Akiko Watanabe

Associate Professor, Alberta School of Business - Department of Finance


Associate Professor, Alberta School of Business - Department of Finance
(780) 492-0385
3-30A Business Building
11203 Saskatchewan Drive NW
Edmonton AB
T6G 2R6



Research Interests

  • Empirical Asset Pricing
  • International Finance
  • Market Microstructure

Please visit my SSRN web page to download my published and working papers. 


Teaching Interests

  • Investments
  • International Finance


FIN 416 - Advanced Portfolio Management

Recent theoretical and empirical developments in portfolio management are covered with an emphasis on investment strategy and the evaluation of investment performance. A student project makes extensive use of microcomputing, spreadsheets and financial market data. Prerequisite: FIN 301, 412.

FIN 614 - Investments

This course is concerned with investment in stocks, bonds and other financial assets. Topics include, but are not limited to, interest rates, risk-return relationships, investment valuation, and market information and efficiency. Co-requisite: FIN 501 or FIN 503.

Browse more courses taught by Akiko Watanabe

Scholarly Activities

Research - Publications

The Asset Growth Effect: Insights from International Equity Markets (with Yan Xu, Tong Yao, and Tong Yu), Journal of Financial Economics, Forthcoming.

Share Issuance and Cross-Sectional Returns: International Evidence (with R. David McLean and Jeffrey Pontiff), 2009, Journal of Financial Economics 94(1), 1-17 (Lead Article).

First Place Winner, 2009 Jensen Prizes for the Best Papers Published in the Journal of Financial Economics in the Areas of Corporate Finance and Organizations

Winner, Pacific-Basin Finance Journal Research Excellence Award on Investment, Asian Finance Association/Nippon (Japan) Finance Association 2008 International Conference

Time-Varying Liquidity Risk and the Cross Section of Stock Returns (with Masahiro Watanabe), 2008, Review of Financial Studies 21(6), 2449-2486.

First Place Winner, Call for Paper Competition on Liquidity and Corporate Renewal, Turnaround Management Association 2006 Global Education Symposium

Restructuring and Performance Among Japanese Firms After Prudential Policy Reform (with Dick Beason, Ken Gordon, and Vikas Mehrotra), 2010, Asia-Pacific Journal of Business 1(1), 41-60.

Restructuring and Returns in Japan, 2000-2001 (with Dick Beason, Ken Gordon, and Vikas Mehrotra), 2011, Japan in the Age of Globalization, ed., Carin Holroyd and Ken Coates, Routledge Contemporary, Japan Series, ISBN 978-0-415-66584-1.

Research - Working Papers

The Investment Value of Management Earnings Forecasts (with Takato Hiraki and Masahiro Watanabe), August 2012.  

Procyclical Stocks Earn Higher Returns (with William N. Goetzmann and Masahiro Watanabe), February 2012.

External Financing and Cross-Sectional Returns: A Global Analysis (with Masahiro Watanabe and Yan Xu), May 2011.

Does Restructuring Pay in Japan? Evidence Following the Lost Decade (with Dick Beason, Ken Gordon, and Vikas Mehrotra), August 2010.