Updated on 2021/06/22

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 Field of Study: Business
Graduate School of Business Field of Study: International Business
Title*
Professor
Degree
BA ( ミシガン大学 ) / PhD ( サイモンフレーザー大学 ) / 行政学修士 ( 国際基督教大学 ) / BA ( University of Michigan, Ann Arbor ) / MPA ( International Christian University ) / PhD ( Simon Fraser University )
Contact information
Mail Address
Research Theme*
  • 専門はファイナンスである。国際企業財務を専門とし、特に為替リスク管理に関心をもつ。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
  • Sports Business

  • Finance

  • Campus Career*
    • 4 2008 - Present 
      College of Business   Department of Global Business   Professor
    • 4 2008 - Present 
      Graduate School of Business   Field of Study: Business   Professor
    • 4 2008 - Present 
      Graduate School of Business   Field of Study: International Business   Professor
     

    Research Areas

    • Humanities & Social Sciences / Money and finance

    Research History

    • 4 2008 - Present 
      RIKKYO UNIVERSITY   Graduate School of Business Field of Study: International Business   Professor

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    • 4 2008 - Present 
      RIKKYO UNIVERSITY   Graduate School of Business Field of Study: Business   Professor

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    • 4 2008 - Present 
      RIKKYO UNIVERSITY   College of Business Department of Global Business   Professor

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    • 4 2008 - Present 
      RIKKYO UNIVERSITY   Graduate School of Business Field of Study: International Business   Professor

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

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    • 1 1997 - 8 2000 
      International University of Japan, Graduate School of International Management   Associate Professor (as old post name)

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

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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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    Papers

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

      Gene Thompson, Nobuya Takezawa, Heath Rose

      Journal of Education for Business   1 - 8   12 5 2021

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

      DOI: 10.1080/08832323.2021.1924108

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

      Lim, Takezawa

      Rikkyo Business Review ( 13 ) 19 - 29   2020

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

      Takezawa

      Rikkyo Business Review ( 13 ) 13 - 18   2020

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

      Nobuya Takezawa, Sintia Farach Dhiba

      Asian Sport Management Review15   39 - 48   2020

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

      Takezawa

      Rikkyo Business Review   72 - 74   2013

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

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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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    • 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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    • 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

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

      Choi, Hiraki, 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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    • Using Warrants as Synthetic Stock Options: A Note

      Takezawa

      社会科学ジャーナル (ICU)   71 - 80   2003

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

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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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    • Share buybacks in Japan: The Preliminary Evidence

      Takezawa

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

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

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

      Yamaguchi, Takezawa, 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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    • 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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    • 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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    • 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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    • THE INFORMATION-CONTENT OF END-OF-THE-DAY INDEX FUTURES RETURNS - INTERNATIONAL EVIDENCE FROM THE OSAKA-NIKKEI-225 FUTURES CONTRACT Peer-reviewed

      T HIRAKI, E MABERLY, N TAKEZAWA

      JOURNAL OF BANKING & 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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    • A NOTE ON INTRADAY FOREIGN-EXCHANGE VOLATILITY AND THE INFORMATIONAL ROLE OF 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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    • Exchange Rate Betas:A Note

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

      Takezawa

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

      Takezawa, 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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    Research Projects

    • 不動産評価の時空間経済学的分析

      日本学術振興会  科学研究費助成事業 

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      4 2005 - 3 2008

      Grant type:Competitive

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    • グループへ参入する価値・リアルオプションを用いたビジネス戦略の評価

      全国銀行学術研究振興財団  全国銀行学術研究振興財団 

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      4 2002 - 3 2003

      Grant type:Competitive

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    • 日本の銀行のリスクと市場での価格付け

      全国銀行学術研究振興財団  全国銀行学術研究振興財団 

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      4 1997 - 3 1998

      Grant type:Competitive

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    • 我が国及びアジア諸国における円・ ドル為替レートリスクとプレミア

      科学研究費助成事業 

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      1 1996 - 3 1997

      Grant type:Competitive

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