Basic Information

Faculty

• Faculty of Economics

Email Address

• Email Address

  tian.yuan.8vkyoto-u.ac.jp

Academic Degree

• 23 Mar. 2007

  京都大学修士（経済学）
• 23 Mar. 2010

  京都大学博士（経済学）

Academic Resume (Undergraduate School/Majors)

• 京都大学, 経済学部経済学科, 卒業

Research History

• From Apr. 2026, To Present

  Kyoto University, Graduate School of Economics, Professor
• From Apr. 2023, To Mar. 2026

  Ryukoku University, Faculty of Economics, Professor
• From Apr. 2015, To Mar. 2023

  Ryukoku University, Faculty of Economics, Associate Professor
• From Sep. 2019, To Sep. 2019

  The Hong Kong Polytechnic University, Research Fellow
• From Sep. 2018, To Sep. 2018

  Central University of Finance and Economics, Visiting Associate Professor
• From Apr. 2017, To Sep. 2017

  Kyoto University, Institute of Economic Research, Visiting Associate Professor
• From Aug. 2015, To Jul. 2016

  Columbia University, Visiting Research Scientist
• From Apr. 2011, To Mar. 2015

  Ryukoku University, Faculty of Economics, Assistant Professor
• From Oct. 2010, To Mar. 2011

  Tokyo Metropolitan University, Graduate School of Social Sciences, JSPS Postdoctoral Fellowship for Foreign Researchers
• From Dec. 2007, To Sep. 2010

  Tokyo Metropolitan University, Graduate School of Social Sciences, Research Assistant
• From Apr. 2007, To Jul. 2007

  Kyoto University, Graduate School of Economics, Research Assistant

ID,URL

• J-Global ID

  201101037985266236

researchmap URL

• https://researchmap.jp/yuan_tian

Research

Research Interests

• ファイナンス

Research Areas

• Humanities & social sciences, Money and finance

Papers

• American pandemic options under a stochastic SIR model with degenerate diffusion

  Yuto Kitamura; Makoto Goto; Hidekazu Yoshioka; Yuan Tian

  Communications in Nonlinear Science and Numerical Simulation, 2026, Peer-reviewed, Last author

  
• 投資に基づく負債と流動性の統合的マネジメント

  田 園

  現代ファイナンス, 2025, Lead author, Last author, Corresponding author

  
• Investment, financing, strategic debt service, and liquidation

  Michi Nishihara; Takashi Shibata; Yuan Tian

  Quantitative Finance, 2025, Peer-reviewed, Last author

  
• Capital reallocation and sustainable growth with ambiguity to disaster risk

  Yanming Yao; Yuan Tian

  Economic Modelling, 2025, Peer-reviewed, Last author, Corresponding author

  
• American pandemic options: premiums and Greeks

  Yuto Kitamura; Makoto Shimoshimizu; Makoto Goto; Yuan Tian

  Proceedings of ACMSA 2023, 2024, Peer-reviewed, Last author

  
• Valuing Wealth with Liquidity Restrictions

  Rong Tang; Yuan Tian; Shou Chen; Ziran Zou

  Emerging Markets Finance and Trade, 2024, Peer-reviewed

  
• Investment, payout, and cash management under risk and ambiguity

  Pengfei Luo, Yuan Tian

  Journal of Banking and Finance, 2022, Peer-reviewed, Last author, Corresponding author

  
• Brokered versus dealer markets: Impact of proprietary trading with transaction fees

  Katsumasa Nishide; Yuan Tian

  International Review of Financial Analysis, 2022, Peer-reviewed, Last author, Corresponding author

  
• "Real option duopolies with quasi-hyperbolic discounting

  Pengfei Luo, Yuan Tian, Zhaojun Yang

  Journal of Economic Dynamics and Control, 2020, Peer-reviewed

  
• Optimal policy for attracting FDI: Investment cost subsidy versus tax rate reduction

  Yuan Tian

  International Review of Economics and Finance, 2018, Peer-reviewed, Lead author, Last author, Corresponding author

  
• Optimal capital structure and investment decisions under time-inconsistent preferences

  Yuan Tian

  Journal of Economic Dynamics and Control, 2016, Peer-reviewed, Lead author, Last author, Corresponding author

  
• Investment and capital structure decisions of foreign subsidiary with international debt shifting and exchange rate uncertainty

  Masaaki Kijima; Yuan Tian

  Decisions in Economics and Finance, 2013, Peer-reviewed, Last author, Corresponding author

  
• Debt reorganization strategies with complete verification under information asymmetry

  Takashi Shibata; Yuan Tian

  International Review of Economics and Finance, 2012, Peer-reviewed, Last author

  
• Compensation measures for alliance formation: A real options analysis

  Katsumasa Nishide; Yuan Tian

  Economic Modelling, 2011, Peer-reviewed, Last author, Corresponding author

  
• Corporate investment and financing decisions in the presence of liquidation option

  Yuan Tian

  Journal of Business and Institution, 2010, Peer-reviewed, Lead author, Last author, Corresponding author

  
• Can financial synergy motivate M&A?

  Yuan Tian, Michi Nishihara, Takashi Shibata

  Recent Advances in Financial Engineering, 2010, Peer-reviewed, Lead author, Corresponding author

  
• Reorganization strategies and securities valuation under asymmetric information

  Takashi Shibata; Yuan Tian

  International Review of Economics and Finance, 2010, Peer-reviewed, Last author, Corresponding author

  

Presentations

• The interaction of leverage and liquidity management with dynamic investment

  田 園

  Quantitative Finance Seminar at National Tsinghua University, 2021, Invited

  
• The interaction of leverage and liquidity management with dynamic investment

  田 園

  Real Options Seminar at Osaka University, 2021, Invited

  
• The interaction of leverage and liquidity management with dynamic investment

  田 園

  日本ファイナンス学会年次大会, 2021

  
• Dynamic investment and financing with leverage and liquidity management

  TIAN Yuan

  TMU Finance Workshop, 2019, Invited

  
• Dynamic investment and financing with internal and external liquidity management

  TIAN Yuan

  RIMS Workshop on Financial Modeling and Analysis, 2018

  
• Option games with time-inconsistent preferences

  TIAN Yuan

  FMA Annual Meeting, 2018

  
• Dynamic investment, financing and liquidity management under risk and ambiguity

  TIAN Yuan

  CUFE Workshop on Actuarial Risk Analysis and Decision Making, 2018, Invited

  
• Brokered versus dealer markets: Impact of proprietary trading with transaction fees

  TIAN Yuan

  Paris Financial Management Conference, 2017

  
• Strategic investment games under time-inconsistent preferences

  TIAN Yuan

  The Second Beihang IEB Forum, 2017, Invited

  
• Debt rollover, bankruptcy, and debt maturity

  TIAN Yuan

  International Conference on Financial Risks and Uncertainties, 2017, Invited

  
• Debt rollover, bankruptcy, and debt maturity

  TIAN Yuan

  Nakanoshima Workshop on Financial Engineering and Mathematical Finance, 2016, Invited

  
• Capital structure, investment, and default decisions under time-inconsistent preferences

  Yuan Tian

  2015 Annual Meeting of the Asian Finance Association, 2015

  
• Monopolistic dealer versus broker: The impact of proprietary trading with transaction fees

  Yuan Tian

  The Third Asian Quantitative Finance Conference, 2015

  
• Monopolistic dealer versus broker: The impact of proprietary trading with transaction fees

  Yuan Tian

  INFORMS 2015, 2015

  
• Monopolistic dealer versus broker: The impact of proprietary trading with transaction fees

  Yuan Tian

  International Conference on Portfolio Selection and Asset Pricing, 2014

  
• Monopolistic dealer versus broker: The impact of proprietary trading with transaction fees

  Yuan Tian

  NUS-UTokyo Workshop on Quantitative Finance, 2014

  
• Debt structure and investment decisions under uncertainty

  Yuan Tian

  2014 International Conference on Corporate Finance and Capital Market, 2014

  
• Optimal policy for attracting FDI: Investment cost subsidy versus tax rate reduction

  Yuan Tian

  INFORMS 2014, 2014

  
• Investment and capital structure decisions with time-inconsistent preferences

  Yuan Tian

  The First Asian Quantitative Finance Conference, 2013

  
• Optimal policy for attracting FDI: Investment cost subsidy versus tax rate reduction

  Yuan Tian

  26th European Conference on Operational Research, 2013

  
• Why entrepreneurial firms behave differently from large firms? --- From a perspective of time-inconsistent preferences

  Yuan Tian

  Bachelier Finance Society 7th World Congress, 2012

  
• Investment and capital structure decisions with time-inconsistent preferences

  Yuan Tian

  Winter Workshop on Finance 2012, 2012

  
• Entry and exit decisions of FDI under foreign price and exchange rate uncertainties

  Yuan Tian

  The 9th International Symposium on Operations Research and its Applications, 2011

  
• Investment and capital structure decisions of foreign subsidiary with international debt shifting and exchange rate uncertainty

  Yuan Tian

  International Finance Conference 6, 2011

  
• Financing and investment under different debt structures

  Yuan Tian

  International Economic Association 16th World Congress, 2011

  
• Investment and capital structure decisions of foreign subsidiary with international debt shifting and exchange rate uncertainty

  Yuan Tian

  The 16th International Conference on Computing in Economics and Finance, 2010

  
• Financial synergy in M&A

  Yuan Tian

  KIER-TMU International Workshop on Financial Engineering 2009, 2009

  
• Reorganization strategies and securities valuation under asymmetric information

  Yuan Tian

  Daiwa Young Researchers' Workshop on Finance, 2008

  
• Compensation measures for alliance formation: A real options analysis

  Yuan Tian

  Quantitative Methods in Finance Conference 2008, 2008

  

Awards

• 20 May 2023

  研究奨励賞（日本ファイナンス学会）
• 10 Oct. 2018

  Best Paper Award Semifinalist(FMA)

External funds: Kakenhi

• Theoretical studies on optimal capital structure in stochastic and dynamic models

  Grant-in-Aid for Scientific Research (B)

  Basic Section 07060:Money and finance-related

  Osaka University

  西原 理

  From 01 Apr. 2024, To 31 Mar. 2028, Granted

  ファイナンス;金融工学;リアルオプション

  https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-24K00272/
• 負債と流動性マネジメントの融合に関する理論と応用：コロナショックへの対応

  Fund for the Promotion of Joint International Research (Fostering Joint International Research (A))

  Basic Section 07060:Money and finance-related

  Ryukoku University

  田 園

  From 01 Apr. 2023, To 31 Mar. 2026, Granted

  コロナショック;大災害リスク;曖昧さ回避;資本の再配置;流動性;負債;支払不能;デフォルト

  https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-22KK0205/
• A unified model of debt and liquidity management and its implications

  Grant-in-Aid for Scientific Research (C)

  Basic Section 07060:Money and finance-related

  Ryukoku University

  Yuan Tian

  From 01 Apr. 2020, To 31 Mar. 2025, Project Closed

  流動性;負債;投資;資金制約;配当;清算;資金調達;外部資金調達;倒産;曖昧さ;資金調達コスト;資本構成

  https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-20K01763/
• A dynamic model of debt maturity and its applications to risk management

  Grant-in-Aid for Young Scientists (B)

  Ryukoku University

  Yuan Tian

  From 01 Apr. 2016, To 31 Mar. 2020, Project Closed

  負債;倒産;投資;流動性;ロールオーバー;負債の満期;ファイナンス

  https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-16K17151/
• Equilibrium analysis of financial markets with transaction costs

  Grant-in-Aid for Scientific Research (A)

  Kyoto University

  Chiaki Hara

  From 01 Apr. 2013, To 31 Mar. 2018, Project Closed

  ミクロ経済学;数理ファイナンス;金融市場;取引費用;均衡;流動性;曖昧さ;経済理論;金融論;経済学;金融工学

  https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-25245046/
• Modelling of foreign investment and capital structure decisions under uncertainty

  Grant-in-Aid for Young Scientists (B)

  Ryukoku University

  Yuan Tian

  From 01 Apr. 2012, To 31 Mar. 2016, Project Closed

  投資;資金調達;リアルオプション;資本構成;時間非整合的な選好;海外投資;補助金;法人税率の削減;負債移転

  https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-24730283/

Education

Teaching subject(s)

• From 01 Apr. 2026, To 31 Mar. 2027

  Finance: Theory and Applications

  A691, Fall, Graduate School of Economics, 2
• From 01 Apr. 2026, To 31 Mar. 2027

  Financial Engineering

  6179, Fall, Faculty of Economics, 2

Academic, Social Contribution

Committee Memberships

• From Apr. 2022, To Mar. 2026

  委員, 京都大学経済研究所共同利用・共同研究専門部会
• From 2025

  プログラム委員, 日本ファイナンス学会年次大会
• From 2024

  プログラム委員, 日本経済学会秋季大会

Academic Contribution

• TMU Workshop on Finance

  Planning, management, etc.

  首都大学東京金融工学研究センター, From 25 Sep. 2019

  
• Workshop on Financial Risks and Their Management

  Planning, management, etc.

  京都大学経済研究所・龍谷大学経済学部, From 19 Feb. 2019, To 20 Feb. 2019

  
• International Conference on Financial Risks and Uncertainties

  Planning, management, etc.

  京都大学経済研究所・首都大学東京金融工学研究センター, From 17 Jun. 2017, To 18 Jun. 2017

  
• International Conference on Financial Risks and Their management

  Planning, management, etc.

  京都大学経済研究所, From 09 Mar. 2015, To 10 Mar. 2015

  

Social Contribution

• 公開シンポジウム「ESG 投資における超過リターン獲得の方法論」

  Logistic support, Report author

  京都大学経済研究所, From 10 Jan. 2020

  
• 公開シンポジウム「人工知能とビッグデータ～金融市場への含意と展望」

  Logistic support, Report author

  京都大学経済研究所, From 15 Mar. 2019

  
• 公開シンポジウム「フィンテック～その流れとインパクト」

  Logistic support, Report author

  京都大学経済研究所, From 26 Jan. 2018

  
• 公開シンポジウム「金融規制と銀行の統合リスク管理」

  Logistic support, Report author

  京都大学経済研究所, From 15 Feb. 2017