Papers
  1. Nishihara, M., Shibata, T., and Zhang, C., 2023. Corporate investment, financing, and exit model with an earnings-based borrowing constraint.
    International Review of Financial Analysis 85, 102456 (open access).
  2. Shibata, T. and Nishihara, M., 2023. Optimal financing and investment strategies under asymmetric information on liquidation value.
    Journal of Banking and Finance 146, 106709 (open access).
  3. Nishihara, M. and Shibata, T., 2021. Optimal capital structure and simultaneous bankruptcy of firms in corporate networks.
    Journal of Economic Dynamics and Control 133, 104264 (open access).
  4. Shibata, T. and Nishihara, M., 2021. Financing and investment strategies under creditor-maximized liquidation.
    International Journal of Theoretical and Applied Finance 24 (3), 2150013 (open access).
  5. Ishikawa, N. and Shibata, T., 2021. R&D competition and cooperation with asymmetric spillovers in an oligopoly market.
    International Review of Economics and Finance 72, 624-642 (open access).
  6. Nishihara, M. and Shibata, T., 2021. The effects of asset liquidity on dynamic sell-out and bankruptcy decisions.
    European Journal of Operational Research 288 (3), 1017-1035 (open access).
  7. Ishikawa, N. and Shibata, T., 2020. Market competition, R&D spillovers, and firms' cost asymmetry.
    Economics of Innovation and New Technology 29 (8), 847-865.
  8. Nishihara, M. and Shibata, T., 2019. Liquidation, fire sales, and acquirers' private information.
    Journal of Economic Dynamics and Control 108, 103769 (1-24).
  9. Shibata, T. and Nishihara, M., 2019. Credit spread and liquidation-based debt financing constraint.
    International Journal of Theoretical and Applied Finance 22 (5), 1950021 (1-27).
  10. Shibata, T. and Wong, K. P., 2019. Investment under uncertainty with variable costly reversibility.
    International Review of Economics and Finance 59, 14-28.
  11. Cui, X. and Shibata, T., 2018. Random shock uncertainty and investment reversibility: Real option framework.
    Bulletin of Economic Research 70 (2), 149-164.
  12. Nishihara, M. and Shibata, T., 2018. Dynamic bankruptcy procedure with asymmetric information between insiders and outsiders.
    Journal of Economic Dynamics and Control 90, 118-137.
  13. Shibata, T. and Nishihara, M., 2018. Investment timing, reversibility, and financing constraints.
    Journal of Corporate Finance 48, 771-796.
  14. Cui, X. and Shibata, T., 2017. Investment strategies, reversibility, and asymmetric information.
    European Journal of Operational Research 263 (3), 1109-1122.
  15. Nishihara, M. and Shibata, T., 2017. Default and liquidation timing under asymmetric information.
    European Journal of Operational Research 263 (1), 321-336.
  16. Shibata, T. and Nishihara, M., 2017. Effects of temporary regulation of asymmetric access charges in telecommunications.
    Managerial and Decision Economics 38 (3), 344-364.
  17. Cui, X. and Shibata, T., 2017. Investment timing and quantity strategies under asymmetric information.
    Theory of Probability and Its Applications 61 (1), 151-159.
  18. Nishihara, M. and Shibata, T., 2016. Asset sale, debt restructuring, and liquidation.
    Journal of Economic Dynamics and Control 67, 73-92.
  19. Shibata, T., 2016. Strategic entry in a triopoly market of firms with asymmetric cost structures.
    European Journal of Operational Research 249 (2), 728-739.
  20. Shibata, T. and Nishihara, M., 2015. Investment-based financing constraints and debt renegotiation.
    Journal of Banking and Finance 51, 79-92.
  21. Shibata, T. and Nishihara, M., 2015. Investment timing, debt structure, and financing constraints.
    European Journal of Operational Research 241 (2), 513-526.
  22. Nishihara, M. and Shibata, T., 2015. Investment timing with fixed and proportional costs of external financing.
    International Journal of Management Science and Engineering Management 10 (1), 73-87.
  23. Shibata, T., 2014. Market structure and R&D investment spillovers.
    Economic Modelling 43, 321-329.
  24. Nishihara, M. and Shibata, T., 2014. Preemption, leverage, and financial constraints.
    Review of Financial Economics 23 (2), 75-89.
  25. Nishihara, M. and Shibata, T., 2013. The effects of external financing costs on investment timing and sizing decisions.
    Journal of Banking and Finance 37 (4), 1160-1175.
  26. Shibata, T. and Nishihara, M., 2012. Investment timing with incentive-disincentive contracts under asymmetric information.
    Technology and Investment 3 (2), 74-86.
  27. Shibata, T. and Nishihara, M., 2012. Investment timing under debt issuance constraint.
    Journal of Banking and Finance 36 (4), 981-991.
  28. Shibata, T. and Tian, Y., 2012. Debt reorganization strategies with complete verification under information asymmetry.
    International Review of Economics and Finance 22 (1), 141-160.
  29. Shibata, T. and Nishihara, M., 2011. Interactions between investment timing and management effort under asymmetric information: Costs and benefits of privatized firms.
    European Journal of Operational Research 215 (3), 688-696.
  30. Nishihara, M. and Shibata, T., 2011. The effects of costly exploration on optimal investment timing.
    Review of Financial Economics 20 (3), 105-112.
  31. Shibata, T. and Yamazaki, H., 2010. Strategic investment timing under asymmetric access charge regulation in telecommunications.
    European Journal of Operational Research 207 (3), 1689-1701.
  32. Nishihara, M. and Shibata, T., 2010. Interactions between preemptive competition and a financing constraint.
    Journal of Economics and Management Strategy 19 (4), 1013-1042.
  33. Nishihara, M. and Shibata, T., 2010. Strategic investment with debt financing.
    International Journal of Management Science and Engineering Management 5 (1), 3-14.
  34. Shibata, T. and Tian, Y., 2010. Reorganization strategies and securities valuation under asymmetric information.
    International Review of Economics and Finance 19 (3), 412-426.
  35. Shibata, T. and Nishihara, M., 2010. Dynamic investment and capital structure under manager-shareholder conflict.
    Journal of Economic Dynamics and Control 34 (2), 158-178.
  36. Shibata, T. and Yamada, T., 2009. Dynamic model of credit risk in relationship lending: A game-theoretic real options approach.
    Monetary and Economic Studies 27, 195-218.
  37. Shibata, T., 2009. Investment timing, asymmetric information, and audit structure: A real options framework.
    Journal of Economic Dynamics and Control 33 (4), 903-921.
  38. Nishihara, M. and Shibata, T., 2008. The agency problem between the owner and the manager in real investment: The bonus-audit relationship.
    Operations Research Letters 36 (3), 291-296.
  39. Shibata, T., 2008. The impacts of uncertainties in a real options model under incomplete information.
    European Journal of Operational Research 187 (3), 1368-1379.
  40. Shibata, T., 2005. On the value-volatility relationship in a real options model.
    Kyoto Economic Review 74 (2), 205-213.
  41. Kijima, M. and Shibata, T., 2005. Real options in an oligopoly market.
    Kyoto Economic Review 74 (1), 47-64.
  42. Shibata, T., 2004. On the pricing of corporate value under information asymmetry.
    Kyoto Economic Review 73 (2), 87-107.

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