Guest Speaker - Mr. Yoshihiko Miyauchi, ORIX Corporation

Jun 29, 2017

P6220458.jpgのサムネイル画像On June 22, Professor Tomonori Ito's Applied Corporate Finance class welcomed Mr. Yoshihiko Miyauchi, Senior Chairman of ORIX Corporation, as a guest speaker.

The students and Professor Ito had a one-hour discussion on the global equity offering for ORIX in 2009 based on the Hitotsubashi ICS case 'ORIX Corporation: Surviving the Financial Crisis (A) & (B)' authored by Professor Ito. They discussed whether ORIX should have chosen to issue equity at that time despite a low share price, and why this equity issuance became so successful. Mr. Miyauchi was the CEO of ORIX at the time of the equity offering and one of the protagonist of the case.P6220453.jpg

Following the one hour discussion, Mr. Miyauchi spent another one-hour for a Q&A session with the students. He explained the students how he encourages his staff to take risk and start new businesses while why he, as the CEO, makes the decision to retreat from the venture if it does not go well, the importance of being honest and transparent to investors, and how management needs to deal with short term oriented investors while keeping a long term strategic view. Having been the CEO of ORIX for 34 years, Mr. Miyauchi shared many insightful thoughts and precious experience on management with the students.