Sophia University

Academics Professors Information

Email: nisaka[at]sophia.ac.jp
Tel: 03-3238-4059
Office: 10-543
ISAKA Naoto
井坂 直人

Associate Professor
Empirical Finance

B.A., Sophia University
M.A., Osaka University
Ph.D., Hitotsubashi University

Research and Teaching Interests:
My research has focused on market microstructure in the Japanese stock market. For example, the Tokyo Stock Exchange is the world’s largest centralized limit order market where liquidity is purely provided by limit orders. I am interested in investors’ order choice between market orders and limit orders. Also, in the Japanese stock market, firms are allowed to change the minimum trading unit for trading their stocks. I am investigating the effect of changes in the minimum trading unit on equity returns. I teach Principles of Macroeconomics, Money and Banking, Financial Management, and Topics in Finance for IBE students.

Selected Publications

Book Chapters

  • Naoto Isaka, Kazuhiko Ohashi, Makoto Saito, 2007, “The Role of Subordination Level in Asset-Backed Securities Markets,” in Keizai Seido no Jissho Bunseki to Sekkei, vol 2, Kinyu no Kinou Fuzen, edited by Fumio Hayashi, Keisoshobo, Chapter 7.

Journal Articles

Working Papers

  • Naoto Isaka, 2012, “An Empirical Analysis of Order Flow prior to the Announcement of Major Negative Information,” Proceedings of the Midwest Finance Association 2012 Annual Meeting.

COURSES

Courses No Title 2018 Semester Offered
IBE201
PRINC OF MACROECONOMICS
Spring
IBE310
FINANCIAL MANAGEMENT
Spring
IBE326
MONEY AND BANKING
Autumn
IBE486 TOPICS IN FINANCE
Not Offered