Takeda, Fumiko

写真a

Affiliation

Graduate School of Business Administration (Hiyoshi)

Position

Professor

Related Websites

External Links
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Career 【 Display / hide 】

  • 2002.04
    -
    2003.03

    Yokohama City University, 商学部, 専任講師

  • 2003.04
    -
    2004.02

    Yokohama City University, 商学部, 助教授

  • 2004.03
    -
    2007.03

    The University of Tokyo, The Graduate School of Engineering, 助教授

  • 2007.04
    -
    2022.03

    The University of Tokyo, The Graduate School of Engineering, 准教授

  • 2022.04
    -
    Present

    Keio University, Graduate School of Business Administration, Professor

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Academic Background 【 Display / hide 】

  • 1987.04
    -
    1991.03

    The University of Tokyo, 教養学部, 教養学科

    University, Graduated

  • 1996.09
    -
    2001.12

    Yale University, Graduate School of Arts and Sciences, Department of Economics

    Graduate School, Completed, Doctoral course

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Academic Degrees 【 Display / hide 】

  • Ph.D. (Economics), Yale University, Coursework, 2001.12

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Papers 【 Display / hide 】

  • Does Twitter happiness predict bullish markets? A study of the US stock markets

    Vighneswara Swamy, Munusamy Dharani, Fumiko Takeda

    IIMB Management Review 36 ( 4 ) 309 - 321 2024.12

    Research paper (scientific journal), Joint Work, Accepted,  ISSN  09703896

    　View Summary

    The evolving literature on using Twitter to capture investor sentiment suggests that stock market performance is linearly associated with Twitter's public mood. We investigate whether investor sentiment determined by the Twitter sentiment index (TSI) has a nonlinear predictive power for stock market behaviour. Using a dataset of seven US stock markets, we apply the cointegration techniques to show the relationship between Twitter sentiment and stock market behaviour. The results suggest a dynamic nonlinear cointegrating relationship. During the short run, Twitter happiness has a substantial effect on stock market indices, while in the long run, it has a moderating effect. Twitter happiness has a dominant effect on the US stock market indices than unhappy Twitter. These results highlight Twitter's growing role in predicting the stock market behaviour and show that the TSI acts as a better predictor of investor sentiment.

  • Empirical study on voting results and proxy advisor recommendations in Japan

    Hiroaki Miyachi, Fumiko Takeda

    Journal of International Financial Markets, Institutions and Money (Elsevier BV)  92   101973 - 101973 2024.04

    Research paper (scientific journal), Joint Work, Corresponding author, Accepted,  ISSN  10424431

    　View Summary

    This study examines the relationship between proxy advisory firms’ recommendations and investors’ voting behavior in Japan, where corporate governance has been under transition. Based on 1,025 shareholder meeting proposals and recommendations by proxy advisory firms in Japan between March 2010 and March 2022, multivariate regression analyses reveal that the dissenting recommendations of the two main proxy advisory firms are negatively correlated with the approval rate of proposals, as well as the percentage of affirmative votes cast by institutional investors. Furthermore, the institutional investors’ behavior is more consistent with the recommendations of proxy advisory firms than that of other investors.

  • Stock Price Reactions to Research and Development News on Pharmaceutical Companies in Japan

    T. Imai, F. Takeda

    2024 IEEE International Conference on Industrial Engineering and Engineering Management (IEEM) (IEEE)     1119 - 1123 2024

    Research paper (scientific journal), Joint Work, Corresponding author, Accepted,  ISSN  21573611

    　View Summary

    This study examines the effects of research and development (R&D) on the market value of Japanese pharmaceutical companies. Based on 1,345 news articles, our event study analysis of 74 Japanese pharmaceutical companies from 1 January 2010 to 31 December 2021 revealed three key findings. First, the stock prices of the aforementioned companies generally respond positively to the business news, and more specifically, R&D-related news. Second, the impact on the share price is more pronounced as the R&D progress to more advanced stages. Lastly, the stock price responses to R&D news tend to diminish as the size of pharmaceutical companies increases.

  • Effects of shareholder proposals on the market value of Japanese firms

    Ryo Sato, Fumiko Takeda

    International Review of Economics and Finance (Elsevier)  86   320 - 333 2023.07

    Research paper (scientific journal), Joint Work, Corresponding author, Accepted,  ISSN  10590560

    　View Summary

    This study investigates the effect of shareholder proposals on the market value of Japanese firms in the second wave of activism from 2017 to 2021. While announcements of receiving a shareholder proposal positively affect stock prices of investee companies, rejection of a shareholder's proposal has a negative impact. Unlike the first wave of activism, proposals related to the election and dismissal of directors are no different from those of other proposals, which may become more important as shareholder proposals diversify. Similar to the first wave, market responses become larger when the large shareholders made the proposals.

  • Effects of the COVID-19 pandemic on the market value of Japanese gaming companies

    Chi Feng, Fumiko Takeda

    Applied Economics (Taylor & Francis)  56 ( 40 ) 4849 - 4860 2023.05

    Research paper (scientific journal), Joint Work, Corresponding author, Accepted,  ISSN  00036846

    　View Summary

    In this study, we examine the short-term stock price reactions of Japanese gaming companies to events related to the coronavirus disease 2019 (COVID-19) pandemic. Using the event study method, we first estimate stock price reactions to the outbreak of the pandemic and the declaration of a state of emergency. We then perform multivariate regressions to investigate the factors affecting market responses. Our results demonstrate that the stock prices of Japanese gaming companies reacted negatively to the outbreak of the COVID-19 pandemic, and the initial negative effects were greater for mobile gaming companies and for companies with small sizes or low Tobin’s Q. By contrast, the market has reacted positively to the declaration of the state of emergency, which perhaps drove more people to play games at home.

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

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

  • IFRSの任意適用が資本市場や株主構成に与える影響についての研究

    2025.04
    -
    2028.03

    Grants-in-Aid for Scientific Research, Grant-in-Aid for Scientific Research (C), Research grant, Principal investigator

  • アクティビストの介入が企業行動や企業価値に与える影響についての研究

    2022.04
    -
    2025.03

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

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Courses Taught 【 Display / hide 】

  • ADVANCED FIELD STUDY IN BUSINESS ENVIRONMENT

    2025

  • ADVANCED RESEARCH SEMINAR IN BUSINESS ADMINISTRATION 1

    2025

  • SEMINAR IN BUSINESS ENVIRONMENT

    2025

  • RESEARCH SEMINAR IN BUSINESS ENVIRONMENT

    2025

  • JAPANESE BUSINESS ENVIRONMENT

    2025

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Committee Experiences 【 Display / hide 】

  • 2022.10
    -
    Present

    個人代議員, 東京大学校友会

  • 2022.09
    -
    Present

    独占禁止懇話会会員, 公正取引委員会

  • 2021.01
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    Present

    Director of the Board, Asia-Pacific Management Accounting Association

  • 2013
    -
    Present

    Editorial Board Member, The International Journal of Accounting

  • 2012
    -
    Present

    Associate Editor, The Japanese Accounting Review

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