Name

SUZUKI, Kazunori

SUZUKI Icko

Official Title

Professor

Affiliation

(Graduate School of Business and Finance)

Contact Information

Mail Address

Mail Address
ksuzuki@waseda.jp

URL

Web Page URL

http://www.icko.jp/

Grant-in-aids for Scientific Researcher Number
40338653
ORCID ID
0000-0001-9662-9951

Educational background・Degree

Degree

Ph.D. in Finance Thesis University of London (London Business School) Public finance/Public economy

MBA (Master of Business Administration) with Distinction Coursework INSEAD Management

BA in Laws Coursework University of Tokyo Public law

Academic Society Joined

Nippon Finance Association

Japan Finance Association

European Corporate Governance Institute (ECGI)

American Finance Association

Financial Management Association

American Economic Association

Interview Guide

Category
Social sciences
Research Field
Corporate Finance, Mergers and Acquisitions (M&A), Corporate Governance
Self-introduction Comment
Entered academia in 2001, after having worked in a Japanese commercial bank for 15 years. Spent 2 years in France for my MBA (INSEAD) and 4 years in the U.K. for my Ph.D. (London Business School). The areas of my research interest are in corporate finance (dividend, capital structure, etc.), M&A market around the world, corporate valuation (DCF and merger premium), and corporate governance.

Research Field

Keywords

Corporate Finance, Mergers and Acquisitions, Corporate Valuation

Grants-in-Aid for Scientific Research classification

Social sciences / Economics / Public finance/Public economy

Research interests Career

The effect of mergers and acquisitions (M&A) on the management of a company

Individual research allowance

Time series analysis of M&A premium in Japan

Individual research allowance

Paper

Uncertainty avoiding behavior and cross-border acquisitions in the Asia-Pacific region

Bremer, Marc; Hoshi, Akio; Inoue, Kotaro; Suzuki, Kazunori

Japan and the World Economy Peer Review Yes 41p.99 - 1122017/03-2017/03

DOIScopus

Detail

ISSN:09221425

Outline:© 2017 Elsevier B.V.This research explores the impact of national culture on cross-border acquisitions. National culture can influence the ways managers cope with uncertainty, and their subsequent business decisions, as was described in seminal research by Hofstede (1991). By their very nature, cross-border acquisitions require that managers deal with different cultures and higher levels of uncertainty. We seek to understand how national culture affects value in cross-border acquisitions using data from the Asia-Pacific Rim region over the period between 2000 and 2009. The countries of this region have large cultural differences and the potential gains from acquisitions are very substantial, so these data are an excellent population for analysis. Our results show that different national cultures have an important influence on financial decisions by firms in ways consistent with classic research by Knight (2006), and also that different national cultures cope with uncertainty in different ways. We find that acquirers from countries with a high aversion to uncertainty conduct fewer cross-border acquisitions. Further, these high uncertainty aversion firms pay a higher price for control in cross-border deals.

Recent Points at Issues Regarding M&A Valuation: The Case of Integration between Alps Electric and Alpine

Kazunori Suzuki

Securities Analysts Journal 57(5) p.44 - 502019/05-

link

Detail

ISSN:0287-7929

Small company (size) premium in Japan: Thoughts on estimation method and impact of migration

Kazunori Suzuki

Working Paper, Waseda University Institute for Business and Finance WBF-19-0012019/04-

link

Park24’s market creation and game-changing strategy: Leveraging its strategic resources and capabilities

Kazuhito Isomura, Kazunori Suzuki and Katsuyuki Tochimoto

Strategic Direction Peer Review Yes 33(7) p.1 - 42017/07-2017/07

DOIScopus

Detail

ISSN:02580543

The evolution of characters business models in Japan: Duffy, Hello Kitty, and Kumamon

Kazuhito Isomura, Kazunori Suzuki and Katsuyuki Tochimoto

Strategic Direction Peer Review Yes 31(4) p.34 - 372015/07-

DOIScopus

Detail

ISSN:02580543

日本の株式公開買付(TOB)前後の株価変動を用いた買収に伴う私的便益の推定

鈴木 一功

フィナンシャル・レビュー (121) p.53 - 682015/03-

Reconsidering Management Buyouts

Kazunori Suzuki

Security Analysts Journal 51(6) p.47 - 512013/06-

link

Detail

ISSN:0287-7929

クロスボーダー取引における使用資本コスト推定方法について(サーベイ論文)

Kazunori Suzuki

Security Analysts Journal 51(4) p.38 - 452013/04-

link

Detail

ISSN:0287-7929

実証分析から見たアジア・太平洋諸国におけるクロスボーダーM&Aの特徴

鈴木 一功

M&A専門誌マール (218) 2012/12-

Steel Partners Activism Efforts at United Industrial, Ronson, and BKF Capital: The Good, the Bad, and the Ugly

Timothy A. Kruse and Kazunori Suzuki

Managerial Finance Peer Review Yes 38(6) p.587 - 6052012/06-2012/06

DOIScopus

Detail

ISSN:03074358

緊急提言・オリンパス事件からの教訓:M&A取引価格の根拠を開示する仕組みを確立せよ

鈴木 一功

ダイヤモンド・オンライン エディターズ・チョイス 第30回 2011/11-

Bidder and Target Valuation and Method of Payment of M&As in Japan: Evidence against the Misvaluation-Driven Transactions

Shinya Hanamura, Kotaro Inoue, and Kazunori Suzuki

Corporate Ownership and Control Peer Review Yes 8(3) p.406 - 4162011/06-

DOIScopus

Detail

ISSN:17279232

少数株主の利益に関心をもたない日本の上場企業経営者 —パナソニック・三洋電機にみるディスカウントTOBの実相—

鈴木 一功

週刊金融財政事情 2011/04-

Has the Threat of a Takeover Improved the Management of Target Firms? An Analysis of Firms in which M&A Consulting, Japan's First Hostile Bidder, Acquired Stakes

Timothy A. Kruse and Kazunori Suzuki

Corporate Ownership and Control Peer Review Yes 7(2) p.137 - 1452009/12-

DOIScopus

Detail

ISSN:17279232

Long-Term Performance Following Mergers of Japanese Companies: The Effect of Diversification and Affiliation

Timothy A. Kruse, Kwanwoo Park, Hun Park, and Kazunori Suzuki

Pacific-Basin Finance Journal Peer Review Yes 15(2) p.154 - 1722007/04-

DOIScopus

Detail

ISSN:0927538X

Books And Publication

Valuation: A Primer

Kazunori Suzuki(Single Author)

Diamond Inc.2018/10-

Detali

Scholarly BookTotal Number of Pages:268Responsible Number of Pages:268ISBN:978-4-478-02862-9

Valuation in Practice

Kazunori Suzuki

ダイヤモンド社2004/11-

Detali

ISBN:978-4-478-47072-5

検​証​ 日​本​の​敵​対​的​買​収​ ​—​M​&​A​市​場​の​歪​み​を​問​う​—​ ​第​5​章​「​敵​対​的​買​収​者​と​企​業​経​営​」

新井 富雄(編)

日本経済新聞出版社2007/07-

Too Big to Fail: Policies and Practices in Government Bailouts

Benton Gup, Ed.

Praeger Publishers2004/01-

MBAゲーム理論

鈴木 一功(監修・著)

ダイヤモンド社1999/12-

Finance and the International Economy:6

Richard O'Brien, Ed.

Oxford Unversity Press1992/11-

企業価値経営

マッキンゼー・アンド・カンパニー、ティム・コラー、リチャード・ドッブス、ビル・ヒューイット(著)、鈴木 一功、本田 桂子(訳)

ダイヤモンド社2012/08-

ビ​ジ​ネ​ス​統​計​学​【​上​】​・​【​下​】

アミール・アクゼル、ソウンデルパンディアン・ジャヤベル(著)、鈴木 一功(監訳・訳)

ダイヤモンド社2007/03-

行​動​フ​ァ​イ​ナ​ン​ス​と​投​資​の​心​理​学​ ​—​ケ​ー​ス​で​考​え​る​欲​望​と​恐​怖​の​市​場​行​動​へ​の​影​響

Hersh Shefrin(著)、鈴木 一功(訳)

東洋経済新報社2005/03-

Lecture And Oral

Size Premium and Valuation in Mergers and Acquisitions

Kazunori Suzuki

Japan Finance Association 42nd Annual Meeting(Japan Finance Association)2018/10/07

Detail

National conferenceOral presentation(general)

The power of confidential engagement: Comparison with public activism

Kazuori Suzuki

ICGN Annual Conference Tokyo 2019(International Corporate Governance Network (ICGN))2019/07/17

Detail

International conferenceSymposium workshop panel(nominated)Venue:Chiyoda-ku, Tokyo, JAPAN

From Silent Partner to "Vocal" Shareholder: Selection of Shareholdings of Life Insurance Companies between 1990 and 2015

Nippon Finance Association 26th Annual Meeting2018/06/24

Detail

National conferenceOral presentation(general)

The Price of Control in the East Asia and Pac-Rim Regions: Law, Culture and Markets

Nippon Finance Association, 21st Annual Meeting2013/06/01

Detail

Oral presentation(general)

The Price of Control in the East Asia and Pac-Rim Regions: Law, Culture and Markets

Midwest Finance Association, 62nd Annual Meeting2013/03/14

Detail

Oral presentation(general)

The impact of changes in Japanese tender offer regulations on bidder behavior and shareholder gains

Organizational and Financial Economics Seminar 2012, Waseda University2012/06/25

Detail

Oral presentation(general)

The Level of Tender Offer Premium in Japan

Seminar Presentation at City University of Hong Kong2011/09/14

Detail

Oral presentation(general)

The Level of Tender Offer Premium in Japan

Seminar Presentation at Cass Business School, City University (London)2011/03/30

Detail

Oral presentation(general)

The Level of Tender Offer Premium in Japan

US-Japan Program Seminar, Weatherhead Center, Harvard University2010/05/04

Detail

Oral presentation(general)

Research Grants & Projects

Grant-in-aids for Scientific Research Adoption Situation

Research Classification:

An analysis of cross-border acquisitions by Japanese firms from cross-country comparative analysis

2012/-0-2015/-0

Allocation Class:¥4810000

Research Classification:

Corporate Governance Reforms and their Consequences: Engagement, Alignment and Distribution of Authorities

2019/-0-2024/-0

Allocation Class:¥44850000

Lecture Course

Course TitleSchoolYearTerm
Theory of Corporate Finance and Corporate ValuationGraduate School of Business and Finance2019fall semester
Finance(Evening)(7-8th Period)Graduate School of Commerce2019summer quarter
Finance(Evening)Graduate School of Business and Finance2019summer quarter
Finance(Evening)(7-8th Period)Graduate School of Commerce2019spring quarter
Finance(Evening)Graduate School of Business and Finance2019spring quarter
Seminar on Empirical Analysis of Corporate financeGraduate School of Business and Finance2019spring semester
Seminar on Empirical Analysis of Corporate financeGraduate School of Business and Finance2019fall semester
Seminar on Empirical Analysis of Corporate finance(Degree Thesis)Graduate School of Business and Finance2019
Seminar on Empirical Analysis of Corporate finance(Degree Thesis)Graduate School of Business and Finance2019fall semester
Seminar on Empirical Analysis of Corporate finance(Research Guidance)Graduate School of Business and Finance2019spring semester
Seminar on Empirical Analysis of Corporate finance(Research Guidance)Graduate School of Business and Finance2019fall semester
Corporate FinanceGraduate School of Business and Finance2019fall quarter
Seminar on Empirical Analysis of Corporate financeGraduate School of Business and Finance2019spring semester
Seminar on Empirical Analysis of Corporate financeGraduate School of Business and Finance2019fall semester
Seminar on Empirical Analysis of Corporate finance(Degree Thesis)[MSc in Finance]Graduate School of Business and Finance2019
Seminar on Empirical Analysis of Corporate finance(Research Guidance)[MSc in Finance]Graduate School of Business and Finance2019spring semester
Seminar on Empirical Analysis of Corporate finance(Research Guidance)[MSc in Finance]Graduate School of Business and Finance2019fall semester

Education Content And Method Device

Discussion using business cases authored by a foreign business school

2011/04-

Presentation by students in front of personnel from a company that students analyze

2008/04-

Usage of Power Point materials during a class lecture

2002/04-

Promoting Group Works

2002/04-

Social Contribution

The power of trust - Is confidentiality the differentiating factor in shareholder engagements in Japan?

Role:Panelists2019/07-2019/07

Sponser ・Organizer ・Publisher:ICGN (International Corporate Governance Network)

Event ・Program ・ Title:ICGN 2019 Annual Conference Tokyo

Place:Hotel New Otani, Chiyoda-ku, TOKYO, JAPAN

Detail

Type:LectureTarget:Society-general

URL:https://www.icgn.org/events/icgn-2019-annual-conference-tokyo