Updated on 2022/09/25


SUZUKI, Kazunori
Faculty of Commerce, Graduate School of Business and Finance
Job title
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Research Institute

  • 2019

    産業経営研究所   兼任研究所員


  • University of London (London Business School)   Ph.D. in Finance

  • INSEAD   MBA (Master of Business Administration) with Distinction

  • University of Tokyo   BA in Laws

Professional Memberships


    American Economic Association


    Financial Management Association


    American Finance Association


    European Corporate Governance Institute (ECGI)


    Japan Finance Association


    Nippon Finance Association

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Research Areas

  • Public economics and labor economics

Research Interests

  • Corporate Finance, Mergers and Acquisitions, Corporate Valuation, Activist Shareholders

  • Corporate Finance, Mergers and Acquisitions, Corporate Valuation


  • コーポレート・ファイナンス理論と企業価値評価の実務

    鈴木 一功

    経済セミナー(2020年4・5月号)   ( 713 ) 39 - 44  2020.04  [Invited]

  • Activist Shareholders vs. Companies: Increased Effectiveness for Improving Management of Target Company

    Kazunori Suzuki

    Nihon Keizai Shimbun Morning Ediition, January 21, 2020   ( 48087 ) - 26  2020.01  [Invited]

  • M&Aの企業価値評価実務における株主資本コストの推定

    鈴木 一功

    企業会計   71 ( 8 )  2019.08  [Invited]

  • Recent Points at Issues Regarding M&A Valuation: The Case of Integration between Alps Electric and Alpine

    Kazunori Suzuki

    Securities Analysts Journal   57 ( 5 ) 44 - 50  2019.05

  • Small company (size) premium in Japan: Thoughts on estimation method and impact of migration

    Kazunori Suzuki

    Working Paper, Waseda University Institute for Business and Finance   WBF-19-001  2019.04

  • Uncertainty avoiding behavior and cross-border acquisitions in the Asia-Pacific region

    Marc Bremer, Akio Hoshi, Kotaro Inoue, Kazunori Suzuki

    JAPAN AND THE WORLD ECONOMY   41   99 - 112  2017.03  [Refereed]

     View Summary

    This research explores the impact of national culture on cross-border acquisitions. National culture can influence the ways managers cope with uncertainty, and their subsequent business decisions, as was described in seminal research by Hofstede (1991). By their very nature, cross-border acquisitions require that managers deal with different cultures and higher levels of uncertainty. We seek to understand how national culture affects value in cross-border acquisitions using data from the Asia-Pacific Rim region over the period between 2000 and 2009. The countries of this region have large cultural differences and the potential gains from acquisitions are very substantial, so these data are an excellent population for analysis. Our results show that different national cultures have an important influence on financial decisions by firms in ways consistent with classic research by Knight (2006), and also that different national cultures cope with uncertainty in different ways. We find that acquirers from countries with a high aversion to uncertainty conduct fewer cross-border acquisitions. Further, these high uncertainty aversion firms pay a higher price for control in cross-border deals. (C) 2017 Elsevier B.V. All rights reserved.


  • Park24’s market creation and game-changing strategy: leveraging its strategic resources and capabilities

    Kazunori Suzuki, Katsuyuki Tochimoto, Kazuhito Isomura

    Strategic Direction   33 ( 7 ) 1 - 4  2017  [Refereed]

     View Summary

    Purpose: This paper aims to clarify how to start up and establish a new business by developing, combining and utilizing strategic resources and capabilities. Design/methodology/approach: The paper studies the case of Park24 by examining how it created a market, changed the way to compete in the market and utilized its business model effectively to enter a new business. Findings: The paper finds that Park24 has become a leading company in its core business by developing its new development staff, its parking sites nationwide, its brand and its IT system, and that it has built a profitable business model and successfully entered the car sharing business by making good use of that business model. Originality/value: The case study suggests that Park24 started and developed its core business by accumulating strategic resources and capabilities and establishing a profitable business model, and that it utilized this business model effectively to dominate the market shortly after entering.


  • The evolution of characters business models in Japan: Duffy, Hello Kitty, and Kumamon

    Kazuhito Isomura, Kazunori Suzuki, Katsuyuki Tochimoto

    Strategic Direction   31 ( 4 ) 34 - 37  2015.03  [Refereed]

     View Summary

    Purpose – This paper aims to clarify how to develop characters business models by utilizing new business concepts. Design/methodology/approach – The paper examines three cases in Japan to innovate characters business models: Duffy, Hello Kitty and Kumamon. Findings – The paper suggests that utilizing experience-based promotions, open innovation and a royalty-free strategy enhances customer loyalty to characters, expands customer targets and encourages autonomous collaboration of stakeholders. Originality/value – These case studies clarify how new business models aim to increase customer loyalty to characters and widen customer targets beyond generation, industry and country.


  • 日本の株式公開買付(TOB)前後の株価変動を用いた買収に伴う私的便益の推定

    鈴木 一功

    フィナンシャル・レビュー   ( 121 ) 53 - 68  2015.03

  • Reconsidering Management Buyouts

    Kazunori Suzuki

    Security Analysts Journal   51 ( 6 ) 47 - 51  2013.06


  • クロスボーダー取引における使用資本コスト推定方法について(サーベイ論文)

    Kazunori Suzuki

    Security Analysts Journal   51 ( 4 ) 38 - 45  2013.04

  • 実証分析から見たアジア・太平洋諸国におけるクロスボーダーM&Aの特徴

    鈴木 一功

    M&A専門誌マール   ( 218 )  2012.12

  • Steel Partners' activism efforts at United Industrial, Ronson, and BKF Capital: The good, the bad, and the ugly

    Timothy A. Kruse, Kazunori Suzuki

    Managerial Finance   38 ( 6 ) 587 - 605  2012.05  [Refereed]

     View Summary

    Purpose – This paper seeks to analyse Steel Partners' investments and activism targeting United Industrial, Ronson, and BKF Capital to provide context for the debate surrounding shareholder activism by hedge funds and how incumbent management should cope with it. Steel Partners is one of the busiest and most controversial activist investors in both the USA and Japan. Design/methodology/approach – An in-depth clinical analysis of Steel Partners activism at three targets is performed. Context is then provided with a broader study of 63 companies targeted by Steel Partners. Findings – The paper reveals that Steel achieved remarkably different degrees of success with each target. This analysis suggests the use of longer post-activism windows to examine performance, more nuanced definitions of successful activism, and the inclusion of officer and director ownership as a predictor of activist success and target performance. Practical implications – Managers wishing to maintain their independence face a difficult balancing act. One option is simply to refuse to negotiate, preferably while maintaining a substantial ownership stake. However, the activist might launch a proxy fight or hostile bid, file a lawsuit, or even encourage a wolf-pack type campaign. For activists, target selection, especially managerial ownership, and patience are important. Steel quickly achieved its goals at BKF and failed at Ronson despite maintaining its stake for more than 13 years. It suffered large losses in both cases. Originality/value – This paper provides researchers and practitioners with additional insights into the debate concerning the value of hedge fund activism. It also suggests several new questions to researchers examining corporate governance and activism.


  • 緊急提言・オリンパス事件からの教訓:M&A取引価格の根拠を開示する仕組みを確立せよ

    鈴木 一功

    ダイヤモンド・オンライン エディターズ・チョイス 第30回    2011.11

  • 少数株主の利益に関心をもたない日本の上場企業経営者 —パナソニック・三洋電機にみるディスカウントTOBの実相—

    鈴木 一功

    週刊金融財政事情    2011.04

  • Bidder and target valuation and method of payment of M&AS in Japan: Evidence against the misvaluation-driven transactions

    Shinya Hanamura, Kotaro Inoue, Kazunori Suzuki

    Corporate Ownership and Control   8 ( 3 D ) 406 - 416  2011  [Refereed]

     View Summary

    We analyze 377 takeovers that occurred in Japan between 2000 and 2007. Our focus is on the choice of payment method between cash and shares, the bidding premium, the market valuation of a bidder and a target, and the share price reaction. We relate the findings to the two complimentary theories of takeover motives
    the Q-theory and the misvaluation theory. We have found that in Japan cash offers tend to occur when an acquirer and a target are highly valued on B/P basis, and when target's size in terms of market cap. is larger relative to bidder's size. The bidding premium tends to be higher when a bidder's valuation is higher, when a target's valuation is lower, and when target's market cap. is smaller relative to bidder's market cap. The choice of payment method (cash or stock) does not affect the bidding premium. Buyer's CARs are higher when target's market cap. is larger relative to bidder's market cap. Target's CARs are higher when a bidder's valuation is higher, when a target's valuation is lower, and when cash is used to pay for a takeover. Japanese takeover market was very small before the late 1990s and then quickly expanded in the 21st century, so that we are among the first to explore it. Our findings under the recent merger wave in Japan are in contrast with Dong et al. (2006), and are consistent with the Q-theory. We believe that the Japanese management has so far conducted a takeover based on managerial and strategic objectives. Our results also provide an explanation for the finding of Kang et al. (2000) and others who report that that on average a takeover announcement in Japan is greeted with positive share price reaction of both a bidder and a target.


  • Has the threat of a takeover improved the management of target firms? An analysis of firms in which M&A consulting, Japan's first hostile bidder, acquired stakes

    Timothy A. Kruse, Kazunori Suzuki

    Corporate Ownership and Control   7 ( 2 A ) 137 - 145  2009  [Refereed]

     View Summary

    This paper examines the new development of hostile takeovers and shareholder activism in Japan. The hostile bidders claim that the threat of takeover which they pose on the management of a poorly managed company is not only to their benefit, but also to that of the target company in general, because the management will run the company better to maximize its value. Nearly a decade having passed since the first-ever hostile TOB attempt in Japan by M&amp
    A Consulting (MAC), an investment fund led by Mr. Yoshihiro Murakami in January 2000, we examine the stock price and operating performance of the companies whose shares were bought by the MAC. We find that the shareholders of the target companies indeed enjoyed large positive abnormal returns in the two years following the news. We report, however, that their operating performance declined over the four fiscal years following such news. There is little evidence so far that the threat of a hostile takeover improved the actual operating performance of the target firm.


  • Long-term performance following mergers of Japanese companies: The effect of diversification and affiliation

    Timothy A. Kruse, Hun Y. Park, Kwangwoo Park, Kazunori Suzuki

    Pacific Basin Finance Journal   15 ( 2 ) 154 - 172  2007.04  [Refereed]

     View Summary

    This paper examines the long-term operating performance following 69 mergers of manufacturing firms traded on the Tokyo Stock Exchange during 1969 to 1999. We find evidence of improvements in operating performance for the entire sample, and that the pre- and post-merger performance is highly correlated. Moreover, the long-term performance is significantly greater following mergers of firms operating in different industries. Increases in employment surrounding the mergers are positively related to post-merger performance among diversifying mergers and mergers completed before the peak of the equity bubble in 1989. The results suggest that the primary beneficiaries of consolidation are firms that expand the scope of business of the acquiring company. Finally, existing relationships among merging firms and mergers with distressed targets are not related to post-merger performance. © 2006 Elsevier B.V. All rights reserved.


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Books and Other Publications

  • Valuation: A Primer

    Kazunori Suzuki( Part: Sole author)

    Diamond Inc.  2018.10 ISBN: 9784478028629

  • 企業価値経営

    マッキンゼー・アンド・カンパニー, ティム・コラー, リチャード・ドッブス, ビル・ヒューイット, 鈴木 一功, 本田 桂

    ダイヤモンド社  2012.08

  • 検​証​ 日​本​の​敵​対​的​買​収​ ​—​M​&​A​市​場​の​歪​み​を​問​う​—​ ​第​5​章​「​敵​対​的&

    新井 富雄

    日本経済新聞出版社  2007.07

  • ビ​ジ​ネ​ス​統​計​学​【​上​】​・​【​下​】

    アミール・アクゼル, ソウンデルパンディアン・ジャヤベル, 鈴木 一功

    ダイヤモンド社  2007.03

  • 行​動​フ​ァ​イ​ナ​ン​ス​と​投​資​の​心​理​学​ ​—​ケ​ー​ス​で​考​え​る​欲​望​と​恐​怖​の​市​場&#8203

    Hersh Shefrin, 鈴木 一功

    東洋経済新報社  2005.03

  • Too Big to Fail: Policies and Practices in Government Bailouts

    Benton Gup, Ed

    Praeger Publishers  2004.01

  • MBAゲーム理論

    鈴木 一功

    ダイヤモンド社  1999.12

  • Finance and the International Economy:6

    Richard O'Brien, Ed

    Oxford Unversity Press  1992.11

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Research Projects

  • Corporate Governance Reforms and their Consequences: Engagement, Alignment and Distribution of Authorities

    Project Year :


  • 企業統治と企業成長:変容する日本の企業統治の理解とその改革に向けて

    Project Year :


     View Summary

    本研究の目的は、近年の日本企業の統治構造の変容とパフォーマンスの関係を包括的に解明する点にある。具体的な課題は、①株主のコミットメント、取締役会・報酬制度、従業員の関与を捉える新たな変数を開発し、変容する日本企業の統治構造の特性を様式化し、その制度変化の要因を解明する ②リスクを取る経営、事業再組織化などについて新たな指標を開発し、こうした企業行動に対する統治構造の影響を分析する ③企業統治構造がパフォーマンスを決定する面のみでなく、パフォーマンスが統治構造を規定する側面を考慮して両者のダイナミックな相互関係を解明することの3点にあった。本年は、①に関連して、宮島が「企業統治改革の20年」(同編『企業統治と成長戦略』序章)、宮島・蟻川が「メインバンク成立後の企業・銀行間関係」(同第1章)、大湾・宮島が「従業員持株会は機能するか?」(同第3章)を公表した。また、広田は“Price Bubbles sans Dividend Anchors”を公表し、さらに小倉は“The Certification Role of Pre-IPO Banking Relationships”をJERに掲載した。②に関連した成果としては、宮島が「海外機関投資家の企業統治における役割とその帰結」(同第2章)において、機関投資家の企業経営・リスク態度への影響を分析した。また、久保が“Recent development of industrial relations in Japan”をILERA Asian Congress(北京)で報告した。③については、宮島・齋藤が企業統治の有効性に関して、「企業統治制度の変容と経営者の交代」(同第9章)を公表し、同論文の英語版は、NBER-CEPR-TCERコンファランスでも報告された。また、蟻川・齋藤は「日本企業の低パフォーマンスの要因:国際比較による検証」(同第12章)をまとめ、それを拡張した英語版を準備している。これまで早稲田大学に蓄積してきたデータの延長・拡充を図り、本課題実施のための基礎的なデータベースの構築を継続した。また、本資金によるアルバイトの雇用によって幾つかの新たなデータ系列を構築した。労働集約的な作業により、例えば、外部大株主の規模の特定が可能となり、また、自社株買、消却、処分について正確なデータ構築に繋がった。さらに、本資金により、Country DATA online, Global 500、NEED企業ファイナンス関連データを購入し、これらが国内企業の統治構造の変化、およびその国際比較の基礎データとなった。研究手法・変数の開発については、課題①に関連して、機関投資家、従業員持ち株会の特性把握、③に関連した企業統治とパフォーマンスの相互関係については、所期の成果を得た。他方、②のリスクをとる経営、あるいはイノベーションを捉える指標については、幾つかのトライアルを試みたが、最終的に実証可能な変数として、特許・引用件数を利用する方針を定め、データ構築に着手した。研究成果の公表では、これまでDPの形で公表してきた研究成果を、宮島編『企業統治と成長戦略』(東洋経済新報社)として公刊した。また、英文の成果の一部は、宮島がコーディネーターを務めるJSPS研究拠点形成事業(A.先端拠点形成型)の一環として公刊されるWPシリーズにおいて公表した。その他、本年度に新たに着手したテーマとしては、①に関連して、宮島はFranks(LBS)、Mayer (Oxford)とStock repurchase and corporate controlの研究に着手し、第1次稿を得た。また、M&A/事業再組織化について、鈴木が中心となって、日本における機関投資家・アクティビスムファンドの役割についての共同研究に着手した。さらに、久保が専門職層の雇用選択(外部雇用か内部養成か)について、酒向(Oxford)と共同研究を進め、早稲田大学で開催したシンポジウムで報告した。データ面では、引き続き日本企業の統治制度に関する長期データ系列の拡充・整備を進める一方、所有構造、CSR活動の国際比較のためのデ-タ構築にも取り組む。特に、今年度は、従業員持株、機関投資家(生保)、報酬制度、イノベーションに関わる変数の構築を目指す。研究成果の発表としては、第1に、これまで暫定的な結果を得た成果の公刊を目指す。宮島は研究協力者Franks、Mayerと開始した自社株買と所有構造の関係に関する論文を、また、広田は企業パフォーマンスと企業文化に関する分析を国際学会で報告の後、国際学術誌に投稿する。久保は企業統治と専門職員の選択(酒向との共同研究)、企業統治と雇用者の所得の不平等の分析(Jackson (Freie Universitat Berlin)との共同研究)との取り纏め、報告・WPでの公表を目指す。第2に、28年度の成果の一層の展開を図る。宮島・大湾は従業員持株会の分析を拡充し、雇用制度、および機関投資家の銘柄選択行動の関係の分析に着手する。齋藤・宮島は経営者の交代の分析を拡張し、機関投資家が経営者の交代に影響を与える経路の分析を進める。第3に、あらたな課題として、蟻川・宮島は企業統治とイノベーションの関係の分析に着手する。また、鈴木は、前年度着手した機関投資家・アクティビストの役割の国際比較に関する国際共同研究の取り纏めを目指す。なお、本研究の成果は、早稲田大学で定期的に行うセミナーやRIETIなどの機関での報告を進める一方、JSPSの拠点形成事業の一環として開催されるワークショップ(5月(Oxford)、10月(Stanford))で発表し、集中的に議論する。また、メンバーの成果は、同拠点形成事業のHPを通じてWPの公表を継続する。また、宮島は『企業統治と成長戦略』の英語版作成に取り組み、さらに、Franks、Mayerと進めるOwnership mattersの執筆を進め、この英語書籍の中心部分を海外協力者所属機関で可能な限り報告する機会を探る

  • An analysis of cross-border acquisitions by Japanese firms from cross-country comparative analysis

    Project Year :


     View Summary

    In this project, we prepaired four research papers which empirically analyze economics of cross-border acquisitions by Japanese firms. We find that cross-border acquisitions by Japanese acquirers are evaluated positively by Japanese stock market, the stock market positively evaluates growth potential achieved by the oversea acquisitions. We also confirm that the acquisitions are economically rational usage of cash on hand of the acquiring firms. On the other hand, we did not find supporting evidence that Japanese acquirers increase shareholder wealth or improve performance in the post-acquisition period. We also find that Japanese coporate culture of strong uncertainty avoidance results in less cross-border acquisitions and higher premium payment to reduce completion risks. The results properly explains behavior of Japanese acquirers who are categolized in the high uncertainty avoidence group


  • The power of confidential engagement: Comparison with public activism

    Kazuori Suzuki

    ICGN Annual Conference Tokyo 2019  (Chiyoda-ku, Tokyo, JAPAN)  International Corporate Governance Network (ICGN)

    Presentation date: 2019.07

  • Size Premium and Valuation in Mergers and Acquisitions

    Kazunori Suzuki

    Japan Finance Association 42nd Annual Meeting  Japan Finance Association

    Presentation date: 2018.10

  • From Silent Partner to "Vocal" Shareholder: Selection of Shareholdings of Life Insurance Companies between 1990 and 2015

    Nippon Finance Association 26th Annual Meeting 

    Presentation date: 2018.06

  • The Price of Control in the East Asia and Pac-Rim Regions: Law, Culture and Markets

    Nippon Finance Association, 21st Annual Meeting 

    Presentation date: 2013.06

  • The Price of Control in the East Asia and Pac-Rim Regions: Law, Culture and Markets

    Midwest Finance Association, 62nd Annual Meeting 

    Presentation date: 2013.03

  • The impact of changes in Japanese tender offer regulations on bidder behavior and shareholder gains

    Organizational and Financial Economics Seminar 2012, Waseda University 

    Presentation date: 2012.06

  • The Level of Tender Offer Premium in Japan

    Seminar Presentation at City University of Hong Kong 

    Presentation date: 2011.09

  • The Level of Tender Offer Premium in Japan

    Seminar Presentation at Cass Business School, City University (London) 

    Presentation date: 2011.03

  • The Level of Tender Offer Premium in Japan

    US-Japan Program Seminar, Weatherhead Center, Harvard University 

    Presentation date: 2010.05

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Committee Memberships

  • 2020.06

    Nippon Finance Association  Board Member

  • 2020.06

    日本ファイナンス学会  理事