Meet our faculty

Ryosuke Fujitani received his BBA from Hosei University in Tokyo, and MA and PhD in Commerce and Management from Hitotsubashi University in Tokyo.

His research domain is corporate disclosure, corporate governance, and corporate finance. He is currently working on the research topics, including a) the effect of disclosure regulation on corporate investment decisions; b) economic consequences of macroeconomic uncertainty; and c) financial reporting speed.
His publication includes “Domestic and international effects of economic policy uncertainty on corporate investment and strategic cash holdings: Evidence from Japan” (with Masazumi Hattori & Yukihiro Yasuda in Journal of the Japanese and International Economies, 2023), “Refinance and labor adjustment in Japan” (with Hyonon Kim in Gendai Finance, 2022 in Japanese), “The bright side of frequent financial reporting” (in Japan Journal of Finance, 2020 in Japanese); “Does Stock Market Listing Impact Investment in Japan?” (with Joseph French and Yukihiro Yasuda in Journal of The Japanese and International Economies, 2021); and “Under pressure: listing status and disinvestment in Japan” (with Joseph French and Yukihiro Yasuda in Finance Research Letters, 2020).

YouTube and Podcast Appearance

1. CEO Compensation from a Management Science Perspective https://www.youtube.com/watch?v=NO9N08-qnaI

   • Topic: Agency Problems and CEO Incentive Design

   • "Is Executive Compensation Too High or Too Low?" In this video, we discuss the "correct" way to determine CEO compensation from the perspective of management and accounting. When fixed salaries are too high, managers may become risk-averse; yet, if performance-based incentives are too aggressive, they might take excessive risks or even manipulate earnings. Solving this Agency Problem is a classic but important challenge in corporate governance. We also discuss the "Who Monitors the Monitor?" dilemma, the complexity of ensuring that those overseeing the company are doing their jobs effectively.
     
     

2. How Much Cash Should a Company Hold? Insights from Recent Research https://www.youtube.com/watch?v=o57xJOA9VDA

   • Topic: Motives for Corporate Cash Holdings and the Current Status of Japanese Companies

   • "Why Do Japanese Companies Hold So Much Cash?" Criticism regarding the "excessive" cash reserves of Japanese firms is common, but is it truly a bad thing? In this video, we clarify the common misconception between "Retained Earnings" and "Cash on Hand" in Japanese language and accounting concepts and explore the latest academic research on the topic. There are more than ten academic hypotheses for a company to hold cash, ranging from precautionary measures against economic downturns to the rent seeking decisions of managers. We discuss why there is no "one-size-fits-all" answer to the optimal cash level and what it means for corporate strategy.
     
     

3. The Man Who Read Financial Statements of All Listed Companies https://www.youtube.com/watch?v=vr0Yp6u1Drw

   • Topic: Changes in Quarterly Disclosure Regime and Information Transparency

   • "The Truth Behind Financial Disclosures: Insights from Analyzing 5,000 Companies." With the 2024 changes in quarterly disclosure regulations, the landscape of corporate reporting is shifting rapidly. Based on my research manually reviewing thousands of earnings announcements, I discuss the real "costs and benefits" of transparency. Interestingly, in an era where AI and algorithms are the primary consumers of data, some companies utilize "hacks", such as using image files to reduce machine readability, —to avoid scrutiny. We explore how information transparency will define the economic environment in the digital age.