Graduate School of Business Administration, KOBE UNIVERSITY

Naoya Mori

Doctor of Business Administration
(Kobe University)



Professor of Finance

Specialized Fields

Corporate Finance

Fields of Interest

Dividends, Stock Repurchases, Stock issue, Capital markets

Current Research

  • "Consumption-clientele effects, market equilibrium, and dividend policy under uncertainty", (Unpublished working paper).
  • "Majority support of shareholders, monitoring incentive, and dividend policy" (with Ikeda, Naoshi), Journal of Corporate Finance, 30, 2015, pp.1-10.
  • "Median-voter model of payout policy", SSRN Working Paper Series, #1956519. 2012
  • "Tax preferences, monitoring incentive, and dividend policy", SSRN Working Paper Series, #2145370. 2011
  • "Why pay dividends and issue equity simultaneously?", SSRN Working Paper Series, #1533652. 2010
  • "Tax clientele effects of dividends under intertemporal consumption choices", Journal of Banking & Finance34(5), 2010, pp.1089-1097.