Dr Kentaro Asai

Kentaro Asai


Research School of Finance, Actuarial Studies & Statistics

Assistant Professor
Phone number
+61 2 612 57287
Room 4.27, CBE Bld (26C)
Research areas
  • Corporate Finance
  • Banking
  • Political Economy
  • Applied Microeconomics
  • Behavioral Studies

Kentaro Asai earned his PhD, MA, and BA with Honors in economics from the University of Chicago. He also earned BS in mathematics with specialization in economics from the same university. His main research interests lie in the area of corporate finance, political economy, banking, and behavioral finance. He has worked on various projects with many researchers in the world.  

Please visit my website:


Research publications

  • “Risk Taking By Banks: The Role of Governance and Executive Pay” (with Erik Oppers, Luis Brandão Marques, Jonathan Beauchamp, and Pragyan Deb) Chapter 3, IMF Global Financial Stability Report, IMF, October 2014. 
  • “Experienced Traders Modulate Anterior Insula to Reduce the Endowment Effect” (with Lester Tong, Karen Ye, John List, Howard Nusbaum, and Ali Hortaçsu) Proceedings of the National Academy of Sciences 113, 2016. 
  • “Is Capping Executive Bonuses Useful?” IMF Working Paper No. 16/196, 2016. 
  • “Limited Liability and Corporate Efficiency” International Review of Law and Economics 62, 2020. 
  • "Corporate Finance and Capital Structure: A Theoretical Introduction" Routledge, 2021. 
  • "Regulatory Capture and Public Procurement: Evidence from Revolving Door Bureaucrats in Japan" (with Kei Kawai and Jun Nakabayashi) Journal of Economic Behavior and Organization 186, 2021.  
  • "Bank Lobbying as a Financial Safety Net: Evidence from the Post-Crisis U.S. Banking Sector" Review of Corporate Finance Studies forthcoming, 2022.

Research grants and awards

  • ANU College of Business and Economics Start-up Grant, ANU College of Business and Economics Research School Grant, ANU College of Business and Economics Publication Rewards
  • IFABS Young Researcher’s Travel Grant, University of Chicago Department of Economics Travel Grant, UChicagoGRAD Travel Fund
  • University of Chicago Graduate Fellowship
  • University of Chicago Monk Prize
  • Japan IMF Scholarship


Doctoral Studies in Corporate Finance