Personnel Information

写真b

OKADA Katsuhiko

Organization
Institute of Business and Accounting Business School
Laboratory Address
1-1-155 Uegahara Nishinomiya Hyogo Japan
Research Fields, Keywords
Asset Pricing Models, Behavioral Finance, Information Efficiency in the Stock Market, Machine Learning, 機械学習、資産評価モデル、株式市場の情報効率性, 行動ファイナンス
Teaching and Research Fields
My primary interest is in the field of asset pricing. Particularly interested in how stock market return / return distribution is affected by the psychological factors. Traditionally, financial economists assumed professional investors are rational; therefore, the stock market remains rational for most of the times. In reality, all humans can be irrational at times, and there are many cases where market pricing is far from rational. We are building asset pricing models to incorporate such effects. For some of the promising models, we test them in the real stock market. This is possible thanks to our close cooperation with Magne-Max Capital Management Co. Ltd, an investment advisory firm.
URL
http://www.magne-max.com
Syllabus information URL
https://syllabus.kwansei.ac.jp/uniasv2/UnSSOLoginControlFree?REQ_ACTION_DO=/AGA030PLS01Action.do?REQ_FUNCTION_JUMP_START_FLG=1&SLB_LINK_DISP_FLG=89&TCH_NO=050015&REQ_PRFR_FUNC_ID=AGA030
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Graduate School 【 display / non-display 】

  • Graduate school:Kobe University
    Department:Graduate School, Division of Administration
    Course:Finance

    Course completed:Doctor's Course
    Date of completion:2006.03
    Completion status:Completed
    Country:Japan

  • Graduate school:Washington University
    Department:John M. Olin School of Business

    Course completed:Master's Course
    Date of completion:1990.05
    Completion status:Completed
    Country:United States

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Degree 【 display / non-display 】

  • Degree name:PhD (Finance)
    Classified degree field:Humanities & Social Sciences / Money and finance
    Conferring institution:Kobe University
    Acquisition way:Coursework
    Date of acquisition:2006.03

  • Degree name:MBA
    Classified degree field:Humanities & Social Sciences / Money and finance
    Conferring institution:Washington University in St. Louis
    Acquisition way:Coursework
    Date of acquisition:1990.05

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Career 【 display / non-display 】

  • Affiliation:Halberdier Capital Management Singapore Pte. Ltd.
    Title:Co-founder / Director
    Date:1996.07 - 2001.04

  • Affiliation:UBS Investment Bank Tokyo
    Department:Equity Derivatives
    Title:FVP
    Date:1992.10 - 1996.06

  • Affiliation:Morgan Stanley New York
    Department:International Arbitrage
    Title:Trader
    Date:1990.05 - 1992.10

  • Affiliation:Kwansei Gakuin University
    Title:Professor
    Date:2005.04 -

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Association Memberships 【 display / non-display 】

  • Academic society name:Japan Finance Association
    Academic country located:Japan

  • Academic society name:Asian Finance Association
    Academic country located:Japan

  • Academic society name:行動経済学会
    Academic country located:Japan

  • Academic society name:Western Finance Asscociation
    Academic country located:United States

  • Academic society name:日本ファイナンス学会
    Academic country located:Japan

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Research Areas 【 display / non-display 】

  • Research field:Humanities & Social Sciences / Business administration

  • Research field:Humanities & Social Sciences / Money and finance

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Papers 【 display / non-display 】

  • Language: English
    Title: Image based price trends in the Japanese stock market: Portfolio choice based on Convolutional Neural Network
    Journal name: Behavioral Economics Conference, Proceedings
    Date of publication: 2022.11
    Author(s): Moe Nakasuji, Yukinobu Hamuro, Katsuhiko Okada

    Type of publication: Research paper (international conference proceedings)
    Co-author classification: Multiple Authorship
    Field of experts:Humanities & Social Sciences / Business administration

  • Language: English
    Title: Is No News Good News? :The Streaming News Effect on Investor Behavior surrounding Analyst Stock Revision Announcement
    Journal name: International Review of Finance  vol.14  (p.29 - 51)
    Date of publication: 2014.03
    Author(s): with Takahiro Azuma, Yukinobu Hamuro

    Type of publication: Research paper (scientific journal)
    Co-author classification: Multiple Authorship
    Field of experts:Humanities & Social Sciences / Money and finance

  • Language: English
    Title: The Calendar Structure of the Japanese Stock Market: The "Sell in May Effect" versus the "Dekansho-bushi Effect"
    Journal name: International Review of Finance  vol.Vol 13  (Issue 2)  (p.161 - 185)
    Date of publication: 2013.06
    Author(s): OKADA Katsuhiko

    Type of publication: Research paper (scientific journal)
    Co-author classification: Multiple Authorship

  • Language: English
    Title: Predicting Noise Trader Behavior through Mining Newspaper Articles
    Journal name: Learning for Logics and Logics for Learning  (7th Workshop Osaka University)
    Date of publication: 2011.03
    Author(s): Katsuhiko Okada, Yukinobu Hamuro

    Type of publication: Research paper (scientific journal)
    Co-author classification: Multiple Authorship

  • Language: English
    Title: Addition to the Nikkei 225 Index and Japanese Market Response:
    Journal name: Pacific-Basin Finance Journal  (Vol 14 Issue 4)
    Date of publication: 2006.08
    Author(s): OKADA Katsuhiko

    Type of publication: Research paper (scientific journal)
    Co-author classification: Multiple Authorship

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Books 【 display / non-display 】

  • Language: Japanese
    Title: Finance Data Analysis using Python
    Publisher: Asakura Shoten
    Date of publication: 2022.03
    Author(s): Katsuhiko Okada, Yukinobu Hamuro, Katsuhiko Muramiya, Hidenori Takahashi

    Type of books: Scholarly book
    Authorship：Edit

  • Language: Japanese
    Title: Behavioral Economics, Present and Future
    Publisher: Nihon Hyoronsha
    Date of publication: 2019.09
    Author(s): Takanori Ida, Katsuhiko Okada

    Type of books: Scholarly book
    Authorship：Joint editor
    Field of experts:Humanities & Social Sciences / Money and finance, Humanities & Social Sciences / Public economics and labor economics, Humanities & Social Sciences / Experimental psychology

  • Language: Japanese
    Title: Investment strategy in 21st century
    Publisher: KODANSHA
    Date of publication: 2018.04
    Author(s): Katsuhiko Okada

    Type of books: General book
    Authorship：Sole author
    Field of experts:Humanities & Social Sciences / Money and finance

  • Language: Japanese
    Title: Encyclopedia on Artificial Intelligence
    Publisher: JSAI
    Date of publication: 2016.04
    Author(s): Katsuhiko Okada, Yukinobu Hamuro

    Type of books: Scholarly book
    Authorship：Joint author

  • Language: English
    Title: The Routledge Handbook of Japanese Business and Management
    Publisher: Routledge
    Date of publication: 2016.01
    Author(s): Katsuhiko Okada

    Type of books: Scholarly book
    Authorship：Sole author
    Field of experts:Humanities & Social Sciences / Business administration, Humanities & Social Sciences / Money and finance

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MISC 【 display / non-display 】

  • Language：Japanese
    Title:Experimental Finance
    Publisher:Securities Analyst Association of Japan
    Journal name:Securities Analyst Journal  vol.60  (08)  (p.2 - 5)
    Date of publication:2022.08
    Author(s):Katsuhiko Okada

    Type of publication：Article, review, commentary, editorial, etc. (bulletin of university, research institution)
    Field of experts:Humanities & Social Sciences / Business administration

  • Language：Japanese
    Title:Stock market non-participation puzzle in Japan
    Publisher:Securities Analyst Association of Japan
    Journal name:Securities Analyst Journal  vol.51  (11)  (p.56 - 62)
    Date of publication:2021.11
    Author(s):Katsuhiko Okada

    Type of publication：Article, review, commentary, editorial, etc. (scientific journal)
    Field of experts:Humanities & Social Sciences / Business administration

  • Language：Japanese
    Title:書評「マルチエージェントによる金融市場のシミュレーション」
    Publisher:Securities Analyst Association of Japan
    Journal name:Securities Analyst Journal  vol.59  (3)  (p.75 - 76)
    Date of publication:2021.03
    Author(s):Katsuhiko Okada

    Type of publication：Book review, literature introduction, etc.

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Other research activities 【 display / non-display 】

  • Title:Editor：International Review of Banking & Financial Studies誌のエディター
    Date：2013.04 - 2014.03

    Classification of research achievement:Other

  • Title:編集委員：Journal of Behavioral Finance and Economicsの編集、及び、査読業務。ジャーナルの質を高めるための各種活動
    Date：2010.04 - 2011.03

    Classification of research achievement:Other

  • Title:編集委員：Journal of Behavioral Economics and Financeの編集・査読業務
    Date：2009.04 - 2010.03

    Classification of research achievement:Other

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Awards 【 display / non-display 】

  • Prize: Securities Analyst Best Paper Award
    Date awarded:2014.10
    Country:Japan
    Award type:International academic award (Japan or overseas)
    Awarding organization：The Securities Analysts Association of Japan
    Award-winner (group):Katsuhiko Okada, Masao Saeki
    Field of experts:Humanities & Social Sciences / Money and finance

  • Prize: 2012年度ファイナンスにおける人工知能応用研究会優秀論文賞
    Date awarded:2013.10
    Country:Japan
    Award type:Award from Japanese society, conference, symposium, etc.
    Awarding organization：ファイナンスにおける人工知能応用研究会
    Award-winner (group):岡田　克彦

  • Prize: 2004 Best Paper Award, Securities Analyst Journal
    Date awarded:2005.09
    Country:Japan
    Award type:Honored in official journal of a scientific society, scientific journal
    Awarding organization：Securities Analyst Journal Japan
    Award-winner (group):Katsuhiko Okada
    Field of experts:Humanities & Social Sciences / Business administration, Humanities & Social Sciences / Money and finance

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Research Projects 【 display / non-display 】

  • Research category:基盤研究(B)
    Project year：2024.04 - 2027.03
    Title:大規模言語モデル(LLM)を用いた企業価値形成にかかる網羅的研究

  • Research category:Grant-in-Aid for Scientific Research(B)
    Project year：2021.04 - 2024.03
    Title:非財務情報（環境情報）と機械学習を用いた資産価格決定メカニズムの解明

  • Research category:Grant-in-Aid for Scientific Research(B)
    Project year：2016.04 - 2019.03
    Title:ビッグデータ解析に基づく投資家群集行動の定量的解明

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  • Project year：2014.10 - 2019.03
    Title:データ研磨技術とデータ粒子による実データ解析技術の開発（戦略的創造研究推進事業　CREST）
    Awarding organization：独立行政法人科学技術振興機構

  • Research category:Grant-in-Aid for Scientific Research(B)
    Project year：2013.04 - 2016.03
    Title:大規模テキストデータを活用した投資家心理と株価変動の定量的解明

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Presentations 【 display / non-display 】

  • Language:Japanese
    Conference name:Industry Cluster Momentum in the Japanese Stock Market
    International/Domestic presentation:Domestic presentation
    Holding date：2020.06
    Title:Stock Market Factor and Machine Learning
    Presentation type:Oral presentation (general)

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  • Language:Japanese
    Conference name:みずほ証券　投資家向け講演
    International/Domestic presentation:Domestic presentation
    Holding date：2014.03
    Title:『マーケットは完全ではない』ロバート・シラー教授との対談
    Presentation type:Oral presentation (general)

  • Language:Japanese
    Conference name:みずほ証券　機関投資家セミナー
    International/Domestic presentation:Domestic presentation
    Holding date：2014.02
    Title:ビッグ・データで株価を読み，資産運用に活かす
    Presentation type:Oral presentation (general)

  • Language:Japanese
    Conference name:第12回 人工知能学会 金融情報学研究会(SIG-FIN)
    International/Domestic presentation:Domestic presentation
    Holding date：2014.01
    Title:変化点検出と日本株式市場の季節性アノマリー
    Presentation type:Oral presentation (general)

  • Language:English
    Conference name:第7回行動経済学会　行動ファイナンス特別講演
    International/Domestic presentation:International presentation
    Holding date：2013.12
    Title:Seasonal Investor Overconfidence and the Stock Market Return
    Presentation type:Oral presentation (general)

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Teaching Experience (Off-campus) 【 display / non-display 】

  • Subject：「証券投資分析」（非常勤講師）2008年04月～2008年07月
    Institution name：

  • Subject：証券投資
    Institution name：

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Committee Memberships 【 display / non-display 】

  • Organization name:Japan Finance Association
    Committee name:Vice President

  • Organization name:行動経済学会
    Committee name:President
    Date：2017.12 - 2019.12

  • Organization name:行動経済学会
    Committee name:Special Advisor

  • Organization name:行動経済学会
    Committee name:Editor

  • Organization name:行動経済学会
    Committee name:Managing Director
    Date：2019.12 - 2021.12

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Social Contribution 【 display / non-display 】

  • Title:証券アナリスト試験委員：証券アナリスト試験問題作問，その他，検討
    Date：2013.04 - 2014.03

  • Title:証券アナリスト試験委員：証券アナリスト試験問題の作成
    Date：2012.04 - 2013.03

  • Title:CEO/CIO：投資顧問会社（株）Magne-Max Capital Management　（財務省近畿財務局登録番号351号）代表
    Date：2011.06 - 2020.03

  • Title:証券アナリスト試験委員：証券アナリスト試験問題の作成
    Date：2010.10

  • Title:IZ Management 社　代表取締役（ポートフォリオ構築、運用に係るモデル開発とシミュレーション）
    Date：2010.04 - 2011.03

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