Kyushu University Academic Staff Educational and Research Activities Database
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Konari Uchida Last modified date:2019.07.26

Professor / Fields in Economic Analysis and Policy
Department of Economic Engineering
Faculty of Economics

Graduate School
Undergraduate School

Academic Degree
Ph.D. of Economics
Field of Specialization
Corporate Finance
Research Interests
  • Empirical corporate finance
    keyword : Capital structure; corporate financing; Dividend policy; Private debt restructuring
  • Empirical corporate governance
    keyword : Corporate governance; Corporate boards; Corporate ownership structure; Managerial compensation; Mergers and acquisitions
  • Corporate social responsibility and capital markets
    keyword : Corporate social responsibility; Socially responsible investments; Firm value
Current and Past Project
  • Investment behaviors and performance of venture capital: With focus on Japan and Korea
Academic Activities
1. Sabri Boubaker, Duc Khuong Nguyen, Sabri Boubaker and Duc Khuong Nguyen (eds.) Corporate Governance in Emerging Markets, Springer, Yuyang Zhang, Konari Uchida, and Hua Bu, Regional Legal Protection and Earnings Management: Evidence from China, pp.133-155, 2014.04, [URL].
2. Narjess Boubakri, Jean-Calude Cosset (eds.), Institutional Investors in Global Capital Markets (International Finance Review Vol. 12), Emerald Publishing, Yuhua Li, Konari Uchida, "Divestment of foreign strategic investment in China's banking sector: causes and consequences", 83-110, 2011.12, [URL].
3. Xiuping Sun, Jim Stewat, and David Pollard (eds.), Corporate Governance and Global Financial Crisis, Cambridge University Press, Chunyan Liu, Jianlei Liu, and Konari Uchida, "Do independent boards effectively monitor management? Evidence from Japan during the financial crisis", 188-214., 2011.07, [URL].
4. Akinori Tomohara, Molly Sherlock (eds.), Financial Crisis in the Global Bubble Economy, NOVA Science Publishers, Daisuke Nogata, Konari Uchida, and Hiroshi Moriyasu, "Corporate governance and stock price performance during the financial crisis: Evidence from Japan", 43-73, 2011.10, [URL].
5. Corporate Finance.
6. Pauline V. Urlacher (eds.), New Issues in Corporate Governance, NOVA Science Publishers, (Konari Uchida, "Managerial ownership, debt, and firm performance in Japan," 129-142), 2008.02.
1. Hocheol Nam, Konari Uchida, Accounts payable and firm value: International evidence, Journal of Banking and Finance,, 102, 116-137, 2019.04, [URL].
2. Pengda Fan, Konari Uchida, Credit crunch and timing of initial public offerings, Pacific Basin Finance Journal, 10.1016/j.pacfin.2018.09.003, 53, 22-39, 2019.02, We find that firms with more outstanding short-term debt are more likely to go public in bear markets than firms with less short-term debt. Importantly, this finding is evident for firms going public after a reduction of total bank credits in the loan market. Bear market IPOs repay more short-term debt during the IPO year than other IPOs do, and have lower offering prices and proceeds. These results suggest a credit crunch significantly affects the timing and costs of IPOs when firms owe significant short-term debt..
3. Liping Dong,Konari Uchida,Xiaohong Hou, Are future capital gain opportunities important in the market for corporate control? Evidence from China, Journal of Corporate Finance, 10.1016/j.jcorpfin.2017.10.006, 2017.12, [URL], Stock prices of Chinese target companies react positively to the announcement of block trades. Such a reaction is greater when publicly tradable shares (PTS) are transferred than when bidders obtain nonpublicly tradable shares (NPTS). PTS transactions also perform significantly better in the long run than do NPTS transactions. These results suggest that stock liquidity matters for corporate control rights transactions to improve target firms' management. We also find that bidders appoint a new CEO or chief director in more than half of the cases of block trades. Better stock price performance for PTS transactions comes mainly from targets with high Tobin's Q. Capital gain opportunities are likely to motivate bidders to expand target firms' businesses for capital gains..
4. Shinya Shinozaki, Hiroshi Moriyasu, Konari Uchida, Shareholder Composition and Managerial Compensation, Journal of Financial and Quantitative Analysis, 10.1017/S0022109016000636, 51, 5, 1719-1738, 2016.10, Stock options are used only sparingly in Japan. Japanese firms are more likely to adopt new stock option plans when they are more (less) owned by arms-length investors (stable and controlling shareholders). Those firms have significantly more independent boards and pay higher dividends surrounding the adoption year than their industry peers. These results suggest that firms adopting stock options endeavor to meet demands for good governance practice from arms-length shareholders and to follow good governance practices in other dimensions. The coexistence of arms-length, stable, and controlling shareholders generates a situation in which stock options are not widely used in Japan..
5. Yong Huang, Konari Uchida, Daolin Zha, Market timing of seasoned equity offerings with long regulative process, Journal of Corporate Finance, 10.1016/j.jcorpfin.2016.05.001, 39, 278-294, 2016.08, [URL], A long regulative process exists between the initial announcement and execution of seasoned equity offerings (SEOs) in China. Although the initial announcement of an SEO is associated with a significant reduction in the stock price, the regulator (China Securities Regulatory Commission) finally approves it after a significant run up in the price of the stock. Chinese managers execute SEOs after additional stock price increases. As a result, the stock price at issuance is not significantly different from the price on announcement, and is significantly higher than the price three months before the announcement. We also find stock prices decline following the execution. These results suggest that regulative screenings for market stabilization are beneficial for SEO market timing, and that Chinese managers successfully time the market, even with a prolonged regulative process..
6. Liping Dong, Konari Uchida, Xiaohong Hou, Block trade targets in China, Journal of Corporate Finance, 10.1016/j.jcorpfin.2013.12.001, 25, 188-201, 2014.04, We examine characteristics associated with the probability of Chinese companies being block trade targets. We find that the proportion of non-publicly tradable shares over total outstanding shares is positively related to the probability of firms being block trade targets before the split-share structure reform. Ownership concentration, director ownership, and firm size were negatively related to the frequency of firms being block trade targets during the pre-reform period. Pre-reform firms with high free cash flow were likely to be block trade targets, and bidders paid a high premium to acquire those companies. The cost of a block trade increased significantly after the split-share structure reform, and the frequency of block trades declined considerably. These results suggest that before the reform Chinese bidders mainly pursued private benefits of control rather than capital gains from value-increasing takeovers. After the reform, bidders have bought tradable shares and paid a negative premium, suggesting that being a blockholder in Chinese companies implies costs that exceed benefits..
1. Jeffrey Coles, Konari Uchida, Power of tournament incentives: Evidence from Japanese corporate boards, Financial Management Association, 2018.10, [URL].
2. Jeffrey Coles, Konari Uchida, Power of tournament incentives: Evidence from Japanese corporate boards, Asian Finance Association, 2018.06.
3. Konari Uchida, Market Timing in Private Placements of Equity., University of Rhode Island Finance Seminar, 2017.10, [URL].
4. Konari Uchida, Market Timing in Private Placements of Equity , Financial Management Association, 2017.10.
5. Konari Uchida, Are Future Capital Gain Opportunities Important in the Market for CorporateControl? Evidence from China, Darla Moore School of Business - Hitotsubashi University Second International Conference on Corporate Finance: Governments, Corporate Governance and Corporate Policies, 2017.08, [URL].
6. Konari Uchida, Are Future Capital Gain Opportunities Important in the Market for Corporate Control? Evidence from China, Midwest Finance Association, 2015.03, [URL].
7. Shinya Shinozaki, Hiroshi Moriyasu, Konari Uchida, Why Firms Adopt Good Governance Practices? Evidence from Stock Option Adoptions in Japan, Asian Finance Association, 2014.06, ストックオプションは日本ではそれほど多く利用されていない。その中において、役員及びarms-length な投資家(安定株主・支配株主)の持株比率が大きい企業ほどストックオプションを採用する確率が高い(低い)。ストックオプション導入企業は導入前後において同業企業に比べて独立取締役を多く採用しており、配当を多く支払う傾向にある。これらの結果は、ストックオプション導入企業は、arms-length な株主からの好ましいコーポレートガバナンス採用の要求に答えるためにストックオプションを導入しており、同時に他の面でも好ましいガバナンス慣行に従おうとしていることを示している。近年の日本の株式市場では、arms-length な株主、安定株主、支配株主が混在しており、そのことがストックオプションがある程度採用されつつも、広くは採用されないという状況を生み出している。.
8. Shinya Shinozaki, Konari Uchida, Ownership Structure, Tax Regime, and Dividend Smoothing: International Evidence, Financial Management Association, 2014.10.
9. The Dark Side of Independent Venture Capitalists: Evidence from Japan , [URL].
10. Capital structure and earnings management of IPO companies: Evidence from China, [URL].
11. The Dark Side of Independent Venture Capitalists: Evidence from Japan , [URL].
12. Do stock option rewards increase dividend payments? New evidence from Japan, [URL].
13. Bank soundness, stock return, and loan supply during the global financial crisis: Evidence from Japan, [URL].
14. Internal corporate governance mechanisms and foreign investors: Evidence from Japanese IPO firms, [URL].
15. Corporate governance reforms in Japan: Empirical evidence.
16. Is corporate governance important for regulated firms' shareholders? Evidence from Japanese mergers and acquisitions, [URL].
17. Reduction in bank ownership and firm performance: Evidence from Japan, [URL].
18. Corporate governance and mergers and acquisitions.
19. How do banks resolve firms' financial distress? Evidence from Japan.
Membership in Academic Society
  • Nippon Finance Association
  • Japan Finance Association