MIWA KOTARO
Organization
Faculty of Economics Department of Economic Engineering Professor
Joint Graduate School of Mathematics for Innovation
（Concurrent）
School of Economics Department of Economic Engineering（Concurrent）
Graduate School of Economics Department of Economic Engineering（Concurrent）
Title
Professor
External link
Research Areas
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Humanities & Social Sciences / Money and finance
Degree
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Ph.D.
Research History
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Kyushu University Professor
2024.2 - Present
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Kyushu University Associate Professor
2020.10 - 2024.1
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Tokio Marine Asset Management Quants Analyst
Research Interests・Research Keywords
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Research theme： Textual information in finance
Keyword： Investment, Information intermediaries in the financial market, Behavioral Finance
Research period： 2020.10
Awards
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Runner-up Award
2024.4 FMCG Conference
Kotaro Miwa
-
SWFA Best Paper in Behavioral Finance
2022.3 Southwest Finance Association annual meeting SWFA Best Paper in Behavioral Finance (Southwest Finance Association annual meeting)
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SFM research paper award
2019.10 27th Conference on the Theories and Practices of Securities and Financial Market SFM research paper award (27th Conference on the Theories and Practices of Securities and Financial Market)
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Australian Securities Exchange Prize
2018.12 31st Australasian Finance and Banking Conference Australian Securities Exchange Prize (31st Australasian Finance and Banking Conference)
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奨励賞
2012.12 行動経済学学会 Analysts' Reluctance to Voice Conservative Opinions and the Informational Value of Long-term Earnings Growth Forecasts
Papers
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Divergent Opinions on Social Media Reviewed International journal
@Kotaro Miwa
International Review of Economics and Finance 86 182-196 2023.3
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Earnings Expectations and Interactive Discussions with Corporate Insiders Reviewed International journal
@Kotaro Miwa
Research in International Business and Finance ( 101895 ) 2023.2
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The Informational Role of Analysts' Textual Statements Reviewed International journal
@Kotaro Miwa
Research in International Business and Finance 59 ( 101562 ) 2022.1
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Language Barriers in Analyst Reports Reviewed International journal
@Kotaro Miwa
International Review of Economics and Finance 75 223 - 236 2021.3
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Trading Hours Extension and Intraday Price Behavior Reviewed International journal
Kotaro Miwa
International Review of Economics and Finance 64 572 - 585 2019.11
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Short-term Return Reversals and Intraday Transactions Reviewed
Kotaro Miwa
Quarterly Journal of Finance 9 1 - 25 2019.3
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Is the Extension of Trading Hours Always Beneficial? ― An Artificial Agent-Based Analysis Reviewed International journal
Kotaro Miwa, Kazuhiro Ueda
Computational Economics 50 595 - 627 2017.1
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Slow Price Reactions to Analysts’ Recommendation Revisions Reviewed International journal
Kotaro Miwa, Kazuhiro Ueda
Quantitative Finance 14 ( 6 ) 993 - 1004 2014.6
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A Dynamic Volume-Return Relation and Investors' Positive Feedback Trading Reviewed International journal
Kotaro Miwa, Kazuhiro Ueda
International Review of Finance 11 ( 3 ) 325 - 341 2011.9
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フィンテック関連ニュースの株価への影響の分析 Reviewed
@三木 悠史,@三輪 宏太郎
証券アナリストジャーナル 62 ( 3 ) 2024.3
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How Quickly Do Investors React to Analyst Reports? Evidence from Reports Released Outside Trading Hours Reviewed International journal
@Kotaro Miwa
Global Finance Journal 57 ( 100856 ) 2023.6
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Informational Role of Analyst and Investor Days Reviewed International journal
@Kotaro Miwa
Global Finance Journal 56 ( 100812 ) 2023.2
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Levels versus Changes: Information Contents of Textual Information Reviewed International journal
@Kotaro Miwa
International Review of Finance 22 ( 4 ) 751 - 758 2022.12
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アナリストレポートのトーンの情報価値 Reviewed
@平松賢士,@三輪宏太郎,@酒井浩之,@坂地泰紀
証券アナリストジャーナル 59 ( 2 ) 86 - 97 2021.2
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Market Closures and Cross-sectional Stock Returns Reviewed
Kotaro Miwa
Asia-Pacific Financial Markets 27 1 - 33 2020.3
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Stock Futures of a Flawed Market Index Reviewed
Kotaro Miwa
Asia-Pacific Financial Markets 26 1 - 22 2019.3
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Effective Extension of Trading Hours Reviewed International journal
Kotaro Miwa, Kazuhiro Ueda
Evolutionary and Institutional Economics Review 15 139 - 166 2018.6
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Analysts' Preference for Growth Investing and Vulnerability to Market-wide Sentiment Reviewed International journal
Kotaro Miwa, Kazuhiro Ueda
Quarterly Review of Economics and Finance 61 40 - 52 2016.8
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Investor Sentiment, Stock Mispricing, and Long-term Growth Expectations Reviewed International journal
Kotaro Miwa
Research in International Business and Finance 36 414 - 423 2016.1
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Price Distortion Induced by a Flawed Stock Market Index Reviewed International journal
Kotaro Miwa, Kazuhiro Ueda
Financial Markets and Portfolio Management 30 ( 2 ) 137 - 160 2016.1
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Analysts' Reluctance to Voice Conservative Opinions and the Informational Value of Long-term Earnings Growth Forecasts Reviewed
Kotaro Miwa, Kazuhiro Ueda
Advances in Quantitative Analysis of Finance & Accounting 2014.1
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The Influence of Investor's Behavioral Biases on the Usefulness of the Dual Moving Average Crossovers Invited Reviewed International journal
Kotaro Miwa, @Kazuro Ueda
New Generation Computing 23 67 - 75 2005.3
Books
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オルタナティブ投資の実践
平山賢一 編（Role：Joint author）
中央経済社 2020.11
Presentations
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Analyst preview ban: What were the costs and benefits of private communication with management? International conference
Kotaro Miwa; Hidenori Takahashi
Asian Finance Association Annual Meeting 2025.6
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Active Verbal Communication with Corporate Insiders International conference
Kotaro Miwa
Asian Finance Association Annual Meeting 2025.6
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Extreme Opinons of Financial Analysts International conference
Kotaro Miwa
Asian Finance Association 2024.6
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Cross-firm Information in Analyst Reports International conference
@Kotaro Miwa
Asian Finance Association 2023.6
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Earnings Expectation and Interactive Discussion with Corporate Insiders International conference
Kotaro Miwa
New Zealand Finance Meeting 2022.12
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Informational Role of Analyst and Investor Days International conference
@Kotaro Miwa
Financial Management Association (FMA) Asia/Pacific Conference 2022.12
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Divergent Opinions on Social Media International conference
Kotaro Miwa
Asian Finance Association Annual Meeting 2021.7
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The Informational Role of Analysts' Qualitative Research Outputs International conference
Kotaro Miwa
Financial Management Association Annual Meeting 2020.10
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Effective Trading Hours Extension International conference
Kotaro Miwa
International Conference Computing in Economics and Finance 2017.6
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Trading hours Extension and Intraday Price Behavior International conference
@Kotaro Miwa
Financial Management Association Annual Meeting 2017.10
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Short-term Return Reversals and Intraday Transactions International conference
Kotaro Miwa
Midwest Finance Association Annual Meeting 2018.3
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Textual Opinions in Analyst Reports International conference
Kotaro Miwa
Asian Finance Association Annual Meeting 2019.6
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Is the Extension of Trading Hours Always Beneficial? An Artificial Agent-based Analysis International conference
@Kotaro Miwa
International Conference on Computing in Economics and Finance 2015.6
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Active Verbal Communication with Corporate Insiders International conference
Kotaro Miwa
Southwest Finance Association Annual Meeting 2025.2
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Market Participants' Interests and Earnings Forecast Updates: Evidence from Discussion Topics in Investor Meetings International conference
Kotaro Miwa
Southwest Finance Association Annual Meeting 2025.2
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Analyst preview ban: What were the costs and benefits of private communication with management? International conference
Kotaro Miwa
Southwest Finance Association Annual Meeting 2025.2
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Active Verbal Communication with Corporate Insiders International conference
Kotaro Miwa
Sydney Banking and Financial Stability Conference 2024.12
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Cross-firm Information in Analyst Reports International conference
Kotaro Miwa
Southwest Finance Association Annual Meeting 2024.2
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Extreme Opinions of Financial Analysts International conference
Kotaro Miwa
Southwest Finance Association Annual Meeting 2024.2
-
Cross-firm Information in Analyst Reports International conference
@Kotaro Miwa
Sydney Banking and Financial Stability Conference 2023.12
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Cross-firm Information in Analyst Reports International conference
@Kotaro Miwa
New Zealand Finance Meeting 2023.12
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Informational Role of Analyst and Investor Days International conference
@Kotaro Miwa
Asian Finance Association 2022.6
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How quickly do investors react to analyst reports? Evidence from reports released outside trading hours
Kotaro Miwa
Nippon Finance Association Annual Meeting 2022.5
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Divergent Opinions on Social Media International conference
Kotaro Miwa
Southwest Finance Association Annual Meeting 2022.3
-
Earnings Expectation and Interactive Discussion with Corporate Insiders International conference
Kotaro Miwa
Southwest Finance Association Annual Meeting 2022.3
-
Divergent Opinions on Social Media International conference
Kotaro Miwa
New Zealand Finance Meeting 2021.12
-
Informational Role of Analyst and Investor Days International conference
@Kotaro Miwa
World Finance Conference 2021.8
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Extreme Opinions on Social Media
Kotaro Miwa
Nippon Finance Association Annual Meeting 2021.5
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Extreme Opinions on Social Media International conference
Kotaro Miwa
Conference on the Theories and Practices of Securities and Financial Market 2020.12
-
Stock Futures of a Flawed Market Index International conference
@Kotaro Miwa
Asian Finance Association Annual Conference 2016.6
-
Textual Opinions in Analyst Reports International conference
Kotaro Miwa
Australasian Finance and Banking Conference 2018.12
-
Trading hours Extension and Intraday Price Behavior International conference
Kotaro Miwa
Conference on the Theories and Practices of Securities and Financial Markets 2019.12
-
Trading hours Extension and Intraday Price Behavior International conference
@Kotaro Miwa
New Zealand Finance Meeting 2019.12
-
Language Barriers in Analyst Reports International conference
Kotaro Miwa
New Zealand Finance Meeting 2019.12
-
The Informational Role of Analysts' Qualitative Research Outputs International conference
Kotaro Miwa
Australasian Finance and Banking Conference 2019.12
-
Levels versus Changes: Information Contents of Qualitative Verbal Information
Kotaro Miwa
Nippon Finance Association Annual Meeting 2020.5
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The Informational Role of Analysts' Qualitative Research Outputs International conference
Kotaro Miwa
Conference on the Theories and Practices of Securities and Financial Markets 2019.12
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Fundamental Information Contained in Analysts’ Report Text
Kotaro Miwa
Nippon Finance Association Annual Meeting 2019.5
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Textual Opinions in Analyst Reports International conference
Kotaro Miwa
Conference on the Theories and Practices of Securities and Financial Markets 2018.6
-
Short-term Return Reversals and Intraday Transactions International conference
Kotaro Miwa
Conference on the Theories and Practices of Securities and Financial Markets 2018.6
-
Price Distortion Induced by a Flawed Stock Market Index International conference
@Kotaro Miwa
Conference on the Theories and Practices of Securities and Financial Market 2014.12
-
Analysts’ Reluctance to Voice Conservative Opinions and the Informational Value of Long-term Earnings Growth Forecasts International conference
@Kotaro Miwa
Conference on the Theories and Practices of Securities and Financial Market 2012.12
-
Analysts’ Reluctance to Voice Conservative Opinions and the Informational Value of Long-term Earnings Growth Forecasts International conference
@Kotaro Miwa
Asian Finance Association Annual Conference 2011.6
Professional Memberships
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Asian Finance Association
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日本ファイナンス学会
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日本ファイナンス学会
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Asian Finance Association
Committee Memberships
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Nippon Finance Association Academic director
2024.6 - 2026.6
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日本ファイナンス学会 監事 Domestic
2022.6 - 2024.6
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行動経済学会 Executive Domestic
2017.12 - 2019.11
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Nippon Finance Association Committee Chairperson Domestic
2024.11
Committee type：Academic society
Research Projects
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企業と投資家の対話と市場の期待形成
Grant number：22K01554 2022 - 2025
Japan Society for the Promotion of Science Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (C)
Authorship：Principal investigator Grant type：Scientific research funding
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企業と投資家間の情報共有内容と企業価値
2022 - 2024
野村マネジメントスクール
Authorship：Principal investigator Grant type：Contract research
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アナリストレポートのテキスト情報に関する研究
2021.1 - 2022.12
Joint research
Authorship：Principal investigator Grant type：Other funds from industry-academia collaboration
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テキストに表出する投資家心理と株価形成
2021 - 2022
石井記念証券研究振興財団
Authorship：Principal investigator Grant type：Contract research
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定性情報が企業価値評価に与える影響
2020 - 2021
ゆうちょ財団
Authorship：Principal investigator Grant type：Contract research
Class subject
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現代金融特研II
2023.10 - Present Second semester
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損害保険概論
2023.10 - Present Second semester
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金融と経済
2023.10 - 2024.3 Second semester
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Topics in Economics (Investment) （現代金融特研I）
2023.4 - Present First semester
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金融
2023.4 - Present First semester
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経済工学演習
2023.4 - Present Full year
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損害保険概論
2022.10 - 2023.3 Second semester
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現代金融特研II
2022.10 - 2023.3 Second semester
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外国書講読２
2022.10 - 2023.3 Second semester
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リサーチワークショップ
2022.4 - 2023.3 Full year
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経済工学演習
2022.4 - 2023.3 Full year
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Topics in Economics 2 (Investment) （現代金融特研I）
2022.4 - 2022.9 First semester
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金融
2022.4 - 2022.9 First semester
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金融と経済
2021.10 - 2022.3 Second semester
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Topics in Economics 1(Investment) （現代金融特研II）
2021.10 - 2022.3 Second semester
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経済工学演習
2021.4 - 2022.3 Full year
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リサーチワークショップ
2021.4 - 2022.3 Full year
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Topics in Economics ２(Investment) （現代金融特研I）
2021.4 - 2021.9 First semester
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金融
2021.4 - 2021.9 First semester
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現代金融特研I
2020.10 - 2021.3 Second semester
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金融
2020.10 - 2021.3 Second semester
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外国書講読２
2020.10 - 2021.3 Second semester