Job Market Candidates 2024/25
Ph.D. Program in Economics

Education

PhD candidate, Economics, Funded by Japan-IMF Scholarship Program, Goethe University, 2025 (expected)
MSc., Development Economics, University of Sussex, UK Sep 2017 - Jan 2019
BA., Economics, Keio University, 2017

Research Interest
Asset Pricing, Determinants and Impacts of Commodity Prices, Machine Learning

Teaching Experience
Machine Learning in Finance - Modern Methods in Cross-Sectional Asset Pricing 2023-2024
Ph.D. course at Goethe University Teaching Assistant

Curriculum Vitae

Click here to download the CV.

References

Job Market Paper

This paper shows that trading between financial and commercial traders in agricultural commodity futures markets dampens price changes during the Russia-Ukraine war but amplifies them during the Global Financial Crisis. However, their mitigating effect lasts only until financial traders' market share reaches a certain threshold. To the best of my knowledge, this paper is the first to link the price-stabilizing or destabilizing role of financial traders to both the nature of the disruption and their market share, measured in terms of open interest. As financial traders increasingly dominate the market, their trading shifts from being an offsetting force to an amplifying driver of price fluctuations originating in the spot market. To obtain these results, I construct a structural framework consisting of simultaneous linear equations based on hedging pressure theory. This unique approach helps ensure the estimated results are free from simultaneity bias, which is often not specifically addressed in much of the literature that relies on reduced-form estimations.

Predicting the past: Imputation of missing financial data
• Applied a graph neural network model to impute missing financial data, uncovering unintended selection bias in the
construction of long-short equity portfolios within asset pricing analysis using big data.

Impacts of Commodity Terms of Trade on Economics Growth of Emerging and Low Income Countries
With Ryan Wu, IMF internship project
• Applied quantile regression to investigate the first and second moments of the impact of commodity terms of trade
on medium-term economic growth in emerging and low-income countries.

Drivers of Post-pandemic Currency Movement: Recurring impacts of sovereign risks and oil prices
With Yuki Masujima, RIETI Disscussion Paper No. 2024 24-E-054
• Investigated the driving factors of FX rates, focusing on the roles of sovereign credit risks and energy prices in the
post-pandemic period, finding that the Japanese yen’s safe-haven status has weakened.