Details of the Researcher

PHOTO

Yuto Yoshinaga
Section
Graduate School of Economics and Management
Job title
Associate Professor
Degree

  • 博士（商学）（一橋大学）

  • 修士（商学）（一橋大学）

Research History 3

  • 2018/04 - Present
    Tohoku University　Graduate School of Economics and Management　Associate Professor

  • 2015/04 - 2018/03
    Japan Society for the Promotion of Science　Research Fellowships for Young Scientists (DC1)

  • 2014/04 - 2014/09
    Bank of Japan　Institute for Monetary and Economic Studies　Visiting Research Student

Education 3

  • Hitotsubashi University　Graduate School of Commerce and Management　PhD Program

    2015/04 - 2018/03

  • Hitotsubashi University　Graduate School of Commerce and Management　Master Program

    2014/04 - 2015/03

  • Hitotsubashi University　Faculty of Commerce and Management　Department of Business Administration

    2010/04 - 2014/03

Professional Memberships 2

  • JAPAN FINANCE ASSOCIATION

  • JAPAN ACCOUNTING ASSOCIATION

Research Interests 3

  • Aggregate Earnings

  • Corporate Finance

  • Financial Accounting

Research Areas 2

  • Humanities & social sciences / Money and finance / Corporate Finance

  • Humanities & social sciences / Accounting / Financial Accounting

Awards 1

  1. Best Paper Award

    2015/07　Japan Finance Association Finance Camp 2015

Papers 23

  1. 第6章 マクロ実証会計

    吉永裕登

    『財務・非財務報告のアカデミック・エビデンス』　81-94　2025/01

    Publisher: 中央経済社

  2. 2種類の企業価値評価とマルチプル法の手順や効果

    吉永裕登

    企業会計　75　(4)　52-59　2023/04

  3. 個人の資産運用に企業価値評価は使えるか？

    吉永裕登

    企業会計　75　(3)　128-134　2023/03

  4. Aggregate earnings informativeness and economic shocks: international evidence Peer-reviewed

    Yuto Yoshinaga, Makoto Nakano

    Asia-Pacific Journal of Accounting & Economics　30　(1)　196-211　2023/01

    DOI： 10.1080/16081625.2021.1952084 　

  5. Market-Wide Cost of Capital Impacts on the Aggregate Earnings-Returns Relation: Evidence from Japan Peer-reviewed

    Yuto Yoshinaga

    The Japanese Accounting Review　6　(2016)　95-122　2016/12

    Publisher: Research Institute for Economics & Business Administration - Kobe University

    DOI： 10.11640/tjar.6.2016.04 　

    ISSN： 2185-4785

    More details Close

    <p>This study aims to clarify the mechanism of the surprising earnings-returns relation observed at the aggregate level by offering evidence from Japan. Unlike firm-level evidence, recent Macro-Accounting research reports that when earnings changes and stock returns of individual firms are cross-sectionally aggregated, a significantly positive relation cannot be observed in the U.S. market. To explain this puzzling finding, Kothari et al. (2006) propose a hypothesis that negative effects of changes in the market-wide cost of capital cancel out positive effects of aggregate earnings changes on aggregate stock returns. Although this hypothesis is empirically supported in the U.S market, the validity of this hypothesis has not been sufficiently investigated in the Japanese market. Thus, we test the hypothesis and find it robustly supported in Japan. Our results show that positive effects of aggregate earnings changes on aggregate stock returns are canceled out by the effects of the market-wide cost of capital. We also find that these canceling effects stem from the market risk premium in Japan. An additional test we conduct shows that expected aggregate earnings changes and changes in the market risk premium are not negatively related. This result indirectly supports the hypothesis proposed by Kothari et al. (2006), because it undermines the competing hypothesis proposed by Sadka and Sadka (2009). These results should contribute to the related research areas, Macro-Accounting and accounting research on the cost of capital.</p>

  6. 第12章 資金調達・資本構成と株主還元の意思決定

    中野誠, 吉永裕登

    入門講義 会計＆ファイナンス　2025/09

    Publisher: 中央経済社

  7. 第11章 コーポレート・ファイナンスの概要と事業投資の意思決定

    中野誠, 吉永裕登

    入門講義 会計＆ファイナンス　2025/09

    Publisher: 中央経済社

  8. 第10章 DCF法による企業価値評価の実践

    吉永裕登

    入門講義 会計＆ファイナンス　2025/09

    Publisher: 中央経済社

  9. 第9章 インカムアプローチの概要と割引率の推定

    吉永裕登

    入門講義 会計＆ファイナンス　208-244　2025/09

    Publisher: 中央経済社

  10. 第8章 企業価値評価の概要とマルチプル法の実践

    吉永裕登

    入門講義 会計＆ファイナンス　180-207　2025/09

    Publisher: 中央経済社

  11. 集約された会計情報によるGDP予測 Invited

    吉永裕登

    企業会計　74　(8)　60-66　2022/08

  12. マクロ利益とマクロ成長ー消費経路か投資経路かー

    中野 誠, 吉永 裕登

    証券アナリストジャーナル　56　(6)　40-48　2018/06

  13. "Micro Macro Puzzle" on Earnings-Returns Relation in Japan Peer-reviewed

    Yuto Yoshinaga

    Hitotsubashi review of commerce and management　12　(1)　12-27　2017/05

    Publisher:

    ISSN： 1881-1434

  14. システマティックな利益情報と利益反応係数

    吉永裕登

    『マクロとミクロの実証会計』　75-84　2017/04

    Publisher: 中央経済社

  15. 集約レベルの利益・リターン関係に関する一考察

    吉永裕登

    『マクロとミクロの実証会計』　57-73　2017/04

    Publisher: 中央経済社

  16. 利益・リターン関係の「ミクロ・マクロ・パズル」（2016年同タイトル企業会計掲載論文を加筆修正して所収）

    中野誠, 吉永裕登

    『マクロとミクロの実証会計』　47-55　2017/04

    Publisher: 中央経済社

  17. GDP成長率の将来予測における会計利益情報の有用性（2016年同タイトル金融研究掲載論文を加筆修正して所収）

    中野誠 吉永裕登

    『マクロとミクロの実証会計』　25-46　2017/04

    Publisher: 中央経済社

  18. 集約レベルの会計情報とマクロ経済（2016年同タイトル企業会計掲載論文を加筆修正して所収）

    中野誠, 吉永裕登

    『マクロとミクロの実証会計』　13-24　2017/04

    Publisher: 中央経済社

  19. マクロ実証会計研究の可能性（2016年同タイトル企業会計掲載論文を加筆修正）

    中野誠, 吉永裕登

    『マクロとミクロの実証会計』　3-11　2017/04

    Publisher: 中央経済社

  20. "Micro Macro Puzzle" on Earnings-Returns Relation

    Makoto Nakano, Yuto Yoshinaga

    Accounting　68　(4)　70-75　2016/04

  21. Aggregate Accounting information and Macroeconomy

    Makoto Nakano, Yuto Yoshinaga

    Accounting　68　(3)　125-131　2016/03

  22. Possibility of Macro-Accounting Research

    Makoto Nakano, Yuto Yoshinaga

    Accounting　68　(2)　97-101　2016/02

  23. GDP成長率の将来予測における会計利益情報の有用性

    中野 誠, 吉永 裕登

    金融研究　35　(1)　1-30　2016/01

    Publisher: 日本銀行金融研究所

    ISSN： 0287-5306

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Books and Other Publications 1

  1. マクロ実証会計研究

    中野誠, 吉永裕登

    日本経済新聞出版　2020/06

Presentations 17

  1. 大学院博士後期課程における投稿戦略について Invited

    吉永裕登

    一橋大学大学院経営管理研究科 研究倫理と論文作法　2024/06/27

  2. マクロ実証会計各論：集約利益と地域経済データを用いた経済予測 Invited

    吉永裕登

    日本銀行金融研究所セミナー　2024/05/10

  3. Aggregate Earnings Informativeness and Economic Shocks: International Evidence Invited

    Yuto Yoshinaga

    The 38th TJAR Research Workshop (International)　2023/07/23

  4. 集約を通じた財務諸表分析の展開 Invited

    吉永裕登

    日本経済会計学会第39回年次大会 統一論題報告「財務諸表分析の探索」　2022/06/12

  5. Aggregate Earnings Informativeness and Economic Shock: International Evidence International-presentation

    Yuto Yoshinaga

    32nd Australasian Finance and Banking Conference,　2019/12/18

  6. Cyclicality in Aggregate Earnings and the Market Risk Premium International-presentation

    Yuto Yoshinaga

    2019 Taiwan Accounting Association Annual Conference　2019/12/05

  7. Aggregate Earnings Informativeness and Economic Shock: International Evidence International-presentation

    Yuto Yoshinaga

    The 31th Asian-Pacific Conference on International Accounting Issues　2019/10/15

  8. CYCLICALITY IN AGGREGATE EARNINGS AND THE MARKET RISK PREMIUM International-presentation

    Yuto Yoshinaga

    The 30th Asian-Pacific Conference on International Accounting Issues　2018/11/12

  9. Cyclical Trend of Aggregate Earnings and Market Risk Premium International-presentation

    Yuto Yoshinaga

    The ​6th International Accounting Conference　2017/08/29

  10. Market-wide Cost of Capital Impacts on the Aggregate Earnings-Returns Relation: Evidence from Japan Invited

    Yuto Yoshinaga

    2016/11/17

  11. Announcement Effects of Aggregate Earnings

    Yuto Yoshinaga

    75th Japan Accounting Association Annual Congress　2016/09/13

  12. BEHIND THE RELATION BETWEEN AGGREGATE EARNINGS CHANGES AND MARKET RISK PREMIUM: EVIDENCE FROM JAPAN International-presentation

    Yuto Yoshinaga

    39th European Accounting Association Annual Congress 2015　2016/05/13

  13. The Market-Wide Cost of Capital Impacts on the Aggregate Earnings-Returns Relation -Evidence from Japan International-presentation

    Yuto Yoshinaga

    The 6th International Conference of THE JAPANESE ACCOUNTING REVIEW　2015/12/19

  14. THE MARKET-WIDE COST OF CAPITAL IMPACTS ON THE AGGREGATE EARNINGS-RETURNS RELATION: EVIDENCE FROM JAPAN International-presentation

    Yuto Yoshinaga

    The 27th Asian-Pacific Conference on International Accounting Issues　2015/11/03

  15. "Micro Macro Puzzle" on Earnings-Returns Relation in Japan

    Yuto Yoshinaga

    Japan Finance Association 39th Annual Meeting　2015/10/04

  16. The Market-Wide Cost of Capital Impacts on the Aggregate Earnings-Returns Relation -Evidence from Japan-

    Yuto Yoshinaga

    74th Japan Accounting Association Annual Congress　2015/09/08

  17. The Mechanism of Aggregate Earnings-Returns Relation -Focusing on the Market-wide Cost of Capital: Evidence from Japan-

    Yuto Yoshinaga

    Japan Finance Association Finance Camp 2015　2015/07/12

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Research Projects 5

  1. 経済指標が特定の業種に属する企業の会計項目や企業価値に及ぼす影響

    2025/04 - 2029/03

  2. Enpirical research on the informativeness of aggregate earnings

    Offer Organization: Japan Society for the Promotion of Science

    System: Grants-in-Aid for Scientific Research Grant-in-Aid for Early-Career Scientists

    Category: Grant-in-Aid for Early-Career Scientists

    Institution: Tohoku University

    2020/04/01 - 2025/03/31

  3. Empirical capital market research on aggregate earnings

    Yoshinaga Yuto

    Offer Organization: Japan Society for the Promotion of Science

    System: Grants-in-Aid for Scientific Research Grant-in-Aid for Research Activity Start-up

    Category: Grant-in-Aid for Research Activity Start-up

    Institution: Tohoku University

    2018/08 - 2020/03

    More details Close

    This research aims to clarify the usefulness and usage of aggregate accounting information using global data of listed firms. The research stream of the aggregate accounting information has started recently and it is not so investigated. Therefore, this research engages empirical analyses on the information in aggregate earnings and summarize the results in the paper.

  4. Various Research on Earnings Persistence Competitive

    Yuto Yoshinaga

    Offer Organization: Japan Society for the Promotion of Science

    System: Grant-in-Aid for JSPS Fellows

    2015/04 - 2018/03

  5. 実質無借金企業の細分化と財務情報との関連性 Competitive

    吉永 裕登

    System: みずほ証券寄付講義研究助成金

    2013/07 - 2014/02

Teaching Experience 8

  1. Topics of Accounting: Financial Accounting/ Financial Reporting　Tohoku University

  2. 財務会計２　東北大学会計大学院

  3. プロジェクト調査a/b　東北大学会計大学院

  4. 財務会計論演習　東北大学経済学部

  5. 財務会計１　東北大学会計大学院

  6. Introduction to Accounting　Tohoku University

  7. Financial Accounting　Tohoku University

  8. Workshop b　Tohoku University

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Social Activities 8

  1. 財務会計とは？実証研究から生成AIまで最新動向を解説

    2025/03/04 - 2025/03/04

  2. 財務諸表を読み解く｜企業価値評価と投資判断のエッセンス

    2024/07/01 - 2024/07/18

  3. 集約利益と経済指標の関係から読み取れる日常生活への示唆

    2024/05/01 - 2024/05/31

  4. 集約利益分析に基づく企業評価と経済動向の解明

    大学教授・研究者・専門家・プロフェッショナルへのインタビュー

    2024/02/21 - 2024/03/07

  5. 財務諸表でわかる企業の状況

    大学学部学科説明会 出前講義

    2021/11/04 - 2021/11/04

  6. 財務分析入門 お金の視点で企業を評価する

    東北大学出前講義

    2019/10/03 - 2019/10/03

  7. Overseas Operations of Companies and Financial Analysis

    2018/10/03 - 2018/10/03

  8. Introduction of Financial Analysis, Evaluation of Companies from the Perspective of Money

    Open Campus Trial Lecture

    2018/08/01 - 2018/08/01

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