ISAKA Naoto

Associate Professor
Empirical Finance
B.A., Sophia University
M.A., Osaka University
Ph.D., Hitotsubashi University

RESEARCH AND TEACHING INTERESTS:

My research has focused on market microstructure in the Japanese stock market. For example, the Tokyo Stock Exchange is the world’s largest centralized limit order market where liquidity is purely provided by limit orders. I am interested in investors’ order choice between market orders and limit orders. Also, in the Japanese stock market, firms are allowed to change the minimum trading unit for trading their stocks. I am investigating the effect of changes in the minimum trading unit on equity returns. I teach Principles of Macroeconomics, Money and Banking, Financial Management, and Topics in Finance for IBE students.

SELECTED PUBLICATIONS:

Book Chapters
Naoto Isaka, Kazuhiko Ohashi, Makoto Saito, 2007, “The Role of Subordination Level in Asset-Backed Securities Markets,” in Keizai Seido no Jissho Bunseki to Sekkei, vol 2, Kinyu no Kinou Fuzen, edited by Fumio Hayashi, Keisoshobo, Chapter 7.

Journal Articles
Naoto Isaka, Kazuhiko Ohashi, 2011, “On Determinants of Swap Spreads in Japanese ABS Markets,” Sophia International Review 33, pp. 23-60.


Naoto Isaka, Hiroshi Yoshikawa, 2009, “Changes in Minimum Trading Units and Stock Returns,” Gendai Finance, 25, pp. 3-22.


Naoto Isaka, 2007, “On the Informational Effect of Short-Sales Constraints: Evidence from the Tokyo Stock Exchange,” Journal of Financial Research, 30 (4), pp. 455-471.



Working Papers
Naoto Isaka, 2012, “An Empirical Analysis of Order Flow prior to the Announcement of Major Negative Information,” Proceedings of the Midwest Finance Association 2012 Annual Meeting.

COURSES

Tel:
03-3238-4059
Email:

Website:
http://librsh01.lib.sophia.ac.jp/Profiles/69/0006807/prof_e.html
Office:
10-543
Office Hours (Spring):
Tues 1:00-3:00 or by appointment
Office Hours (Autumn):
Tues 1:00-3:00 or by appointment