J-GLOBAL         Last updated: Jul 4, 2019 at 02:41
Chuo University
Chuo Law School
Job title
Research funding number


Hiroshi Ishijima is currently a Professor of Finance at Chuo Law School, Chuo University in Japan. He has been the Vice President of the Asia Real Estate Society (AsRES) since July 2018, and the President of the Japanese Association of Real Estate Financial Engineering (JAREFE) since April 2019. He is and was a Visiting Fellow at Columbia Business School in 2013–2014 and 2018–2019.

Prior to joining the Chuo Law School, he was the Dean (2017–2018), Professor (2014–2018), and Associate Professor (2007–2014) at the Graduate School of International Accounting, Chuo University. Previously, he served on the faculties of Osaka University as an Associate Professor (2006–2007), Waseda University as an Associate Professor (2005–2006), and Keio University as an Assistant Professor (1999–2005).

Ishijima’s academic research explores a variety of topics in real estate and financial markets including: real estate finance focusing on asset pricing in theoretical and empirical aspects, market sentiment analysis developing Japanese sentiment indexes by AI-driven techniques to help predict asset prices, regime switching models applied for asset management and pricing, corporate finance primarily in ESG investing and quantitative corporate analysis and valuation, and dynamic portfolio choice conducting under incomplete information.

At present, he has published 46 papers in academic journals both in English and Japanese. He has presented these papers at 44 international and 76 domestic conferences and workshops. He has single-authored four books in Japanese for graduate courses on finance theory and on corporate valuation. In addition to other awards, his paper “The Regime Switching Portfolios (published in Asia-Pacific Financial Markets)” received the 2016 Best Paper Award from the Japanese Association of Financial Econometrics and Engineering. His research has received seven Grants-in-Aid from the Japan Society for the Promotion of Science (JSPS) as a Principal Investigator.

He has been an associate editor for the Asia-Pacific Financial Markets (Springer) since 2005 and the Journal of Real Estate Financial Engineering (in Japanese) since 2017. He also has been serving as the Director and Councilor for the Japanese Association of Financial Econometrics and Engineering (JAFEE) since 2006, and the Councilor for the Japanese Association of Real Estate Financial Engineering (JAREFE) since 2013.

He received his B.E. in 1994, M.E. in 1996, and Ph.D. in 1999 all from the Tokyo Institute of Technology.

Research Areas


Academic & Professional Experience

Apr 2018
Nov 2017
May 2018
Nov 2015
Oct 2017
Apr 2014
Mar 2018
Apr 2007
Mar 2014


Apr 1996
Mar 1999
経営工学専攻, 社会理工学研究科, Tokyo Institute of Technology
Apr 1994
Mar 1996
経営工学専攻, Graduate School, Division of Science and Engineering, Tokyo Institute of Technology
Apr 1990
Mar 1994
経営工学科, Faculty of Engineering, Tokyo Institute of Technology

Awards & Honors

Mar 2018
中央大学学術研究奨励賞, 中央大学
Sep 2017
人々の心理が株価を動かす-センチメント分析のパーソナルファイナンスへの応用 (ファイナンシャル・プランニング研究, 第17巻), 日本FP学会賞 優秀論文賞, 日本FP学会
Winner: 石島博, 數見拓朗
Feb 2017
The Regime Switching Portfolios (Asia-Pacific Financial Markets, Springer), JAFEE論文賞(応用部門), 日本金融・証券計量・工学学会
Winner: 石島博,内田正樹
Mar 2011
中央大学学術研究奨励賞, 中央大学
Sep 2010
個別性と歪みを考慮した住宅価格分析とパーソナルファイナンスへの応用 (ファイナンシャル・プランニング研究, 第10巻), 日本FP学会賞 初の最優秀論文賞, 日本FP学会
Winner: 石島博, 谷山智彦

Published Papers

Real Estate Pricing Models: Theory, Evidence, and Implementation
Ishijima, H. and A. Maeda
Asia-Pacific Financial Markets   22(4) 369-396   2015   [Refereed]
レジーム・スイッチング因子分析とJ-REIT 市場のリスク・ファクターの検出への応用
石島博, 松島純之介
統計数理   59(1) 41-65   Jun 2011   [Refereed]
The Regime Switching Portfolios
Ishijima, H. and M. Uchida
Asia-Pacific Financial Markets   18(2) 167-189   May 2011   [Refereed]
An Analysis of Real Estate Prices Subject to Macroeconomic Variables
Ishijima, H. and A. Maeda
Journal of Economic Policy Studies, Journal of Economic Policy Studies   14(1&2) 15-18   Mar 2018   [Refereed]
Quantifying Sentiment That Reflects Japanese Economy and Predictability of Stock Prices
Ishijima, H., T. Kazumi, and A. Maeda
Journal of Economic Policy Studies   13(1&2) 125-128   Mar 2018   [Refereed]


石島博, 數見拓朗
Journal of Real Estate Financial Engineering   10(1) 31-32   Jun 2018
Generalized Hedonic Pricing Model and Its Applications to the Japanese Real Estate Market
Ishijima, H. and A. Maeda
京都大学数理解析研究所講究録   採択済    2018
石島博, 前田章
ジャレフ・ジャーナル(日本不動産金融工学学会(JAREFE)・学術雑誌)   9(1) 48-49   Jul 2017
A Note on an Extension of Asset Pricing Models
石島博, 前田章
京都大学数理解析研究所講究録   1983 22-26   Feb 2016
Quantifying Sentiment for the Japanese Economy as Predictors of Stock Prices
Ishijima, H
Working Paper Series WP338, Center on Japanese Economy and Business, Columbia Business School   WP338    Oct 2014

Books etc

ファイナンスの理論と応用3: 資産価格モデルの展開
日科技連出版社   Sep 2017   
ファイナンスの理論と応用2: 正規分布で解く資産の動的評価
日科技連出版社   Dec 2016   
日科技連出版社   Jun 2015   
バリュエーション・マップ 企業価値評価の科学と演習
東洋経済新報社   Aug 2008   

Conference Activities & Talks

石島博, 數見拓朗
JAREFE(日本不動産金融工学学会) 2018定期大会, 中央大学   Mar 2018   
A Generalized Hedonic Pricing Model with Exogenous Variables
大阪大学数理・データ科学教育研究センター金融・保険部門主催 2017年度中之島ワークショップ 金融工学・数理計量ファイナンスの諸問題 2017, 大阪大学中之島センター   Nov 2017   
A generalized hedonic pricing model and its applications to the Japanese real estate market
石島博, 前田章
平成29年度 京都大学数理解析研究所共同研究(公開型)「ファイナンスの数理解析とその応用(Financial Modeling and Analysis)」, 京都大学   Nov 2017   
人々の心理が株価を動かす ~センチメント分析のパーソナルファイナンスへの応用
石島博, 數見拓朗
日本FP学会第18回大会, 慶應義塾大学   Sep 2017   
A Generalized Real Estate Pricing Model and Its Applications
石島博, 前田章, 敦賀智裕
日本金融・証券計量・工学学会(JAFEE) 2017夏季大会   Jul 2017   

Research Grants & Projects

日米不動産市場の住宅価格と家賃の連動ダイナミクスを解明するファイナンス理論と実証(国際共同研究強化) (研究課題番号: 16KK0086)
文部科学省: 科学研究費補助金(日本学術振興会・文部科学省)
Project Year: Apr 2017 - Mar 2020
ファイナンス理論による不動産価格評価法の高精度化と日米不動産市場価格の解明 (研究課題番号: 16H03127)
文部科学省: 科学研究費補助金(日本学術振興会・文部科学省)-基盤研究(B)
Project Year: Apr 2016 - Mar 2021
金融・不動産市場をリアルタイム予報するセンチメント・インデックス構築の理論と方法 (研究課題番号: 15K12465)
文部科学省: 科学研究費補助金(日本学術振興会・文部科学省)-挑戦的萌芽研究
Project Year: Apr 2015 - Mar 2018    Investigator(s): 石島博
文部科学省: 科学研究費補助金(日本学術振興会・文部科学省)-基盤研究(C)
Project Year: Apr 2012 - Mar 2015    Investigator(s): 石島 博
研究課題番号: 24510204
レジーム・スイッチングを考慮した資産の評価・運用・計測に関する理論・実証研究 (研究課題番号: 15710120)
文部科学省: 科学研究費補助金(日本学術振興会・文部科学省)
Project Year: Apr 2003 - Mar 2005    Investigator(s): 石島博
研究課題番号: 15710120