Toshiki Yotsuzuka, Ph.D.

Professor of Finance

Graduate School of Finance

Waseda University

Japanese  /  English


Contact Information

Graduate School of Finance, Waseda University

1-4-1 Nihonbashi, 5th Floor

Chuo-ku, Tokyo 103-0027, Japan

Phone: +81-3-3272-6816 / Fax +81-3-3272-6783


Summary Profile

Dr. Yotsuzuka is currently a Professor of Finance at Waseda University’s Graduate School of Finance, where he teaches quantitative investment courses such as Fixed Income Investments, Hedge Fund Strategies, and Asset Allocation.
Dr. Yotsuzuka was a Managing Director at Salomon Brothers Inc, where he worked from 1989 through 1997 in the areas of Japanese Fixed Income Arbitrage and Japanese Convertible Arbitrage. In addition to his primary responsibilities as Head of Proprietary Research and Risk Management, Dr. Yotsuzuka also served on the firm's Global Risk Management Committee, and was a member of the Board of Directors of Salomon Swapco Inc, a AAA-rated derivatives subsidiary.
Prior to his Salomon career, Dr. Yotsuzuka was an Assistant Professor at the Graduate School of Business of the University of Chicago from 1987 to 1989. He returned to academia in 1997 to hold faculty positions at Hosei and Hitotsubashi Universities before moving to Waseda University in 2004.
Dr. Yotsuzuka has also served on the Board of Directors of Simplex Technology Inc. since 1997. He was also a Board Member at Simplex Asset Management Co. Ltd., a hedge fund firm based in Tokyo, from 1999 through 2008. Dr. Yotsuzuka received his Ph.D. in Economics from the Massachusetts Institute of Technology.

Dr. Yotsuzuka's full profile can be found here (LinkedIn).


Selected Publications & Presentations

"Complex Financial Products in Japan: Evolution of Structured Products and the Regulatory Response", IMF Seminar on Restoring Financial Stability - The Legal Response, International Monetary Fund, November 30-December 3, 2009.

“Theory and Practice of Yield Curve Strategies: A US Perspective” (in Japanese), Security Analysts Journal, 2005.

“Investment Strategies of Market-Neutral Hedge Funds” (in Japanese), Security Analysts Journal, 2003.
“Evaluating Risks and Returns of Arbitrage Strategies” (in Japanese), in New Trends in Finance, Postal Services Research Institute, 2002.
Hedge Fund Technology: the Frontier of Financial Technology and Investment Strategy (in Japanese), co-authored with Yoshihiro Mikami, Toyo-Keizai, 2000.
“Relative Value Hedge Funds” (in Japanese), Security Analysts Journal, 2000.
“Pricing Swap Credit Risk” (in Japanese), Security Analysts Journal, 1997.
“Ricardian Equivalence in the Presence of Capital Market Imperfections”, Journal of Monetary Economics, 1987.