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【所属学会】
日本オペレーションズリサーチ学会(ORSJ), 日本ファイナンス学会(NFA), The American Finance Association

【論文誌編集委員】
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).

【論文誌査読】
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, オペレーションズ・リサーチ

【研究内容】
コーポレートファイナンス、金融工学、ゲーム理論、オペレーションズ・リサーチに興味があります。 近年は、リアルオプションアプローチを用いたコーポレートファイナンスの動学的モデルに関する研究を中心に行っています。 特に、数理モデルの開発と分析が好きです。 多数の論文が様々なジャーナルに掲載されています（下記の論文を参照）。 私との共同研究に興味がある方は、私までメールでご連絡ください。 大阪大学ホームページで私の研究が紹介されています。

【論文】

査読付論文誌（51本）

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,（June 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, "The 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. 大山篤之, 小原一仁, 西原理, "大学経営政策の意思決定モデル構築に向けての考察 -横断的大学格付けと全入時代到来期待時刻シミュレーションを踏まえて-,'' 高等教育研究 14:249-270（May, 2011).
42. Michi NISHIHARA, Takashi SHIBATA, "Interactions between preemptive competition and a financing constraint,'' Journal of Economics and Management Strategy 19: 1013-1042 (October, 2010).
43. 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).
44. Michi NISHIHARA, "Hybrid or Electric Vehicles? A Real Options Perspective,'' Operations Research Letters 38: 87-93 (March, 2010).
45. Michi NISHIHARA, Takashi SHIBATA, "Strategic Investment with Debt Financing,'' International Journal of Management Science and Engineering Management 5 (1): 3-14 (February, 2010).
46. Takashi SHIBATA, Michi NISHIHARA, "Dynamic investment and capital structure under manager-shareholder conflict,'' Journal of Economic Dynamics and Control 34: 158-178 (February, 2010).
47. 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).
48. Atsuyuki OHYAMA, Michi NISHIHARA, "Optimal Aid in Environmental Policy: A Real Options Approach,'' The Kyoto Economic Review 77-1: 21-50（June, 2008).
49. 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).
50. 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).
51. Michi NISHIHARA, Mutsunori YAGIURA, Toshihide IBARAKI, "Duality in Option Pricing Based on Prices of Other Derivatives,'' Operations Research Letters 35: 165-171 (March, 2007).

ワーキングペーパー

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.

機関誌などでの解説

1. 芝田隆志, 西原理, "企業の資金調達と流動化戦略," オペレーションズ・リサーチ第67巻第5号: 228-234 (2022).
2. 西原理, "デリバティブ理論入門,'' オペレーションズ・リサーチ第61巻第6号: 341-344 (2016).
3. 西原理, 芝田隆志, "リアルオプションと資金調達,'' オペレーションズ・リサーチ第53巻第11号: 628-634 (2008).
4. 芝田隆志, 西原理, "企業内の利害対立と最適投資タイミング,'' オペレーションズ・リサーチ第53巻第11号: 620-627 (2008).
5. 西原理, "R＆D投資のリアルオプションモデル,'' オペレーションズ・リサーチ第53巻第5号: 288-293 (2008).
6. 西原理, "The Relation between Option Pricing and Optimization Problems,"（日本オペレーションズ・リサーチ学会第23回学生論文賞受賞論文要約）, オペレーションズ・リサーチ第51巻第1号: 45-46 (2006).

Proceedings など

1. Haejun JEON, Michi NISHIHARA, "Licensing contract and patent policies in vertically separated market,'' 京都大学数理解析研究所講究録, No. 2029: 115-134 (May, 2017).
2. Haejun JEON, Michi NISHIHARA, "The effects of reversible investment in the presence of business cycle,'' 京都大学数理解析研究所講究録, No. 1933: 89-106 (February, 2015).
3. Haejun JEON, Michi NISHIHARA, "The effects of reversible investment on credit risk,'' 京都大学数理解析研究所講究録, No. 1886: 43-59 (April, 2014).
4. Takashi SHIBATA, Michi NISHIHARA, "Optimal investment timing and volume decisions under debt borrowing constraints,'' Recent Advance in Financial Engineering: 117-131 (March, 2014).
5. Michi NISHIHARA, "Evaluating the occurrence and disappearance of real options,'' 京都大学数理解析研究所講究録, No. 1736: 184-199 (April, 2011).
6. Michi NISHIHARA, "A real options game involving multiple projects,'' International MultiConference of Engineers and Computer Scientists, 1434-1439 (March, 2011).
7. Yuan TIAN, Michi NISHIHARA, Takashi SHIBATA, "Can financial synergy motivate M&A?,'' Recent Advance in Financial Engineering: 253-272 (July, 2010).
8. Michi NISHIHARA, "Preemptive Investment Game with Alternative Projects,'' 京都大学数理解析研究所講究録, No. 1675: 134-147 (2010).
9. Michi NISHIHARA, Takashi SHIBATA, "Investment Game with Debt Financing,'' Recent Advance in Financial Engineering: 161-187 (2009).
10. 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).
11. 芝田隆志, 西原理, "企業内の利害対立下での最適な投資と資本構成,'' 京都大学数理解析研究所講究録, No. 1580: 220-233 (2008).
12. Michi NISHIHARA, Takashi SHIBATA, "Real Options, Debt Financing, and Competition,'' 京都大学数理解析研究所講究録, No. 1580: 206-219 (2008).
13. Michi NISHIHARA, Atsuyuki OHYAMA, "Real Options Model of R&D,'' 京都大学数理解析研究所講究録, No. 1548: 77-84 (2007).
14. 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 ⅡNanzan: 192-199 (2007).
15. Atsuyuki OHYAMA, Michi NISHIHARA, "Optimal Financial Aid in Eivironmental Policy: A Real Options Approach,'' Proceedings of 2007 International Workshop on Recent Advances in Stochastic Operations Research ⅡNanzan: 213-220 (2007).

修士論文

• "The Relation between Option Pricing and Optimization Problems,'' (指導教員: 永持仁) 2005年2月.

博士論文

• "Studies on Optimization Models of Financial and Real Options,'' (主査: 福嶋雅夫) 2008年2月.

【最近の発表】(*発表者)

国際 (141件)

• *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.
• *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.
• *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.
• *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.
• *Takashi SHIBATA, Michi NISHIHARA, Investment timing, upper reflecting barrier, and debt-equity financing, INFORMS Annual Meeting, Phoenix Convention Center, Phonex, USA, October 15, 2023.
• *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.
• *Takashi SHIBATA, Michi NISHIHARA, "Investment timing, upper reflecting barrier, and debt-equity financing," Research Seminar, University of Toronto, 31 March, 2023.
• *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.
• *Michi NISHIHARA, Takashi SHIBATA, "Optimal capital structure for earnings with a lower reflecting barrier," Real Options Workshop, Osaka University (online), 21 November, 2022.
• *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.
• *Michi NISHIHARA, "The choice between sustainable and unsustainable investment projects," 32nd European Conference on Operational Research, Aalto University, Espoo, Finland, 4 July, 2022.
• *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.
• 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.

国内（99件）

• *西原理, コーポレートファイナンスの数理モデル, 日本オペレーションズ・リサーチ学会関西支部記念講演会, 中央電気倶楽部, 大阪, March 16, 2024.
• *西原理, コーポレートファイナンスの数理モデル, 日本オペレーションズ・リサーチ学会春季研究発表会特別講演, 筑波大学, 茨城, March 7, 2024.
• *Michi NISHIHARA, Takashi SHIBATA, Benoit CHEVALIER-ROIGNANT, The effects of a financial covenant on capital structure and firm value, 日本ファイナンス学会第5回秋季研究大会, Online, November 11, 2023.
• *芝田隆志, 西原理, Investment timing, upper reflecting barrier, and debt-equity financing, 日本オペレーションズ・リサーチ学会秋季研究発表会, 関西学院大学, 兵庫, September 14, 2023.
• *西原理, 芝田隆志, The effects of an earnings-based covenant on capital structure and firm value, 日本オペレーションズ・リサーチ学会秋季研究発表会, 関西学院大学, 兵庫, September 14, 2023.
• *芝田隆志, 西原理, Investment timing, upper reflecting barrier, and debt-equity financing, 京都大学数理解析研究所研究集会「ファイナンスの数理解析とその応用」, 京都大学, 京都, September 1, 2023.
• *西原理, 芝田隆志, The effects of an earnings-based covenant on capital structure and firm value 京都大学数理解析研究所研究集会「ファイナンスの数理解析とその応用」, 京都大学, 京都, August 31, 2023.
• *西原理, "Corporate sustainability, investment, and capital structure," 日本オペレーションズ・リサーチ学会2022年秋季研究発表会 新潟大学, 新潟, September 14, 2022.
• *芝田隆志, 西原理, "Optimal default decision with an upper reflecting barrier," 日本オペレーションズ・リサーチ学会2022年秋季研究発表会 新潟大学, 新潟 September 13, 2022.
• *芝田隆志, 西原理, "Investment, financing, liquidation, and asymmetric information," 京都大学数理解析研究所研究集会「ファイナンスの数理解析とその応用」, 同志社大学, 京都, 8 September, 2022.
• *西原理, 芝田隆志, "Optimal capital structure of a firm that receives earnings with a lower reflecting barrier," 京都大学数理解析研究所研究集会「ファイナンスの数理解析とその応用」, 同志社大学, 京都, 7 September, 2022.

【過去の発表】

【受賞】

• 日本オペレーションズ・リサーチ学会第13回研究賞, September 14, 2023.
• European Journal of Operational Research Editor's Choice, January 2021.
• 大阪大学賞若手教員部門, November, 2018.
• 大阪大学総長奨励賞研究部門, July, 2015.
• The 2013 Best Paper Award in International Journal of Management Science and Engineering Management: "Optimal investment decision under regulatory and environmental risks,'' October, 2013.
• 日本オペレーションズリサーチ学会第23回学生論文賞, September, 2005.

【研究助成】

• 日本学術振興会 科学研究費補助金基盤研究(B) 21H00730 「コーポレートファイナンス動学モデルによるクレジットリスクと財務指標の定量分析」（研究分担者）, April, 2021 - March, 2025.
• 日本学術振興会 科学研究費補助金基盤研究(C) 20K01769 「動学モデルによる企業の実物投資・資本構成・倒産プロセスの解明」（代表者）, April, 2020 - March, 2022.
• 日本学術振興会 科学研究費補助金基盤研究(B) 17H02547 「不完全な金融市場下での企業の投資行動と資金調達に関する定量モデル分析」（研究分担者）, April, 2017 - March, 2021.
• 日本学術振興会 科学研究費補助金基盤研究(C) 17K01254 「確率モデルによる企業活動メカニズムの解明」（代表者）, April, 2017 - March, 2020.
• 日本学術振興会 科学研究費補助金基盤研究(B) 26285071 「企業のクレジットリスクを考慮した投資行動と資金調達の相互作用に関 する研究」（研究分担者）, April, 2014 - March, 2017.
• 日本学術振興会 科学研究費補助金基盤研究(C) 26350424 「動学的・確率的モデルによる企業活動の分析」（代表者）, April, 2014 - March, 2017.
• 日本学術振興会 平成26年度海外特別研究員 (École Polytechnique Fédérale de Lausanne にて客員研究員, 25 August, 2014 - 1 April, 2016)
• 公益信託マイクロソフト知的財産研究助成基金平成25年度研究助成「R&Dプロジェクトの価値評価」, August, 2013.
• 日本学術振興会 科学研究費補助金基盤研究(B) 23310103 「最適停止の理論とそのファイナンス・金融工学への応用に関する総合的研究」（研究分担者）, April, 2011 - March, 2014.
• 日本学術振興会 科学研究費補助金若手研究(B) 22710142 「多次元モデルを用いた総合的なプロジェクトマネジメントの研究」（代表者）, April, 2010 - March, 2013.
• 日本学術振興会 科学研究費補助金若手研究(B) 20710116 「リアルオプション研究：理論モデルの構築・分析とケーススタディ」（代表者）, April, 2008 - March, 2010.
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