University of Southern California

Yasushi Hamao
Associate Professor of Finance and Business Economics

USC Marshall School of Business
Los Angeles, CA 90089-0808

Phone: 
213-740-0822
Education: 
PhD, MBA, Yale University

Overview

Yasushi Hamao is an expert on Japanese financial markets and institutions. His research has been published in the Journal Finance, Review of Financial Studies, Journal of Business, Journal of International Money and Finance, and Journal of the Japanese and International Economies. Professor Hamao is co-editor of Japan and the World Economy, and associate editor of the Journal of Empirical Finance, Journal of Financial Research, International Review of Finance, Asia-Pacific Financial Markets, and Pacific Basin Finance Journal.

Research

Fisman, R., Hamao, Y., and Wang, Y. (2013) "Nationalism and economic exchange: Evidence from shocks to Sino-Japanese relations," Review of Financial Studies.
Hamao, Y., Kutsuna, K., and Peek, J. (2013) "Nice to be on the A-List,".
Bae, G., Hamao, Y., and Kang, J. (2013) "Bank Monitoring Incentives and Borrower Earnings Management: Evidence from the Japanese Banking Crisis of 1993-2002,".
Hamao, Y., Kutsuna, K., and Matos, P. (2011) "U.S.-Style Investor Activism in Japan: The First 10 Years,".
Hamao, Y., and Matos, P. (2011) "The Friendly Activist: Taiyo Pacific Partners and Nippon Ceramic,".
Hamao, Y., Ahn, H., Cai, J., and Melvin, M. (2010) "Little Guys, Liquidity, and Informational Efficiency of Price: Evidence from the Tokyo Stock Exchange,".
Dewenter, K. L., Hamao, Y., and Hess, A. C. (2010) "Banks' Risk Taking: Evidence from Japan,".
Hamao, Y., Hoshi, T., and Okazaki, T., "Listing Policy and Development of the Tokyo Stock Exchange in the Pre-War Period," in Ito, T., and Rose, A., eds., Financial Sector Development in the Pacific Rim, University of Chicago Press, University of Chicago Press, Chicago, IL 2009.
Hamao, Y., Cai, J., and Ho, R. (2008) "Tick Size Change and Liquidity Provision for Japanese Stocks Trading near One Thousand Yen," Japan and the World Economy, 20 (1).
Hamao, Y., Masulis, R., and Ng, V., "Correlations in Price Changes and Volatility Across International Stock Markets," in Stephen A. Ross, Mentor: Influence Through Generations, McGraw-Hill 2007.
Hamao, Y., Mei, J., and Xu, Y. (2007) "Unique Symptoms of Japanese Stagnation: An Equity Market Perspective," Journal of Money, Crediit, and Banking, 39-4.
Hamao, Y., Ahn, H., Cai, J., and Chan, K. (2007) "Tick Size Change and Liquidity Provision on the Tokyo Stock Exchange," Journal of the Japanese and International Economies.
Hamao, Y., Ahn, H. J., Cai, J., and Ho, R. (2005) "Adverse Selection, Brokerage Coverage, and Ownership Structure on the Tokyo Stock Exchange," Journal of Banking and Finance, 29 (4).
Hamao, Y., Hoshi, T., and Okazaki, T. (2005) "On the Origin of the Pre-War Japanese Equity Market in Japanese," Economic Studies, Hitotsubashi University, Tokyo, 56 (1).
Hamao, Y., Ahn, H. J., Cai, J., and Ho, R. (2002) "The Components of the Bid-Ask Spread in a Limit Order Market: Evidence from the Tokyo Stock Exchange," Journal of Empirical Finance, 9 (4).
Hamao, Y., and Mei, J. (2001) "Living with the Enemy: An Analysis of Foreign Equity Investment in Japan," Journal of International Money and finance, 20 (5).
Hamao, Y., Packer, F., and Ritter, J. (2000) "Institutional Affiliation and the Role of Venture Capital: Evidence from Initial Public Offerings in Japan," Pacific Basin Finance Journal, 8 (5).
Hamao, Y., "Bank Owned Security Subsidiaries in Japan," in Hoshi, T., Aoki, M., and Saxonhouse, G., eds., , Finance, Governance and Competitiveness in Japan, Oxford University Press 2000.
Hamao, Y., and Jegadeesh, N. (1998) "An Analysis of Bidding in the Japanese Government Bond Auctions," Journal of finance, 53 (2).
Hamao, Y. (1998) "Comments on Shoichi Royama, Big Bang in the Japanese Securities Markets,".
Hamao, Y., Foresi, S., and Mei, J. (1998) "Interaction in Investment Among Rival Japanese Firms," Japan and the World Economy, 10 (4).
Hamao, Y., and Campbell, J., "Changing Corporate Financing Structure and the Main Bank System in Japan," in Aoki, M., and Patrick, H., eds., , Japanese Main Bank System, Oxford University Press 1995.
Hamao, Y., and Hasbrouck, J. (1995) "Securities Trading in the Absence of Dealers: Trades and Quotes on the Tokyo Stock Exchange," Review of financial Studies, 8 (3).
Hamao, Y., "Comments," in Claessens, S., and Gooptu, S., eds., Portfolio Investment in Developing Countries, World Bank 1994.
Hamao, Y., Hall, C., and Harris, T. (1994) "A Comparison of Relation Between Security Market Prices, Returns and Accounting Measures in Japan and the United States," Journal of International Financial Management and Accounting, 5 (1).
Hamao, Y., Chan, L., and Lakonishok, J. (1993) "Can Fundamentals Predict Japanese Stock Returns?," Financial Analysts Journal .
Hamao, Y. (1993) "Equity Trading Costs," Japanese Security Analysts Journal, 30 (11).
Hamao, Y., and Campbell, J., "The Interest Rate Process and the Term structure of Interest Rates in Japan," in Singleton, K., eds., , Japanese Monetary Policy, University of Chicago Press 1993.
Hamao, Y., and Jorion, P. (1992) "International Capital Market Integration," The New Palgrave Dictionary of Money and Finance.
Hamao, Y. (1992) "Japanese Stock Prices and Accounting Fundamentals," Japanese Security Analysts Journal, 30 (9).
Hamao, Y., and Campbell, J. (1992) "Predictable Stock Returns in the U.S. and Japan: A Study of Long-Term Capital Market Integration," Journal of Finance, 47 (1).
Hamao, Y. (1992) "Tokyo Stock Exchange," The New Palgrave Dictionary of Money and Finance.
Hamao, Y. (1991) "Japanese Security Markets: An Overview," Japanese Financial Market Research.
Hamao, Y. (1991) "A Standard Data Base for the Analysis of the Japanese Security Markets," Journal of Business, 64 (1).
Hamao, Y., Masulis, R., and Ng, V. (1991) "The Effect of the 1987 Stock Crash on International Financial Integration," Japanese Financial Market Research.
Hamao, Y., Chan, L., and Lakonishok, J. (1991) "Fundamentals and Stock Returns in Japan," Journal of Finance, 46 (5).
Hamao, Y., Bailey, W., and Ziemba, W., eds. Japanese Financial Market Research, North Holland 1991.
Hamao, Y., Masulis, R., and Ng, V. (1990) "Correlations in Price Changes and Volatility Across International Stock Markets," Review of Financial Studies, 3 (2).
Hamao, Y. (1989) "Japanese Stocks, Bills, Bonds, and Inflation," Journal of Portfolio Management.
Hamao, Y., and Ibbotson, R., Stocks, Bonds, and Inflation - Japan, Chicago, IL 1989.
Hamao, Y. (1988) "An Empirical Examination of the Arbitrage Pricing Theory: Using Japanese Date," Japan and the World Economy, 1 (1).
Hamao, Y., and Hoshi, T. (1988) "Are Japanese Stock Prices 'Too Low'?: A Comment on Japan Securities Research Institute Report,".
Hamao, Y., and Ross, S. (1986) "The Arbitrage Pricing Theory: Empirical Evidence in the Japanese Market," Japanese Security Analysts Journal, 24 (10).
Hamao, Y. (1985) "Synfuel Development," Yale School of Management.
Hamao, Y. (1978) "On Ianis Xenakis's Axioms of Stochastic Music," Ongaku Geijutsu, 36 (5).