Curriculum Vitaes
Profile Information
- Affiliation
- Professor Emeritus, Visiting Professor, Musashino UniversityProfessor Emeritus, Keio University
- Degree
- Ph.D.(Keio University)MA(Keio University)MS(MIT)
- Researcher number
- 60120490
- J-GLOBAL ID
- 200901009618484780
- researchmap Member ID
- 1000263937
- External link
Research Areas
2Research History
10-
Apr, 2023 - Present
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Apr, 2013 - Present
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Apr, 2014 - Mar, 2023
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Apr, 2013 - Mar, 2014
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Apr, 1998 - Mar, 2013
Education
5Committee Memberships
31-
Apr, 2023 - Present
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Jun, 2018 - Present
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Apr, 2017 - Present
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Jan, 2015 - Present
Awards
9Papers
21-
The Japanese Journal of Real Estate Sciences, 34(3) 93-100, Dec, 2020 Peer-reviewed
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International Journal of Economic Policy Studies, 14(1) 123-166, Feb, 2020 Peer-reviewed
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JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS, 52(4) 480-511, May, 2016 Peer-reviewedThis study analyzes the rent term premium for leases that can be cancelled by the lessee. We model the lessor's trade-off between leasing costs and the cost of cancellation options based on the recognition that many leases are cancellable by lessees, and lease markets involve significant transaction costs. We demonstrate that, regardless of the expected future rents, the rent term structure is upward-sloping when there is no leasing cost but U-shaped when the lessor faces moderate leasing costs. Residential leases in Japan, which are all cancellable by tenants, exhibit the term structure that is consistent with our calibrated model.
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Earthquake Risk in Japan: Consumers' Risk Mitigation Responses After the Great East Japan EarthquakeJOURNAL OF ECONOMIC ISSUES, 46(2) 519-530, Jun, 2012 Peer-reviewedThe destructive impact of the Great East Japan Earthquake and subsequent tsunami on March 11, 2011 has enhanced consumer's earthquake preparedness even in unaffected areas. This paper uses unique survey data collected after the earthquake to study how consumers reacted to this catastrophic event. We find that self-reported, perceived preparedness for natural disasters has significantly improved even among low-income households after March 11, but that post-quake intentions for more specific risk mitigation activities were systematically associated with household income and wealth levels. Our results indicate that the recent events might have widened the gap in disaster preparedness between rich and poor.
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JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS, 45(1) 63-87, Jun, 2012 Peer-reviewedThis paper draws on six waves of Japanese household longitudinal data (Keio Household Panel Survey, KHPS) and estimates a conditional fixed effects logit model to investigate the effects of housing equity constraints and income shocks on own-to-own residential moves in Japan. By looking at contemporaneous extended Loan-to-Value (ELTV) and extended Debt-to-Income (EDTI) ratios under the recourse loan system, we examine whether housing equity constraints and negative income shocks have any impact on own-to-own residential moves. Taking account of the specific nature of the recourse loan system in Japan, we further investigate whether these effects are different between positive and negative equity households. The estimation results show that housing equity constraints and negative income shocks significantly deter own-to-own residential moves for positive equity households.
Misc.
70-
Columbia Business School, Center on Japanese Economy and Business, Working Paper Series, 384 1-65, Jun, 2024 Lead author
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(23), Feb 28, 2024 InvitedCorresponding author
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土地総合研究 2022年春号, 30(2) 72-80, 2022 InvitedLead author
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Institute of Political Science and Economics, Musashino University, IPSE Discussion Paper Series,, IPSE DP 2021F001, Aug, 2021
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Keio University, Panel Data Research Center, PDRC Discussion Paper Series, DP2020-011, Mar 31, 2021
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International Journal of Housing Policy, 21(1) 153-155, Jan 2, 2021 Invited
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Keio University, Panel Data Research Center, PDRC Discussion Paper Series, DP2020-005, 2020
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Institute for Economic Studies, Keio University, Discussion Paper Series,, DP2020-019, 2020
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SSRN Electronic Journal, 2019
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Compass to the Future from Economists, 50-53, Mar, 2018 Invited
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Real Estate Circulate and Trend Magazine, 33(1) 8-9, Jul, 2014 Invited
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International Encyclopedia of Housing and Home, 14 465-473, 2012 Invited
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Welfare Economics, 3-11, 2011A new mode of housing tenure in Japan, rental housing with fixed rental terms, was introduced in March 2000 with the revision of the Japanese Tenant Protection Law. We examined the implications of this new system by analyzing the determinants of the choices by households among the three types of housing tenure in Japan: owned housing, general rental housing, and rental housing with fixed rental terms, and calculate the estimated compensating variation, based on the three waves of Japanese household longitudinal data (Keio Household Panel Survey, KHPS) covering all of Japan. The difference between general rental housing and rental housing with fixed rental terms is reflected in the length of the contract term and the level of rent. We found that households with a smaller number of family members, those who moved from outside the local housing market, those headed by an unmarried household head, and those with plans to own a house in the near future tend to select rental housing with fixed rental terms. Younger and/or lower income households derived the greatest benefit from the revised law in the form of lower rents. © 2009 Nova Science Publishers, Inc. All rights reserved.
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JOURNAL OF ECONOMIC LITERATURE, 47(3) 847-848, Sep, 2009 Invited
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KUMQRP(Keio University Market Quality Research Project) Discussion Paper Series (A 21st Century Center of Excellence Program), 11 1-25, 2007
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The Japanese Journal of Real Estate Sciences, 18(3) 43-48, 2004 InvitedThe purpose of this paper is to overview the topics in real estate sciences in general and then survey the major academic researches related to economics which appeared in "The Japanese Journal of Real Estate Sciences" in the past ten years.
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KUMQRP (Keio University Market Quality Research Project)Discussion Paper Series (A 21st Century Center of Excellence Project), DP2003(18), 2004
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Mita journal of economics, 95(2) 443-451, Jul 1, 2002
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tits, 7(11) 85-86, 2002 Invited
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The toshi mondai (the municipal problems) : the journal of the Tokyo Institute for Municipal Research, 第92巻(第11号) 55-67, 2001 Invited
Books and Other Publications
36-
Springer: Advances in Japanese Business and Economics 19, May, 2019 (ISBN: 9789811333699, 9789811333682) RefereedClarifies a variety of problems stemming from the uniqueness of Japanese housing systems and related regulations.Shows the post-earthquake changes in earthquake preparedness and risk mitigation activities of households after the Great East Japan Earthquake of 2011. Provides the first rigorous econometric analysis of the Japanese housing sector in the field of applied urban economics that takes full advantage of longitudinal household data.
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University of Tokyo Press, Apr, 2014 (ISBN: 9784130402651)
Presentations
95-
MIT Asia Real Estate Initiative Inaugural Symposium, Jul 31, 2023, MIT, Center for Real Estate Invited
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Asian Real Estate Society 2023 Annual Conference, Jul 14, 2023
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Japanese Economic Association 2023 Spring Meeting, May 28, 2023
Professional Memberships
9Works
26Research Projects
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Grants-in-Aid for Scientific Research Grant-in-Aid for Specially Promoted Research, Japan Society for the Promotion of Science, Apr, 2022 - Mar, 2027
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Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (A), Japan Society for the Promotion of Science, Apr, 2022 - Mar, 2027
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科学研究費助成事業 基盤研究（C）, 日本学術振興会, Apr, 2022 - Mar, 2026
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Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (C), Japan Society for the Promotion of Science, Apr, 2021 - Mar, 2026
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Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (A), Japan Society for the Promotion of Science, Apr, 2017 - Mar, 2022