Dr Kentaro Asai

Kentaro Asai


Research School of Finance, Actuarial Studies & Statistics

Assistant Professor
Phone number
+61 2 612 57287
Room 4.27, CBE Bld (26C)
Research areas
  • Corporate
  • Banking
  • Industrial Organization
  • Behavioral Studies

Kentaro Asai earned his PhD, MA, and BA with Honors in economics from the University of Chicago. He also earned BS in mathematics with specialization in economics from the same university. His main research interests lie in the area of corporate studies, banking, industrial organization, and behavioral studies. He has worked on various projects with many researchers in the world.  

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Research publications

  • “Risk Taking By Banks: The Role of Governance and Executive Pay” (with Erik Oppers, Luis Brandão Marques, Jonathan Beauchamp, and Pragyan Deb) Chapter 3, IMF Global Financial Stability Report, IMF, October 2014. 
  • “Experienced Traders Modulate Anterior Insula to Reduce the Endowment Effect” (with Lester Tong, Karen Ye, John List, Howard Nusbaum, and Ali Hortaçsu) Proceedings of the National Academy of Sciences 113, 2016. 
  • “Is Capping Executive Bonuses Useful?” IMF Working Paper No. 16/196, 2016. 
  • “Limited Liability and Corporate Efficiency” International Review of Law and Economics 62, 2020. 
  • "Corporate Finance and Capital Structure: A Theoretical Introduction" Routledge, 2021. 
  • "Regulatory Capture and Public Procurement: Evidence from Revolving Door Bureaucrats in Japan" (with Kei Kawai and Jun Nakabayashi) Journal of Economic Behavior and Organization 186, 2021.  
  • "Bank Lobbying as a Financial Safety Net: Evidence from the Post-Crisis U.S. Banking Sector" Review of Corporate Finance Studies forthcoming, 2022.
  • "Common Lender, Ex-Banker Director, and Corporate Investment" (with Thao Hoang and Takeshi Yamada) Journal of Financial and Quantitative Analysis forthcoming, 2023.

Research grants and awards

  • University of Sydney Business School Research Funding Scheme
  • ANU RSFAS Cross-Disciplinary Grant
  • ANU CBE Start-up Grant
  • ANU CBE Research School Grants
  • University of Chicago Graduate Fellowship
  • Japan IMF Scholarship


Doctoral Studies in Corporate Finance
Advanced Corporate Finance