[ Japanese / English ]

Update: March, 2024




Michi NISHIHARA@
Professor, Business and Management Department, Graduate School of Economics, Osaka University


If you want to apply for a research student (kenkyusei), please contact the international exchange office (DO NOT send me email).
If you want to study as a graduate course student under my supervision, please apply for the entrance examination for the business and management department, graduate school of economics.



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

[Educational Background]

[Professional Background]

[Visiting Position]

[Membership]
The Operations Research Society of Japan, Nippon Finance Association, The American Finance Association.

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

[Reviewer]
Annals of Operations Research, Contemporary Economic Policy, Economic Modelling, Enginieering Economist, ESAIM: Control, Optimisation and Calculus of Variations, European Journal of Finance, European Journal of Operational Research, Finance Research Letters, Information Sciences, International Journal of Management Science and Engineering Management, International Journal of Theoretical and Applied Finance, International Review of Economics and Finance, International Review of Financial Analysis, Japanese Economic Review, Journal of Banking and Finance, Journal of Business Research, Journal of Corporate Finance, Journal of Economic Dynamics and Control, Journal of Industrial and Management Optimization, Journal of the Operational Research Society, Journal of the Operations Research Society of Japan, Journal of Real Options and Strategy, Land Use Policy, Macroeconomic Dynamics, Management Science, Managerial and Decision Economics, Mathematical Social Sciences, Mathematical Problems in Engineering, North American Journal of Economics and Finance, Quantitative Finance, RAIRO-Operations Research, Transactions of the Operations Research Society of Japan

[Teaching]
Introduction to Management Science, Financial Engineering (Graduate course), Operations Research (Graduate course), Stochastic Models and Simulation (Graduate course).

[Research]
I am interested in corporate finance, financial engineering, game theory, and operations research. My recent work centers on dynamic models of corporate finance in the real options approach. In particular, I like mathematical modelling and analysis. A lot of papers have been published in various journals (see my publications). If you are interested in joint work with me, do not hesitate to contact me. My research was featured in Osaka University web page.

[Real Options Seminar]
I have been organizing a series of real options seminars since 2020.
Past Speakers: Neng Wang, Florina Silaghi, Artur Rodrigues, Zhaojun Yang, Haejun Jeon, Qiuqi Wang, Tarik Driouchi, Yuan Tian, Xingang Wen, Chuanqian Zhang, Michi Nishihara, Sudipto Sarkar, Paulo Pereira, Takashi Shibata, and Benoit Chevalier-Roignant.


[Publications] The list excludes publications in Japanese.

Peer-reviewed journal papers

  1. Michi NISHIHARA, Corporate sustainability, investment, and capital structure, Annals of Operations Research, (forthcoming, DOI: 10.1007/s10479-023-05699-3), Open Access.
  2. Linjia DONG, Michi NISHIHARA, Zhaojun YANG, Two-stage investment, loan guarantees and share buybacks, Journal of Economic Dynamics and Control 156, 104741 (1-19), (November 2023, DOI: 10.1016/j.jedc.2023.104741).
  3. Michi NISHIHARA, Takashi SHIBATA, Chuanqian ZHANG, "Corporate investment, financing, and exit model with an earnings-based borrowing constraint," International Review of Financial Analysis 85, 102456 (1-12), (January 2023, DOI: 10.1016/j.irfa.2022.102456), Open Access.
  4. Takashi SHIBATA, Michi NISHIHARA, "Optimal financing and investment strategies under asymmetric information on liquidation value," Journal of Banking and Finance 146, 106709 (1-18) (January 2023, DOI: 10.1016/j.jbankfin.2022.106709). Open Access.
  5. Michi NISHIHARA, "Target-initiated takeover with search frictions," European Journal of Operational Research 305, 1480-1497. (16 March 2023, DOI: 10.1016/j.ejor.2022.07.010), Open Access.
  6. Michi NISHIHARA, Takashi SHIBATA,"Optimal capital structure and simultaneous bankruptcy of firms in corporate networks," Journal of Economic Dynamics and Control 133, 104264 (1-25), (December 2021, DOI: 10.1016/j.jedc.2021.104264), Open Access.
  7. Takashi SHIBATA, Michi NISHIHARA, "Financing and investment strategies under creditor-maximized liquidation," International Journal of Theoretical and Applied Finance, 24, 2150013 (1-30), (May, 2021, DOI: 10.1142/S0219024921500138), Open Access.
  8. Michi NISHIHARA, "Preemptive competition between two firms with different discount rates," Managerial and Decision Economics 42, 675-687, (April, 2021, DOI: 10.1002/mde.3264), Open Access.
  9. Michi NISHIHARA, Takashi SHIBATA, "The effects of asset liquidity on dynamic sell-out and bankruptcy decisions," European Journal of Operational Research 288, 1017-1035 (February, 2021, DOI: 10.1016/j.ejor.2020.06.031), Open Access. Selected as an Editor's Choice Article.
  10. Michi NISHIHARA, "Closed-form solution to a real option problem with regime switching," Operations Research Letters 48: 703-707, (November, 2020, DOI: 10.1016/j.orl.2020.08.013).
  11. Michi NISHIHARA, Takashi SHIBATA, "Liquidation, fire sales, and acquirers' private information," Journal of Economic Dynamics and Control 108: 103769 (1-24), (November, 2019, DOI: 10.1016/j.jedc.2019.103769).
  12. Feng JIAO, Michi NISHIHARA, Chuanqian ZHANG, "Operating leverage and underinvestment," Journal of Financial Research 42: 553-587, (September, 2019, DOI: 10.1111/jfir.12188).
  13. Takashi SHIBATA, Michi NISHIHARA, "Credit spread and liquidation value-based debt financing constraint," International Journal of Theoretical and Applied Finance 22: 1950021 (1-27), (August, 2019, DOI: 10.1142/S0219024919500213).
  14. Michi NISHIHARA, Sudipto SARKAR, Chuanqian ZHANG, "Agency cost of debt overhang with optimal investment timing and size," Journal of Business Finance and Accounting 46: 784-809, (June, 2019, DOI: 10.1111/jbfa.12379).
  15. Haejun JEON, Michi NISHIHARA, "Optimal patent policy in the presence of vertical separation," European Journal of Operational Research 270: 682-697 (16 October 2018, DOI: 10.1016/j.ejor.2018.03.027).
  16. Michi NISHIHARA, "Valuation of an R&D project with three types of uncertainty," EURO Journal on Decision Processes 6: 93-113 (June 2018, DOI: 10.1007/s40070-018-0076-5).
  17. Michi NISHIHARA, Takashi SHIBATA, "Dynamic bankruptcy procedure with asymmetric information between insiders and outsiders," Journal of Economic Dynamics and Control 90: 118-137 (May, 2018, DOI: 10.1016/j.jedc.2018.02.006).
  18. Michi NISHIHARA, "Valuation of R&D investment under technological, market, and rival preemption uncertainty," Managerial and Decision Economics 39: 200-212 (March 2018, DOI: 10.1002/mde.2896).
  19. Takashi SHIBATA, Michi NISHIHARA, "Investment timing, reversibility, and financing constraints," Journal of Corporate Finance 48: 771-796 (February, 2018, DOI: 10.1016/j.jcorpfin.2017.12.024).
  20. Michi NISHIHARA, Takashi SHIBATA, "Default and liquidation timing under asymmetric information," European Journal of Operational Research 263: 321-336 (16 November 2017, DOI: 10.1016/j.ejor.2017.05.038).
  21. Michi NISHIHARA, "Selling out or going public? A real options signaling approach," Finance Research Letters 22: 146-152 (August, 2017, DOI: 10.1016/j.frl.2017.04.003).
  22. Takashi SHIBATA, Michi NISHIHARA, "Effects of temporary regulation of asymmetric access charges in telecommunications," Managerial and Decision Economics, 38, 344-364 (April 2017, DOI: 10.1002/mde.2780).
  23. 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).
  24. 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).
  25. 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).
  26. 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).
  27. 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).
  28. 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).
  29. Haejun JEON, Michi NISHIHARA, "Macroeconomic Conditions and a Firm's Investment Decisions," Finance Research Letters 11-4: 398-409 (December, 2014, DOI 10.1016/j.frl.2014.08.002).
  30. Michi NISHIHARA, "Preemptive Investment Game with Alternative Projects," Economic Modelling 43: 124-135 (December, 2014, DOI 10.1016/j.econmod.2014.07.006).
  31. 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).
  32. 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).
  33. Michi NISHIHARA, "Optimal investment decision under regulatory and environmental risks," International Journal of Management Science and Engineering Management 8: 67-77 (May, 2013).
  34. 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).
  35. Michi NISHIHARA, "Real option valuation of abandoned farmland," Review of Financial Economics 21: 188-192 (November, 2012).
  36. Takashi SHIBATA, Michi NISHIHARA, "Investment timing with incentive-disincentive contracts under asymmetric information," Technology and Investment 3: 74-86 (May, 2012).
  37. Takashi SHIBATA, Michi NISHIHARA, "Investment timing under debt issuance constraint," Journal of Banking and Finance 36: 981-991 (April, 2012).
  38. Michi NISHIHARA, "Real options with synergies: static versus dynamic policies," Journal of the Operational Research Society 63: 107-121 (January, 2012).
  39. 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).
  40. Michi NISHIHARA, Takashi SHIBATA, "The effects of costly exploration on optimal investment timing," Review of Financial Economics 20: 105-112 (August, 2011).
  41. Michi NISHIHARA, Takashi SHIBATA, "Interactions between preemptive competition and a financing constraint,'' Journal of Economics and Management Strategy 19: 1013-1042 (October, 2010).
  42. 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 (April, 2010).
  43. Michi NISHIHARA, "Hybrid or Electric Vehicles? A Real Options Perspective,'' Operations Research Letters 38: 87-93 (March, 2010).
  44. Michi NISHIHARA, Takashi SHIBATA, "Strategic Investment with Debt Financing,'' International Journal of Management Science and Engineering Management 5 (1): 3-14 (February, 2010).
  45. Takashi SHIBATA, Michi NISHIHARA, "Dynamic investment and capital structure under manager-shareholder conflict,'' Journal of Economic Dynamics and Control 34: 158-178 (February, 2010).
  46. 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 (July, 2008).
  47. Atsuyuki OHYAMA, Michi NISHIHARA, "Optimal Aid in Environmental Policy: A Real Options Approach,'' The Kyoto Economic Review 77-1: 21-50iJune, 2008).
  48. 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 (May, 2008).
  49. 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 (March, 2008).
  50. Michi NISHIHARA, Mutsunori YAGIURA, Toshihide IBARAKI, "Duality in Option Pricing Based on Prices of Other Derivatives,'' Operations Research Letters 35: 165-171 (March, 2007).

Working papers

  1. Takashi SHIBATA, Michi NISHIHARA, Does debt-equity financing accerelate investments faster than all-equity financing? A real options framework, (2024) Under Review.
  2. Michi NISHIHARA, Takashi SHIBATA, "Optimal capital structure with earnings above a floor," (2023) Under Review (1st version).
  3. Michi NISHIHARA, Takashi SHIBATA, Yuan TIAN, "Investment, financing, debt renegotiation, and liquidation," (2021) Under Review.
  4. Priya NAGARAJ, Michi NISHIHARA , Chuanqian ZHANG, "Multinational investment under uncertainty," (2020) Under Review.

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.

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

  1. *Takashi SHIBATA, Michi NISHIHARA, Does debt-equity financing accelerate investments faster than all-equity financing? A real options framework, Winter Workshop on Operations Research, March 3, 2024.
  2. *Takashi SHIBATA, Michi NISHIHARA, and Yuan TIAN, Investment, partial irreversibility, and competition, Workshop Academics Real Options, Otto-von-Guericke-University, Magdeburg, Germany, January 29, 2024.
  3. *Michi NISHIHARA, Takashi SHIBATA, Benoit CHEVALIER-ROIGNANT, The effects of a financial covenant on capital structure and firm value, CFE-CMStatistics, University of Applied Sciences, Berlin, Germany, December 18, 2023.
  4. *Michi NISHIHARA, Takashi SHIBATA, The effects of a financial covenant on capital structure and firm value, Vietnam Symposium in Banking and Finance, Banking Academy of Vietnam, Hanoi, Vietnam, October 26, 2023.
  5. *Takashi SHIBATA, Michi NISHIHARA, Investment timing, upper reflecting barrier, and debt-equity financing, INFORMS Annual Meeting, Phoenix Convention Center, Phonex, USA, October 15, 2023.
  6. *Michi NISHIHARA, Takashi SHIBATA, The effects of an earnings-based covenant on capital structure and firm value, 6th International Conference on the Dynamics of Information Systems, Univerzita Karlova, Prague, Chech Republic, September 6, 2023.
  7. *Takashi SHIBATA, Michi NISHIHARA, "Investment timing, upper reflecting barrier, and debt-equity financing," Research Seminar, University of Toronto, 31 March, 2023.
  8. *Michi NISHIHARA, Takashi SHIBATA, Chuanqian ZHANG, "Corporate investment, financing, and exit decisions with an earnings-based borrowing constraint," Paris Financial Management Conference, IPAG Business School, Paris, France, 19 December, 2022.
  9. *Michi NISHIHARA, Takashi SHIBATA, "Optimal capital structure for earnings with a lower reflecting barrier," Real Options Workshop, Osaka University (online), 21 November, 2022.
  10. *Michi NISHIHARA, "The interactions among corporate sustainability, invsetment, and capital structure," 13th Triennial International Conference of the Association of Asia Pacific Operational Research Societies Eastwood RichmondeHotel, Eastwood City, Philippines, November 10, 2022.
  11. *Michi NISHIHARA, "The choice between sustainable and unsustainable investment projects," 32nd European Conference on Operational Research, Aalto University, Espoo, Finland, 4 July, 2022.
  12. *Michi NISHIHARA, Takashi SHIBATA, Chuanqian ZHANG, "Corporate investment, financing, and exit model with an earnings-based borrowing constraint," European Financial Management Association Annunal Conference, Campus Bio-Medico University, Rome, Italy, 30 June, 2022.
  13. Michi NISHIHARA, Takashi SHIBATA, *Chuanqian ZHANG, "Corporate investment, financing, and exit model with an earnings-based borrowing constraint," The 34th Asian Finance Association Annual Meeting, The Hong Kong Polytechnic University, Hong Kong, China (Online), 28 June, 2022.
  14. *Takashi SHIBATA, Michi NISHIHARA, Yuan TIAN, "Investment, strategic debt service, and liquidation," The 22nd Conference of the International Federation of Operational Research Societies, Seoul, Korea (Online), 26 August, 2021.
  15. *Takashi SHIBATA, Michi NISHIHARA, Yuan TIAN, "Investment, strategic debt service, and liquidation," 31st European Conference on Operational Research, University West Attica, Athens, Greece (Online), 12 July, 2021.
  16. *Michi NISHIHARA, Takashi SHIBATA, Chuanqian ZHANG, "Investment under an earnings-based borrowing constraint," Real Options Workshop, Osaka University, Osaka, Japan (Online), 12 January, 2021.
  17. *Michi NISHIHARA, Takashi SHIBATA, "Capital structure and contagious bankruptcy," 16th RSEP International Economics and Social Sciences Conference, IBIS Phuket Kata, Phuket, Thailand, 5 February, 2020.
  18. *Michi NISHIHARA, Takashi SHIBATA, "The effects of asset liquidity on bankruptcy decisions," World Finance and Banking Symposium, University of Delhi, New Delhi, India, 20 December, 2019.
  19. *Takashi SHIBATA, Michi NISHIHARA, "Financing, investment, liquidation, and costly reversibility," Operations Research 2019, Technische Universitat Dresden, Dresden, Germany, 5 September, 2019.
  20. *Michi NISHIHARA, "Preemptive competition between two firms with different time discounts," Operations Research 2019, Technische Universitat Dresden, Dresden, Germany, 5 September, 2019.
  21. *Takashi SHIBATA, Michi NISHIHARA, "Interaction of investment and financing decisions with costly reversibility in liquidation," 23rd Annual International Real Options Conference, King's College London, London, United Kingdom, 28 June, 2019.
  22. *Takashi SHIBATA, Michi NISHIHARA, "Financing, investment, liquidation, and costly reversibility," 29th European Conference on Operational Research, University College Dublin, Dublin, Ireland, 25 June, 2019.
  23. *Michi NISHIHARA, "Preemptive competition between two firms with different time discounts and investment costs," INFORMS ALIO International Conference, JW Marriott Resort, Cancun, Mexico, 11 June, 2019.
  24. *Michi NISHIHARA, Takashi SHIBATA, "Liquidation, fire sales, and acquirers' private information," 9th International Conference of the Financial Engineering and Banking Society, University of Economics, Prague, Czech Republic, 30 May, 2019.
  25. *Michi NISHIHARA, Takashi SHIBATA, "The effects of asset liquidity on bankruptcy decisions," Forum for Economists International 11th Global Conference, Level Eleven, Amsterdam, Netherlands, 26 May, 2019.
  26. *Michi NISHIHARA, Takashi SHIBATA, "The effects of asset liquidity on dynamic bankruptcy decisions," 27th EBES Conference, Grand Inna Kuta, Denpasar, Indonesia, 10 January, 2019.
  27. *Michi NISHIHARA, Takashi SHIBATA, "The effects of asset liquidity on dynamic bankruptcy decisions," 9th Global Business Research Conference, Shangri-La Hotel, Kathmandu, Nepal, 21 December, 2018.
  28. *Takashi SHIBATA, Michi NISHIHARA, "Financing and investment strategies under asymmetric information about liquidation value," Cambridge Finance Lunch Seminar, University of Cambridge, United Kingdom, 5 November, 2018.
  29. Chuanqian ZHANG, *Feng JIAO, Xiaoyu ZHANG, Michi NISHIHARA, "Operating Leverage and Underinvestment: Theory and Evidence," Financial Management Association Annual Meeting, Hilton San Diego Bayfront, San Diego, USA, 11 October, 2018.
  30. *Takashi SHIBATA, Michi NISHIHARA, "Optimal financing and investment strategies under asymmetric information about liquidation value," Advanced Methods in Mathematical Finance, Angers University, Angers, France, 30 August, 2018.
  31. *Michi NISHIHARA, Takashi SHIBATA, "Bankruptcy, liquidation, and fire sales under asymmetric information," 29th European Conference on Operational Research, Valencia, Spain, 9 July, 2018.
  32. *Takashi SHIBATA, Michi NISHIHARA, "Financing and investment strategies under information asymmetry," 29th European Conference on Operational Research, Valencia, Spain, 9 July, 2018.
  33. *Michi NISHIHARA, Takashi SHIBATA, "Bankruptcy, liquidation, and fire sales under asymmetric information," 9th International Research Meeting in Business and Management, IPAG Business School, Nice, France, 5 July, 2018.
  34. *Takashi SHIBATA, Michi NISHIHARA, "Financing and investment strategies under information asymmetry," 24th International Conference Computing in Economics and Finance, Universita Cattolica del Sacro Cuore, Milan, Italy, 20 June, 2018.
  35. *Michi NISHIHARA, "Investment timing when investment opportunities arrive in a random sequence," 5th Stochastic Modeling Techniques and Data Analysis International Conference, Cultural Centre of Chania, Chania, Greece, 14 June, 2018.
  36. *Chuanqian ZHANG, Sudipto SARKAR, Michi NISHIHARA, "Agency Cost of Debt Overhang with Optimal Investment Timing and Size," 54th Eastern Finance Association Annual Meeting, Sheraton Philadelphia Society Hill, Philadelphia, USA, 13 April, 2018.
  37. *Michi NISHIHARA, "Investment timing when investment opportunities arrive in a random sequence," ISERD 335th International Conference on Accounting and Finance, Taipei Garden Hotel, Taipei, China, 26 March, 2018.
  38. *Michi NISHIHARA, Takashi SHIBATA, "Bankruptcy, liquidation, and fire sales under asymmetric information," Dynamic Corporate Finance Workshop, Osaka University, Osaka, 21 December, 2017.
  39. *Chuanqian ZHANG, Feng JIAO, Xiaoyu ZHANG, Michi NISHIHARA, "Operating Leverage and Underinvestment: Theory and Evidence," Dynamic Corporate Finance Workshop, Osaka University, Osaka, 21 December, 2017.
  40. *Takashi SHIBATA, Michi NISHIHARA, "Financing and investment strategies under asymmetric information," Conference on Mathematical Modelling of Risk and Contiguous Topics, University of Melbourne, Melbourne, Australia, 27 November, 2017.
  41. *Michi NISHIHARA, Takashi SHIBATA, "Bankruptcy, liquidation, and fire sales under asymmetric information," 23rd EBES Conference, Universidad Complutense de Madrid, Madrid, Spain, 29 September, 2017.
  42. *Takashi SHIBATA, Michi NISHIHARA, "Investment timing, collateral, and financing constraints," 23rd International Conference Computing in Economics and Finance, Fordham University, New York City, USA, 29 June, 2017.
  43. *Sudipto SARKAR, Michi NISHIHARA, Chuanqian ZHANG, "Agency Cost of Debt Overhang with Optimal Investment Timing and Size," European Financial Management Association Annual Conference, The American College of Greece, Athens, Greece, 28 June, 2017.
  44. *Michi NISHIHARA, Takashi SHIBATA, "Bankruptcy decision under asymmetric information," Fifth Asian Quantitative Finance Conference, Seoul, Korea, 26 April, 2017.
  45. *Takashi SHIBATA, Michi NISHIHARA, "Investment timing, collateral, financing constraints," Research Seminar, ReFi, ESCP Europe, Paris, France, 23 March, 2017.
  46. *Michi NISHIHARA, Takashi SHIBATA, "Bankruptcy decision under asymmetric information," Winter Workshop on Operations Research, Finance and Mathematics, Sapporo, Japan, 21 February, 2017.
  47. *Michi NISHIHARA, Takashi SHIBATA, "Bankruptcy decision under asymmetric information," Cebu International Conference on Studies in Business, Management, Education and Law, Cebu, Philippines, 27 January, 2017.
  48. *Michi NISHIHARA, Takashi SHIBATA, "Default and liquidation timing under asymmetric information," Auckland Finance Meeting, Auckland Center for Financial Research, Auckland, New Zealand, 18 December, 2016.
  49. *Michi NISHIHARA, Takashi SHIBATA, "The choice between default and selling out," 18th Asia Pacific Management Conference, Tohoku University, Sendai, Japan, 25 November, 2016
  50. *Takashi SHIBATA, Michi NISHIHARA, "Investment timing, collateral, and financing constraints," 20th EBES Conference, TU Wien, Vienna, Austria, 29 September, 2016.
  51. *Michi NISHIHARA, "The choice between selling out and going public," 20th EBES Conference, TU Wien, Vienna, Austria, 29 September, 2016.
  52. *Haejun JEON, Michi NISHIHARA, "Optimal patent policy in the presence of vertical separation," 20th EBES Conference, TU Wien, Vienna, Austria, 28 September, 2016.
  53. *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.
  54. *Takashi SHIBATA, Michi NISHIHARA, "Investment timing under financing constraints based on collateral," INFORMS International Conference, Hilton Waikoloa Village, Hawaii, USA, 13 June, 2016.
  55. *Michi NISHIHARA, Takashi SHIBATA, "Default and liquidation timing under asymmetric information," INFORMS International Conference, Hilton Waikoloa Village, Hawaii, USA, 13 June, 2016.
  56. *Michi NISHIHARA, Takashi SHIBATA, gDefault and liquidation timing under asymmetric information," Real Options Day, University of Porto, Porto, Portugal, 25 February, 2016.
  57. *Michi NISHIHARA, Takashi SHIBATA, gDefault and liquidation timing under asymmetric information," Econworld 2016, Avenida Palace, Barcelona, Spain, 2 February, 2016.
  58. *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.
  59. *Michi NISHIHARA, Takashi SHIBATA, gDefault and liquidation timing under asymmetric information," The Research Colloquium, Otto-von-Guericke-University Magdeburg, Magdeburg, Germany, 20 January, 2016.
  60. *Michi NISHIHARA, Takashi SHIBATA, gAsset sale, debt restructuring, and liquidation," Paris Financial Management Conference, IPAG Business School, Paris, France, 15 December, 2015
  61. *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.
  62. *Michi NISHIHARA, Takashi SHIBATA, gAsset sale, debt restructuring, and liquidation," 17th EBES Conference, San Servolo Island, Venice, Italy, 17 October, 2015.
  63. *Michi NISHIHARA, Takashi SHIBATA, gAsset sale, debt restructuring, and liquidation," International Conference on Operations Research, University of Vienna, Vienna, Austria, 3 September, 2015.
  64. *Takashi SHIBATA, Michi NISHIHARA, gInvestment timing, collateral, and financial constraints," Advanced Methods in Mathematical Finance, Bon Pasteur Accueil, Angers, France, 2 September, 2015.
  65. *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.
  66. *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.
  67. *Michi NISHIHARA, gValuation of sequential R&D investment," 16th ASMDA 2015 International Conference, University of Piraeus, Piraeus, Greece, 3 July, 2015.
  68. *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.
  69. *Michi NISHIHARA, Takashi SHIBATA, gAsset sale, debt restructuring, and liquidation," The Oligo Workshop, Carlos III University of Madrid, Madrid, Spain, 3 June, 2015.
  70. *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.
  71. *Takashi SHIBATA, Michi NISHIHARA, gInvestment-based financing constraints and debt renegotiation," Winter Workshop on Operations Research, Finance and Mathematics, Yubari, 18 February, 2015.
  72. *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.
  73. *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.
  74. *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.
  75. *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.
  76. *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.
  77. *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.
  78. *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.
  79. *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.
  80. *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.
  81. *Haejun JEON, Michi NISHIHARA, "Credit Risk Model with Optimal Switching," Winter Workshop on Finance, Hokkaido University, Sapporo, 16 February, 2014.
  82. *Takashi SHIBATA, Michi NISHIHARA, "Investment timing and financing strategies under collateral constraint," Winter Workshop on Finance, Hokkaido University, Sapporo, 15 February, 2014.
  83. *Haejun JEON, Michi NISHIHARA, "Credit risk model with optimal switching," 12th EBES Conference, Nanyang Technological University, Singapore, 10 January, 2014.
  84. *Michi NISHIHARA, Takashi SHIBATA, "Preemption, leverage, and financing constraints," 12th EBES Conference, Nanyang Technological University, Singapore, 10 January, 2014.
  85. *Takashi SHIBATA, Michi NISHIHARA, "Investment strategies and financing constraints," 7th International Conference on Computational and Financial Econometrics, University of London, London, 16 December, 2013.
  86. *Takashi SHIBATA, Michi NISHIHARA, "Investment strategies under debt financing constraints," NUS-UTokyo Workshop on Quantitive Finance, National University of Singapore, Singapore, 27 September, 2013.
  87. *Michi NISHIHARA, Takashi SHIBATA, "Preemption, leverage, and financing constraints," International Conference on Operations Research, World Trade Center, Rotterdam, 5 September, 2013.
  88. *Takashi SHIBATA, Michi NISHIHARA, "Investment strategies under debt borrowing limit constraints," Advanced methods in mathematical finance, Angers, France, 4 September, 2013.
  89. *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.
  90. *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.
  91. *Michi NISHIHARA, "Optimal investment decision under regulatory and environmental risks," The 15th Conference of the ASMDA International Society, TecnoCapmus, Mataro, 28 June, 2013.
  92. *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.
  93. *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.
  94. *Takashi SHIBATA, Michi NISHIHARA, "Investment timing, debt structure, and financing constraints," Winter Workshop on Finance, Hokkaido University, Sapporo, 18 February, 2013.
  95. *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.
  96. *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.
  97. *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.
  98. *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.
  99. *Takashi SHIBATA, Michi NISHIHARA, "Investment timing under financing constraint with bank and market debt," 12th SAET Conference, University of Queenland, Brisbane, 30 June, 2012.
  100. *Michi NISHIHARA, "A real options game involving multiple projects," 12th SAET Conference, University of Queenland, Brisbane, 30 June, 2012.
  101. *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.
  102. *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.
  103. *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.
  104. *Michi NISHIHARA, Takashi SHIBATA, "Investment timing with fixed and proportional costs of external financing," Winter Workshop on Finance, Hokkaido University, Sapporo, 14 February, 2012.
  105. *Michi NISHIHARA, "Evaluating the occurrence and disappearance of real options," Global Conference on Business and Finance, Alamoana Hotel, Honolulu, 6 January, 2012.
  106. *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.
  107. *Michi NISHIHARA, "Real options valuation of abandoned farmland," INFORMS Annual Meeting, Charlotte Convention Center, Charlotte, 14 November, 2011.
  108. *Takashi SHIBATA, Michi NISHIHARA, "Optimal investment timing under debt financing capacity constraint," International Conference on Operations Research, University of Zurich, Zurich, 1 September, 2011.
  109. *Michi NISHIHARA, "Real options valuation of abandoned farmland," International Conference on Operations Research, University of Zurich, Zurich, 31 August, 2011.
  110. *Michi NISHIHARA, "Real options valuation of abandoned farmland," 3rd International Conference on Applied Operational Research, Bahcesehir University, Istanbul, 25 August, 2011.
  111. *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.
  112. *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.
  113. *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.
  114. *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.
  115. *Michi NISHIHARA, "A real options game involving multiple projects," IAENG International Conference on Operations Research, Royall Garden Hotel, Hong Kong, 17 March, 2011.
  116. *Takashi SHIBATA, Michi NISHIHARA, "Optimal investment timing under financing constraint," Financial Mathematics and Applied Probability Seminars, King's College London, London, 26 October, 2010.
  117. *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.
  118. *Michi NISHIHARA, "Dynamic management of multiple real options," 24th European Conference on Operational Research, Lisbon, July 12, 2010.
  119. *Takashi SHIBATA, Michi NISHIHARA, "Investment under Uncertainty with Manager]Shareholder Conflict," 7th International Conference of Numerical Analysis and Applied Mathematics, Rethymno, September, 2009.
  120. *Yuan TIAN, Michi NISHIHARA, Takashi SHIBATA, "Financial Synergy in M&A," KIER-TMU International Workshop on Financial Engineering 2009, Tokyo, August, 2009.
  121. *Michi NISHIHARA, "Real Options with multidimensional state variables," 23rd European Conference on Operational Research, Bonn, July, 2009.
  122. *Takashi SHIBATA, Michi NISHIHARA, "Dynamic Investment and Capital Structure Under Manager-Shareholder Conflict," Real Options 13th Annual International Conference, Minho and Santiago, June, 2009.
  123. *Takashi SHIBATA, Michi NISHIHARA, "Dynamic Investment and Capital Structure under Agency Conflicts," Applied Business Research, Honolulu, January, 2009.
  124. *Takashi SHIBATA, Michi NISHIHARA, "Dynamic Investment and Capital Structure under Agency Conflicts," The Quantitative Methods in Finance 2008, Sydney, December, 2008.
  125. *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.
  126. *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.
  127. *Michi NISHIHARA, Takashi SHIBATA, "The effects of debt financing constraint in a real options model," INFORMS Annual Meeting, Washington D.C., October, 2008.
  128. *Michi NISHIHARA, Takashi SHIBATA, "Strategic Investment with Debt Financing," Workshop on Finance and Related Mathematical and Statistical Issues, Kyoto, September, 2008.
  129. *Michi NISHIHARA, Takashi SHIBATA, "Investment Game with Debt financing," 2008 Daiwa International Workshop on Financial Engineering, Tokyo, August, 2008.
  130. *Takashi SHIBATA, Michi NISHIHARA, "Agency Problem with Auditing in a Real Options Model," Bachelier Finance Society Fifth World Congress, London, July, 2008.
  131. *Michi NISHIHARA, Takashi SHIBATA, "Real Options, Debt financing, and Competition," Real Options 12th Annual International Conference, Rio de Janeiro, July, 2008.
  132. *Takashi SHIBATA, Michi NISHIHARA, "Agency Problem with Auditing in a Real Options Model," 2008 International Workshop on Applied Probability, Compiègne, July, 2008.
  133. *Takashi SHIBATA, Michi NISHIHARA, gDynamic Investment and Capital Structure under Agency Conflicts," 14th International Conference on Computing in Economics and Finance, Paris, June, 2008.
  134. *Takashi SHIBATA, Michi NISHIHARA, gAgency Problem with Auditing in a Real Options Model," The Quantitative Methods in Finance 2007, Sydney, December, 2007.
  135. *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.
  136. *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.
  137. *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.
  138. *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.
  139. *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.
  140. *Atsuyuki Ohyama, Michi NISHIHARA, "Optimal Financial Aid in Environmental Policy: Real Options Approach," 2006 Daiwa International Workshop on Financial Engineering, Tokyo, September, 2006.
  141. *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. The Operations Research Society of Japan, 13th Research Award, September 14, 2023.
  2. Japan Society for the Promotion of Science Grant-in-Aid for Scientific Research (B) 21H00730, (Co-Investigator) April, 2021 - March, 2025.
  3. European Journal of Operational Research Editor's Choice, January 2021.
  4. Japan Society for the Promotion of Science Grant-in-Aid for Scientific Research (C) 20K01769, April, 2020 - March, 2023.
  5. Osaka University Award (Young Faculty Section), November, 2018.
  6. Japan Society for the Promotion of Science Grant-in-Aid for Scientific Research (B) 17H02547, (Co-Investigator) April, 2017 - March, 2021.
  7. Japan Society for the Promotion of Science Grant-in-Aid for Scientific Research (C) 17K01254, April, 2017 - March, 2020.
  8. Japan Society for the Promotion of Science Grant-in-Aid for Scientific Research (B) 26285071, (Co-Investigator) April, 2014 - March, 2017.
  9. Japan Society for the Promotion of Science Grant-in-Aid for Scientific Research (C) 26350424, April, 2014 - March, 2017.
  10. Osaka University Souchou Shourei Award (Research Section), July, 2015.
  11. 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.
  12. The 2013 Best Paper Award for International Journal of Management Science and Engineering Management: "Optimal investment decision under regulatory and environmental risks," October, 2013.
  13. Microsoft Public Trust for Intellectual Property Research Support Fund (Grant-in-Aid), August, 2013.
  14. 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.
  15. 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.
  16. 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.
  17. Japan Society for the Promotion of Science Travel Grant for Academic Meetings 201087, "12th Annual International Conference on Real Options," 10-12 July, 2008.
  18. Ishii Memorial Securities Research Promotion Foundation "Option pricing based on the observed prices of other options," November, 2006 - March, 2008.
  19. 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.
  20. The Operations Research Society of Japan, 23rd Student Paper Award, September, 2005.
  21. 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.