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IWATSUBO Kentaro
Graduate School of Economics / Division of Economics
Professor

Researcher basic information

■ Research Keyword
  • Finance
  • International Finance
■ Research Areas
  • Humanities & social sciences / Money and finance
■ Committee History
  • Apr. 2022 - Present, Japanese Finance Association, Board member
  • Jun. 2016, Japan Society of Monetary Economics, Board Member
  • Jun. 2016, 日本金融学会, 常任理事

Research activity information

■ Award
  • Mar. 2015 村尾育英会, 村尾育英会 学術奨励賞, 為替レートのファイナンス分析
    IWATSUBO KENTARO
    Publisher

■ Paper
  • Kentaro Iwatsubo, S. Ghon Rhee, Ye Zhou Zhang
    Elsevier BV, Feb. 2023, Pacific-Basin Finance Journal, 77, 101924 - 101924, English
    [Refereed]
    Scientific journal
    Link to Kobe Univ. Repository (Kernel)

  • Kentaro Iwatsubo, Clinton Watkins
    Arbitrage and liquidity are interrelated. Liquidity facilitates arbitrageurs’ trading on deviations from the law of one price. However, whether arbitrage opportunity leads to an increase or decrease in liquidity depends on the cause of the deviation. A demand shock leads to greater liquidity, while asymmetric information is toxic to liquidity. We examine how arbitrage and liquidity influence each other in the world’s largest platinum futures markets on exchanges in New York and Tokyo. The markets provide an interesting institutional setting because the futures are based on an identical underlying commodity but exhibit different liquidity characteristics both intraday and over their lifespans. Using intraday data, we find that deviation in currency-adjusted futures prices leads, on average, to an immediate increase in liquidity, suggesting that demand shocks are the dominant driver of arbitrage opportunities. Less actively traded futures experience a greater liquidity effect. Arbitrageurs improve liquidity in both New York and Tokyo by acting as discretionary liquidity traders and cross-sectional market-makers.
    MDPI AG, Dec. 2022, Journal of Risk and Financial Management, 15(12) (12), 593 - 593, English
    [Refereed]
    Scientific journal
    Link to Kobe Univ. Repository (Kernel)

  • The Role of Market Makers in Multi-Agent Artificial Markets: A Literature Survey
    Kentaro Iwatsubo, Qinan Yu
    Nov. 2022, Journal of Economics and Business Administration, 226(5) (5), 1 - 15, Japanese
    [Invited]
    Scientific journal
    Link to Kobe Univ. Repository (Kernel)

  • Bernd Hayo, Kentaro Iwatsubo
    We use a 2018 survey of FX margin traders in Japan to investigate which key factors influence their trading performance: socio-demographic and economic situation, investment strategy and trading behaviour, and/or financial literacy. We study this question using general-to-specific modelling and impulse-indicator saturation. First, the data show that variables from all three groups are significant predictors of traders’ performance. Second, we find that older traders and those without a specific trading strategy demonstrate lower performance. Performance is higher for those who trade greater amounts, rely more on fundamental analysis, and report having profitable FX trade skills. Third, respondents’ subjectively stated claim of having FX trade skills is based on a more advanced understanding of FX trading and a reliance on professional advice. Neither objective financial knowledge nor over/underconfidence play a noteworthy role in the performance of margin traders.
    MDPI AG, Sep. 2022, Sustainability, 14(18) (18), 11662 - 11662, English
    [Refereed]
    Scientific journal
    Link to Kobe Univ. Repository (Kernel)

  • Individual Characteristics and Investment Performance of FX Investors - An Analysis Based on Questionnaire Surveys and Trading Data
    Kentaro Iwatsubo
    Aug. 2022, Security Analyst Journal, 60(8) (8), 34 - 45, Japanese
    [Invited]
    Scientific journal

  • Takashi Hiroki, Kentaro Iwatsubo, Clinton Watkins
    Corresponding, Elsevier BV, Feb. 2022, Pacific-Basin Finance Journal, 72, 101710 - 101710, English
    [Refereed]
    Scientific journal
    Link to Kobe Univ. Repository (Kernel)

  • Kentaro Iwatsubo, Clinton Watkins
    Elsevier BV, Apr. 2021, Pacific-Basin Finance Journal, 67, 101548 - 101548, English
    [Refereed]
    Scientific journal

  • Total Factor Productivity of Japanese Firms
    Kentaro Iwatsubo, Takashi Hiroki
    Lead, Feb. 2021, Journal of Economics and Business Administration, 223(2) (2), 49 - 62, Japanese
    [Invited]
    Scientific journal
    Link to Kobe Univ. Repository (Kernel)

  • Productivity and Stock Prices of Japanese Listed Firms
    Kentaro Iwatsubo, Takashi Hiroki
    Lead, Sep. 2020, Securities Analyst Journal, 58(9) (9), 78 - 87, Japanese
    [Refereed]
    Scientific journal

  • Kentaro Iwatsubo, Clinton Watkins
    GRADUATE SCHOOL OF ECONOMICS, KOBE UNIVERSITY, Jan. 2020, International Review of Financial Analysis, 67, English
    [Refereed]
    Scientific journal
    Link to Kobe Univ. Repository (Kernel)

  • Crude Oil Prices, Capital Flows, and Emerging Economies
    IWATSUBO KENTARO, OGASAWARA SATORU
    Policy Research Institute, Ministry of Finance, Jul. 2019, Public Policy Review, 15(1) (1), 35 - 67, English
    [Invited]
    Scientific journal

  • 資源価格、資本フロー、新興国経済
    IWATSUBO KENTARO, OGASAWARA SATORU
    財務省財務総合政策研究所, Mar. 2019, フィナンシャル・レヴュー, 137(2) (2), 35 - 61, Japanese
    [Invited]
    Scientific journal

  • IWATSUBO KENTARO
    Wiley, Sep. 2018, International Review of Finance, 18(3) (3), 463 - 475, English
    [Refereed]
    Scientific journal
    Link to Kobe Univ. Repository (Kernel)

  • Kentaro Iwatsubo, Clinton Watkins, Tao Xu
    Elsevier B.V., 2018, Journal of Commodity Markets, 11, 59 - 71, English
    [Refereed]
    Scientific journal
    Link to Kobe Univ. Repository (Kernel)

  • Trading system in Jasdaq and liquidity
    IWATSUBO KENTARO
    The Keizai-Keiei Gakkai, Kobe University, Aug. 2017, Journal of Economics and Business Administration, 216(2) (2), 1 - 11, Japanese
    [Invited]
    Scientific journal
    Link to Kobe Univ. Repository (Kernel)

  • 地域銀行のアジア展開－東南アジアを中心に－
    IWATSUBO KENTARO
    全国地方銀行協会 金融構造研究会, Jun. 2016, 金融構造研究, 38(38) (38), 45 - 56, Japanese
    [Invited]
    Scientific journal

  • Loss-cut rules for foreign exchange margin trading - disposition effect and risk taking
    IWATSUBO KENTARO
    The Securities Analysts Association of Japan, Apr. 2016, Securities Analysts Journal, 54(4) (4), 35 - 43, Japanese
    [Refereed]
    Scientific journal

  • International Portfolio Flows in the Post-global Financial Crisis Period
    IWATSUBO KENTARO, OGASAWARA SATORU
    Socieity of Monetary Economics, Feb. 2016, Japanese Journal of Monetary and Financial Economics, 4(1) (1), 18 - 37, Japanese
    [Refereed]
    Scientific journal

  • IWATSUBO KENTARO
    神戸大学経済経営学会, Aug. 2015, 国民経済雑誌, 212(2) (2), 15 - 24, Japanese
    Scientific journal
    Link to Kobe Univ. Repository (Kernel)

  • Kentaro Iwatsubo, Ian W. Marsh
    Oct. 2014, INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, 19(4) (4), 251 - 266, English
    [Refereed]
    Scientific journal

  • Information Improving Channel of Exchange Rate Intervention: How Do Announcements Work?
    IWATSUBO KENTARO, KAWANISHI SATOSHI
    This paper presents a new channel of foreign exchange interventions under which official announcements can improve the accuracy of private agents’ information and encourage risk-arbitrage thereby enhancing the informativeness of the exchange rate. Unlike the traditional signaling channel, this effect holds even when the central bank does not possess superior information to trad
    Jun. 2014, Journal of Financial Studies, 22(2) (2), 27 - 64, English
    [Refereed]
    Scientific journal

  • IWATSUBO KENTARO, OGASAWARA SATORU
    The Keizai-Keiei Gakkai, Kobe University, Sep. 2013, Journal of Economics and Business Administration, 208(3) (3), 87 - 103, Japanese
    Scientific journal
    Link to Kobe Univ. Repository (Kernel)

  • 金融政策とフィナンシャル・コンディションズ・インデックス-マクロ・プルーデンス政策のための量的指標
    IWATSUBO Kentaro, HARUI Hisashi
    Kobe University, Jan. 2011, 国民経済雑誌, 第203巻第1号(1) (1), 75 - 90, Japanese
    Scientific journal
    Link to Kobe Univ. Repository (Kernel)

  • 円キャリー・トレードと世界金融危機
    IWATSUBO KENTARO
    Oct. 2009, 国民経済雑誌, 200(5) (5), 35 - 49, Japanese
    Scientific journal
    Link to Kobe Univ. Repository (Kernel)

  • Eiji Ogawa, Kentaro Iwatsubo
    Elsevier, May 2009, Journal of Asian Economics, 20(3) (3), 225 - 239, English
    [Refereed]
    Scientific journal

  • Intraday Evidence of Informational Efficiency of the Yen/Dollar Exchange Rate
    IWATSUBO KENTARO
    神戸大学大学院経済学研究科 / 神戸大学経済学部, 2009, Applied Financial Economics, 19, 1103 - 1115, English
    [Refereed]
    Scientific journal

  • Kentaro Iwatsubo
    Mar. 2007, JAPAN AND THE WORLD ECONOMY, 19(2) (2), 166 - 186, English
    [Refereed]
    Scientific journal

  • Foreign Ownership and Firm Value
    IWATSUBO KENTARO
    Mar. 2007, 経済研究, 58(1) (1), 47 - 60, Japanese
    [Refereed]
    Scientific journal

  • Kentaro Iwatsubo, Kazuyuki Inagaki
    Elsevier, Feb. 2007, Journal of Asian Economics, 18(1) (1), 217 - 236, English
    [Refereed]
    Scientific journal

  • 不動産価格の過剰反応
    IWATSUBO KENTARO
    日本住宅総合センタ-, 1999, 季刊住宅土地経済, (春季) (春季), 22 - 29, Japanese
    [Refereed]
    Scientific journal

  • Foreign Investment and Stock Price Movements
    IWATSUBO KENTARO
    証券経済学会事務局, 1999, 証券経済学会年報, 34(34) (34), 29 - 41, Japanese
    [Refereed]
    Scientific journal

  • The Thai Financial System and the Baht Crisis: Processes, Causes and Lessons
    IWATSUBO KENTARO
    Oct. 1998, Asia Pacific Journal of Finance, 1(2) (2), 235 - 261, English
    [Refereed]
    Scientific journal

■ MISC
  • Why stock investment is still recommended even though the money does not go to the company in which it is invested when you buy stocks.
    Kentaro Iwatsubo
    Lead, Apr. 2022, 経済学・経営学学習のために, (前期) (前期), 11 - 18
    [Invited]

  • Government Bond Purchases and Liquidity and Efficiency in the JGB Cash and Futures Markets
    IWATSUBO KENTARO
    Tokyo Stock Exchanges, May 2017, Futures and Options Report, 29(5) (5), Japanese
    [Invited]
    Technical report

  • 投資主体別パフォーマンスと投資信託
    IWATSUBO KENTARO
    信託協会, Nov. 2014, 信託研究奨励金論集, (35号) (35号), Japanese
    [Invited]
    Introduction other

  • 金先物市場における夜間立会時間延長の効果
    IWATSUBO KENTARO
    大阪取引所, Apr. 2014, 先物・オプションレポート, Japanese
    [Invited]
    Introduction other

■ Books And Other Publications
  • Finance: Ideal for Beginners
    Kentaro Iwatsubo
    Single work, 有斐閣, Dec. 2023, Japanese, ISBN: 9784641151185

  • Commodity Market Finance
    Kentaro Iwatsubo
    Editor, MDPI, Oct. 2023, ISBN: 9783036590295

  • Microstructure of Commodity Markets
    IWATSUBO KENTARO
    Joint work, Chuo Keizai Publisher, Apr. 2016, Japanese
    Scholarly book

  • 関西経済白書 2014年版
    IWATSUBO KENTARO
    Others, アジア太平洋研究所, Sep. 2014, Japanese
    General book

  • Commodity Investment Strategy: What Have We Learned from the Financialization of Commodity Markets?
    IWATSUBO KENTARO
    Others, 勁草書房, Apr. 2014, Japanese
    Scholarly book

  • グローバル・インバランスの経済分析
    IWATSUBO Kentaro, FUJITA Seiichi
    Joint work, 有斐閣, Oct. 2010, Japanese
    Scholarly book

  • Bank Lending and Bank-Firm Relationships in Japan
    IWATSUBO Kentaro
    Single work, Lambert Academic Press, Germany, Jan. 2010, English
    Scholarly book

■ Lectures, oral presentations, etc.
  • Mutual Fund Trading Tendencies--Disposition Effects and Extrapolation Bias
    Kentaro Iwatsubo
    Nippon Finance Association, Nov. 2023, Japanese
    Oral presentation

  • "Diversified, long-term, accumulative investments" and financial literacy
    Kentaro Iwatsubo
    Japanese Society of Monetary Economics, Oct. 2023, Japanese
    Oral presentation

  • Gender Gap in Financial Literacy - Mathematical Thinking Skills and Future Planning.
    Kentaro Iwatsubo
    Japanese Finance Association, Sep. 2023, Japanese
    Oral presentation

  • Exchanger Rate Forecasting with Fundamentals: The Trader-Company Method
    Kentaro Iwatsubo
    Japanese Society of Monetary Economics, Nov. 2022, English

  • Exchanger Rate Forecasting with Fundamentals: The Trader-Company Method
    Kentaro Iwatsubo
    International Conference “Forecasting Future Markets”, Jun. 2022, English
    Oral presentation

  • Exchanger Rate Forecasting with Fundamentals: The Trader-Company Method
    Kentaro Iwatsubo
    Nippon Finance Association, Jun. 2022, Japanese
    Oral presentation

  • Dealership and Continuous Auction: Evidence from the JASDAQ Market
    Kentaro Iwatsubo
    JFA-PBFJ Special Issue Conference, Mar. 2022, English
    Oral presentation

  • Dealership versus Continuous Auction: Evidence from the JASDAQ Market
    Kentaro Iwatsubo
    Japanese Society of Monetary Economics, Mar. 2022, English
    Oral presentation

  • Does Firm-level Productivity Predict Stock Returns?
    Kentaro Iwatsubo
    Australasian Banking and Finance Conference, Dec. 2021

  • The Role of Cognitive and Non-cognitive Skills and Behavioral Biases in the FX Margin Trading: Evidence from Survey and Transaction Data
    Kentaro Iwatsubo
    Association of Behavioral Economics and Finance, Dec. 2021

  • The Role of Cognitive and Non-cognitive Skills and Behavioral Biases in the FX Margin Trading: Evidence from Survey and Transaction Data
    Kentaro Iwatsubo
    Nippon Finance Association, Nov. 2021

  • Does Firm-level Productivity Predict Stock Returns?
    Kentaro Iwatsubo
    World Finance Conference, Aug. 2021

  • Does Firm-level Productivity Predict Stock Returns?
    Kentaro Iwatsubo
    Japanese Society of Monetary Economics, May 2021

  • Does Firm-level Productivity Predict Stock Returns?
    Kentaro Iwatsubo
    Japanese Economic Association, May 2021

  • The Key to Succeed in FX Margin Trading: The Role of Investment Strategy and Behavioral Biases
    Kentaro Iwatsubo
    Association of Behavioral Economics and Finance, Dec. 2020

  • The Key to Succeed in FX Margin Trading: The Role of Investment Strategy and Behavioral Biases
    Kentaro Iwatsubo
    Japanese Economic Association, Oct. 2020

  • The Key to Succeed in FX Margin Trading: The Role of Investment Strategy and Behavioral Biases
    Kentaro Iwatsubo
    Japan Finance Association, Oct. 2020

  • The Key to Succeed in FX Margin Trading: The Role of Investment Strategy and Behavioral Biases
    岩壷健太郎
    Nippon Finance Association, Jun. 2020

  • Who Is Successful in Foreign Exchange Margin Trading? New Survey Evidence from Japan
    IWATSUBO Kentaro
    Nippon Finance Association, Nov. 2019, Japanese, Domestic conference
    Oral presentation

  • The Changing Role of Foreign Investors in Tokyo Stock Price Formation
    IWATSUBO Kentaro
    3rd RESSU Conference, Nov. 2019, English, Shiga University, International conference
    Oral presentation

  • Who Influences the Fundamental Value of Commodity Futures in Japan?
    IWATSUBO KENTARO
    INFINITI Conference, Dec. 2018, English, University of Sydney, International conference
    Oral presentation

  • Who Influences the Fundamental Value of Commodity Futures in Japan
    IWATSUBO KENTARO
    31th Australasian Finance and Banking Conference, Dec. 2018, English, Shangri-la Hotel, Sydney, International conference
    Oral presentation

  • Term Structure of Credit Spreads under Unconventional Monterey Policies in Japan
    IWATSUBO KENTARO
    International Conference on Economic Theory and Policy, Sep. 2018, English, Meiji University, International conference
    Oral presentation

  • Term Structure of Credit Spreads under Unconventional Monterey Policies in Japan
    IWATSUBO KENTARO
    Nippon Finance Association, Jun. 2018, Japanese, Hitotsubashi University, Domestic conference
    Oral presentation

  • Intraday Seasonality in Efficiency, Liquidity, Volatility and Volume: Platinum and Gold Futures in Tokyo and New York
    IWATSUBO KENTARO
    30th Australasian Finance and Banking Conference, Dec. 2017, English, Sydney, International conference
    Oral presentation

  • Quantitative Easing and Liquidity in the Japanese sovereign bond market
    IWATSUBO KENTARO
    日中五大学シンポジウム, Oct. 2017, English, 南開大学，天津，中国, International conference
    Invited oral presentation

  • Market Maker System versus Continuous Auction System: Evidence from JASDAQ Market
    IWATSUBO KENTARO
    経営財務研究学会, Sep. 2017, Japanese, 関西大学, Domestic conference
    Oral presentation

  • Intraday Seasonality in Efficiency, Liquidity, Volatility and Volume: Platinum and Gold Futures in Tokyo and New York
    IWATSUBO KENTARO
    AJFC- RIETI Workshop on Economic and Financial Analysis of Commodity Markets, Sep. 2017, English, Australian National University, International conference
    Oral presentation

  • Quantitative Easing and Liquidity in the Japanese sovereign bond market”
    IWATSUBO KENTARO
    World Finance Conference, Jul. 2017, English, Sardinia, International conference
    Oral presentation

  • Market Maker System versus Continuous Auction System: Evidence from JASDAQ Market
    IWATSUBO KENTARO
    日本ファイナンス学会, Jun. 2017, Japanese, 千葉工科大学, Domestic conference
    Oral presentation

  • FX証拠金取引のロスカット規制－気質効果とリスクテイク－
    IWATSUBO KENTARO
    日本経済学会, Sep. 2016, Japanese, 早稲田大学, Domestic conference
    Oral presentation

  • Quantitative Easing and Liquidity in the Japanese sovereign bond market
    IWATSUBO KENTARO
    Asian Finance Association, Jun. 2016, English, Bangkok, Thailand, International conference
    Oral presentation

  • FX証拠金取引のロスカット規制－気質効果とリスクテイク－
    IWATSUBO KENTARO
    日本金融学会, May 2016, Japanese, 武蔵大学, Domestic conference
    [Invited]
    Nominated symposium

  • FX証拠金取引のロスカット規制－気質効果とリスクテイク－
    IWATSUBO KENTARO
    日本ファイナンス学会, May 2016, Japanese, 横浜国立大学, Domestic conference
    Oral presentation

  • 国債市場の流動性と金融政策
    IWATSUBO KENTARO
    日本経済学会, Oct. 2015, Japanese, 上智大学, Domestic conference
    Oral presentation

  • 国債市場の流動性と金融政策
    IWATSUBO KENTARO
    日本金融学会, Oct. 2015, Japanese, 東北大学, Domestic conference
    Oral presentation

  • Government Interventions and Liquidity in the Japanese sovereign bond market
    IWATSUBO KENTARO
    International Conference on New Thinking and Economic Theory and Policy, Sep. 2015, English, Meiji University, International conference
    Oral presentation

  • 国債市場の流動性と金融政策
    IWATSUBO KENTARO
    日本ファイナンス学会, Jun. 2015, Japanese, 日本ファイナンス学会, 東京大学, Domestic conference
    Oral presentation

  • 中国と東南アジアにおける邦銀の事業展開：現状と課題
    IWATSUBO KENTARO
    日本金融学会, Oct. 2014, Japanese, 山口大学, Domestic conference
    [Invited]
    Nominated symposium

  • 国債市場の流動性と金融政策
    IWATSUBO KENTARO
    MEW研究会, Oct. 2014, Japanese, Domestic conference
    Invited oral presentation

  • International portfolio flows in the post-global financial crisis period
    IWATSUBO KENTARO
    International Conference on New Thinking and Economic Theory and Policy, Sep. 2014, English, 明治大学, International conference
    Oral presentation

  • 商品先物市場の流動性と効率性－夜間立会時間延長の効果－
    IWATSUBO KENTARO
    日本金融学会, May 2014, Japanese, 慶應大学, Domestic conference
    Oral presentation

  • 商品先物市場の流動性と効率性－夜間立会時間延長の効果－
    IWATSUBO KENTARO
    日本ファイナンス学会, May 2014, Japanese, 中央大学, Domestic conference
    Oral presentation

  • 商品先物市場の流動性と効率性－夜間立会時間延長の効果－
    IWATSUBO KENTARO
    経営研究会, Jul. 2013, Japanese, 大阪大学, Domestic conference
    Oral presentation

  • 商品先物市場の流動性と効率性－夜間立会時間延長の効果－
    IWATSUBO KENTARO
    金融研究会, Jul. 2013, Japanese, 神戸大学, Domestic conference
    Oral presentation

  • 商品先物市場の流動性と効率性－夜間立会時間延長の効果－
    IWATSUBO KENTARO
    MEW研究会, Jun. 2013, Japanese, 大阪大学, Domestic conference
    Oral presentation

  • 商品先物市場の流動性と効率性－夜間立会時間延長の効果－
    IWATSUBO KENTARO
    コモディティ研究会, May 2013, Japanese, 東京商品取引所, Domestic conference
    Oral presentation

  • 商品先物市場の流動性と効率性－夜間立会時間延長の効果－
    IWATSUBO KENTARO
    横浜国立大学・南山大学共同ファイナンス・ワークショップ, Nov. 2012, Japanese, 横浜国立大学, Domestic conference
    [Invited]
    Invited oral presentation

  • Order Flows, Fundamentals and Exchange Rates
    Kentaro Iwatsubo
    経済研究会, Aug. 2012, Japanese, 経済研究会, 愛媛大学, International conference
    [Invited]
    Invited oral presentation

  • Order Flows, Fundamentals and Exchange Rates
    Kentaro Iwatsubo
    Asian Finance Association Meeting, Jul. 2012, English, Asian Finance Association, 台湾The Grand Hotel, International conference
    Oral presentation

  • Order Flows, Fundamentals and Exchange Rates
    Kentaro Iwatsubo
    日本金融学会, May 2012, Japanese, 日本金融学会, 立正大学, International conference
    Oral presentation

  • Order Flows, Fundamentals and Exchange Rates
    Kentaro Iwatsubo
    日本ファイナンス学会, May 2012, Japanese, 日本ファイナンス学会, 一橋大学, International conference
    Oral presentation

  • Information Improving Channel of Exchange Rate Intervention: How Do Announcements Work?
    Kentaro Iwatsubo
    経済学会・研究会, Mar. 2012, Japanese, 九州産業大学, 九州産業大学, Domestic conference
    [Invited]
    Invited oral presentation

  • Order Flows, Fundamentals and Exchange Rates
    Kentaro Iwatsubo
    Third Workshop on International Economics, Feb. 2012, English, 大阪大学, リーガロイヤルホテル大阪, International conference
    Oral presentation

  • Information Improving Channel of Exchange Rate Intervention: How Do Announcements Work?
    IWATSUBO Kentaro
    東北大学現代経済研究会, Oct. 2011, Japanese, 東北大学, 仙台市, Domestic conference
    [Invited]
    Invited oral presentation

  • 為替予測の先端的研究
    IWATSUBO Kentaro
    日本金融学会 秋季大会, Sep. 2011, Japanese, 日本金融学会 秋季大会, 東大阪市, Domestic conference
    [Invited]
    Invited oral presentation

  • Order Flows, Fundamentals and Exchange Rates
    IWATSUBO Kentaro
    大阪大学MEW研究会, Apr. 2011, Japanese, 大阪大学MEW研究会, 豊中市, Domestic conference
    [Invited]
    Invited oral presentation

  • International Transmission of Business Cycles: Evidence from Dynamic Correlations
    IWATSUBO Kentaro
    Regional Disparities in Central and Eastern Europe, Nov. 2010, English, Institute of Economic Research, Slovak Academy of Sciences, Smolenice, Slovakia, International conference
    [Invited]
    Invited oral presentation

  • 円キャリー・トレード、グローバル・インバランス、世界金融危機
    IWATSUBO Kentaro
    財務省財総研ランチミーティング, Sep. 2010, Japanese, 財務省財総研, 東京都千代田区, Domestic conference
    [Invited]
    Invited oral presentation

  • International Transmission of Business Cycles: Evidence from Dynamic Correlations
    IWATSUBO Kentaro
    日本金融学会 秋季大会, Sep. 2010, Japanese, 日本金融学会 秋季大会, 神戸市, Domestic conference
    Oral presentation

  • Information Improving Channel of Exchange Rate Intervention: How Do Announcements Work?
    IWATSUBO Kentaro
    Finance Research Workshop, Jun. 2010, English, City University London,UK, London, UK, International conference
    [Invited]
    Invited oral presentation

■ Affiliated Academic Society
  • Japan Society of Monetary Economics

■ Research Themes
  • Behavioral finance research on individual investors combining surveys and transaction data
    Kentaro Iwatsubo
    Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research Grant-in-Aid for Challenging Research (Exploratory), Grant-in-Aid for Challenging Research (Exploratory), Kobe University, Jun. 2022 - Mar. 2025

  • Risk-taking of individual investors in FX margin trading
    Kentaro Iwatsubo
    Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (C), Grant-in-Aid for Scientific Research (C), Kobe University, Apr. 2019 - Mar. 2022
    From a survey of individual investors in FX margin trading, we analyzed what factors most influence investment performance. The results revealed that behavioral biases explain most of the differences in performance among investors. Loss aversion, ambiguity aversion, time discounting, theory of mind (beauty contest), as well as overconfidence in particular play an important role. Although some investment strategies and trading behaviors also affect performance, the variation explained by these factors is quite small. These results indicate that recognizing and correcting one's behavioral biases is most effective in improving investment performance.

  • Effects of the Asset Purchase Program and the Negative Interest Rate Policy of the Bank of Japan on Securities Markets
    Ohta Wataru
    Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research, Grant-in-Aid for Scientific Research (B), Osaka University, 01 Apr. 2017 - 31 Mar. 2020
    In securities markets, large traders can affect price efficiency and liquidity through their own trading and the strategic responses of other participants. We assume that the Bank of Japan is a large liquidity trader in securities markets and investigate the effects of its asset purchase program. Our results show that both price efficiency and liquidity increase when the large trader submit orders. On the other hand, when participants anticipate the large trader not to submit orders in the near future, price efficiency increases while liquidity decreases. In summary, large traders can affect markets not only by their trading but also by their non-trading.

  • 岩壷 健太郎
    学術研究助成基金助成金／基盤研究(C), Apr. 2016 - Mar. 2019, Principal investigator
    Competitive research funding

  • 岩壷 健太郎
    学術研究助成基金助成金／基盤研究(C), Apr. 2013 - Mar. 2016, Principal investigator
    Competitive research funding

  • The Global Crisis and the Asian Economies
    TAKAGI Shinji, OGAWA Eiji, NAGAYASU Jun, IWATSUBO Kentaro, ESAKA Taro, HIROSE Kenichi
    Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research, Grant-in-Aid for Scientific Research (B), Osaka University, 2009 - 2011
    The global economic crisis heightened our interest in economic linkages, especially among the Asian economies, as well as in identifying policies and institutions that minimize the probability of crisis. At the same time, following the crisis, use of capital controls became widely accepted as a legitimate tool of maintaining domestic financial stability. While this research project has yielded many fruits, its main results include :(1) development of quantitative tools of measuring economic linkages,(2) empirical investigation of the nature of economic integration ;(3) testing the effectiveness of capital controls ; and(4) identification of policies and institutions that reduce the probability of crisis.

  • 藤田 誠一
    科学研究費補助金／基盤研究(B), 2010
    Competitive research funding

  • 岩壷 健太郎
    科学研究費補助金／若手研究(B), 2009, Principal investigator
    Competitive research funding

  • Effects of Introduction of the Euro and EU Enlargement on the EU Economy
    OGAWA Eiji, FUKAO Kyouji, IWASAKI Ichiro, TANAKA Soko, SUGISAKI Takamoto, IWATSUBO Kentaro, KUMAMOTO Masao, KAWASAKI Kentaro
    Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research, Grant-in-Aid for Scientific Research (A), Hitotsubashi University, 2006 - 2008
    本研究プロジェクトは、EUの金融市場統合、EUの経済統合、EU諸国の生産性、EU拡大と直接投資、EUにおける物価、拡大EUにおけるユーロ、EUにおける労働市場の研究テーマについて研究を進めた。EUが進めてきた市場統合、経済統合、そして、通貨統合が、既存EU諸国において、生産物市場(物価収斂効果)と生産要素市場(労働市場と資本市場)と生産性と金融市場にどのような影響を及ぼしたかを分析した。また、EU拡大が直接投資に及ぼす影響を分析するとともに、新EU加盟国のユーロ圏への加盟の可能性について、最適通貨圏の観点から分析し、さらに、新EU加盟国のユーロ圏加盟に備えた通貨政策についても分析した。なお、これらの研究成果の一部は、小川英治編『EUスタディーズ2経済統合』(勁草書房、2007年)として出版された。

  • 岩壷 健太郎
    科学研究費補助金／若手研究(B), 2008, Principal investigator
    Competitive research funding

  • 外資・外国人経営者と日本企業の企業改革・企業業績に関する研究
    岩壷 健太郎
    日本学術振興会, 科学研究費助成事業, 若手研究(B), 一橋大学, 2004 - 2005
    90年代以降、外国人による日本企業の株式保有が急増しており、2003年には東京株式市場に上場する企業の株価総額の21.8%を占めるに至った(1990年では4.7%)。外資のプレゼンスの高まりは日本の企業経営や企業業績にどのような影響を与えているのか。最近の論文では、外資比率の高い企業ほど企業業績が良いという実証結果が示されている。しかしながら、外資比率と企業業績はともに同時に決定されるのにかかわらず、両者の内生性を考慮に入れて推計されていない。したがって、「外資比率が高いから企業業績が良い」のか、「外資が業績の良い企業に投資している」のかが明らかではない。外資比率と企業業績を被説明変数とした同時方程式モデルが推計可能であるためのひとつの方法は、外資比率とは相関をもつが、企業業績を被説明変数とする方程式の誤差項とは相関をもたない操作変数を利用することである。本研究では、対日投資のうち直接、経営に携わらない間接投資を対象として外資を受け入れることは日本企業の経営や業績にどのような変化をもたらすのかを分析する。外国人投資家が規模の大きな企業、輸出比率の高い企業の株式を好んで保有していることから、これらを操作変数として利用することで外資比率と企業業績の因果関係が検証できる。分析の結果、外資比率が企業業績や企業価値に与える影響は両者の内生性を考慮した場合、しない場合よりもより大きいことが確認された。

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