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Securities Analysts Journal

Securities Analysts Journal

The Securities Analysts Journal is the monthly journal of SAAJ for professionals in the field of finance and investment. The Editing Committee, consisting of practitioners and academics, selects special topics and articles. Contributions from the professionals are welcome.

Analysts Journall

Each year, distinguished articles appearing in the Journal are awarded Securities Analysts Journal Prizes.

2020
2015
2010
2005
1999

2023 Award Winners

Hiroko Niikura / Tomonori Uchiyama, CMA / Kazuo Kakuma, CMA
"The Economic Function of Sustainable Investing and Its Application to Portfolio Selection"（2,024KB）
Toshihiro Shimada, CMA
"On the Persistence of Japanese Equity Mutual Fund Performance: An Analysis Using Stock Holding Data"（625KB）

2022 Award Winners

Keiichi Goshima, CMA / Atsuki Yagi
"Carbon Premium in the Tokyo Stock Market"（490KB）
Ritsuko Okada
"Earnings Management and TSE Reform"（472KB）

2021 Award Winners

Taketo Usui, CMA
"Investors' Unrealized Gains and Losses, and the Low-volatility Anomaly"（1,293KB）
Junko Jinushi
"Are Earnings Announcements More Important Than Other Corporate Information?"（885KB）

2020 Award Winners

Shimon Tsuchiya, CMA
"Earnings Propagation Effects through the Global Supply Chain Network"（1,146KB）
Yasutake Iioka, CMA
"An Empirical Analysis of the Value Creation Mechanism of Private Equity Funds; Evidence from PE-Backed Companies in Japan"（1,047KB）

2019 Award Winners

Yukihiro Aiba, CMA / Takeshi Ito / Yohei Ibe
"Network Structure in ESG Ratings Suggests New Corporate Strategies: Evolving AI Technology to Quantify Qualitative Data"（1,439KB）
Yasushi Ishikawa, CMA / Kyoji Hasegawa, CMA
"Efficiency of Japanese Corporate Investment in Human Capital and Shareholder Value"（1,333KB）

2018 Award Winners

Hironori Nishiie, CMA・CIIA / Hiroshi Tsuda, CMA
"Analysis of the relationship between corporate organizational culture and financial performance using company employee reviews"（1,936KB）
Norimasa Ozeki
"Determinants of Market Reaction to Disclosure of Accounting Misconduct: Evidence from Japan"（1,634KB）

2017 Award Winners

Toru Yamada, CMA / Taketo Usui, CMA / Shingo Goto
"Employee Satisfaction and Firm Performance"（583KB）

2016 Award Winners

Kazunari Asada, CMA / Rei Yamamoto, CMA
"Characteristics of Medium-Term Management Plans and Relation with Stock Price"（609KB）
Tadashi Kikugawa / Tomonori Uchiyama, CMA / Mamoru Motohiro / Sho Nishiuchi, CMA・CIIA
"Bond Fund Performance and a Smart Beta Strategy in Japan"（474KB）

2015 Award Winners

Hideaki Kudoh, CMA / Kiminori Sano, CMA
"Empirical Analysis of Transaction Costs in the Japanese Stock Market"（1,358KB）
Keiichi Goshima / Hiroshi Takahashi, CMA
"Quantifying News Tone to Analyze the Tokyo Stock Exchange with Deep Learning"（672KB）

2014 Award Winners

Tatsuyoshi Okimoto / Eiji Hirasawa, CMA
"Stock Market Predictability Using News Indexes"（357KB）
Go Hosaka, CMA
"Analysis of High-frequency Trading at Tokyo Stock Exchange"（335KB）
Katsuhiko Okada / Masao Saeki
"Limited Attention and Post-Earnings-Announcement Drift"（377KB）

2013 Award Winners

Saori Nara, CMA / Mikiharu Noma
"Do Analysts Add Value after Management Forecast Revision?"（249KB）
Eiichiro Tani, CMA
"Corporate Credit Spreads: A cointegration approach and liquidity risk measures"（273KB）

2012 Award Winners

Kazuo Kakuma, CMA
"Liquidity Structure and Execution Cost in the Japanese Government Bond Market -Analysis and Consideration of Trading Inquiry Data on an Electronic Trading Platform"（307KB）
Masahito Kato / Katsushi Suzuki
"Insider Trading Problems Related to Japanese Seasoned Equity Offerings"（138KB）

2011 Award Winners

Masato Ishibe, CMA・CIIA / Yasuo Kakuta / Satoshi Sakamaki, CMA
"Premium for Upside Risk and Downside Risk: decomposition of volatility effect"（219KB）
Takehide Hirose, CMA / Yasuhiro Iwanaga
"Volatile realized idiosyncratic volatility"（224KB）

2010 Award Winners

Yuki Yamamoto
"A comprehensive analysis of business portfolios using a quantitative model"（279KB）
Toru Yamada, CMA / Manabu Nagawatari, CMA・CIIA
"Investor Expectations and the Volatility Puzzle in the Japanese Stock Market"（135KB）

2009 Award Winners

Jun Uno / Junya Umeno, CMA / Risa Muroi
"Empirical Analysis of Japanese Stock Lending Market: Estimation of the effect of ban on short selling by stock lending model"（200KB）
Toru Yamada, CMA / Isao Uesaki, CMA
"Low Volatility Strategy in Global Equity Markets"（180KB）

2008 Award Winners

Tadaaki Komatsubara, CMA
"The Explanatory Power of Policy Asset Allocation"（270KB）
Yosuke Mitsusada, CMA / Toyohiko Hachiya
"Ownership Structure and Equity Returns in Japan－Effectiveness of market-oriented corporate governance "（262KB）

2007 Award Winners

Masaharu Usuki
"Application of Liability Driven Investment (LDI) Strategy in Japan. Can it be a solution to bail out defined benefit pension plans?"（288KB）
Yasuhiro Shimizu, CMA
"Continuity of Bias in Management Forecasts and Mispricing"（245KB）
Heita Nishioka, CMA
"Attribution Analyses of Value Premium in the Japanese Stock Market"（314KB）

2006 Award Winners

Takashi Suwabe, CMA
"Dividend Policy that Boosts Shareholder Value"（331KB）
Kengo Okada, CMA
"Size Effect and Firm Size -new relationship with the value effect"（237KB）

2005 Award Winners

Hideki Nakashima
"Evaluating Active Fund Managers Using Time Series of Ex-ante Risk Estimates"（245KB）
Junichi Iwamoto, CMA
"Factors Driving Correlations Between Fixed Income and Equity Returns — Asset Allocation and ALM for Pension Funds"（269KB）
Katsunari Yamaguchi, CMA
"Supply-side Estimate of Expected Equity Return on Industrial Japan— Analysis of Aggregate Accounting Data by Industries over Four Decades"（346KB）
Katsuhiko Muramiya
"Management Forecast Precision and Cost of Equity Capital"（177KB）

2004 Award Winners

Nobuhito Asakura / Yoko Uno, CMA
"Investigation of Manager Trading and Herding - Using Composition Data of Equity Portfolios"（9,352KB）
Hiroshi Kasari, CMA / Atsushi Kaji, CMA / Jun Kataoka, CMA
"Effects of Valuation Model on RMBS Investment"（522KB）
Katsuhiko Okada, CMA
"Changes in Nikkei 225 Composite Stocks - Trading Simulation and Implication"（409KB）

2003 Award Winners

Hisashi Kaneko, CMA
"Individual Investor Behavior"（470KB）
Norihiro Sodeyama, CMA / Manabu Yano, CMA
"Active Management and Portfolio Constraints"（410KB）

2002 Award Winners

Kozo Omori, CMA
"Interest Rate Risk and Strategic Asset Allocation of Pension Funds"（410KB）
Kazuko Fukushima
"Current Trends in Style Investing and Benchmarks"（872KB）

2001 Award Winners

Yasukazu Nakaguma, CMA / Fumihiko Ishii, CMA
"Abnormal Returns on New Additions to TOPIX; From the Perspective of an Index Fund Manager"（3,892KB）
Takashi Suwabe, CMA
"Global Equity Investment in a Borderless World; From Country Factor to Global Industry Factor"（9,356KB）

2000 Award Winners

Akihiko Ohba
"Listing of Stocks of both Parent Company and its Subsidiaries' Stocks on the Same Exchange, and Some Thought on the Benchmark of Japanese Stocks"（271KB）
Satoshi Yamada, CMA
"Empirical Study of Risk Premiums in the JGB Market and Its Application to Investment Strategies"（245KB）

1999 Award Winners

Masaharu Usuki / Susumu Sasaki, CMA
"Evaluation of Companies with Under-funded Retirement Benefits Under FAS87"（750KB）
Tomoyuki Ohta
"Market Portfolio, Benchmark Indices and Universal Hedge Ratio"（537KB）
Hiroshi Ohzeki, CMA
"The Benchmark for Bonds - Characteristics and Noteworthy Points in Using It"（183KB）

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