Graduate School of Business Administration,Department of Business Administration
TAMURA Toshio

Books and Other Publications

1. Hiroto Koda ed., Lectures on Corporate Finance with a View to Transforming Japanese Companies. (jointly worked)
Toshio Tamura (Joint author)
Kinzai 2020.3
2. Hiroyuki Kansaku, Masaru Ono and Tomonori Yuyama ed., Frontiers of Financial and Capital Markets (jointly worked)
Toshio Tamura (Joint author)
Chuo Keizai Sha 2019.7
3. Hiroyuki Kansaku, Masaru Ono and Yoshichika Imaizumi ed., Corporate Governance and Sustainable Development of Firms and Industries (jointly worked)
Toshio Tamura (Joint author)
Shojihomu 2018.3
4. Kazuhito Ikeo and Hiroto Koda ed., Revitalizing Japanese Economy: a 25-year Plan (jointly worked)
Toshio Tamura (Joint author)
Nikkei Publishing Inc. 2017.6
5. M&A for MBA
Toshio Tamura (Sole author)
Yuhikaku Publishihg Co., Ltd. 2009.1

Papers

1. Structural Conflicts of Interest in MBO: Recommendations for Revising the Fair M&A Guidelines
Toshio Tamura
Financial and Capital Markets Research No.15,pp.135-156 2024.8
Link
2. Consideration on Disclosure of PBR Analysis in Response to TSE Request: The Third Approach
Toshio Tamura
Financial and Capital Markets Research No.13,pp.195-220 2024.2
Link
3. Why Is Low P/B a Problem?: The Nature and Determinants of P/B Ratio and How to Improve it.
Toshio Tamura
Financial and Capital Markets Research No.11,pp.121-146 2023.8
Link
4. Book Review: Komei Hatada, Benefit Corporation Legislation and Governance
Toshio Tamura
Monthly Jurist No.1581,pp.82 2023.3
5. Analyzing "Corporate Japan" Revisited: Financial Statements Statistics of Corporations Reveal What Caused Japan's Long-term Economic Slump
Toshio Tamura
Financial and Capital Market Research No.9,pp.95-121 2023.2
Link
6. Issues relating to Benefit Corporation Legislation in Japan: Stakeholder Capitalism and Shareholder Value
Toshio Tamura
Financial and Capital Market Research No.7,pp.175-202 2022.8
Link
7. The Equivalence of Income Approach Valuation: Do DCF, Residual Income and Abnormal Earnings Growth Valuations Lead to the Same Value?
Toshio Tamura
Capital Markets Update (Mizuho Securities/JIRIS) No.6,pp.99-152 2022.3
Link
8. Is ESG Information "Material" for Investors?: Trends in ESG Disclosure Regulations under the Biden Administration
Toshio Tamura
Financial and Capital Market Research No.5,pp.141-163 2022.2
Link
9. Inflated Market Capitalization of Japanese Companies: Outstanding Shares Should Exclude Treasury Stock
Toshio Tamura
The financial economist 2022.1
10. Spin Off and Value Creation: Why "Focus" Creates Value
Toshio Tamura
Capital Markets Update (Mizuho Securities/JIRIS) No.5,pp.72-93 2021.12
Link
11. New Leases Standard and Financial Analysis: The Impact of IFRS 16 on Financial Ratios
Toshio Tamura
Capital Markets Update (Mizuho Securities/JIRIS) No.4,pp.52-70 2021.9
Link
12. Inflated Market Capitalization of Japanese Companies: Difference between Issued Shares and Outstanding Shares
Toshio Tamura
Financial and Capital Market Research No.3,pp.209-225 2021.8
Link
13. Bright Sides and Dark Sides of ROIC-based Management (Part 2): Practical Considerations
Toshio Tamura
Capital Markets Update (Mizuho Securities/JIRIS) No.3,pp.34-59 2021.6
Link
14. Bright Sides and Dark Sides of ROIC-based Management (Part 1): Relevancy to Value Creation
Toshio Tamura
Capital Markets Update (Mizuho Securities/JIRIS) No.2,pp.85-109 2021.3
Link
15. ESG Investing as Thought Experiment: A Theoretical Analysis of the Impact on Investment Return
Toshio Tamura
Financial and Capital Market Research No.1,pp.34-55 2021.2
Link
16. Background of BRT Statement and Real Post-Shareholder Capitalism
Toshio Tamura
The financial economist Vol.72,No.2,pp.12-15 2021.1
17. Climate Change and Governance by Institutional Investors: How to Influence Corporate Management
Toshio Tamura
Capital Markets Update (Mizuho Securities/JIRIS) No.1,pp.1-12 2020.12
Link
18. Roundtable Discussion: Practical Guidelines for Business Transformations and Portfolio Management, II (jointly worked)
Toshio Tamura
Commercial Law Review No.2239,pp.18-29 2020.8
19. Roundtable Discussion: Practical Guidelines for Business Transformations and Portfolio Management, I (jointly worked)
Toshio Tamura
Commercial Law Review No.2238,pp.6-29 2020.8
20. Business Portfolio and Managerial Capacity: Why Spin-off Can Create Firm Value
Toshio Tamura
MARR Online No.309 2020.7
Link
21. Shareholder-driven Stakeholder Capitalism: Corporate Governance in the Age of ESG and SDGs
Toshio Tamura
Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.56,pp.134-183 2020.7
Link
22. Seismic Shift in the Relationship between Shareholders and Firms: Toward the Age of New Stakeholder Capitalism
Toshio Tamura
Transportation & Economy No.876,pp.7-9 2020.6
Link
23. Diversification and Managerial Capacity: a Generalized Transaction Cost Approach
Toshio Tamura
Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.54,pp.145-195 2020.1
Link
24. Theory and Practice of Accounting Fraud: Merits and Limitations of Financial Statements Analysis
Toshio Tamura
Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.52,pp.146-184 2019.7
Link
25. M&A and Theories of the Boundaries of the Firm: Toward a Generalized Transaction Cost Theory
Toshio Tamura
Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.50,pp.113-158 2019.1
Link
26. Where Is the Engagement Revolution Heading for?
Toshio Tamura
Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.48,pp.170-218 2018.7
Link
27. New Trends in Japanese and US Engagement Practices
Toshio Tamura
Capital Markets Monthly No.392,pp.26-34 2018.4
Link
28. It's Too Early to Toast at Signing: Implications from US Public Company Deals
Toshio Tamura
Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.46,pp.109-149 2018.1
Link
29. Management and Valuation: A Compass for Value Creation
Toshio Tamura
Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.45,pp.106-155 2017.10
Link
30. M&A: Lessons Learned: How to Raise the Odds for M&A Success
Toshio Tamura
Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.44,pp.87-123 2017.7
Link
31. Enlightened Shareholder Value (Introduction to Capital Markets for Businesspersons No. 9)
Toshio Tamura
Sangyo Shincho Vol.66,No.4,pp.18-21 2017.4
Link
32. Remaining Tasks for Reorganization Tax Law: Cash Mergers, Mixed Considerations and Triangular Mergers
Toshio Tamura
Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.43,pp.90-130 2017.4
Link
33. New Trends in US Engagement Practices: What to Speak and Whom to Speak to
Toshio Tamura
Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.42,pp.6-56 2017.1
Link
34. Capital Markets and Engagement (Introduction to Capital Markets for Businesspersons No. 6)
Toshio Tamura
Sangyo Shincho Vol.66,No.1,pp.14-17 2017.1
Link
35. What Is the "Capital Market"? (Introduction to Capital Markets for Businesspersons No. 3)
Toshio Tamura
Sangyo Shincho 2016.10
36. A Roadmap for Revitalizing Japanese Economy and Corporations
Toshio Tamura
Capital Markets Monthly No.374,pp.4-11 2016.10
Link
37. Enlightened Shareholder Value
Toshio Tamura
Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.41,pp.33-81 2016.10
Link
38. Introduction to Financial Literacy for Next Generation Managers
Toshio Tamura
Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.40,pp.84-130 2016.7
Link
39. Converting IT Revolution to "Earnings Power"
Toshio Tamura
Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.39,pp.51-99 2016.4
Link
40. Analyzing "Corporate Japan"
Toshio Tamura
Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.38,pp.87-137 2016.1
Link
41. Activists and the Paradigm Shift in Corporate Governance
Toshio Tamura
Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.37,pp.63-110 2015.10
Link
42. Value Creation through Spin-off and Corporate Governance
Toshio Tamura
Securities Analysts Journal Vol.53,No.10,pp.17-26 2015.10
Link
43. How to Measure "Earnings Power"
Toshio Tamura
Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.36,pp.62-108 2015.7
Link
44. Inbound Direct Investments and Corporate Governance
Toshio Tamura
Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.35,pp.61-97 2015.4
Link
45. Spin-off Tax Reform as Growth Strategy
Toshio Tamura
MARR Online No.246,pp.41-44 2015.4
Link
46. Spin-off Tax Reform as Growth Strategy
Toshio Tamura
Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.34,pp.108-154 2015.1
Link
47. Evolving U.S. Corporate Boards
Toshio Tamura
Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.33,pp.50-97 2014.10
Link
48. Does Stewardship Promote Economic Growth?
Toshio Tamura
Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.32,pp.140-185 2014.7
Link
49. Activist Hedge Funds and Corporate Governance: The Beginning of the End of the "Separation of Ownership and Control"?
Toshio Tamura
Securities Analysts Journal Vol.52,No.5,pp.56-68 2014.5
Link
50. What Do Investors Want Corporate Managers to Do
Toshio Tamura
Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.31,pp.5-51 2014.4
Link
51. Activist Hedge Funds and Corporate Governance
Toshio Tamura
Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.30,pp.144-183 2014.1
Link
52. Prince Eugene's Mule - Publishing M&A for MBA
Toshio Tamura
Shosai no Mado No.584,pp.57-61 2009.5
Link
53. Why Do Investors Value ROE
Toshio Tamura
Quarterly Capital Markets Research (Mizuho Securities/JIRIS) 2008.4
54. M&A Lecture Series (#4): M&A Strategy for Shareholder Value Creation
Toshio Tamura
Quarterly Capital Markets Research (Mizuho Securities/JIRIS) 2008.4
55. M&A Lecture Series (#3): M&A Considerations
Toshio Tamura
Quarterly Capital Markets Research (Mizuho Securities/JIRIS) 2008.1
56. M&A Lecture Series (#2): Hostile Takeovers
Toshio Tamura
Quarterly Capital Markets Research (Mizuho Securities/JIRIS) 2007.10
57. M&A Lecture Series (#1): Divestiture
Toshio Tamura
Quarterly Capital Markets Research (Mizuho Securities/JIRIS) 2007.7
58. Corporate Value Creation Formula: Dialogue between Managers and Capital Markets
Toshio Tamura
Quarterly Capital Markets Research (Mizuho Securities/JIRIS) 2007.1
59. Japanese M&A Legal Framework - Paradigm and Reality
Toshio Tamura
Securities Analysts Journal 2004.10

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Presentations

No. Name of subject/Conference Name Year Site
1. コーポレートファイナンスの理論と実践(応用編)(京都大学経営管理大学院講義 「企業金融のフロンティア」)
Holding date :
Presentation date : 2024.7.5
2. 米国における社外取締役モデルの進化(Insight and Catalystセミナー(みずほ証券))
Holding date :
Presentation date : 2024.2.20
3. バリュエーションとクロスボーダーM&A(京都大学経営管理大学院講義「企業金融とマネジメント」)
Holding date :
Presentation date : 2024.1.19
4. ROIC 経営の光と影:事業ポートフォリオ戦略の視点から(文藝春秋主催セミナー:持続的な企業価値向上の本丸「ROIC経営Season III」)
Holding date :
Presentation date : 2023.10.25
5. アクティビスト対応の新展開:エンゲージメントの観点を中心に(大和総研特別セミナー)
Holding date :
Presentation date : 2023.3.20
6. ESG Investment: Corporate Value, Social Value and Investment Return(Hitotsubashi University Open Lecture: New Issues in Finance during the Pandemic Era)
Holding date :
Presentation date : 2023.1.22
7. Valuation and Cross-Border M&A(Kyoto University, Graduate School of Management: Corporate Finance and Management)
Holding date :
Presentation date : 2023.1.6
8. Engagement with Institutional Investors and Activists: Outside Directors' Perspectives(Institute of Corporate Governance, Japan - Monthly Seminar)
Holding date :
Presentation date : 2022.5.19
Tokyo
9. Spin Off and Value Creation: Why Focus Creates Value?(Insight & Catalyst Seminar (Mizuho Securities))
Holding date :
Presentation date : 2022.2.18
10. Valuation and Cross-border M&A(Kyoto University, Graduate School of Management: Corporate Finance and Management)
Holding date :
Presentation date : 2022.1.7
11. Where Is the Engagement Revolution Heading?: Perspectives of ESG Investment(Nagoya City University, Graduate School of Economics: 25th Public Symposium)
Holding date :
Presentation date : 2021.11.4
12. ESG Information Disclosure under the Biden Administration(Insight & Catalyst Seminar (Mizuho Securities))
Holding date :
Presentation date : 2021.5.27
13. Valuation and Cross-Border M&A(Corporate Finance and Management)
Holding date :
Presentation date : 2020.12.25
Kyoto (Online)
14. Institutional Investors and Engagement: From a Stewardship Responsibility Point of View(Industry-Government-Academia Forum on Financial and Capital Markets)
Holding date :
Presentation date : 2020.9.14
Tokyo
15. Activists and ESG(The Frontier Network Workshop)
Holding date :
Presentation date : 2020.2.14
Tokyo
16. Valuation and Cross-Border M&A(Corporate Finance and Management)
Holding date :
Presentation date : 2019.12.20
Kyoto
17. Creating Value through M&A(Institute of Transportation Economics Workshop)
Holding date :
Presentation date : 2019.10.23
Tokyo
18. M&A and the Hospitality Industry(Hitotsubashi Hospitality Management Senior Executive Program (HSE-HMP))
Holding date :
Presentation date : 2019.7.19
Tokyo
19. Valuation and Value Creation(Corporate Finance and Management)
Holding date :
Presentation date : 2019.1.11
Kyoto
20. Legal and Public Policy Issues on Mergers and Acquisitions(Capital Markets and Public Policy)
Holding date :
Presentation date : 2018.12.21
Tokyo
21. Activists and Governance(Japan Corporate Governance Network Workshop)
Holding date :
Presentation date : 2018.11.19
Tokyo
22. M&A: Lessons Learned(Securities Analysts Association of Japan Seminar)
Holding date :
Presentation date : 2018.6.29
Tokyo
23. M&A and Investment Opportunities in Japan(Universitat St. Gallen: Executive MBA HSG)
Holding date :
Presentation date : 2018.4.24
東京
24. New Trends in U.S. Engagement Practices(Securities Analysts Association of Japan Seminar)
Holding date :
Presentation date : 2017.6.27
Tokyo
25. Paradigm Shift of Corporate Governance(Financial / Capital Markets and Corporate Governance)
Holding date :
Presentation date : 2016.12.14
Tokyo
26. M&A as a Means of Value Creation(Financial / Capital Markets and Corporate Governance)
Holding date :
Presentation date : 2016.12.7
Tokyo
27. Corporate Governance Led by Shareholders(Capital Markets and Public Policy)
Holding date :
Presentation date : 2016.10.19
Tokyo
28. Corporate Governance Led by the Board of Directors(Capital Markets and Public Policy)
Holding date :
Presentation date : 2016.10.12
Tokyo
29. Dialogue between Companies and Investors in the Capital Market(Frontiers of Corporate Finance)
Holding date :
Presentation date : 2016.6.17
Kyoto
30. Analyzing "Corporate Japan"(Securities Analysts Association of Japan Seminar)
Holding date :
Presentation date : 2016.5.19
Tokyo
31. Paradigm Shift of Corporate Governance(Financial / Capital Markets and Corporate Governance)
Holding date :
Presentation date : 2015.12.9
Tokyo
32. M&A as a Means of Value Creation(Financial / Capital Markets and Corporate Governance)
Holding date :
Presentation date : 2015.12.2
Tokyo
33. Inbound Direct Investments in Japan and M&A(NUS Asia-Pacific Executive MBA (Chinese) Programme)
Holding date :
Presentation date : 2015.11.17
Tokyo
34. Dialogue between Companies and Investors in the Capital Market(Frontiers of Corporate Finance)
Holding date :
Presentation date : 2015.6.26
Kyoto
35. Inbound Direct Investments and Corporate Governance Reform(Securities Analysts Association of Japan Seminar)
Holding date :
Presentation date : 2015.6.12
Tokyo
36. Corporate Governance and "Earnings Power"(Hitotsubashi University Symposium: Evolving Corporate Governance and Japanese Firms)
Holding date :
Presentation date : 2015.3.24
Tokyo
37. Corporate Governance and Investors(Capital Markets and Public Policy)
Holding date :
Presentation date : 2014.12.10
Tokyo
38. Activism (Market for Corporate Influence)(Capital Markets and Public Policy)
Holding date :
Presentation date : 2014.12.3
Tokyo
39. Engagement and Stewardship(Capital Markets and Public Policy)
Holding date :
Presentation date : 2014.11.26
Tokyo
40. Hostile Takeovers (Market for Corporate Control)(Capital Markets and Public Policy)
Holding date :
Presentation date : 2014.11.19
Tokyo
41. The Beginning of the End of the "Separation of Ownership and Control"?(BDTI Seminar: Stewardship, Engagement and Activism)
Holding date :
Presentation date : 2014.7.10
Tokyo
42. Dialogue between Companies and Investors in the Capital Market(Frontiers of Corporate Finance)
Holding date :
Presentation date : 2014.6.6
Kyoto
43. Activist Hedge Funds and Corporate Governance Revolution(Institute of Strategic Solutions for Pension Management Seminar)
Holding date :
Presentation date : 2014.4.23
Tokyo
44. Activist Hedge Funds and Corporate Governance Revolution(Securities Analysts Association of Japan Seminar)
Holding date :
Presentation date : 2014.2.14
Tokyo
45. Mergers and Acquisitions by Japanese Companies (2)(Case Studies on Global Regulation of Capital Markets)
Holding date :
Presentation date : 2008.12.3
Tokyo
46. Mergers and Acquisitions by Japanese Companies (1)(Case Studies on Global Regulation of Capital Markets)
Holding date :
Presentation date : 2008.11.26
Tokyo
47. Corporate Mergers and PMI(Meiji University Business School Symposium)
Holding date :
Presentation date : 2007.12.18
Tokyo
48. M&A Valuation at Work - Investment Banking(MPT Forum)
Holding date :
Presentation date : 2001.9.6
Tokyo
49. After Asia Crisis: A Perspective on Financing Petrochemicals(CERI International Petrochemical Conference)
Holding date :
Presentation date : 1998.6
Kananaskis, Canada

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