University of Southern California

Yasushi Hamao
Associate Professor of Finance and Business Economics

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

PhD, MBA, Yale University


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.


Bank Monitoring Incentives and Borrower Earnings Management: Evidence from the Japanese Banking Crisis of 1993-2002 2013
The Friendly Activist: Taiyo Pacific Partners and Nippon Ceramic 2011
Little Guys, Liquidity, and Informational Efficiency of Price: Evidence from the Tokyo Stock Exchange 2010
Banks' Risk Taking: Evidence from Japan 2010
Listing Policy and Development of the Tokyo Stock Exchange in the Pre-War Period 2009
Tick Size Change and Liquidity Provision for Japanese Stocks Trading near One Thousand Yen 2008
Correlations in Price Changes and Volatility Across International Stock Markets 2007
Unique Symptoms of Japanese Stagnation: An Equity Market Perspective 2007
Tick Size Change and Liquidity Provision on the Tokyo Stock Exchange 2007
Adverse Selection, Brokerage Coverage, and Ownership Structure on the Tokyo Stock Exchange 2005
On the Origin of the Pre-War Japanese Equity Market in Japanese 2005
The Components of the Bid-Ask Spread in a Limit Order Market: Evidence from the Tokyo Stock Exchange 2002
Living with the Enemy: An Analysis of Foreign Equity Investment in Japan 2001
Bank Owned Security Subsidiaries in Japan 2000
Institutional Affiliation and the Role of Venture Capital: Evidence from Initial Public Offerings in Japan 2000
An Analysis of Bidding in the Japanese Government Bond Auctions 1998
Comments on Shoichi Royama, Big Bang in the Japanese Securities Markets 1998
Interaction in Investment Among Rival Japanese Firms 1998
Changing Corporate Financing Structure and the Main Bank System in Japan 1995
Securities Trading in the Absence of Dealers: Trades and Quotes on the Tokyo Stock Exchange 1995
A Comparison of Relation Between Security Market Prices, Returns and Accounting Measures in Japan and the United States 1994
Comments 1994
Can Fundamentals Predict Japanese Stock Returns? 1993
Equity Trading Costs 1993
The Interest Rate Process and the Term structure of Interest Rates in Japan 1993
International Capital Market Integration 1992
Japanese Stock Prices and Accounting Fundamentals 1992
Predictable Stock Returns in the U.S. and Japan: A Study of Long-Term Capital Market Integration 1992
Tokyo Stock Exchange 1992
A Standard Data Base for the Analysis of the Japanese Security Markets 1991
Fundamentals and Stock Returns in Japan 1991
Japanese Financial Market Research 1991
Japanese Security Markets: An Overview 1991
The Effect of the 1987 Stock Crash on International Financial Integration 1991
Correlations in Price Changes and Volatility Across International Stock Markets 1990
Stocks, Bonds, and Inflation - Japan 1989
Japanese Stocks, Bills, Bonds, and Inflation 1989
An Empirical Examination of the Arbitrage Pricing Theory: Using Japanese Date 1988
Are Japanese Stock Prices 'Too Low'?: A Comment on Japan Securities Research Institute Report 1988
The Arbitrage Pricing Theory: Empirical Evidence in the Japanese Market 1986
Synfuel Development 1985
On Ianis Xenakis's Axioms of Stochastic Music 1978