Dr Kentaro Asai

Research School of Finance, Actuarial Studies & Statistics

Position: Lecturer
Phone: +61 2 612 57287
Office: Room 4.27, CBE Bld (26C)

Dr Kentaro Asai


Ph.D., M.A., and B.A. with Honors in Economics, The University of Chicago 


Kentaro's main research interests lie in the area of corporate finance, political economy, banking, and behavioral finance. During the Ph.D. program, he developed the model of a firm’s investment and financial decisions under limited commitment. Utilizing the model, he examined the impact of bank regulation. In addition, he proposed the quantitative framework for assessing the effects of state variables on corporate risks through fundamental and equilibrium-selection channels. He applied the framework to estimate the impact of lobbying on a bank’s credit risk in his job market paper.

Kentaro has worked on various projects with many researchers. He worked with John List and Ali Hortaçsu to examine why the endowment effect—the finding that people ascribe more value to things that they own—is mitigated by trading experiences through experimental data. Moreover, he published a paper and report about financial regulation as a member of Global Stability Division in the IMF. He is currently investigating the effects of “revolving doors”—the movement of professionals between bureaucracies and businesses—on the outcomes of procurement auctions with Kei Kawai and Jun Nakabayashi, using a large dataset of Japanese public procurement auctions. 

Please visit my website:



  • Economics
  • Finance

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