TAKESHI YAMADA. EDUCATION University of California at Berkeley Finance PhD

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1 NUS Business School National University of Singapore The University of Adelaide, Business School Phone: +61-(0) Fax: +61-(0) TAKESHI YAMADA Japanese citizen Permanent resident: Australia Martial status: Married with two children EDUCATION University of California at Berkeley Finance PhD KeioUniversity, Tokyo Economics M.A. KeioUniversity, Tokyo Economics B.A. AREAS OF INTEREST Research: Empirical asset pricing; international financial markets and institutions. Teaching: International finance/financial management; finance theory; investments EMPLOYMENT AND APPOINTMENTS National University of Singapore, NUS BusinessSchool, Department of Finance Associate Professor, 2002-present (on leave) Research Fellow, Risk Management Institute, 2008-present Director, Saw Centre for Financial Studies, Academic Director, MBA program, January 2005-June The University of Adelaide, BusinessSchool Associate Professor, 2010-present The Hong KongUniversity of Science and Technology, School of Business and Management, Department of Finance Assistant Professor, HoseiUniversity, Tokyo, Faculty of Business Administration Associate Professor, ; Full-time Lecturer, ; Research Fellow, Daiwa Securities Co. Ltd., Tokyo Economist, Daiwa Securities Research Institute, Economic Research Department, Economist, Research Department, Economic Forecasting Unit, VISITING POSITIONS Hitotsubashi University, Graduate School of International Corporate Strategy, Tokyo. Daiwa Securities Group Visiting Scholar,7/2003-9/2003. Musashi University, Tokyo. Visiting scholar,7/2003-9/2003. Keio University Graduate School of Business Administration, Japan. Visiting scholar, 9/ /

2 Shanghai International Studies University. Visiting scholar, 3/1987-4/1987. PROFESSIONAL ASSOCIATIONS American Finance Association, Asian Finance Association, Nippon Finance Association (founding member) HONORS CFA Institute Asian Investment Research Award, Beta Gamma Sigma JOURNAL ARTICLES 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 Interaction of investor trades and market volatility: Evidence from the Tokyo Stock Exchange, withkee-hong Bae and Keiichi Ito, Pacific-Basin Finance Journal, vol. 16, no. 4, September 2008, pp (CFA Institute Asian Investment Research Award) 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 Asset price shocks, financial constraint, and investment: Evidence from Japan, Vidhan K. Goyal and Takeshi Yamada, Journal of Business, vol. 77, no.1, 2004, pp The behavior of Taiwan mutual fund investors performance and fund flows, P.-G. Shu, Y.-H. Yeh and T. Yamada, Pacific-Basin Finance Journal, vol. 10, no. 5, 2002, pp The effect of bank relations on investment decisions: An investigation of Japanese takeover bids, Jun-Koo Kang, Anil Shivdasani and Takeshi Yamada, Journal of Finance, vol. 55, no. 5, 2000, pp "The performance of Japanese mutual funds," Jun Cai, K.C. Chan and Takeshi Yamada, The Review of Financial Studies, vol. 10, no. 2, 1997, pp (Lead article of the issue.) AT=&fulltext=yamada&searchid=1&FIRSTINDEX=0&resourcetype=HWCIT "The impacts of financial deregulation upon trading efficiency and the level of risk and return of Japanese banks," Richard H. Pettway, T.Craig Tapley and Takeshi Yamada, The Financial Review, vol.23, no.3, August 1988, pp (Lead article of the issue.) "Mergers in Japan and their impacts upon stockholders' wealth," Richard H. Pettway and Takeshi Yamada, Financial Management, vol.15, no.4, Winter 1986, pp

3 CHAPTERS IN BOOKS AND BOOK SERIES The Japanese market for corporate control and managerial incentives, Jun-Koo Kang and Takeshi Yamada, in J. Jay Choi and Takato Hiraki eds., International Finance Review, vol. 4 (The Japanese Finance), JAI: Elsevier Science, 2003, pp "The market for corporate control, the level of agency costs, and corporate collectivism in Japanese mergers," Richard H. Pettway, Neil W. Sicherman and Takeshi Yamada, Chapter 14 of E.J. Elton and M.J. Gruber eds., Japanese Capital Markets: Analysis and Characteristics of Equity, Debt, and Financial Futures Markets, Harper & Row, New York, "Japanese mergers: Relative size, corporate collectivism, and shareholders' wealth," R.H. Pettway, N.W. Sicherman, and Takeshi Yamada, Pacific-Basin Capital Market Research, vol. 2, 1990, pp WORKING PAPERS (Financial markets and asset pricing) Understanding the value premium: Evidence from long-term individual investor trading 2011 with Hao Jiang and Sheridan Titman Short sellers trading decisions: A dynamic analysis of large institutional short sales 2012 with Truong X. Duong and Zsuzsa Reka Huszar Costs and benefits of short sell disclosure 2012 with Truong X. Duong and Zsuzsa Reka Huszar The relationship between the information content of trades and frequency of public information release: The role of informed and uninformed trading, 2010, with Srinivasan Sankaraguruswamy and Jianfeng Shenhttp://papers.ssrn.com/sol3/papers.cfm?abstract_id= The impact of fund turnover on Japanese mutual fund performance, 2004, with Hitoshi Takehara. (Public-private relation and financial markets) The effects of state owned bank lending on investment and employment: Evidence from Japan 2012, with Yupeng Li and Anand Srinivasan Partial privatization, firm value, and employment in China: Political and economic objectives 2012, with Zhaohua Li Business and government Nexus: Retired bureaucrats in corporate boardrooms, 2008, with Manoj Raj. WORK IN PROGRESS Asset fire sales, price pressure, and liquidity with Hao Jiang Individual investors, institutional investors, and liquidity with Hao Jiang and Sheridan Titman. Security recommendations and broker orders: Investigation of the Japanese market, with Hideaki Kato and Takashi Yamazaki SELECTED INVITED AND REFEREED CONFERENCES (Including selected presentation by coauthors ) The Cost and Benefits of Short Sale Disclosure Financial Management Association Annual Meeting, Denver, October 19-22,

4 The real effects of state owned bank loans: Evidence from Japan during a Crisis Econometric Society Australasian Meeting, Adelaide, July 5-8, Partial privatization, firm value, and employment in China:Political and economic objectives Asian Finance Association Annual Meeting, Macau, July 10-13, The Third All China Economics International Conference, APEC Study Center, Hong Kong, December 14-16, The impact of global institutional investors on local equity prices: Reversal of the size premium Asian Finance Association Annual Meeting, Brisbane, June 30- July 3, Appointment of retired bureaucrats to Japanese boards: Further evidence Australasian Finance Conference, Sydney, December 16-18, Asian Finance Association/NFA Annual Meeting, Yokohama, July 6-9, Interaction of investor trades and market volatility: Evidence from the Tokyo Stock Exchange Asian Finance Association/FMA Annual Meeting, Hong Kong, July 5-7, (CFA Institute, Asian Investment Research Award) Impact of Firm-specific Public Information on the Relation between Prices and Trading Financial Management Association Annual Meeting, Salt Lake City, October 11-14, (Selected for Top Ten Percent Session ) The 33 rd Annual Meeting of the European Finance Association, Zurich, August 23-26, How do Individual, Institutional, and Foreign Investors Win and Lose in Equity Trades? Evidence from Japan. The 5 th Behavioral Economics Workshop, Aoyama Gakuin University, Tokyo, co-sponsored by Osaka University Center for Research in Behavioral Economics, July 1, Asia-Pacific Finance Association/PACAP/FMA Joint Annual Meeting, Tokyo, July 14-17, Nippon Finance Association Annual Meeting, Tokyo, June 2-3, Asset price bubbles, liquidity and investment: Evidence from Japan Econometric Society Far Eastern Meeting, July 20-22, 2001, Kobe. National Bureau of Economic Research (NBER)-Center for Economic Policy Research (CEPR)- European Institute of Japanese Studies (EIJS) - Center for International Research on the Japanese Economy (CIRJE) Meeting, September 22-23, 2000, Tokyo. IndianaUniversity at Bloomington, Sixth Biennial Symposium, Crisis Events in Financial Intermediation and Securities Markets, February 25-26, American Finance Association, Boston, January 7-9, University of Texas at Austin, The 10thAnnual Conference on Financial Economics and Accounting, October 29-30, The effect of bank relations on investment decisions: An investigation of Japanese takeover bids National Bureau of Economic Research (NBER)-Tokyo Center for Economic Research (TCER)- Center for International Research on the Japanese Economy (CIRJE) Meeting, December 15, 1999, Tokyo. The performance of Japanese mutual funds Symposium on mutual fund performance and style analysis: A comparison between the US and Japan, International University of Japan, Tokyo, March 20, The 7th Osaka International Conference on Finance (Asset Management Industry), Osaka University, March 2-3, Senri Life Science Center, Osaka, American Finance Association, San Francisco, January (Abstract published in Journal of Finance, 1996, vol. 51, no. 3, pp ) Columbia University, Emerging Trends in Japanese Financial Markets Conference, New York, December

5 SEMINARS Waseda Graduate School of Finance (2/2012, 9/2008), Nagoya University (2/2012, 12/2010, 8/2009, 7/2008), University of Melbourne (8/2011), The University of Adelaide (10/2009), Xiamen University Institute for Financial and Accounting Studies (5/2009), The 30 th Tokyo Finance Research Seminar, Kobe University (7/2008), Ritsumeikan University(7/2006), Hitotsubashi University Institute of Economic Research (11/2005), Hitotsubashi University Graduate School of International Corporate Strategy (9/2003, 7/2003), Musashi University (9/2003), Keio University Faculty of Business and Commerce (7/2003, 5/1995), The University of Hong Kong (1/2002), National University of Singapore (11/2001), Nanyang Technological University (11/2001), Hitotsubashi University Institute of Economic Research (6/2001), The Bank of Japan Institute for Monetary and Economic Studies (8/1998), The University of Hong Kong (3/1998), Ritsumeikan University(2/1998), Kansai Economic Research Center, Osaka (2/1998), Keio Graduate School of Business Administration (11/1996), Kinzai Finance Workshop, Tokyo (12/1994), University of Rhode Island (1993), The Hong Kong University of Science and Technology (1993), Kinzai Finance Workshop, Tokyo (1993) PANELS Current issues in East Asian financial markets, Financial Management Association Annual Meeting, Salt Lake City, October 11-14, Corporate governance in East Asia, Financial Management Association Annual Meeting, New Orleans, October 6-9, SUPERVISION OF PhD STUDENTS AND INITIAL PLACEMENT 1. Committee member, National University of Singapore: Huiping Zhang, Shanghai University of Finance and Economics, Chair, National University of Singapore: Hao Jiang, Rotterdam School of Management, Erasmus University, The Netherlands, Chair, National University of Singapore: Zhaohua Li,Lincoln University, New Zealand, Co-chair, National University of Singapore, Department of Economics: Manoj Raj, Ernst & Young, Committee member, Hong Kong University of Science and Technology: Andy Chui, Hong Kong Polytechnic University, SELECTED GRANTS 1. Ministry of Education Academic Research Fund, Tier 1, Singapore, R , S$31,500, , principal investigator, with Zsuzsa Huszar and Xuan Troung Duong. 2. Ministry of Education Academic Research Fund, Tier 1, Singapore, R , S$31,500, , principal investigator. 3. Ministry of Education Academic Research Fund, Tier 1, Singapore, R , S$28,043, , principal investigator. 4. Earmarked Competitive Research Grant, Research Grant Council, Hong Kong, HKUST6013/99H, HK$585,000, , principal investigator, with S. Titman, University of Texas at Austin, and K.C.J. Wei, HKUST. 5. Earmarked Competitive Research Grant, Research Grant Council, Hong Kong, HKUST, HKUST6010/99H, HK$475,000, , co-investigator, with V.K. Goyal. 6. Earmarked Competitive Research Grant, Research Grant Council, Hong Kong, HKUST, HKUST6240/97H, HK$464,380, , principal investigator, with K.C. Chan. 5

6 PUBLICATIONS IN JAPANESE LANGUAGE List available upon request OTHER PUBLICATIONS No currency risk? Think again, Business Times Singapore, November 10, (Re-posted on the Central Provident Fund Board of Singapore website.) "Financial integration and global politics," NUS Development Office Yearbook 2007, pp PROFESSIONAL SERVICES Editorial boards Associate editor, Asia Pacific Journal of Financial Studies, 2011-present. Associate editor, Journal of Behavioral Economics and Finance (official journal of the Association of Behavioral Economics and Finance, Japan) 12/2008-present Ad-hoc referee Asia-Pacific Financial Markets Corporate Governance: An International Review The Financial Review Finance Research Letters Global Finance Journal IndianaUniversity CIBER Doctoral Dissertation Award International Journal of Managerial Finance Japan and the World Economy Japanese Journal of Financial Economics Journal of Asian Economics Journal of Banking and Finance Journal of the Japanese and International Economies Management Science Pacific-Basin Finance Journal Pacific Economics Review Real Estate Economics Review of Quantitative Finance and Accounting University Grants Committee, Research Grants Council of Hong Kong. External assessor 1. External assessor for a finance course, Singapore Institute of Management University, External examiner, PhD thesis by Xu Jin, The University of Hong Kong, External assessor for the MBA program in the area of finance, The University of Hong Kong, , , Academic societies Conference program and organizing committees 1. The Singapore International Conference on Finance. Review committee: The 5 th Conference, July 19-20, Organizing committee co-chair: The 4 th Conference, July 9-10, 2010: The 3 rd Conference, July 14-15, 2009: The 2 nd Conference, July 17-18, 2008: The 1 st Conference, July 19-20, Asian Finance Association International Conference. Program review committee member: Macau, July 10-13, 2011: Brisbane, June30-July 3,

7 3. Annual Conference on Asia-Pacific Financial Markets. Review committee member: The 5 th Conference, Seoul, December 4, 2010: The 4 th Conference, Seoul, December 5, The 8 th Annual Darden International Finance Conference. Program review committee member, Singapore, May 8, Financial Management Association Asia Conference. Program review committee member, Xiamen, May 6-8, Asian Finance Association-Nippon Finance Association Conference. Academic program international committee member, Yokohama, July 6-9, Asia Pacific Finance Association/Financial Management Association/PACAP joint conference. Program review committee member, Tokyo, July 14-17, Asia Pacific Finance Association/Nippon Finance Association first joint international conference. Executive program and organizing committee, Tokyo, July 19-22, Discussants Behavioral Finance and Capital Markets Conference at University of South Australia (09/2011), Asian Finance Association Annual Meeting (7/2009, 7/2008), Australasian Finance Conference (12/2008), Nanyang Business School Finance Seminar Series (9/2005), Nippon Finance Association Annual Meeting (6/2002, 5/1995), Asia Pacific Finance Association Annual Meeting (7/2001, 7/1998, 7/1997, 7/1995), Hong Kong Economic Association Meeting (12/2000), American Finance Association Annual Meeting (1/1997) Selected invited public lectures The Japan Society, Is Japan a market economy: Will Japan survive? Hong Kong, May 25, Selected professional seminars and conferences 1. Different investor types and their preferences Their impact on asset prices and investment performance on the Tokyo Stock Exchange-, The 9 th Security Analyst Association of Japan Nippon Finance Association Joint Seminar, Tokyo Stock Exchange, September 5, Extracting size and value anomalies in Japanese equity markets, Applied Research Forum on Asset Management, Center for Asset Management Research & Investments, NUS Business School, Shangri-La Hotel, Singapore, November 26, Selected media interviews and coverage Broadcasts: CNN International (Aug. 22, 2001), Television Broadcasts (TVB) Limited, Hong Kong, Money Magazine(Jul. 2000, Nov. 1999, Jun. 1998, May 1998). Journals: Forbes Global Magazine (Jan. 2002) Ming Pao Daily News, Hong Kong(Oct. 2001) TEACHING Ph.D. Finance theory (University of Adelaide, NUS) Empirical asset pricing (HKUST, joint teaching) MBA, MSc Managerial finance (University of Adelaide) International financial management/international finance (NUS, HKUST) Investment analysis and portfolio management (HKUST) Undergraduate 7

8 Managerial finance (University of Adelaide) Finance theory (NUS) International financial management/international finance (NUS, HKUST) Investment analysis and portfolio management (HKUST) Executive education Real options, Certificate of Financial Engineering (UC Berkeley-NUS Risk Management Institute) TEACHING RECOGNITION Recognition for excellent teaching: Fall 2001, undergraduate, HKUST. SELECTED UNIVERSITY SERVICES The University of Adelaide School research committee, 2011-present. Finance seminar coordinator, 2010-present. MBA program committee, 2010-present. NationalUniversity of Singapore Student and Alumni Societies Honorary advisor, NUS Investment Group, September 2006-November Secretary of NUS Chapter, Beta Gamma Sigma, April 2006-March School of Business Director, Saw Centre for Financial Studies, July 2006-November Academic Director, MBA program, January 2005-June Department of Finance Tenure review committee, 2007 (chair). Recruiting committee, (chair), , (co-chair), Department of Real Estate, School of Design& Environment Tenure review committee, Hong KongUniversity of Science and Technology School of Business Administration Committee member on Masters (MBA and MSc) Programs,