Hiroyuki ISHIKAWA

      Professor of Accounting
      Graduate School of Business
      Osaka City University
      3-3-138 Sugimoto, Sumiyoshi, Osaka 558-8585, Japan
      Telephone & Fax (Office): +81-6-6605-2210
      E-mail: h-ishikawa at bus.osaka-cu.ac.jp

    DEGREES

    • Ph.D. in Business Administration, Kobe University, Japan, March 2000
    • M. A. in Business Administration, Kobe University, Japan, March 1997
    • B. A. in Business Administration, Kobe University, Japan, March 1995

    EMPLOYMENT

    • Professor of Accounting, Graduate School of Business, Osaka City University, April 2009-Present. Courses Taught: Business Analysis and Valuation (B. A. students), Empirical Accounting (B. A. students), Financial Accounting (B. A. students), Seminars on Financial Statement Analysis (B. A. students), Seminars on Business Analysis and Valuation (M. A. and Ph. D. students).
    • Associate Professor of Accounting, Graduate School of Business, Osaka City University, October 2001-March 2009. Courses Taught: Business Analysis and Valuation (B. A. students), Empirical Accounting (B. A. students), Financial Accounting (B. A. students), Seminars on Financial Statement Analysis (B. A. students), Seminars on Business Analysis and Valuation (M. A. students).
    • Assistant Professor of Accounting, Faculty of Business, Osaka City University, April 2000-September 2001. Courses Taught: Basic Principles of Accounting (B. A students).
    • Japan Society for the Promotion of Science (JSPS) Research Fellow, April 1998-March 2000.
    • Visiting Scholar: Department of Accounting & Business Information Systems, Faculty of Economics & Commerce, The University of Melbourne, August 2008-August 2008.
    • Visiting Scholar: Leonard N. Stern School of Business, New York University, March 2003-September 2003.

    PROFESSIONAL MEMBERSHIP

    • Japan Accounting Association, April 2000-Present.
    • American Accounting Association, April 2003-Present.
    • Japanese Association for Research in Disclosure, November 2004-Present.

    PRIZES

    • Japan Accounting Association Prize, Japan Accounting Association, September 2008, A Prize Bookfs Title: Dividend Policy: An Empirical Analysis.
    • Nikkei Economic Book Award (Nikkei Keizai-Tosho-Bunka-Sho), Nikkei Inc. and Japan Center for Economic Research, November 2007, A Prize Bookfs Title: Dividend Policy: An Empirical Analysis.
    • Japan Accounting Association Prize, Japan Accounting Association, September 2002, A Prize Paperfs Title: Time Series Properties of Earnings and the Pricing of Dividends in Capital Market.

    FELLOWSHIPS

    • Research Fellowship, Ministry of Education and Science, April 1998-March 2000, April 2002-March 2005, April 2005-March 2008, April 2008-March 2011.
    • Research Fellowship, The Zengin Foundation for Studies on Economics and Finance, June 2007-May 2008.
    • Asian and Japanese Research Fellowship, Osaka City University, April 2002-March 2003, April 2005-March 2006.
    • Securities Research Center Fellowship, Osaka City University, April 2001-March 2002.
    • Publication Grant, Ministry of Education and Science, April 2000-March 2001.
    • Ishii Foundation Research Fellowship, Tachibana Securities Co., April 2000-March 2001, April 2008-March 2009.

    RESEARCH

      A. Research Interest

      • Theoretical and Empirical Study on the Content of Accounting and Non-accounting Information in Equity Valuation.
      • Empirical Study on the Relationship between Dividend Policy and Stock Pricing.

      B. Dissertation (in Japanese)

        Thesis Title: An Empirical Study on the Relationship between Consolidated Accounting Information and Stock Pricing. Committee: Professor Hisakatu Sakurai (Chair), Professors Masatoshi Goto and Fumio Naito.

      C. Publications (in Japanese)

      Books:

      • Dividend Policy: An Empirical Analysis, Chuokeizai-sha Inc., Tokyo, June 2007.
      • Consolidated Accounting Information and Stock Pricing, Chikura Publishing Company, Tokyo, September 2000.

      Publication Papers:

      • "Corroboration Effects of Management forecasts of Earnings and Dividends Announcements in the Japanese Stock Market," Securities Analysts Journal, 47 (8), August 2009, pp. 23-30.
      • "A Financial Profile Analysis of both Dividend-increasing and Dividend-decreasing Firms," Sangyou-Keiri, 68 (4), January 2009, pp. 99-108.
      • "Relationship between Dividends and Earnings," K. Shiba, K. Suda and A. Usui (Eds.), Disclosure, Chuokeizai-sha Inc., Tokyo, November 2008, pp. 600-614.
      • "Determinant Analysis of the Increase in Dividends: A Test of the Life-cycle Theory," A Final Report of Special Committee in Japan Accounting Association, September 2008, pp. 383-399.
      • "Corroboration Effects of Dividend Announcements and Firms' Growth Stage Signals: A Test of the Life-cycle Theory," Kaikei (Accounting), 174 (3), September 2008, pp. 32-45.
      • "On the Usefulness of the Comparison between Divided Discount Model and Residual Income Model," An Interim Report of Special Committee in Japan Accounting Association, September 2007, pp. 181-204.
      • "Stock Price Reaction to the Accounting Manipulation," K. Suda, T. Yamamoto and S. Otomasa (Eds.), Accounting Manipulation, Diamond Inc., Tokyo, June 2007, pp. 174-196 (with M. Enomoto).
      • "The Value Relevance of Minority Interest," Kaikei (Accounting), 170 (3), September 2006, pp. 61-76.
      • "Binding Power of Commemorative Dividends and Stock Procing (1) (2)," Keiei Kenkyu (The Business Review) (Osaka City University), 56 (4), February 2006, pp. 227-248, 57 (1), May 2006, pp. 61-80.
      • "Commemorative Dividends and Dividends Manipulation," Kaikei (Accounting), 168 (6), December 2005, pp. 71-86.
      • "Flexibility of Commemorative Dividends and Discretionary Dividend Policy," Keiei Kenkyu (The Business Review) (Osaka City University), 56 (3), November 2005, pp. 103-140.
      • "The Value Relevance of Environmental Accounting Information: A Pilot Test Using Information Based on both Monetary Unit and Quantitative Unit," Keiei Kenkyu (The Business Review) (Osaka City University), 55 (3/4), February 2005, pp. 99-115 (with K. Kosuga).
      • "The Dividend Policy Based on Consolidated Earnings and Stock Pricing (1) (2)," Keiei Kenkyu (The Business Review) (Osaka City University), 55 (3/4), February 2005, pp. 73-98, 56 (1), May 2005, pp. 181-208.
      • "Earnings Manipulation by the Firms Going into Bankruptcy (5) (6): The Effects on Stock Market," Kaikei (Accounting), 166 (2), August 2004, pp. 116-130, 166 (3), September 2004, pp. 129-140 (with K. Suda, M. Enomoto, and K. Otogawa).
      • "Has the DPS 5 Yen Criterion Brought about Nonlinear Relation between Stock Prices and Dividends?," Kaikei (Accounting), 166 (1), July 2004, pp. 65-80.
      • "An Empirical Study on the Role of DPS 5 Yen Criterion in Equity Valuation (1) (2)," Keiei Kenkyu (The Business Review) (Osaka City University), 55 (1), May 2004, pp. 31-47, 55 (2), July 2004, pp. 151-168.
      • "Ohlson Models and Market-Based Accounting Research," Kigyou Kaikei (Accounting), 56 (1), January 2004, pp. 94-96, 56 (2), February 2004, pp. 94-96.
      • "Dividend Policies and the Signaling Effects," JICPA Journal, 15 (4), April 2003, pp. 60-61.
      • "A Comparison of EVATM and Residual Income in Equity Valuation," Shouken Kenkyu Nenpou (Annual of Report of the Securities Research Center) (Osaka City University), (17), March 2003, pp. 19-46.
      • "The Pricing of Environmental Information in Equity Valuation," Kaikei (Accounting), 163 (1), January 2003, pp. 56-71 (with A. Mukoyama).
      • "Dividends, Book Value, Earnings and Equity Valuation," Shouken Keizai Gakkai Nenpou (Annals of Society for the Economic Studies of Securities), (3), May 2002, pp. 11-24.
      • "Time Series Properties of Earnings and the Pricing of Dividends in Capital Market," Kaikei (Accounting), 160 (6), December 2001, pp. 58-73.
      • "The Role of Dividends in Equity Valuation (1) (2)," Keiei Kenkyu (The Business Review) (Osaka City University), 52 (3), November 2001, pp. 55-84, 52 (4), January 2002, pp. 125-154.
      • "A Financial Profile Analysis of the Failed Firms," Kokumin Keizai Zasshi (Journal of Economics and Business Administration) (Kobe University), 180 (2), August 1999, pp. 17-30 (with H. Sakurai).
      • "The Valuation of the Firm Value Using Accounting Numbers," Business Insight (Kobe University), 6 (4), December 1998, pp. 92-98.
      • "An Empirical Study on the Relationship between Consolidated Financial Statements and Stock Prices," Rokkodai Ronshuu (Journal of Business Administration) (Kobe University), 44 (1), July 1997, pp. 35-55.
      • "An Empirical Study on the Usefulness of Consolidated Financial Statements for Investment Decision and Dividends Restriction," Kaikei (Accounting), 151 (4), April 1997, pp. 29-41 (with H. Sakurai).

      Textbooks:

      • "Financial Statement Analysis" in Introduction to Accounting. T. Tani and H. Sakurai (eds.). Sekigakusha, Mie, September 2009, pp. 160-174.
      • "Financial Statement Analysis" and "Reminiscence and Prospect of Market Based Accounting Research" in Accounting Textbook. Faculty of Business, Osaka City University (ed.). Yuhikaku, Kyoto, October 2002, pp. 21-38 and pp. 167-184.
      • "Consolidated Financial Statements and Accounting for Investments in Subsidiaries," "Accounting for Investments in Associates," and "Earnings Per Share" in International Accounting Standard Textbook. H. Sakurai (ed.). Hakuto-Shobo, Tokyo, June 2001, pp. 183-190, pp. 191-196, and pp. 214-223.

      Others:

      • "A Discussion about Dividend Policy in the case of Decreasing in Earnings," IR-COM, April 2009, pp. 4-7.
      • Book Review, Pension Accounting Information, (K. Yoshida, Chuokeizai-sha Inc., Tokyo, August 2008), Kigyou Kaikei (Accounting), 61 (1), January 2009, p. 147.
      • Book Review, Empirical Research on Accounting to Provide Imprecations for Future Accounting Institutions, (K. Suda (ed.), Hakuto-Shobo, Tokyo, February 2008), Sangyou-Keiri, 68 (2), July 2008, pp. 110-111.
      • "The Meaningfulness of the Investment Policy-Consistent Dividend Policy Producing Stock Price Outperformance," IR-COM, April 2008, p. 3.

      D. Conference Presentations

      • "Introduction to Dividend Policy (in Japanese)," IR Circle (the 112th) (Special Training of Japan Investor Relations Association (JIRA), National Olympics Memorial Youth Center, Tokyo, Japan, August 21, 2009.
      • "The Valuation of the Stock Value Using Accounting Numbers (in Japanese)," North Osaka Branch of Yukokai (the 519), Kansai Bunka Saloon, Osaka, Japan, March 25, 2009.
      • "A Financial Profile Analysis of both Dividend-increasing and Dividend-decreasing Firms (in Japanese)," Kanematsu Seminar, Research Institute for Economics & Business Administration - Kobe University, Kobe, Japan, January 24, 2009.
      • "The Ideas of Dividend Policy and IR (in Japanese)," Kansai Section (the 14th) (Japan Investor Relations Association), Hearton Hall Itochu Building, Osaka, Japan, November 20, 2008.
      • "The Ideas of Payout Policy of Japanese Firms (in Japanese)," Global Financial Strategy Workshop (the 10th in the 25th period), Nippon Keidanren Hall, Tokyo, Japan, November 19, 2008.
      • "Dividend Policy and Stock Market: the Importance of IR (in Japanese)," Special Seminar in Osaka, the Security Analysts Association of Japan, Osaka Stock Exchange, Osaka, Japan, November 13, 2008.
      • "Final Report: Comprehensive Study on Firm Valuation using Accounting Information," Japan Accounting Association Annual Meeting (the 67th), Rikkyo University, Tokyo, Japan, September 8, 2008. (with H. Sakurai et al.)
      • "Dividend Policy and IR (in Japanese)," Nagoya Stock Exchange, Nagoya, Japan, July 11, 2008.
      • "An Empirical Research on Dividend Policy: Search for Dividend Policy Producing Stock Price Outperformance (in Japanese)," Nikko AM Academy, Tokyo, Japan, June 27 and July 4, 2008.
      • "An Empirical Study on the Corroboration Effect of Dividend Policy: Search for Dividend Policy Producing Stock Price Outperformance (in Japanese)," the Security Analysts Association of Japan, Tokyo Stock Exchange, Tokyo, Japan, April 8, 2008.
      • "An Empirical Study on the Relationship Dividend Policy and Stock Pricing: from the Perspective of Growth Oppotunity, Financial Position, and Ownership Structure (in Japanese)," Workshop of the Research Center of Socionetwork Strategies (the 59th), Kansai University, Osaka, Japan, January 29, 2008.
      • "An Empirical Analysis on Dividend Policy of Japanese Firms from the Perspective of Corroboration Effect of Dividend Policy (in Japanese)," Chuo University Accounting Forum, Chuo University, Tokyo, Japan, November 23, 2007.
      • "Dividend Policy and Stock Market Using Accounting-Based Equity Valuation Models (in Japanese)," Special Seminar in Osaka, the Security Analysts Association of Japan, Osaka Stock Exchange, Osaka, Japan, November 8, 2007.
      • "Dividend Policy of Japanese Firms: A Market Based Accounting Research (in Japanese)," Global Financial Strategy Workshop (the 8th in the 24th period), Nippon Keidanren Hall, Tokyo, Japan, September 11, 2007.
      • "Interim Report: Comprehensive Study on Firm Valuation using Accounting Information," Japan Accounting Association Annual Meeting (the 66th), Matsuyama University, Ehime, Japan, September 1, 2007. (with H. Sakurai et al.)
      • "The Actual Conditions of Commemorative Dividends and the Possibility of Dividends Manipulation (in Japanese)," Japan Accounting Association Annual Meeting (the 64 th), Kansai University, Osaka, Japan, September 15, 2005.
      • "The Dividend Policy and Equity Valuation (in Japanese)," MPT Forum (the 140th), TOYO KEIZAI INC., Tokyo, Japan, June 9, 2005.
      • "The Dividend Policy Based on the Consolidated Financial Statement and Stock Pricing (in Japanese)," The Japanese Association of Management Accounting Contemporary Accounting Research Seminar (the 7th), Aoyama Gakuin University, Tokyo, Japan, June 26, 2004.
      • "Time Series Properties of Earnings and the Pricing of Dividends in Capital Market (in English)," Asia-Pacific Journal of Accounting & Economics Symposium (the 5th), Kuala Lumpur, Malaysia, January 6, 2004.
      • "Earnings Manipulation by the Firms Going into Bankruptcy: The Effects on Stock Market (in Japanese)," Japan Accounting Association Annual Meeting (the 62 th), Kinki University, Osaka, Japan, September 11, 2003. (with M. Enomoto and K. Otogawa)
      • "Empirical Relationship between Environmental Information and Firm Value (in Japanese)," Japan Accounting Association Annual Meeting (the 61th), Musashi University, Tokyo, Japan, September 12, 2002. (with A. Mukoyama)
      • "The Role of Dividends in Equity Valuation (in Japanese)," Japan Accounting Association Annual Meeting (the 60 th), Osaka Gakuin University, Osaka, Japan, September 21, 2001.
      • "Empirical Relationship between Dividends and Firm Value (in Japanese)," Japan Securities and Economic Association Annual Meeting (the 55th), Bunkyo Women's College, Tokyo, Japan, June 17, 2001.
      • "Public Announcements of Consolidated Financial Information and Efficient Capital Market (in Japanese)," Japan Securities and Economic Association Kansai Section Meeting (the 97th), Osaka Security Hall, Osaka, Japan, January 22, 2000.
      Japanese


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