Kwansei Gakuin University Institute of Business and Accounting

BUSINESS SCHOOL International Management Course



	Faculty and Resarch Marketing Program

HIRAKI, Takato

Professor of Finance

Dr. Hiraki is currently Professor of Finance at the Institute of Business and Accounting (IBA) and had previously taught at MBA Program, International University of Japan (1988-2004) and University of Hawaii at Manoa (1983-1986). He received his Ph.D. in Business Administration, majored in Finance, from University of Arizona in 1983. He has published numerous papers and books mostly in English. His papers, for example, appear in Journal of Business, Journal of Financial and Quantitative Analysis, Journal of Banking of Finance, Journal of Financial Research and Pacific-Basin Finance Journal. In his research, he applies solid empirical methods and advanced theories in financial economics to the area where Japanese domestic market factors and global competitive forces interact and produce interesting problems for business and capital market trades. For example, his recent article on institutional money management analyze the role of foreign investors interacted with the trades of domestic institutional investors to lead to a very controversial conclusion about the state of Japanese keiretsu system. Another example is the role of Japanese investments affected the pricing dynamics of international arts. As these instances indicate, his research is very broad and insightful for international finance, global money management, cross-boarder agency problems, etc. His current research additionally includes corporate restructuring, stock repurchasing, dynamics of international equity risk performance of relational investments.

HOUNG, John

Professor of Finance

Dr. Houng specializes in Financial Institutions Management and Financial Risk Management. He has published over 30 articles and papers and eight edited books on the quantitative analysis of finance, including two most recent papers entitled “The effects of options pricing on the CR hedging” (2005) and “Risk hedging subject to SWAP strategy” (2006). He also has over 20 year- experience as a practitioner of banking operations and management, which includes the Executive Director and the Chairman of the Board of Directors of the Los Angeles National Bank. His educational goal is to train students to become experts on quantitative techniques in analyzing and managing financial risks using financial derivatives that have been actively applied in the U.S. financial markets. His research study objectives are in part to improve the efficiency of Asian financial markets by clarifying differences between the Asian and the so-called “Western” market models.

KOJIMA, Koji

Associate Professor

Dr. Kojima received his M.A. degree from Kwansei Gakuin University in 1999 and his Ph.D. degree from the University of Washington, Seattle in 2004. He currently teaches courses in financial accounting, international accounting, and financial information analysis.

His research interest is in managers' choices of accounting methods in financial institutions, and in mathematical modeling as well as empirical analyses on various issues. His doctoral dissertation entitled “Determinants of Managers’ Choices in the Japanese Banking Industry” investigates the effects of recent changes in Japanese banking regulations, and bank managers’ reactions to those changes. He co-authored—with Mahito Okura and Yen H. Tong—“Stock Analyst’s Compensation Structure” (to be published in the June 2006 issue of the Journal of Insurance and Risk Management) which examines the linkage between stock analysts’ pay and investment banking revenues, and - with Mahito Okura “Allocation of Effort of Insurance Managers under Asymmetric Information: An Analytical Approach” (under review), which examines how the introduction of a capital ratio regulation influences a bank manager’s contract of compensation, allocation of effort, and shareholders’ profits.

http://www.kojikojima.com/