risk in the Japanese capital markets.

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    • A note on the term structure of implied volatilities for the Yen/U.S. Dollar currency option Peer-reviewed

      N Takezawa, N Shiraishi

      Asia-Pacific Financial Markets5 ( 3 ) 227 - 236   1998

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      Language：English   Publishing type：Research paper (scientific journal)   Publisher：Springer Science and Business Media Deutschland GmbH  

      This paper tests the relationship between short dated and long dated implied volatilities obtained from Tokyo market currency option prices by employing three different volatility models: a mean reverting model, a GARCH model, and an EGARCH model. We document evidence that long dated average expected volatility is higher than that predicted by the term structure relationship during the dramatic appreciation of yen/dollar exchange in the early 1990's. © 1998 Kluwer Academic Publishers.

      DOI： 10.1023/A:1010041822931

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    • How sensitive is short-term Japanese interest rate volatility to the level of the interest rate? Peer-reviewed

      T Hiraki, N Takezawa

      Economics Letters56 ( 3 ) 325 - 332   11 1997

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      Language：English   Publishing type：Research paper (scientific journal)   Publisher：ELSEVIER SCIENCE SA  

      The sensitivity of volatility to the level of the interest rate is well documented in the literature. We investigate whether such results are robust over a range of maturities ranging from seven days to twelve months and whether these findings hold for offshore Japanese yen rates. The volatility is sensitive to level of the rate itself for every maturity examined. (C) 1997 Elsevier Science S.A.

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    • Real Options Peer-reviewed

      Otsuki, Takezawa

      Communications of the Operations Research Society of Japan ( 41 ) 629 - 634   1996

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      Language：Japanese   Publishing type：Research paper (scientific journal)  

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    • Cointegration, Common Factors, and the Term Structure of Yen Off-shore Japanese Interest Rates Peer-reviewed

      Takezawa, Shiraishi, Hiraki

      Journal of Fixed Income ( 6 ) 69 - 75   1996

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      Language：English   Publishing type：Research paper (scientific journal)  

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    • The Information Content of End-of-the-Day Index Futures Returns: International Evidence from the Osaka Nikkei 225 Futures Contracts Peer-reviewed

      T Hiraki, E Maberly, N Takezawa

      Journal of Banking and Finance19 ( 5 ) 921 - 936   8 1995

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      Language：English   Publishing type：Research paper (scientific journal)   Publisher：ELSEVIER SCIENCE BV  

      Employing a generalized autoregressive conditional heteroskedastic (GARCH) time series model, this study investigates the relationship between end-of-the-day (EOD) Osaka Nikkei index futures returns and overnight spot returns for the period September 1988 through June 1991. A statistically significant positive relationship is found between the unexpected component of EOD futures returns and overnight spot returns. In addition, the unexpected component of EOD futures returns is positively related to trading period spot returns over the next two trading days. These results suggest that EOD futures returns reflect the information of informed traders which is partially revealed through trading. The recent elimination of EOD Osaka Nikkei futures trading has removed an important source of information dissemination.

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    • Currency Swaps and Long Term Covered Interest Parity Peer-reviewed

      N Takezawa

      Economics Letters49 ( 2 ) 181 - 185   8 1995

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      Language：English   Publishing type：Research paper (scientific journal)   Publisher：ELSEVIER SCIENCE SA LAUSANNE  

      The present study employs daily data, as opposed to weekly data used in previous studies, to examine whether long-term covered interest parity holds when a currency swap is used as a hedging instrument. We find that large deviations were not rare during the late 1980s but such deviations have diminished in recent years.

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    • A Note on Intraday Foreign-Exchange Volatility and and the Informational Role Quote Arrivals Peer-reviewed

      N Takezawa

      Economics Letters48 ( 3-4 ) 399 - 404   6 1995

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      Language：English   Publishing type：Research paper (scientific journal)   Publisher：ELSEVIER SCIENCE SA LAUSANNE  

      The conditional variance for five different hourly foreign exchange rates is modeled using a GARCH model with the number of incoming quotes as a regressor in the conditional variance equation. We find that the number of quotes is positively and significantly related to the volatility of all rates examined. The empirical findings support the conjecture of a time-consuming information process.

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    • On the Market for Sulfur Dioxide Emission Permits

      Takezawa, Takezawa

      Annual Report: Col. Med. Care and Technol. Gunma Univ. ( 15 ) 137 - 144   1994

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      Language：English   Publishing type：Research paper (bulletin of university, research institution)  

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    • Some Evidence on the Determinants of Japanese Trade Peer-reviewed

      N Takezawa

      社会科学ジャーナル（ICU）26 ( 26 ) 113 - 125   1988

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      Language：English   Publishing type：Research paper (bulletin of university, research institution)  

      DOI： 10.34577/00003660

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      Other Link： http://id.nii.ac.jp/1130/00003660/

    • Exchange Rate Betas:A Note

      N Takezawa

      MTEC Journal ( 1 ) 88 - 94   1988

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      Language：English   Publishing type：Research paper (bulletin of university, research institution)  

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    Books and Other Publications

    • Empirical Studies of the Japanese Securities Market (in Japanese)

      N Takezawa, T Hiraki（ Role： Joint author）

      Asakura Shoten  1997 

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      Language：Japanese Book type：Scholarly book

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    Presentations

    • Do Stadium Naming Rights Create Shareholder Value: The Japanese Experience International conference

      Takezawa

      European Sports Economics Association  9 2014 

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      Language：English   Presentation type：Oral presentation (general)  

      Venue：Antwerp, Belgium  

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    • Moneyball: An Introduction Invited International conference

      Takezawa

      Japan Association of Real Options and Strategy: Asian Workshop on Real Investment Strategy and Risk Management  11 2012 

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      Language：English   Presentation type：Oral presentation (general)  

      Venue：Tokyo, Japan  

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    • Sports Management in Japan Invited

      Takezawa

      Japanese Association for Sport Management  9 2009 

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      Language：Japanese   Presentation type：Symposium, workshop panel (nominated)  

      Venue：Kyoto, Japan  

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    • A Honeymoon Effect for Japanese Stadiums? The Case of J-League International conference

      Takezawa

      Western Economic Association (Annual)  6 2009 

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      Language：English   Presentation type：Oral presentation (general)  

      Venue：Vancouver, Canada  

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    • The Effect of On-field Success on Stock Prices International conference

      Takezawa

      Western Economic Association (International)  3 2009 

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      Language：English   Presentation type：Oral presentation (general)  

      Venue：Kyoto, Japan  

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    • Default Analysis of Golf Courses in Japan International conference

      Ito, Takezawa

      Western Economic Association (Annual)  7 2008 

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      Language：English   Presentation type：Oral presentation (general)  

      Venue：Honolulu, USA  

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    • Does Corporate Team Sport Create Shareholder Value? An Event Study of Japanese Corporates International conference

      Takezawa

      European Association for Sport Management  9 2007 

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      Language：English   Presentation type：Oral presentation (general)  

      Venue：Torino, Italy  

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    • What Determines the Price of Golf Membership in Japan International conference

      Takezawa, Moridaira, Ito

      Asian Association for Sports Management  9 2006 

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      Language：English   Presentation type：Oral presentation (general)  

      Venue：Tokyo, Japan  

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    • Sports Finance: An Introduction Invited

      Takezawa

      Japan Association of Real Options and Strategy (Workshop)  7 2006 

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      Language：English   Presentation type：Public lecture, seminar, tutorial, course, or other speech  

      Venue：Tokyo, Japan  

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    • Valuing Golf Courses in Japan International conference

      Takezawa

      North American Society for Sports Management  6 2006 

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      Language：English   Presentation type：Oral presentation (general)  

      Venue：Kansas City, USA  

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    • Market Value of Stadium Naming Rights: Preliminary Evidence from the Japanese Experience International conference

      Takezawa

      Sports Management Association of Australia and New Zealand  11 2005 

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      Language：English   Presentation type：Oral presentation (general)  

      Venue：Canberra, Australia  

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