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- TAMURA Toshio
- Graduate School of Business Administration,Department of Business Administration
- TAMURA Toshio
- Curriculum Vitae
- Research Work
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 |
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| 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. | The Impact of the New Lease Accounting on Financial Analysis and Valuation: If the Underlying Economics Do Not Change, Should the Analytical Results Change?
Toshio Tamura Financial and Capital Markets Research No.23,pp.125-145 2026.3 
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| 2. | Mechanisms and Challenges of Japanese-Style Poison Pills: Toward the Deregulation of Non-Detachable Stock Acquisition Rights
Toshio Tamura Financial and Capital Markets Research No.20,pp.110-121 2025.9
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| 3. | Business Portfolio Strategy and the Value of Focus
Toshio Tamura Securities Analysts Journal Vol.63,No.9,pp.44-57 2025.9
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| 4. | Seeing Your Company Through the Lens of Activists: How to Identify the "Management Gap"
Toshio Tamura Financial and Capital Markets Research No.17,pp.43-63 2025.3
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| 5. | 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
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| 6. | 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
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| 7. | 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
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| 8. | Book Review: Komei Hatada, Benefit Corporation Legislation and Governance
Toshio Tamura Monthly Jurist No.1581,pp.82 2023.3 |
| 9. | 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
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| 10. | 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
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| 11. | 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
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| 12. | 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
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| 13. | Inflated Market Capitalization of Japanese Companies: Outstanding Shares Should Exclude Treasury Stock
Toshio Tamura The financial economist 2022.1 |
| 14. | Spin Off and Value Creation: Why "Focus" Creates Value
Toshio Tamura Capital Markets Update (Mizuho Securities/JIRIS) No.5,pp.72-93 2021.12
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| 15. | 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
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| 16. | 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
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| 17. | 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
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| 18. | 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
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| 19. | 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
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| 20. | Background of BRT Statement and Real Post-Shareholder Capitalism
Toshio Tamura The financial economist Vol.72,No.2,pp.12-15 2021.1 |
| 21. | 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
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| 22. | 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 |
| 23. | 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 |
| 24. | Business Portfolio and Managerial Capacity: Why Spin-off Can Create Firm Value
Toshio Tamura MARR Online No.309 2020.7
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| 25. | 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
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| 26. | 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
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| 27. | 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
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| 28. | 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
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| 29. | 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
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| 30. | Where Is the Engagement Revolution Heading for?
Toshio Tamura Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.48,pp.170-218 2018.7
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| 31. | New Trends in Japanese and US Engagement Practices
Toshio Tamura Capital Markets Monthly No.392,pp.26-34 2018.4
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| 32. | 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
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| 33. | Management and Valuation: A Compass for Value Creation
Toshio Tamura Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.45,pp.106-155 2017.10
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| 34. | 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
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| 35. | Enlightened Shareholder Value (Introduction to Capital Markets for Businesspersons No. 9)
Toshio Tamura Sangyo Shincho Vol.66,No.4,pp.18-21 2017.4
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| 36. | 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
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| 37. | 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
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| 38. | 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
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| 39. | What Is the "Capital Market"? (Introduction to Capital Markets for Businesspersons No. 3)
Toshio Tamura Sangyo Shincho 2016.10 |
| 40. | A Roadmap for Revitalizing Japanese Economy and Corporations
Toshio Tamura Capital Markets Monthly No.374,pp.4-11 2016.10
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| 41. | Enlightened Shareholder Value
Toshio Tamura Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.41,pp.33-81 2016.10
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| 42. | Introduction to Financial Literacy for Next Generation Managers
Toshio Tamura Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.40,pp.84-130 2016.7
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| 43. | Converting IT Revolution to "Earnings Power"
Toshio Tamura Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.39,pp.51-99 2016.4
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| 44. | Analyzing "Corporate Japan"
Toshio Tamura Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.38,pp.87-137 2016.1
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| 45. | Activists and the Paradigm Shift in Corporate Governance
Toshio Tamura Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.37,pp.63-110 2015.10
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| 46. | Value Creation through Spin-off and Corporate Governance
Toshio Tamura Securities Analysts Journal Vol.53,No.10,pp.17-26 2015.10
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| 47. | How to Measure "Earnings Power"
Toshio Tamura Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.36,pp.62-108 2015.7
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| 48. | Inbound Direct Investments and Corporate Governance
Toshio Tamura Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.35,pp.61-97 2015.4
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| 49. | Spin-off Tax Reform as Growth Strategy
Toshio Tamura MARR Online No.246,pp.41-44 2015.4
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| 50. | Spin-off Tax Reform as Growth Strategy
Toshio Tamura Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.34,pp.108-154 2015.1
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| 51. | Evolving U.S. Corporate Boards
Toshio Tamura Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.33,pp.50-97 2014.10
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| 52. | Does Stewardship Promote Economic Growth?
Toshio Tamura Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.32,pp.140-185 2014.7
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| 53. | 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
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| 54. | What Do Investors Want Corporate Managers to Do
Toshio Tamura Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.31,pp.5-51 2014.4
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| 55. | Activist Hedge Funds and Corporate Governance
Toshio Tamura Quarterly Capital Markets Research (Mizuho Securities/JIRIS) No.30,pp.144-183 2014.1
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| 56. | Prince Eugene's Mule - Publishing M&A for MBA
Toshio Tamura Shosai no Mado No.584,pp.57-61 2009.5
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| 57. | Why Do Investors Value ROE
Toshio Tamura Quarterly Capital Markets Research (Mizuho Securities/JIRIS) 2008.4 |
| 58. | M&A Lecture Series (#4): M&A Strategy for Shareholder Value Creation
Toshio Tamura Quarterly Capital Markets Research (Mizuho Securities/JIRIS) 2008.4 |
| 59. | M&A Lecture Series (#3): M&A Considerations
Toshio Tamura Quarterly Capital Markets Research (Mizuho Securities/JIRIS) 2008.1 |
| 60. | M&A Lecture Series (#2): Hostile Takeovers
Toshio Tamura Quarterly Capital Markets Research (Mizuho Securities/JIRIS) 2007.10 |
| 61. | M&A Lecture Series (#1): Divestiture
Toshio Tamura Quarterly Capital Markets Research (Mizuho Securities/JIRIS) 2007.7 |
| 62. | Corporate Value Creation Formula: Dialogue between Managers and Capital Markets
Toshio Tamura Quarterly Capital Markets Research (Mizuho Securities/JIRIS) 2007.1 |
| 63. | Japanese M&A Legal Framework - Paradigm and Reality
Toshio Tamura Securities Analysts Journal 2004.10 |
Presentations
| No. | Name of subject/Conference Name | Year | Site |
|---|---|---|---|
| 1. | New Lease Accounting and Financial Analysis: If the Underlying Economics Haven’t Changed, Should the Analytical Results Change?(株式会社文藝春秋主催セミナー 「新リース会計基準の衝撃」) |
Holding date :
Presentation date : 2025.12.12 |
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| 2. | Practicing ROIC and Cost-of-Capital Management: Lessons from Responding to Activist Investors(Layers Consulting×Pronexusセミナー) |
Holding date :
Presentation date : 2025.9.4 |
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| 3. | Corporate Finance: Theory and Practice (Advanced Applications)(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 : 2025.6.27 |
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| 4. | Viewing One’s Company Through the Lens of an Activist Investor(みずほ証券クローズアップセミナー) |
Holding date :
Presentation date : 2025.6.19 |
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| 5. | Viewing One’s Company Through the Lens of an Activist Investor(みずほ証券Insight and Catalystセミナー) |
Holding date :
Presentation date : 2025.5.16 |
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| 6. | ROIC ON THE RISE: Do Japanese Companies Really Get It?(SMBC日興証券Webinar) |
Holding date :
Presentation date : 2024.11.28 |
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| 7. | 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 |
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| 8. | 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 |
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| 9. | 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 |
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| 10. | 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 |
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| 11. | 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 |
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| 12. | 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 |
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| 13. | Valuation and Cross-Border M&A(Kyoto University, Graduate School of Management: Corporate Finance and Management) |
Holding date :
Presentation date : 2023.1.6 |
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| 14. | Engagement with Institutional Investors and Activists: Outside Directors' Perspectives(Institute of Corporate Governance, Japan - Monthly Seminar) |
Holding date :
Presentation date : 2022.5.19 |
Tokyo |
| 15. | Spin Off and Value Creation: Why Focus Creates Value?(Insight & Catalyst Seminar (Mizuho Securities)) |
Holding date :
Presentation date : 2022.2.18 |
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| 16. | Valuation and Cross-border M&A(Kyoto University, Graduate School of Management: Corporate Finance and Management) |
Holding date :
Presentation date : 2022.1.7 |
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| 17. | 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 |
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| 18. | ESG Information Disclosure under the Biden Administration(Insight & Catalyst Seminar (Mizuho Securities)) |
Holding date :
Presentation date : 2021.5.27 |
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| 19. | Valuation and Cross-Border M&A(Corporate Finance and Management) |
Holding date :
Presentation date : 2020.12.25 |
Kyoto (Online) |
| 20. | 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 |
| 21. | Activists and ESG(The Frontier Network Workshop) |
Holding date :
Presentation date : 2020.2.14 |
Tokyo |
| 22. | Valuation and Cross-Border M&A(Corporate Finance and Management) |
Holding date :
Presentation date : 2019.12.20 |
Kyoto |
| 23. | Creating Value through M&A(Institute of Transportation Economics Workshop) |
Holding date :
Presentation date : 2019.10.23 |
Tokyo |
| 24. | M&A and the Hospitality Industry(Hitotsubashi Hospitality Management Senior Executive Program (HSE-HMP)) |
Holding date :
Presentation date : 2019.7.19 |
Tokyo |
| 25. | Valuation and Value Creation(Corporate Finance and Management) |
Holding date :
Presentation date : 2019.1.11 |
Kyoto |
| 26. | Legal and Public Policy Issues on Mergers and Acquisitions(Capital Markets and Public Policy) |
Holding date :
Presentation date : 2018.12.21 |
Tokyo |
| 27. | Activists and Governance(Japan Corporate Governance Network Workshop) |
Holding date :
Presentation date : 2018.11.19 |
Tokyo |
| 28. | M&A: Lessons Learned(Securities Analysts Association of Japan Seminar) |
Holding date :
Presentation date : 2018.6.29 |
Tokyo |
| 29. | M&A and Investment Opportunities in Japan(Universitat St. Gallen: Executive MBA HSG) |
Holding date :
Presentation date : 2018.4.24 |
東京 |
| 30. | New Trends in U.S. Engagement Practices(Securities Analysts Association of Japan Seminar) |
Holding date :
Presentation date : 2017.6.27 |
Tokyo |
| 31. | Paradigm Shift of Corporate Governance(Financial / Capital Markets and Corporate Governance) |
Holding date :
Presentation date : 2016.12.14 |
Tokyo |
| 32. | M&A as a Means of Value Creation(Financial / Capital Markets and Corporate Governance) |
Holding date :
Presentation date : 2016.12.7 |
Tokyo |
| 33. | Corporate Governance Led by Shareholders(Capital Markets and Public Policy) |
Holding date :
Presentation date : 2016.10.19 |
Tokyo |
| 34. | Corporate Governance Led by the Board of Directors(Capital Markets and Public Policy) |
Holding date :
Presentation date : 2016.10.12 |
Tokyo |
| 35. | Dialogue between Companies and Investors in the Capital Market(Frontiers of Corporate Finance) |
Holding date :
Presentation date : 2016.6.17 |
Kyoto |
| 36. | Analyzing "Corporate Japan"(Securities Analysts Association of Japan Seminar) |
Holding date :
Presentation date : 2016.5.19 |
Tokyo |
| 37. | Paradigm Shift of Corporate Governance(Financial / Capital Markets and Corporate Governance) |
Holding date :
Presentation date : 2015.12.9 |
Tokyo |
| 38. | M&A as a Means of Value Creation(Financial / Capital Markets and Corporate Governance) |
Holding date :
Presentation date : 2015.12.2 |
Tokyo |
| 39. | Inbound Direct Investments in Japan and M&A(NUS Asia-Pacific Executive MBA (Chinese) Programme) |
Holding date :
Presentation date : 2015.11.17 |
Tokyo |
| 40. | Dialogue between Companies and Investors in the Capital Market(Frontiers of Corporate Finance) |
Holding date :
Presentation date : 2015.6.26 |
Kyoto |
| 41. | Inbound Direct Investments and Corporate Governance Reform(Securities Analysts Association of Japan Seminar) |
Holding date :
Presentation date : 2015.6.12 |
Tokyo |
| 42. | Corporate Governance and "Earnings Power"(Hitotsubashi University Symposium: Evolving Corporate Governance and Japanese Firms) |
Holding date :
Presentation date : 2015.3.24 |
Tokyo |
| 43. | Corporate Governance and Investors(Capital Markets and Public Policy) |
Holding date :
Presentation date : 2014.12.10 |
Tokyo |
| 44. | Activism (Market for Corporate Influence)(Capital Markets and Public Policy) |
Holding date :
Presentation date : 2014.12.3 |
Tokyo |
| 45. | Engagement and Stewardship(Capital Markets and Public Policy) |
Holding date :
Presentation date : 2014.11.26 |
Tokyo |
| 46. | Hostile Takeovers (Market for Corporate Control)(Capital Markets and Public Policy) |
Holding date :
Presentation date : 2014.11.19 |
Tokyo |
| 47. | 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 |
| 48. | Dialogue between Companies and Investors in the Capital Market(Frontiers of Corporate Finance) |
Holding date :
Presentation date : 2014.6.6 |
Kyoto |
| 49. | Activist Hedge Funds and Corporate Governance Revolution(Institute of Strategic Solutions for Pension Management Seminar) |
Holding date :
Presentation date : 2014.4.23 |
Tokyo |
| 50. | Activist Hedge Funds and Corporate Governance Revolution(Securities Analysts Association of Japan Seminar) |
Holding date :
Presentation date : 2014.2.14 |
Tokyo |
| 51. | Mergers and Acquisitions by Japanese Companies (2)(Case Studies on Global Regulation of Capital Markets) |
Holding date :
Presentation date : 2008.12.3 |
Tokyo |
| 52. | Mergers and Acquisitions by Japanese Companies (1)(Case Studies on Global Regulation of Capital Markets) |
Holding date :
Presentation date : 2008.11.26 |
Tokyo |
| 53. | Corporate Mergers and PMI(Meiji University Business School Symposium) |
Holding date :
Presentation date : 2007.12.18 |
Tokyo |
| 54. | M&A Valuation at Work - Investment Banking(MPT Forum) |
Holding date :
Presentation date : 2001.9.6 |
Tokyo |
| 55. | After Asia Crisis: A Perspective on Financing Petrochemicals(CERI International Petrochemical Conference) |
Holding date :
Presentation date : 1998.6 |
Kananaskis, Canada |
