[ Japanese / English ]

Update: November, 2016




Michi NISHIHARA@
Associate Professor of Graduate School of Economics, Osaka University



[Contact]
Address:
1-7, Machikaneyama, Toyonaka, Osaka 560-0043, JAPAN
Email:

[Educational Background]

[Professional Background]

[Visiting Position]

[Membership]
The Institute for Operations Research and the Management Sciences (INFORMS), The American Finance Association.

[Editorial Board]
Journal of the Operations Research Society of Japan, Transactions of the Operations Research Society of Japan (Associate editor, April, 2012 - April, 2016).

[Reviewer]
Annals of Operations Research, Contemporary Economic Policy, Economic Modelling, ESAIM: Control, Optimisation and Calculus of Variations, European Journal of Finance, European Journal of Operational Research, Financial Research Letters, Information Sciences, International Journal of Management Science and Engineering Management, International Review of Financial Analysis, Japanese Economic Review, Journal of Banking and Finance, Journal of Economic Dynamics and Control, Journal of the Operational Research Society, Journal of the Operations Research Society of Japan, Journal of Real Options and Strategy, Mathematical Social Sciences, Management Science, North American Journal of Economics and Finance, Quantitative Finance, Transactions of the Operations Research Society of Japan

[Teaching]
Optimization, Introduction to Management Science, Real Option (Graduate course), Operations Research/Management Science (Graduate course), Stochastic Models and Simulation (Graduate course).

[Research]
My research areas include financial engineering, corporate finance, and operations research. My recent work centers on the real options studies, which apply option pricing theory to capital budgeting decisions. The real options studies are related to the studies on optimal stopping and control, game theory, and corporate finance. For example, Paper 2 (see Publications below) examines the choice of whether a firm in distress proceeds to debt restructuring or direct liquidation, while Paper 13 shows that, in the presence of financing costs, both investment thresholds and investment size can be U-shaped in internal funds. Papers 9, 12, 17, and 22, reveal the properties of optimal stopping problems based on bi-dimensional stochastic process.


[Publications] The list excludes publications in Japanese.

Peer-reviewed journal papers

  1. Takashi SHIBATA, Michi NISHIHARA, "Effects of temporary regulation of asymmetric access charges in telecommunications," Managerial and Decision Economics, forthcoming, (2016, DOI: 10.1002/mde.2780).
  2. Michi NISHIHARA, Takashi SHIBATA, "Asset sale, debt restructuring, and liquidation,"Journal of Economic Dynamics and Control 67: 73-92,iJune 2016, DOI:10.1016/j.jedc.2016.03.011).
  3. Haejun JEON, Michi NISHIHARA, "The effects of reversible investment on capital structure and credit risks,"Financial Review 51-2: 263-293 (May 2016, DOI: 10.1111/fire.12100).
  4. Haejun JEON, Michi NISHIHARA, gThe effects of business cycle and debt maturity on a firm's investment and default decisions," International Review of Economics and Finance 38, 326-351 (July, 2015, DOI 10.1016/j.iref.2015.02.031).
  5. Takashi SHIBATA, Michi NISHIHARA, "Investment timing, debt structure, and financing constraints," European Journal of Operational Research 241-2: 513-526 (1 March 2015, DOI 10.1016/j.ejor.2014.09.011).
  6. Takashi SHIBATA, Michi NISHIHARA, "Investment-based financing constraints and debt renegotiation," Journal of Banking and Finance 51: 79-92 (February, 2015, DOI 10.1016/j.jbankfin.2014.11.005).
  7. Michi NISHIHARA, Takashi SHIBATA, "Investment timing with fixed and proportional costs of external financing," International Journal of Management Science and Engineering Management 10-1, 73-87 (February, 2015, DOI 10.1080/17509653.2014.937836).
  8. Haejun JEON, Michi NISHIHARA, "Macroeconomic Conditions and a Firm's Investment Decisions," Financial Research Letters 11-4: 398-409 (December, 2014, DOI 10.1016/j.frl.2014.08.002).
  9. Michi NISHIHARA, "Preemptive Investment Game with Alternative Projects," Economic Modelling 43: 124-135 (December, 2014, DOI 10.1016/j.econmod.2014.07.006).
  10. Haejun JEON, Michi NISHIHARA, "Securitization Under Asymmetric Information and Risk Retention Requirement," Journal of Finance and Economics 2: 16-53 (June, 2014, DOI 10.12735/jfe.v2i2p16).
  11. Michi NISHIHARA, Takashi SHIBATA, "Preemption, leverage, and financing constraints," Review of Financial Economics 23: 75-89 (April, 2014, DOI 10.1016/j.rfe.2013.10.001).
  12. Michi NISHIHARA, "Optimal investment decision under regulatory and environmental risks," International Journal of Management Science and Engineering Management 8: 67-77 (May, 2013).
  13. Michi NISHIHARA, Takashi SHIBATA, "The effects of external financing costs on investment timing and sizing decisions," Journal of Banking and Finance 37: 1160-1175 (April, 2013).
  14. Michi NISHIHARA, "Real option valuation of abandoned farmland," Review of Financial Economics 21: 188-192 (November, 2012).
  15. Takashi SHIBATA, Michi NISHIHARA, "Investment timing with incentive-disincentive contracts under asymmetric information," Technology and Investment 3: 74-86 (May, 2012).
  16. Takashi SHIBATA, Michi NISHIHARA, "Investment timing under debt issuance constraint," Journal of Banking and Finance 36: 981-991 (April, 2012).
  17. Michi NISHIHARA, "Real options with synergies: static versus dynamic policies," Journal of the Operational Research Society 63: 107-121 (January, 2012).
  18. Takashi SHIBATA, Michi NISHIHARA, "Interactions between investment timing and management effort under asymmetric information: Costs and benefits of privatized firms," European Journal of Operational Research 215:688-696 (December, 2011).
  19. Michi NISHIHARA, Takashi SHIBATA, "The effects of costly exploration on optimal investment timing," Review of Financial Economics 20: 105-112 (August, 2011).
  20. Michi NISHIHARA, Takashi SHIBATA, "Interactions between preemptive competition and a financing constraint," Journal of Economics and Management Strategy 19:1013-1042 (2010).
  21. Michi NISHIHARA, Mutsunori YAGIURA, Toshihide IBARAKI, "Computing bounds on risk-neutral distributions from the observed prices of call options," Asia-Pacific Journal of Operational Research 27: 211-225 (2010).
  22. Michi NISHIHARA, "Hybrid or Electric Vehicles? A Real Options Perspective," Operations Research Letters 38: 87-93 (2010).
  23. Michi NISHIHARA, Takashi SHIBATA, "Strategic Investment with Debt Financing," International Journal of Management Science and Engineering Management 5 (1): 3-14 (2010).
  24. Takashi SHIBATA, Michi NISHIHARA, "Dynamic investment and capital structure under manager-shareholder conflict," Journal of Economic Dynamics and Control 34: 158-178 (2010).
  25. Atsuyuki OHYAMA, Michi NISHIHARA, "Optimal Aid in Environmental Policy: A Real Options Approach," The Kyoto Economic Review 77-1: 21-50i2008).
  26. Michi NISHIHARA, Takashi SHIBATA, "The Agency Problem between the Owner and the Manager in Real Investment: The bonus-audit relationship," Operations Research Letters 36: 291-296 (2008).
  27. Michi NISHIHARA, Atsuyuki OHYAMA, "R&D Competition in Alternative Technologies: A Real Options Approach," Journal of the Operations Research Society of Japan 51-1: 55-80 (2008).
  28. Michi NISHIHARA, Masao FUKUSHIMA, "Evaluation of Firm's Loss Due to Incomplete Information in Real Investment Decision," European Journal of Operational Research 188: 569-585 (2008).
  29. Michi NISHIHARA, Mutsunori YAGIURA, Toshihide IBARAKI, "Duality in Option Pricing Based on Prices of Other Derivatives," Operations Research Letters 35: 165-171 (2007).

Working papers

  1. Michi NISHIHARA, "Selling out or going public? A real options signaling approach," (2016) Under Review (1st version) .
  2. Haejun JEON, Michi NISHIHARA, "Optimal patent policy in the presence of vertical separation," (2016) Under Review (1st version).
  3. Takashi SHIBATA, Michi NISHIHARA, "Investment timing under collateral constraints," (2016) Under Review (1st version).
  4. Michi NISHIHARA, Takashi SHIBATA, "Default and liquidation timing under asymmetric information," (2016) Under Review (1st version).
  5. Michi NISHIHARA, "Valuation of sequential R&D investment under technological, market, and rival preemption uncertainty," i2014) Under Review(1st version) .

Proceedings

  1. Takashi SHIBATA, Michi NISHIHARA, "Optimal investment timing and volume decisions under debt borrowing constraints," Recent Advance in Financial Engineering: 117-131 (March, 2014).
  2. Michi NISHIHARA, "A real options game involving multiple projects," International MultiConference of Engineers and Computer Scientists, 1434-1439 (March, 2011).
  3. Yuan TIAN, Michi NISHIHARA, Takashi SHIBATA, "Can financial synergy motivate M&A?," Recent Advance in Financial Engineering: 253-272 (2010, July).
  4. Michi NISHIHARA, Takashi SHIBATA, "Investment Game with Debt Financing," Recent Advance in Financial Engineering: 161-187 (2009).
  5. Michi NISHIHARA, Takashi SHIBATA, "The effects of the debt financing restriction in a real options model," The IEEE International Conference on Industrial Engineering and Engineering Management: 1023-1027 (2008).
  6. Michi NISHIHARA, Atsuyuki OHYAMA, "R&D Competition in Alternative Technologies: A Real Options Approach," Proceedings of 2007 International Workshop on Recent Advances in Stochastic Operations Research ‡UNanzan: 192-199 (2007).
  7. Atsuyuki OHYAMA, Michi NISHIHARA, "Optimal Financial Aid in Environmental Policy: A Real Options Approach," Proceedings of 2007 International Workshop on Recent Advances in Stochastic Operations Research ‡UNanzan: 213-220 (2007).

Master's Thesis

"The Relation between Option Pricing and Optimization problems," (Supervised by Professor Hiroshi NAGAMOCHI of Kyoto University), February, 2005.

Doctoral Thesis

"Studies on Optimization Models of Financial and Real Options," (Supervised by Professor Masao FUKUSHIMA of Kyoto University), February, 2008 (PDF).


[Presentations] The list excludes presentations in Japanese. * Presenter

  1. *Takashi SHIBATA, Michi NISHIHARA, "Investment timing, collateral, and financing constraints," 20th EBES Conference, TU Wien, Vienna, Austria, 29 September, 2016.
  2. *Michi NISHIHARA, "The choice between selling out and going public," 20th EBES Conference, TU Wien, Vienna, Austria, 29 September, 2016.
  3. *Haejun JEON, Michi NISHIHARA, "Optimal patent policy in the presence of vertical separation," 20th EBES Conference, TU Wien, Vienna, Austria, 28 September, 2016.
  4. *Michi NISHIHARA, "The choice between selling out and going public," 19th Czech]Japan Seminar on Data Analysis and Decision Making under Uncertainty, Matsumoto University, Matsumoto, 6 September, 2016.
  5. *Takashi SHIBATA, Michi NISHIHARA, "Investment timing under financing constraints based on collateral," INFORMS International Conference, Hilton Waikoloa Village, Hawaii, USA, 13 June, 2016.
  6. *Michi NISHIHARA, Takashi SHIBATA, "Default and liquidation timing under asymmetric information," INFORMS International Conference, Hilton Waikoloa Village, Hawaii, USA, 13 June, 2016.
  7. *Michi NISHIHARA, Takashi SHIBATA, gDefault and liquidation timing under asymmetric information," Real Options Day, University of Porto, Porto, Portugal, 25 February, 2016.
  8. *Michi NISHIHARA, Takashi SHIBATA, gDefault and liquidation timing under asymmetric information," Econworld 2016, Avenida Palace, Barcelona, Spain, 2 February, 2016.
  9. *Takashi SHIBATA, Michi NISHIHARA, gInvestment timing under financing constraints based on collateral," 10th Bachelier Colloquium on Mathematical Finance and Stochastic Calculus, Azureva Metabief, Metabief, France, 20 January, 2016.
  10. *Michi NISHIHARA, Takashi SHIBATA, gDefault and liquidation timing under asymmetric information," The Research Colloquium, Otto-von-Guericke-University Magdeburg, Magdeburg, Germany, 20 January, 2016.
  11. *Michi NISHIHARA, Takashi SHIBATA, gAsset sale, debt restructuring, and liquidation," Paris Financial Management Conference, IPAG Business School, Paris, France, 15 December, 2015
  12. *Takashi SHIBATA, Michi NISHIHARA, gInvestment timing, collateral, and financing constraints," 47th ISCIE International Symposium on Stochastic Systems Theory and Its Applications, Waikiki Beach Marriott Resort & Spa, Honolulu, USA, 5 December, 2015.
  13. *Michi NISHIHARA, Takashi SHIBATA, gAsset sale, debt restructuring, and liquidation," 17th EBES Conference, San Servolo Island, Venice, Italy, 17 October, 2015.
  14. *Michi NISHIHARA, Takashi SHIBATA, gAsset sale, debt restructuring, and liquidation," International Conference on Operations Research, University of Vienna, Vienna, Austria, 3 September, 2015.
  15. *Takashi SHIBATA, Michi NISHIHARA, gInvestment timing, collateral, and financial constraints," Advanced Methods in Mathematical Finance, Bon Pasteur Accueil, Angers, France, 2 September, 2015.
  16. *Takashi SHIBATA, Michi NISHIHARA, gInvestment timing, collateral, and financial constraints," 27th European Conference on Operational Research, University of Strathclyde, Glasgow, United Kingdom, 14 July, 2015.
  17. *Michi NISHIHARA, Takashi SHIBATA, gOptimal decisions of debt renegotiation, asset sale, and liquidation," 27th European Conference on Operational Research, University of Strathclyde, Glasgow, United Kingdom, 13 July, 2015.
  18. *Michi NISHIHARA, gValuation of sequential R&D investment," 16th ASMDA 2015 International Conference, University of Piraeus, Piraeus, Greece, 3 July, 2015.
  19. *Takashi SHIBATA, Michi NISHIHARA, gInvestment timing, collateral, and financing constraints," 21st International Conference on Computing in Economics and Finance, Howard Civil Service International House, Taipei, Taiwan, 20 June, 2015.
  20. *Michi NISHIHARA, Takashi SHIBATA, gAsset sale, debt restructuring, and liquidation," The Oligo Workshop, Carlos III University of Madrid, Madrid, Spain, 3 June, 2015.
  21. *Michi NISHIHARA, Takashi SHIBATA, gFirmfs optimal decisions of debt renegotiation, asset sale, and liquidation, " 13th Viennese Workshop on Optimal Control and Dynamic Games, Vienna University of Technology, Vienna, Austria, 16 May, 2015.
  22. *Takashi SHIBATA, Michi NISHIHARA, gInvestment-based financing constraints and debt renegotiation," Winter Workshop on Operations Research, Finance and Mathematics, Yubari, 18 February, 2015.
  23. *Takashi SHIBATA, Michi NISHIHARA, "Investment timing and financing strategies under collateral constraint," The Quantitative Methods in Finance, Hilton Hotel Sydney, Sydney, Australia, 17 December, 2014.
  24. *Michi NISHIHARA, "Valuation of sequential R&D investment under technological, market, and rival preemption uncertainty," Paris Financial Management Conference, IPAG Business School, Paris, France, 16 December, 2014.
  25. *Michi NISHIHARA, "Valuation of sequential R&D investment," Euro Working Group for Commodities and Financial Modelling 54th Meeting, University of Milano-Bicocca, Milan, Italy, 6 December, 2014.
  26. *Haejun JEON, Michi NISHIHARA, "The effects of business cycle and debt maturity on a firm's investment and default decisions," The 2014 International Conference on Corporate Finance and Capital Market, Yuanzheng Qizhen Hotel, Hangzhou, China, 8 November, 2014.
  27. *Michi NISHIHARA, Takashi Shibata, "Firm's optimal decisions of downsizing, debt restructuring, and default," 14th EBES Conference, Hotel Silken Diagonal Barcelona, Barcelona, Spain, 24 October, 2014.
  28. *Michi NISHIHARA, "Real option valuation of sequential R&D investment," The 20th Conference of the International Federation of Operational Research Societies, Barcelona International Convention Center, Barcelona, Spain, 17 July, 2014.
  29. *Takashi SHIBATA, Michi NISHIHARA, "Investment timing and financing strategies under collateral constraint," Fourth IMS-FPS workshop 2014, University of Technology, Sydney, Ausralia, 5 July, 2014.
  30. *Takashi SHIBATA, Michi NISHIHARA, "Investment, collateral, and financing constraints," Conference "Stochastic Calculus, Martingales and Financial Modeling," The Congress Complex of The Higher School of Economics, Saint Petersburg, Russia, 4 July, 2014.
  31. *Takashi SHIBATA, Michi NISHIHARA, "Investment timing and financing strategies under collateral constraint," Bachelier Finance Society 8th World Congress, MCE Conference Centre, Brussels, 5 June, 2014.
  32. *Haejun JEON, Michi NISHIHARA, "Credit Risk Model with Optimal Switching," Winter Workshop on Finance, Hokkaido University, Sapporo, 16 February, 2014.
  33. *Takashi SHIBATA, Michi NISHIHARA, "Investment timing and financing strategies under collateral constraint," Winter Workshop on Finance, Hokkaido University, Sapporo, 15 February, 2014.
  34. *Haejun JEON, Michi NISHIHARA, "Credit risk model with optimal switching," 12th EBES Conference, Nanyang Technological University, Singapore, 10 January, 2014.
  35. *Michi NISHIHARA, Takashi SHIBATA, "Preemption, leverage, and financing constraints," 12th EBES Conference, Nanyang Technological University, Singapore, 10 January, 2014.
  36. *Takashi SHIBATA, Michi NISHIHARA, "Investment strategies and financing constraints," 7th International Conference on Computational and Financial Econometrics, University of London, London, 16 December, 2013.
  37. *Takashi SHIBATA, Michi NISHIHARA, "Investment strategies under debt financing constraints," NUS-UTokyo Workshop on Quantitive Finance, National University of Singapore, Singapore, 27 September, 2013.
  38. *Michi NISHIHARA, Takashi SHIBATA, "Preemption, leverage, and financing constraints," International Conference on Operations Research, World Trade Center, Rotterdam, 5 September, 2013.
  39. *Takashi SHIBATA, Michi NISHIHARA, "Investment strategies under debt borrowing limit constraints," Advanced methods in mathematical finance, Angers, France, 4 September, 2013.
  40. *Takashi SHIBATA, Michi NISHIHARA, "Investment strategies under debt issuance amount constraints," 26th European Conference on Operational Reseach, Sapienza University of Rome, Rome, 2 July, 2013.
  41. *Michi NISHIHARA, Takashi SHIBATA, "Dynamic investment behavior of financially constrained firms in a duopoly," 26th European Conference on Operational Reseach, Sapienza University of Rome, Rome, 2 July, 2013.
  42. *Michi NISHIHARA, "Optimal investment decision under regulatory and environmental risks," The 15th Conference of the ASMDA International Society, TecnoCapmus, Mataro, 28 June, 2013.
  43. *Takashi SHIBATA, Michi NISHIHARA, "Investment timing and quantity strategies under debt issuance constraints," Seminar in Financial Mathematics, Hong Kong University of Science and Technology, Hong Kong, 7 June, 2013.
  44. *Takashi SHIBATA, Michi NISHIHARA, "Investment timing, debt structure, and financing constraints," Actuarial Science and Mathematical Finance Group Meetings, University of Toronto, Toronto, 14 March, 2013.
  45. *Takashi SHIBATA, Michi NISHIHARA, "Investment timing, debt structure, and financing constraints," Winter Workshop on Finance, Hokkaido University, Sapporo, 18 February, 2013.
  46. *Michi NISHIHARA, Takashi SHIBATA, "Investment timing, investment size, and financing costs," The SIBR 2013 Kuala Lumpur Conference on Interdisciplinary Business and Economics Research, Royale Bintang Hotel, Kuala Lumpur, 15 February, 2013.
  47. *Takashi SHIBATA, Michi NISHIHARA, "Investment timing, debt structure, and financing constraints," Seminar at Department of Statistics, The Chinese University of Hong Kong, Hong Kong, 11 December, 2012.
  48. *Michi NISHIHARA, Takashi SHIBATA, "The effects of external financing costs on investment timing and sizing decisions," INFORMS Annual Meeting, Hyatt Regency Phonix, Phoenix, 17 October, 2012.
  49. *Michi NISHIHARA, Takashi SHIBATA, "Investment timing with fixed and proportional costs of external financing," 25th European Conference on Operational Research, Radisson Blu Hotel Lietuva, Vilnius, 11 July, 2012.
  50. *Takashi SHIBATA, Michi NISHIHARA, "Investment timing under financing constraint with bank and market debt," 12th SAET Conference, University of Queenland, Brisbane, 30 June, 2012.
  51. *Michi NISHIHARA, "A real options game involving multiple projects," 12th SAET Conference, University of Queenland, Brisbane, 30 June, 2012.
  52. *Michi NISHIHARA, Takashi SHIBATA, "Investment timing with proportional and fixed costs of external financing," Bachelier Finance Society 7th World Congress, Hilton Hotel Sydney, Sydney, 22 June, 2012.
  53. *Takashi SHIBATA, Michi NISHIHARA, "Investment timing under financing constraint with bank and market debt," Bachelier Finance Society 7th World Congress, Hilton Hotel Sydney, Sydney, 22 June, 2012.
  54. *Takashi SHIBATA, Michi NISHIHARA, "Investment timing under financing constraint with bank and market debt," CSML Joint Seminar Series, University College London, London, 22 March, 2012.
  55. *Michi NISHIHARA, Takashi SHIBATA, "Investment timing with fixed and proportional costs of external financing," Winter Workshop on Finance, Hokkaido University, Sapporo, 14 February, 2012.
  56. *Michi NISHIHARA, "Evaluating the occurrence and disappearance of real options," Global Conference on Business and Finance, Alamoana Hotel, Honolulu, 6 January, 2012.
  57. *Takashi SHIBATA, Michi NISHIHARA, "Investment timing under debt issuance constraint," 5th CSDA International Conference on Computational and Financial Econometrics, University of London, London, 19 December, 2011.
  58. *Michi NISHIHARA, "Real options valuation of abandoned farmland," INFORMS Annual Meeting, Charlotte Convention Center, Charlotte, 14 November, 2011.
  59. *Takashi SHIBATA, Michi NISHIHARA, "Optimal investment timing under debt financing capacity constraint," International Conference on Operations Research, University of Zurich, Zurich, 1 September, 2011.
  60. *Michi NISHIHARA, "Real options valuation of abandoned farmland," International Conference on Operations Research, University of Zurich, Zurich, 31 August, 2011.
  61. *Michi NISHIHARA, "Real options valuation of abandoned farmland," 3rd International Conference on Applied Operational Research, Bahcesehir University, Istanbul, 25 August, 2011.
  62. *Michi NISHIHARA, Takashi SHIBATA, "The effects of costly exploration on optimal investment timing," 19th Triennial Conference of the International Federation of Operational Research Societies, Melbourne Convention and Exhibition Centre, Melbourne, 15 July, 2011.
  63. *Takashi SHIBATA, Michi NISHIHARA, "Optimal investment timing under debt financing capacity constraint," 19th Triennial Conference of the International Federation of Operational Research Societies, Melbourne Convention and Exhibition Centre, Melbourne, 14 July, 2011.
  64. *Takashi SHIBATA, Michi NISHIHARA, "Optimal investment timing under debt financing capacity constraint," 17th International Conference on Computing in Economics and Finance, Hilton San Francisco, San Francisco, 30 June, 2011.
  65. *Michi NISHIHARA, Takashi SHIBATA, "The effects of costly exploration on optimal investment timing," 15th Annual International Real Options Conference, Abo Akademi University,Turku, 18 June, 2011.
  66. *Michi NISHIHARA, "A real options game involving multiple projects," IAENG International Conference on Operations Research, Royall Garden Hotel, Hong Kong, 17 March, 2011.
  67. *Takashi SHIBATA, Michi NISHIHARA, "Optimal investment timing under financing constraint," Financial Mathematics and Applied Probability Seminars, King's College London, London, 26 October, 2010.
  68. *Michi NISHIHARA, "A model for evaluating the occurrence and disappearance of real options," OR 52 Annual Conference, Royall Holloway University of London, London, 7 September, 2010.
  69. *Michi NISHIHARA, "Dynamic management of multiple real options," 24th European Conference on Operational Research, Lisbon, July 12, 2010.
  70. *Takashi SHIBATA, Michi NISHIHARA, "Investment under Uncertainty with Manager]Shareholder Conflict," 7th International Conference of Numerical Analysis and Applied Mathematics, Rethymno, September, 2009.
  71. *Yuan TIAN, Michi NISHIHARA, Takashi SHIBATA, "Financial Synergy in M&A," KIER-TMU International Workshop on Financial Engineering 2009, Tokyo, August, 2009.
  72. *Michi NISHIHARA, "Real Options with multidimensional state variables," 23rd European Conference on Operational Research, Bonn, July, 2009.
  73. *Takashi SHIBATA, Michi NISHIHARA, "Dynamic Investment and Capital Structure Under Manager-Shareholder Conflict," Real Options 13th Annual International Conference, Minho and Santiago, June, 2009.
  74. *Takashi SHIBATA, Michi NISHIHARA, "Dynamic Investment and Capital Structure under Agency Conflicts," Applied Business Research, Honolulu, January, 2009.
  75. *Takashi SHIBATA, Michi NISHIHARA, "Dynamic Investment and Capital Structure under Agency Conflicts," The Quantitative Methods in Finance 2008, Sydney, December, 2008.
  76. *Michi NISHIHARA, Takashi SHIBATA, "The effects of the debt financing restriction in a real options model," The IEEE International Conference on Industrial Engineering and Engineering Management, Singapore, December, 2008.
  77. *Michi NISHIHARA, Takashi SHIBATA, "The effects of the debt financing constraint in a real options model," The 2nd International Colloquium on Business & Management, Bangkok, November, 2008.
  78. *Michi NISHIHARA, Takashi SHIBATA, "The effects of debt financing constraint in a real options model," INFORMS Annual Meeting, Washington D.C., October, 2008.
  79. *Michi NISHIHARA, Takashi SHIBATA, "Strategic Investment with Debt Financing," Workshop on Finance and Related Mathematical and Statistical Issues, Kyoto, September, 2008.
  80. *Michi NISHIHARA, Takashi SHIBATA, "Investment Game with Debt financing," 2008 Daiwa International Workshop on Financial Engineering, Tokyo, August, 2008.
  81. *Takashi SHIBATA, Michi NISHIHARA, "Agency Problem with Auditing in a Real Options Model," Bachelier Finance Society Fifth World Congress, London, July, 2008.
  82. *Michi NISHIHARA, Takashi SHIBATA, "Real Options, Debt financing, and Competition," Real Options 12th Annual International Conference, Rio de Janeiro, July, 2008.
  83. *Takashi SHIBATA, Michi NISHIHARA, "Agency Problem with Auditing in a Real Options Model," 2008 International Workshop on Applied Probability, Compiègne, July, 2008.
  84. *Takashi SHIBATA, Michi NISHIHARA, gDynamic Investment and Capital Structure under Agency Conflicts," 14th International Conference on Computing in Economics and Finance, Paris, June, 2008.
  85. *Takashi SHIBATA, Michi NISHIHARA, gAgency Problem with Auditing in a Real Options Model," The Quantitative Methods in Finance 2007, Sydney, December, 2007.
  86. *Takashi SHIBATA, Michi NISHIHARA, "On the Bonus-auditing Relationship in a Real Options Model under Asymmetric Information," ME-15, 22nd European Conference on Operational Research, Prague, July, 2007.
  87. *Michi NISHIHARA, Atsuyuki OHYAMA, "R&D Competition in Alternative Technologies: A Real Options Approach," 2A (2), 2007 International Workshop on Recent Advances in Stochastic Operations Research ‡UNanzan, Nagoya, March, 2007.
  88. *Atsuyuki OHYAMA, Michi NISHIHARA, "Optimal Financial Aid in Environmental Policy : A Real Options Approach," 1A (2), 2007 International Workshop on Recent Advances in Stochastic Operations Research ‡UNanzan, Nagoya, March, 2007.
  89. *Michi NISHIHARA, Atsuyuki OHYAMA, "A Real Options Model for Determining a Firm's Optimal R&D project," The Quantitative Methods in Finance 2006, Sydney, December, 2006.
  90. *Michi NISHIHARA, Masao FUKUSHIMA, "Evaluation of Firm's Loss Due to Incomplete Information in Real Investment Decision," TD31, The INFORMS Annual Meeting 2006, Pittsburgh, November, 2006.
  91. *Atsuyuki Ohyama, Michi NISHIHARA, "Optimal Financial Aid in Environmental Policy: Real Options Approach," 2006 Daiwa International Workshop on Financial Engineering, Tokyo, September, 2006.
  92. *Michi NISHIHARA, Mutsunori YAGIURA, Toshihide IBARAKI and Hiroshi NAGAMOCHI, "The Relation between Option Pricing and Optimization Problems," The IFORS Triennial 2005 Conference, Honolulu, July, 2005.

[Honors and Grants]

  1. Japan Society for the Promotion of Science Grant-in-Aid for Scientific Research (B) 26285071, (Co-Investigator) April, 2014 - March, 2017.
  2. Japan Society for the Promotion of Science Grant-in-Aid for Scientific Research (C) 26350424, April, 2014 - March, 2017.
  3. Japan Society for the Promotion of Science Postdoctoral Fellowships for Research Abroad (Visiting Researcher at École polytechnique fédérale de Lausanne), 25 August, 2014 - 1 April, 2016.
  4. The 2013 Best Paper Award for International Journal of Management Science and Engineering Management: "Optimal investment decision under regulatory and environmental risks," October, 2013.
  5. Microsoft Public Trust for Intellectual Property Research Support Fund (Grant-in-Aid), August, 2013.
  6. Japan Society for the Promotion of Science Grant-in-Aid for Scientific Research (B) 23310103, " General studies on theory of optimal stopping and its application to finance and financial engineering," (Co-Investigator) April, 2011 - March, 2014.
  7. Japan Society for the Promotion of Science Grant-in-Aid for Scientific Research for Young Scientist (B) 22710142, "Studies on general project management in multidimensional models," April, 2010 - March, 2013.
  8. Japan Society for the Promotion of Science Grant-in-Aid for Scientific Research for Young Scientist (B) 20710116, "Real options studies: development and analysis of theoretical models and case studies," April, 2008 - March, 2010.
  9. Japan Society for the Promotion of Science Travel Grant for Academic Meetings 201087, "12th Annual International Conference on Real Options," 10-12 July, 2008.
  10. Ishii Memorial Securities Research Promotion Foundation "Option pricing based on the observed prices of other options," November, 2006 - March, 2008.
  11. Japan Society for the Promotion of Science 21st century COE program, Informatics Research Center for Development of Knowledge Society Infrastructure (Kyoto University) Grant-in-Aid for Student, "Analysis of firms' behavior in the game-theoretical real options approach," June, 2006 - March, 2007.
  12. The Operations Research Society of Japan Student Paper Award, September, 2005.
  13. Japan Society for the Promotion of Science 21st century COE program, Center of Excellence for Interfaces for Advanced Economic Analysis (Kyoto University), Grant-in-Aid for Student, "Studies on optimization models of financial and real options," July, 2005 - March, 2006.