Dr Hiroyuki Nakata

Hiroyuki NakataAssociate Professor in Finance

Contact Details

  • Tel: +44 (0)116 252 3376
  • Email: hn66@le.ac.uk
  • Office: Room 119, First Floor, Fielding Johnson Building
  • Office Hours: Monday 15:30-16:30 and Thursday 16:00-17:00 (Semester two, term time only)

Biography

Hiroyuki Nakata joined the School in November 2014. He earned his PhD (Economics) from Stanford University in 2001, after obtaining his MA and BA in Economics from Kyoto University. Hiro previously held positions at the Universities of Essex and Tokyo, and has work experience in the banking industry in Japan. He is a Senior Fellow at Japan’s Research Institute of Economy, Trade and Industry (RIETI).

Research Interests

Microeconomic Theory, Financial Economics. In particular, his current research focusses on (a) the foundations and roles of beliefs (probabilistic and non-probabilistic) on the financial markets and the real economy and (b) the financial instruments and markets (including insurance) against rare disasters.

PhD Supervision

Hiro is willing to supervise students who are interested in the theoretical aspect of finance or financial economics.

Teaching

MN1017 Foundations of Economics

MN2134 Corporate Finance

MN2140 Macro-Finance

MN7032 Corporate Finance (MSc Finance)

Administrative Responsibilities

Equalities Officer

Programme Leader MSc Finance (Campus Based) (Semester One)

Deputy Director of Postgraduate Studies

Most Recent Publications

Peer reviewed journal articles

Self-production, friction, and risk sharing against disasters: Evidence from a developing country,” forthcoming, World Development (with Yasuyuki Sawada and Tomoaki Kotera).

"w-MPS risk aversion and the shadow CAPM: theory and empirical evidence," forthcoming, European Journal of Finance (with Lin Huang and Chenghu Ma).

“Welfare effects of short-sale constraints under heterogeneous beliefs,” Economic Theory, 53 (2013), 283 – 314.

“Informative advertising with spillover effects,” International Journal of Economic Theory, 7 (2011), 373 – 386.

“Equivalent comparisons of information channels,” Theory and Decision, 71 (2011), 559 – 574.

Chapters in books
“On the design of regional insurance schemes/mechanisms for east Asia,” in D. Aldrich, Y. Sawada and S. Oum (eds.), Resilience and recovery in Asian disasters: Community ties, market mechanisms, and governance, Springer-Verlag, 2014.

“Kyodaisaigai no hoken mekanizumu (Insurance mechanism for catastrophes),” in Y. Sawada (ed.), Kyodaisaigai: Risuku to Keizai (Catastrophes: Risk and Economy), Nikkei Publishing, 2014 (in Japanese).

Full Listing of Publications

Published Papers (refereed)

Self-production, friction, and risk sharing against disasters: Evidence from a developing country,” forthcoming, World Development (with Yasuyuki Sawada and Tomoaki Kotera).

"w-MPS risk aversion and the shadow CAPM: theory and empirical evidence," forthcoming, European Journal of Finance (with Lin Huang and Chenghu Ma).

“Welfare effects of short-sale constraints under heterogeneous beliefs,” Economic Theory, 53 (2013), 283 – 314.

“Informative advertising with spillover effects,” International Journal of Economic Theory, 7 (2011), 373 – 386.

“Equivalent comparisons of information channels,” Theory and Decision, 71 (2011), 559 – 574.

“Communication, correlation of beliefs and asset price fluctuations,” Rivista Internazionale di Scienze Sociali, 2007, No.3, 443 – 469.

“A model of financial markets with endogenously correlated rational beliefs,” Economic Theory, 30 (2007), 431 – 452.

“Modelling exchange of probabilistic opinions,” Economic Theory, 21 (2003), 697 – 727.

“Spurious deadweight gains,” Economics Letters, 72 (2001), 33 – 37 (with Giovanni Facchini and Peter J. Hammond).

Other Research Papers
“Demand for non-life insurance: A cross-country analysis,” (with Yasuyuki Sawada), CIRJE discussion paper CIRJE-F-461, University of Tokyo, 2007.

“Endogenous provision of riskless asset and the social costs of volatility,” 2010.

“Entropy characterisation of insurance demand: Theory and evidence,” (with Yasuyuki Sawada and Mari Tanaka), RIETI Discussion Paper 10-E-009, 2010.  (Retitled to “Rare catastrophes and subjective probability: Theory and evidence from Vietnam” for journal submission; submitted)

“Asking retrospective questions in household surveys: Evidence from Vietnam,” (with Yasuyuki Sawada and Mari Tanaka), RIETI Discussion Paper 10-E-008, 2010.

“Self-production and risk sharing against disasters: A case study from Vietnam,” (with Yasuyuki Sawada and Tomoaki Kotera), RIETI Discussion Paper 11-E-017, 2011.

“w-MPS risk aversion and the shadow CAPM: Theory and empirical evidence,” (with Lin Huang and Chenghu Ma), 2014. Submitted.

“Time preference, risk and credit constraints: Evidence from Vietnam,” (with Yasuyuki Sawada) 2014.

“Endogenous business cycles and the social welfare under heterogeneous beliefs – OLG case,” (with Maurizio Motolese) – in progress.

“Endogenous business cycles and the social welfare under heterogeneous beliefs – Infinite horizon,” (with Maurizio Motolese) – in progress.

“Loan monitoring system and bank risk,” (with Norvald Instefjord) – in progress.

Chapters in Books
“On the design of regional insurance schemes/mechanisms for east Asia,” in D. Aldrich, Y. Sawada and S. Oum (eds.), Resilience and recovery in Asian disasters: Community ties, market mechanisms, and governance, Springer-Verlag, 2014.

“Kyodaisaigai no hoken mekanizumu (Insurance mechanism for catastrophes),” in Y. Sawada (ed.), Kyodaisaigai: Risuku to Keizai (Catastrophes: Risk and economy), Nikkei Publishing, 2014 (in Japanese).

“Modeling exchange of probabilistic opinions,” in C.D. Aliplantis, K.J. Arrow, P.J. Hammond, F. Kubler, H-M. Wu and N. Yannelis (eds.), Assets, Beliefs and Equilibria in Economic Dynamics, Springer-Verlag, 2003.

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