Associate Professor Yu Ishimitsu
|Area and Subject Taught||Financial Analysis|
|Research Theme(s)||Business Valuation and Financial Accounting|
|Academic Degrees||Master of Business Administration, Kobe University|
|Keywords for Research Field||Business Valuation Model, Investor Behavior, Intangible Assets|
|Office Phone Number||Not Public|
Financial accounting is expected to serve two functions: support the decision-making process on investment in securities; and adjust advantages and disadvantages to balance the interests of different parties, such as managers and creditors. My main area of research is in the former, with particular focus on methods of business valuation and analysis of investor behavior in business valuation.
In the world of academic research and practice, the DCF method is a widely used and proven technique for measuring the value of businesses and enterprises, based on the current discounted value of future cash flow. However, because of the difficulty of predicting future cash flow, attention has focused in recent years on model of residual income, drawing on published financial statements. I use actual securities and financial data to analyze the explanatory power of such models.
One problem with residual-income model is that it tends to be designed under assumptions of ideal conditions, so that a considerable disconnect can occur between expectations and reality. Especially, I'm interested in investor behavior, particularly in high-intangible firms.
Notable Publications and Works
- Ishimitsu, Yu, “Discretionary R&D Expenditures and Future Performance", Sangyoukeiri, Vol. 74, No. 3 (October 2014), pp. 130-138.
- Ishimitsu, Yu, “Asset-Liability Approach and Earnings Predictability",The kokumin-keizai Zashi,Vol.204,No1(July 2011), pp. 89-103.
- Ishimitsu, Yu, “Disclosure and Investors' Earnings Forecast,” Kaikei, Vol. 178, No. 1 (July 2010), pp. 75-86.
- Ishimitsu, Yu and Kazuhisa Otogawa,“ Investor Evaluation of Intangible Intensive Firms,” Kaikei, Vol. 176, No. 2(August 2009), pp. 82-94.
- Sakurai, Hisakatsu and Yu Ishimitsu,“ The Stock Price Relevance of Brand Assets and Realizability of Excess Returns,” The Kokumin-Keizai Zasshi, Vol. 189, No. 5(May 2004), pp. 17-32.