Takeda, Fumiko

写真a

Affiliation

Graduate School of Business Administration (Hiyoshi)

Position

Professor

Related Websites

External Links

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

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

Academic Degrees 【 Display / hide

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

 

Papers 【 Display / hide

  • 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)   2023.05

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

  • Employing string similarity metrics of partners to estimate audit team continuity: determinant and its effects on audit outcomes and pricing

    Frendy, Fumiko Takeda

    Journal of Accounting Literature (Emerald)  45 ( 2 ) 314 - 339 2023

    Research paper (scientific journal), Joint Work, Corresponding author, Accepted,  ISSN  0737-4607

     View Summary

    Purpose

    Partners are responsible for allocating audit tasks and facilitating knowledge sharing among team members. This study considers changes in the composition of partners to proxy for the continuity of the audit team. This study examines the effect of audit team continuity on audit outcomes (audit quality and report lags), pricing and its determinant (lead partner experience), which have not been thoroughly examined in previous studies.

    Design/methodology/approach

    This study employs string similarity metrics to measure audit team continuity. The study employs multivariate panel data regression empirical models to estimate a sample of 26,007 firm-years of listed Japanese companies from 2008 to 2019.

    Findings

    The study reveals that audit team continuity is negatively associated with audit fees, regardless of the auditor’s size. This finding contributes to the existing literature by showing that audit team continuity represents one of the determinant factors of audit fee. For clients of large audit firms, companies with higher (lower) audit team continuity issue audit reports in less (more) time. The experience of lead partners is a strong predictor of audit team continuity, irrespective of audit firm size. Audit quality is not associated with audit team continuity for either large or small audit firms.

    Originality/value

    This study proposes and examines audit team continuity measures that employ string similarity metrics to quantify changes in the composition of partners in consecutive audit engagements. Audit team continuity expands upon the tenure of individual audit partners, which is commonly used in prior literature as a measure of client–partner relationships.

  • The Impact of the Covid-19 Pandemic on Japanese Stock Markets, Revisited

    K Mori, F Takeda

    Keio Business Forum (慶應義塾経営管理学会)  39 ( 1 )  2023

    Research paper (bulletin of university, research institution), Joint Work, Corresponding author

  • Market reactions to proxy advisory companies’ recommendations in Japan

    Kazuhide Masumoto, Fumiko Takeda

    Finance Research Letters (Elsevier BV)  50   103331 2022.12

    Research paper (scientific journal), Joint Work, Corresponding author, Accepted,  ISSN  15446123

     View Summary

    This study investigates how proxy advisory companies’ recommendations affect the stock prices of target companies in Japan, whose governance system has been under transition from relationship-based to more market-based. Based on 125 voting recommendations reported in newspapers between 2003 and 2022, we find that stock prices respond to recommendations inconsistent with the board's policy more largely than to those consistent. The market reactions become larger when firms are smaller and/or have a higher shareholding ratio of foreign investors, when recommendations are against takeover defense measures, and when the firms’ name attracts investor attention.

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

  • 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

 

Courses Taught 【 Display / hide

  • JAPANESE BUSINESS ENVIRONMENT

    2023

  • INTRODUCTION TO DATA SCIENCE FOR VARIOUS FIELD

    2023

  • GLOBAL EXECUTIVE(EMBA)

    2023

  • APPLIED EMPIRICAL ECONOMICS

    2023

  • ADVANCED STUDY IN APPLIED EMPIRICAL ECONOMICS

    2023

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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

  • 2021.10
    -
    Present

    国際交流委員, 日本会計研究学会

  • 2021.01
    -
    Present

    Director of the Board, Asia-Pacific Management Accounting Association

  • 2013
    -
    Present

    Editorial Board Member, The International Journal of Accounting

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