Takahashi, Hiroshi

写真a

Affiliation

Graduate School of Business Administration (Hiyoshi)

Position

Professor

Related Websites

External Links
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Profile Summary 【 Display / hide 】

  • '''''''Finance, Computer Science'''''''

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Career 【 Display / hide 】

  • 1994.04
    -
    1997.04

    Researcher Fuji Film

  • 1997.05
    -
    2005.09

    Senior Researcher, Mitsui Trust and Banking

  • 2005.10
    -
    2008.08

    Associate Professor, Okayama University

  • 2007

    Kiel University Visiting Researcher

  • 2007.12
    -
    2008.03

    一橋大学大学院商学研究科 非常勤講師（兼任）

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Academic Background 【 Display / hide 】

  • 1994.03

    The University of Tokyo, Faculty of Engineering, Department of Applied Physics

    University, Graduated

  • 2002.03

    University of Tsukuba, Graduate School, Division of Business Administration and Economic Policy, 経営システム科学専攻修士課程

    Graduate School, Completed, Master's course

  • 2004.03

    University of Tsukuba, ビジネス科学研究科, 企業科学専攻博士課程

    Graduate School, Completed, Doctoral course

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Academic Degrees 【 Display / hide 】

  • Ph.D., University of Tsukuba, Coursework, 2004.03

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Research Areas 【 Display / hide 】

  • Finance/Computer Science

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Research Themes 【 Display / hide 】

  • ファイナンス，コンピュータサイエンスに関する研究, 

    1999
    -
    Present

    　View Summary

    金融市場における投資家行動と価格変動に関する研究

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Books 【 Display / hide 】

  • ファイナンス

    井上 光太郎, 高橋 大志, 池田 直史, 中央経済社, 2020

  • Innovative Approaches in Agent-Based Modelling and Business Intelligence

    Setsuya Kurahashi, Hiroshi Takahashi,  Springer, 2018

  • Analyzing the Influence of Headline News on Credit Markets in Japan

    Jotaki, Hiroaki, Yamashita, Yasuo, Takahashi, Satoru, Takahashi, Hiroshi, Springer, 2018

  • Can a Large Language Model Generate Plausible Business Cases from Agent-Based Simulation Results?

    Takamasa Kikuchi, Yuji Tanaka, Masaaki Kunigami, Hiroshi Takahashi, Takao Terano, Springer Nature Switzerland, 2024

    　View Summary

    This paper describes new applications of a Large Language Model (LLM) for business domains. So far, we have conducted research on agent-based simulation models to uncover complex socio-technical systems. However, to let ordinary business people understand the models and their consequences, conventional validation or visualization methods are not enough. We must explain the plausible results through cases with natural languages. In our previous studies, we have reported a method for describing simulation results in natural language and grounding them with actual business case. Based on the results, we utilize a Large Language Model for the generation. From this study we have achieved the following results: (1) simulation results are comprehensively analyzed and systematically classified, and (2) the classification results are used as prompts for with a LLM or ChatGPT, and (3) the LLM generates plausible business cases with natural language. We have confirmed that the generated cases are coincide with previous manual generated explanations and easy to understand for ordinary business people.

  • Bitcoin Fraudulent Transaction Detection Vulnerability

    2023

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Papers 【 Display / hide 】

  • Interdependencies of female board member appointments

    Matthias Raddant, Hiroshi Takahashi

    International Review of Financial Analysis (ELSEVIER)  81 2022.05

    Research paper (scientific journal), Joint Work, Last author, Accepted

  • Corporate boards, interorganizational ties and profitability: the case of Japan

    Raddant Matthias, Takahashi Hiroshi

    EMPIRICAL ECONOMICS (Empirical Economics)  62 ( 3 ) 1365 - 1406 2021.05

    Research paper (scientific journal), Joint Work, Accepted,  ISSN  0377-7332

    　View Summary

    We analyze the ties between 4000 Japanese corporations in the time period from 2004 until 2013. We combine data about the board composition with ownership relationships and indicators of corporate profitability. The board network exhibits some clustering, which can partly be explained by ownership relations, and a tendency to form ties to other corporations from the same sector. Connectivity in the board network (corporate board interlocks) and ownership network (shareholdings) does have an influence profitability. Firms that are linked to peers with above average profitability are more profitable than firms in other relationships. Hence, network effects partly explain why board interlocks and ownership ties are not always beneficial.

  • Impact of financing method on J-REIT unit price around seasoned equity offerings: Dilution and borrowing ratio effects on abnormal returns

    Ota A., Takahashi H.

    Pacific Basin Finance Journal 91 2025.06

    ISSN  0927538X

    　View Summary

    This study attempts to identify the determinants of changes in real estate investment trust (REIT) unit prices at the time of seasoned equity offering (SEO) in the Japanese financial market. As Japanese REIT (J-REIT) announces SEOs, dividends, and borrowings at the same time, this analysis can consider each factor simultaneously. This study uses the event study method to conduct an ordinary least squares multivariate regression analysis (regression analysis) of the average cumulative abnormal return for 11 days during SEOs in J-REIT. We add the change in a borrowing ratio before and after an SEO and the dilution ratio of investment units from the perspective of the financing method as new candidate factors not used in previous studies. The sample period is from 2013 to 2017, and the number of the analyzed SEOs is 150. This study simultaneously analyzes the impact of the changes in dividends, the changes in borrowing ratios, and the dilution ratios on J-REIT unit prices at the time of SEOs and clarifies each impact. This study showed that investors were aware of the importance of the dilution impact from the perspective of net asset value as well as the dividend as profitability. Unlike previous studies, we also showed that the increase in the borrowing ratio negatively affected the unit price.

  • AI-Assisted Approach in Frail Prevention: A Proposal for Prompt Design Based on Emotional Analysis

    HIGUCHI Akiyo, MURAKAMI Eiji, TAKAHASHI Hiroshi

    JSAI Technical Report, Type 2 SIG (The Japanese Society for Artificial Intelligence)  2025 ( BI-026 ) 34 2025.03

    　View Summary

    <p>2060年、日本では高齢化率が39.9%およそ2.5人に1人が後期高齢者（65歳以上）となる。本研究では、健康寿命の延伸に向けてフレイル予防のプロンプト構築と自然言語処理技術（NLP）を活用したプロンプト評価を行った。とくにフレイル予防や健康支援の分野では、EBMに加えユーザーに個別化されたアプローチが効果的である。本分析では、複数の大規模言語モデル（LLM）による比較を行うことでモデルの特徴と課題を確認した。</p>

  • Developing BCP Indicators through Road Network Analysis: A Multi-City Comparative Study in the Philippines

    YAGI Marina, MURAKAMI Eiji, TAKAHASHI Hiroshi

    JSAI Technical Report, Type 2 SIG (The Japanese Society for Artificial Intelligence)  2025 ( BI-026 ) 05 2025.03

    　View Summary

    <p>近年，防災・減災の重要性の高まりとともに，企業経営においても災害レジリエンスを強化するための定量的なBCP（事業継続計画）策定が求められている．本研究では，フィリピンの複数都市を対象に，道路ネットワーク分析を用いて災害時の道路寸断がLPガスの復旧点検時間に及ぼす影響を評価し，定量的な指標を構築する．これにより，各都市の地理的特性に応じた実効性のあるBCP立案を可能にし，LPG事業者のレジリエンス強化の支援，ならびに災害に強い地域づくりに貢献することを目指す．</p>

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Papers, etc., Registered in KOARA 【 Display / hide 】

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Reviews, Commentaries, etc. 【 Display / hide 】

  • 情報技術が産業・ビジネスに与える影響　－技術革新と資本配分－

    TAKAHASHI Hiroshi

    統計 69 ( 1 ) 8 - 14 2018

    Article, review, commentary, editorial, etc. (scientific journal), Single Work

  • 対談：金融経済とAI、現在とこれから

    高橋 大志，鶴岡慶雅

    経済セミナー 699   7 - 19 2017

    Article, review, commentary, editorial, etc. (scientific journal), Joint Work

  • Editorial: Tipping points in societies

    Kurahashi, S, Chappin, E, Jager, W, Takahashi, H

    FRONTIERS IN PHYSICS (Frontiers in Physics)  11 2023

    ISSN  2296-424X

  • Corporate boards, interorganizational ties and profitability: the case of Japan

    高橋 大志

    Empirical Economics (Springer Science and Business Media {LLC})   2021.05

    Other, Single Work

  • Network effects and the appointment of female board members in Japan

    Matthias Raddant, Hiroshi Takahashi

    arXiv preprint arXiv:2007.03980  2020

    Other, Joint Work

    　View Summary

    We investigate the dynamics in the networks of Japanese corporates and its
    interplay with the appointments of female board members. We find that corporate
    boards with women show homophily with respect to gender while the respective
    firms often have above average profitability. We also find that new
    appointments of women are more likely at boards which observe female board
    members at other firms to which they are tied by either ownership relations or
    corporate board interlocks.

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Presentations 【 Display / hide 】

  • Financial and business economic research through artificial intelligence

    Hiroshi TAKAHASHI

    Smart Digital Futures 2024 (Portugal) , 

    2024.06
    , 

    Oral presentation (keynote)

  • ライフプランニング検討に向けたシミュレーションベースの定量的ペルソナデザイン

    菊地剛正, 高橋大志

    経営情報学会2024年度年次大会, 

    2024

  • 経営財務研究における情報技術の利活用‐データ分析、計算機シミュレーションおよび関連トピック‐

    高橋大志

    日本経営財務研究学会 第48回全国大会, 

    2024
    , 

    Oral presentation (invited, special)

  • 資産運用における情報技術の利活用について

    高橋大志

    東京ファイナンスフォーラム　第34回研究会 (東京都立大学丸の内サテライトキャンパス,千代田区、東京都) , 

    2023.01
    , 

    金融工学研究センター

  • 資産運用と情報技術の利活用

    高橋大志

    信託協会 信託経済研究会, 

    2022.09
    , 

    信託協会

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Research Projects of Competitive Funds, etc. 【 Display / hide 】

  • 情報技術の利活用を通じた研究開発型企業の多角化戦略と企業価値の関連性の研究

    2025.04
    -
    2028.03

    Grants-in-Aid for Scientific Research, Grant-in-Aid for Scientific Research (C), No Setting

  • Constructing an analysis platform for asset price evaluation through information technology and unstructured data

    2020.04
    -
    2024.03

    MEXT,JSPS, Grant-in-Aid for Scientific Research, Grant-in-Aid for Scientific Research (C), Principal investigator

    　View Summary

    本提案では，近年飛躍的な進展を遂げている情報技術を通じ資産価格評価のための分析基盤・分析の枠組みを確立し，その利点・課題を明らかにすることを研究目的とする．本提案では，複数の事業領域を持ち高精度な評価を必要とする比較的規模の大きな企業に焦点を当て，最先端の自然言語処理技術および非構造化データ（文書データ等）を用い価格形成を明らかにする．更に，本提案では情報技術の進展が市場における価格形成に与える影響を計算機シミュレーションにより明らかにする．具体的な計画項目は，① 情報技術を通じた資産価格評価分析基盤の確立および企業価値評価の実証分析，② 情報技術の進展が市場の効率性に与える影響の解明である．

  • Agent-based data assimilation models for model_based policy making

    2017.04
    -
    2022.03

    University of Tsukuba, Grants-in-Aid for Scientific Research, Kurahashi Setsuya, Grant-in-Aid for Scientific Research (B), No Setting

    　View Summary

    Through participatory simulation studies, we analysed various factors as being necessary for social system models, such as rational decision-making, habitual behaviour and unexpected decisions by humans. In early 2020, when these studies were underway, a new coronavirus outbreak occurred, and the government declared a state of emergency. In response to this situation, we built an infectious disease policy model for the new coronavirus infection based on agent-based health policy gaming & simulation to predict the impact of human behaviour and policy.

  • Analyzing the relationship between corporate governance system and asset pricing

    2016
    -
    2019

    Keio University, Grant-in-Aid for Scientific Research, TAKAHASHI Hiroshi, Grant-in-Aid for Scientific Research (C), Research grant, No Setting

    　View Summary

    In this research, we analyze the influence of corporate governance on asset prices through information technology and empirical analysis. As a result of intensive analysis, we made findings that companies that play a central role in the relationship between companies can be identified through data analysis. We also found the strong relationship between the foreign shareholder ratio and the outside directors through empirical analysis. Furthermore, we analyzed Reuters News, which is one of the most widely used news in asset management practices using neural language models, and found that there is a close relationship between news about corporate activities and asset prices.

  • 企業価値と組織構造の関連性についての研究

    2012
    -
    2015

    Grant-in-Aid for Scientific Research, Research grant, Principal investigator

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Intellectual Property Rights, etc. 【 Display / hide 】

  • レーザーダイオード励起固体レーザー，特許第3602283号(P3602283)

    Date applied： 特願2000-347828  1997.01 

    Date issued： 特許第3602283号  2005.10

    Patent, Joint

  • 資産運用支援システム

    Date applied： 特願2000-347828  2000.11 

    Patent, Joint

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Awards 【 Display / hide 】

  • 経営情報学会　論文賞

    2023, 経営情報学会

    Type of Award： Award from Japanese society, conference, symposium, etc.

  • 人間中心設計推進機構(HCD)研究発表会 優秀講演賞

    2023

    Type of Award： Award from Japanese society, conference, symposium, etc.

  • 都市住宅学会賞 著作賞

    2021

    Type of Award： Award from Japanese society, conference, symposium, etc.

  • JSAI Incentive Award

    藤原 匠平，松本 裕介，菅 愛子，高橋 大志, 2020, 人工知能学会, 特許分析を通じた企業価値算定手法の構築 -特許文書ベクトルによる IPO 公開価格の評価-

    Type of Award： Award from Japanese society, conference, symposium, etc.

  • Securities Analysts Journal Prizes

    2016, The Securities Analysts Association of Japan, Quantifying News Tone to Analyze the Tokyo Stock Exchange with Deep Learning

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Courses Taught 【 Display / hide 】

  • SEMINAR IN FINANCIAL MANAGEMENT

    2025

  • RESEARCH SEMINAR IN FINANCIAL MANAGEMENT

    2025

  • INDIVIDUAL RESEARCH C (EMBA)

    2025

  • INDIVIDUAL RESEARCH B (EMBA)

    2025

  • INDIVIDUAL RESEARCH A (EMBA)

    2025

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Courses Previously Taught 【 Display / hide 】

  • 財務理論

    Keio University

    2018.04
    -
    2019.03
    , 

    Autumn Semester, Lecture, Within own ｆaculty, 30people

  • 情報技術

    Keio University

    2018.04
    -
    2019.03
    , 

    Autumn Semester, Lecture, Within own ｆaculty, 30people

  • 財務管理

    Keio University

    2018.04
    -
    2019.03
    , 

    Autumn Semester, Other, Lecture, Within own ｆaculty, 50people

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Memberships in Academic Societies 【 Display / hide 】

  • 日本ファイナンス学会, 

    2000
    -
    Present

  • 日本証券アナリスト協会, 

    2000
    -
    Present

  • 経営情報学会, 

    2007
    -
    Present

  • 情報処理学会, 

    2006
    -
    Present

  • シミュレーション学会, 

    2003
    -
    Present

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Committee Experiences 【 Display / hide 】

  • 2018
    -
    Present

    Chair of Collaboration Conference for Industry-Government-Academia Discussion on Promotion of Big Data Utilization, Ministry of Internal Affairs and Communications

  • 2023.06
    -
    Present

    経営情報学会　学会誌編集長・理事, 経営情報学会

  • 2022.06
    -
    Present

    農林水産省 2025年農林業センサス研究会 委員, Ministry of Agriculture, Forestry and Fisheries

  • 2018
    -
    2022

    経営系専門職大学院認証評価委員会 委員, 大学基準協会

  • 2018
    -
    Present

    証券アナリストジャーナル編集委員, 日本証券アナリスト協会

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