Toshiki Yotsuzuka, Ph.D.
Professor of Finance
Graduate School of
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
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
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.
Yotsuzuka's full profile
can be found
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,
“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.
Fund Technology: the Frontier of Financial Technology and Investment
(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.