Research areas

Financial markets; Government and institutions; Empirical asset pricing; Asian capital markets.

Biography

Takeshi Yamada is a Professor of Finance. His research spans asset pricing and corporate finance, with a particular interest in Asian financial markets and institutions. Takeshi has explored the role of individual, institutional and foreign investors in the Japanese stock market, and how employees and banks affect corporate behaviour in Japan. He has also studied the various roles played by the government in the Japanese and Chinese private corporate sector, including government ownership, personnel exchange, government loans, and subsidies. His research has been published in journals such as the Journal of Finance, Review of Financial Studies, Journal of Business, Journal of Financial and Quantitative Analysis, and Review of Corporate Finance Studies. Takeshi has been an elected board member of the Asian Finance Association and has served as Associate Editor of several Asian-based journals, including Pacific-Basin Finance Journal and Asia-Pacific Journal of Financial Studies.

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Grants

(Selected grants)

The University of Adelaide, Momentum Fund

Ministry of Education Academic Research Fund Tier 1, Singapore

Earmarked Competitive Grant, RGC, Hong Kong

Direct Allocation Grant, RGC, Hong Kong

Awards

CFA Asia-Pacific Research Exchange Award

Executive Dean’s Commendation for Excellence in Research, The University of Adelaide

ANU Best Paper Award, Asian Finance Association

CFA Institute Asian Investment Research Award

Publications

(Selected publications) 

“The efficiency of corporate R&D investments: Information-sharing and government subsidies” 2024, with Zhaohua Li. International Review of Finance, 25^th Anniversary Issue, 2025.

“Common lender, ex-banker director, and corporate investment,” with Kentaro Asai and Thao Hoang, Journal of Financial and Quantitative Analysis, vol. 59, issue 8, 2024, pp.3959-3993.

“Coskewness and reversal of momentum returns: The US and international evidence,” with Liang Dong, Yiqing Dai, Tariq Haque, and Hung Wan Kot, Journal of Empirical Finance, vol 69, 2022, pp. 241-264.  

“Employee inside debt and firm risk-taking: Evidence from employee deposit programs in Japan,” with Sudipto Dasgupta, Yupeng Lin and Zilong Zhang, Review of Corporate Finance Studies, vol. 8, no.2, 2019, pp.302-347. 

“Costs and benefits of short sell disclosure” with Truong X. Duong and Zsuzsa Reka Huszar,  Journal of Banking and Finance, vol. 53, 2015, pp 124-139.

 “Political and economic incentives of governmenmt in partial privatization”, with Zhaohua Li,  Journal of Corporate Finance, vol. 32, 2015, pp. 169-189.

 “The relationship between the frequency of news release and the information asymmetry: The role of uninformed trading,” with Srinivasan Sankaraguruswamy and Jianfeng Shen, Journal of Banking and Finance,  vol. 37, 2013, pp. 4134-4143. 

“The impact of global institutional investors on local equity prices: Reversal of the size premium” with Hao Jiang, Financial Analyst Journal, vol. 67, no. 6,November/December 2011, pp. 61-76.

  “Interaction of investor trades and market volatility: Evidence from the Tokyo Stock Exchange,” with Kee-Hong Bae and Keiichi Ito, Pacific-Basin Finance Journal, vol. 16, no. 4, September 2008, pp. 370-388.

  “How do individual, institutional, and foreign investors win and lose in equity trades? Evidence from Japan,” with Kee-Hong Bae and Keiichi Ito, International Review of Finance, vol. 6, nos. 3/4, September/December 2006, pp.129-155.

 “Asset price shocks, financial constraint, and investment: Evidence from Japan,” with Vidhan K. Goyal, Journal of Business, vol. 77, no.1, 2004, pp. 175-199. 

 “The effect of bank relations on investment decisions: An investigation of Japanese takeover bids,” with Jun-Koo Kang and Anil Shivdasani, Journal of Finance, vol. 55, no. 5, 2000, pp.2197-2218.

 "The performance of Japanese mutual funds," with Jun Cai and K.C. Chan, The Review of Financial Studies, vol. 10, no. 2, 1997, pp.237-273.

Research engagement

Board of Directors, Asian Finance Association, Current (Also in 2020-2018, 2016-2012)

Associate Editor, Pacific-Basin Finance Journal

Associate Editor, Asia-Pacific Journal of Financial Studies 

Takeshi Yamada has taught at the University of Adelaide, National University of Singapore and Hong Kong University of Science & Technology after receiving PhD from University of California, Berkeley.

Teaching

Asian Capital Markets

This course provides an overview of current Asian capital markets.  The growth of Asian economies has been spectacular in the past 60 years; the advancement of Japan from the 1950s until the beginning of 1990s, the emerging Asian Tigers (Hong Kong, Korea, Singapore, Taiwan) in the 1980s, and the rapid transformation and growth of China and India since the 1990s. Asian capital markets are quite diverse as they consist of emerging markets at different stages of development as well as mature markets. Therefore, it is not easy to view Asian capital markets through a single lens. However, this course not only introduces students to capital markets in various Asian countries but also attempts at introducing a unified conceptual framework to understand markets in these countries. The framework focuses on institutional environments (such as legal systems) in different countries and their impacts on corporate behaviours. We also present empirical evidence that such a framework might not necessarily explain the recent developments in China and India. Two of the important features in Asian capital markets, which contrast those of capital markets in UK-US, are the roles played by the State and closely tied families, which we will discuss in detail. The globalization of the world economy in the past two decades has affected the developments of Asian capital markets. Although our course may discuss the development of capital markets of individual countries, we will discuss Asian economies in the global context and will explore the increasing weight of Asia in the world economy. 

Corporate Finance

This course is an introductory course in financial management. It builds upon the basic concepts introduced in the Foundations of Finance and stresses the modern fundamentals of corporate financial decision making with special reference to investment, financing and dividend distribution.