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Sophia UniversityGraduate School of HumanitiesGraduate School of Applied Religious StudiesGraduate School of LawGraduate School of EconomicsGraduate School of Languages and LinguisticsGraduate School of Global StudiesGraduate School of Science and TechnologyGraduate School of Global Environmental StudiesGraduate Degree Program of Applied Data SciencesFaculty of TheologyFaculty of HumanitiesFaculty of Human SciencesFaculty of LawFaculty of EconomicsFaculty of Foreign StudiesFaculty of Global StudiesFaculty of Liberal ArtsFaculty of Science and TechnologyCenter for Liberal Education and LearningCenter for Language Education and ResearchCenter for Global Education and DiscoverySRO Research Institutes DivisionAffiliated Research OrganizationsSophia University Junior College Division

国際教養学部 国際教養学科

Researcher List >> Isaka Naoto

Isaka Naoto

NameIsaka Naoto
AffiliationSophia University
SectionFaculty of Liberal Arts, Department of Liberal Arts
Job titleProfessor
DegreeBachelor of Arts in Foreign Studies(Sophia University), Master of Arts in International Public Policy(Osaka University), Doctor of Philosophy in Economics(Hitotsubashi University)
Research funding number00434192
J-Global ID200901061710996137

Research Areas

  • Humanities & social sciences / Money and finance / 


Naoto Isaka   
Gendai Finance   44 19-55   Feb 2022   [Refereed]
Naoto Isaka   
PACIFIC-BASIN FINANCE JOURNAL   46 191-211   Dec 2017   [Refereed]
In this study, I analyze the optimal choice of a board of directors using a theoretical model. In my model, shareholders choose either an informed board that can bring additional private information to the firm or an uninformed board that merely c...
Naoto Isaka   
INTERNATIONAL REVIEW OF FINANCE   14(1) 75-103   Mar 2014   [Refereed]
We examine empirically the long-run effects of reductions in minimum trading units (MTU) on stock prices in Japan from October 2001 to May 2008. When firms reduce their MTU, the number of individual shareholders tends to increase signific...
ISAKA NAOTO   Hiroshi Yoshikawa   
Financial Decisions   25(2) 1-20   Dec 2013   [Refereed]
Naoto Isaka   
Sophia-R   1-23   Mar 2012   

Books and Other Publications



Naoto Isaka   
SMBC Nikko Expert MTG   29 Nov 2021   [Invited]
日本ファイナンス学会第29回大会   5 Jun 2021   
Naoto Isaka   
NFA Research Seminar   13 Jul 2020   Nippon Finance Association   [Invited]
Naoto Isaka   
One-Day Conference on Corporate Governance in Tokyo   29 Jun 2018   Renée Adams and Tokuo Iwaisako   
Naoto Isaka   
ICS FS Faculty Seminar   30 Jan 2017   Graduate School of Corporate Strategy, Hitotsubashi University   [Invited]

Professional Memberships

Nippon Finance Association
Japanese Economic Association
American Finance Association

Research Projects

Project Year: Apr 2021 - Mar 2022
Board structure and firm value
上智大学: FLA Special Research Budget
Project Year: Apr 2020 - Mar 2021
When Are Uninformed Boards Preferable
Sophia University: Special FLA Research Fund
Naoto Isaka 
Project Year: Nov 2014 - Mar 2015


I have given a lecture on "Topics in Finance: Recent Monetary Policy in Japan" for students from Pontifical Xavierian University in Colombia.
I have participated in ERASMUS Program and given lectures on "Introduction to Japanese Economy" for ESTICE/ESPAS students at Lille Catholic University