Assistant Professor (Official homepage)

Finance Program

Graduate School of Economics

The University of Tokyo

◊ Contact information

     Graduate School of Economics
     University of Tokyo
     7-3-1 Hongo, Bunkyo-ku
     Tokyo 113-0033, Japan.
     Phone: +81-3-5841-5524
     Fax: +81-3-5841-5521
     Email: nakamura@e.u-tokyo.ac.jp
     URL: http://www.e.u-tokyo.ac.jp/~nakamura

◊ CV 

◊ Research
◊ Teaching Courses in Graduate School

1.  Core courses

• Financial System (Spring 2006, Winter 2008, Spring 2009)

This course gives theoretical lectures of fundamentals of banking theories, debt default, financial crisis, and financial stability. It also gives lectures about actual practice. This is one of the most important courses in the Finance Program. About 90 students take this course every year.

• Economic Analysis of Corporate Finance and Securitization (Winter 2005, Spring 2007)

This course gives theoretical lectures of fundamentals of financial contracting, optimal security designs, and securitization. About 50 students take this course every year.

2. Advanced courses

• Dynamic Optimal Contracts in Asset Pricing (Winter 2005, Spring 2006, Winter 2006)

This course gives lectures of a recent asset-pricing literature on dynamic optimal contracting using dynamic programming methods. Specifically, we study mainly (i) asset pricing models under limited commitment and (ii) dynamic optimal contracts under asymmetric information.

• Continuous-Time Optimal Financial Contracting (Spring 2007, Winter 2007)

This course gives lectures of a recent literature on continuous-time optimal financial contracting. Specifically, we study continuous-time contracting in several cases of (1) symmetric information, (2) costly diversion, (3) costly state verification, and (4) hidden entrepreneurial efforts. We also study some mathematical fundamentals of stochastic differential equations.

• Applied Stochastic Controls (Spring 2008)

This course gives lectures of applied continuous-time stochastic analysis. Specifically, we study backward stochastic differential equations and stochastic controls (continuous controls and impulse controls) and their applications to finance. Textbooks are (i) Yong, Jiongmin, and Xun Yu Zhou (1999): Stochastic Controls: Hamiltonian Systems and HJB Equations, New York: Springer-Verlag, and (ii) Oksendal, Bernt, and Agnes Sulem (2007): Applied Stochastic Control of Jump Diffusions, 2^nd Edition, Berlin Heidelberg: Springer-Verlag.

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Hisashi Nakamura (Email: nakamura@e.u-tokyo.ac.jp)
Revised: 10/30/09.

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