Toward a Sustainable Society

About Us

The Research Institute of Capital Formation (RICF) was established on July 1, 1964, as a department of the Japan Development Bank, with Dr. Osamu Shimomura as its first executive director. The institute currently serves as a research department of the Development Bank of Japan, conducting research aimed at the formation of a sustainable economy and society.

Shimomura Fellowship

Development Bank of Japan (DBJ) offers non-Japanese researchers the Shimomura Fellowship, named in honor of the late Dr. Osamu Shimomura, a noted Japanese economist.

What's New

News Back Number

21/04/2025 Seminar

Research seminar "AI and Fintech Research" was held.

24/01/2025 Financial DB

"Handbook of Industrial Financial Data 2024" was published (in Japanese).

21/01/2025 Event

Workshop "Inclusion and Sustainable Development" (Co-hosted by The University of Tokyo & Seoul National University) was held.

19/12/2024 Research Paper

Discussion Paper "How Costly Are Cultural Biases? Evidence from FinTech" was published.

26/11/2024 Seminar

Research seminar "The role and effectiveness of FinTech in P2P lending" was held.

14/11/2024 Seminar

Research seminar "The Value of Social Media Anonymity: Evidence from the Stock Market" was held.

18/10/2024 Seminar

Research seminar "Fighting Climate Change with FinTech" was held.

16/10/2024 People

We are pleased to announce that Professor Alberto G. Rossi (McDonough School of Business, Georgetown University) joined our institute as Shimomura Fellow.

20/09/2024 Research Paper

Discussion Paper "The Role of Corporate Venture Capital in Japan" was published.

20/08/2024 Seminar

Research seminar "The Role of Corporate Venture Capital in Japan" was held.

22/07/2024 Seminar

Research seminar "Do Activists Trade Options: Evidence from Passive Blockholders Becoming Active" was held.

18/07/2024 People

We are pleased to announce that Professor Vladimir I. Ivanov (U.S. Securities and Exchange Commission) joined our institute as Shimomura Fellow.

16/07/2024 Seminar

Research seminar "Managing Ownership by Management" was held.

03/06/2024 Research Paper

Economics Today "Sustainability in Medical and Long-Term Care- Rebuilding the Medical and Long-Term Care Provision System Post-2025 -" was published (in Japanese).

24/05/2024 Seminar

Research seminar "The Role of Public Intangibles on Externalities of Public Infrastructure in Japan-Empirical Studies Using the Japanese Regional Database-" was held.

30/04/2024 Research Paper

Economics Today "The Behavioral Discipline and the Moral of Economic Agents: Messages from Dr. Kozo HORIUCHI toward the Moral Philosophy for the Future" was published (in Japanese).

30/04/2024 Research Paper

Discussion Paper "Selection and Pricing of Green and Sustainability-Linked Corporate Bonds" was uploaded.

12/04/2024 Seminar

Research seminar "Unleashing Innovation and Entrepreneurship: Ripple Effects of Employment Protection Reforms" was held.

29/03/2024 Research Paper

Discussion Paper "Post-Pandemic Surges of Real Unit Energy Costs in Eight Industrialized Countries" was uploaded.

22/03/2024 Research Paper

Discussion Paper "Life Science Ecosystem Formation in Singapore - The Process of Focusing on ‘Translation’ -" was uploaded.

16/01/2024 Financial DB

"Handbook of Industrial Financial Data 2023" was published (in Japanese).

16/02/2024 Seminar

Research seminar "Exorbitant Privilege" as An Equilibrium ― Is the Privilege Persistent? ― was held.

Recent Research Papers

Other Research Papers

16/01/2024 Financial DB

 Handbook of Industrial Financial Data 2024 (DBJ Research Institute of Capital Formation (ed.)) (in Japanese).

19/12/2024 Discussion paper

How Costly Are Cultural Biases? Evidence from FinTech (ROSSI, Alberto G.)[PDF: 15M]

20/09/2024 Discussion paper

The Role of Corporate Venture Capital in Japan (IVANOV, Vladimir I)[PDF:307K]

03/06/2024 Economics Today

 Sustainability in Medical and Long-Term Care-Rebuilding the Medical and Long-Term Care Provision System Post-2025- (Tatsufumi Aoyama) (in Japanese).

30/04/2024 Economics Today

 The Behavioral Discipline and the Moral of Economic Agents: Messages from Dr. Kozo HORIUCHI toward the Moral Philosophy for the Future (Yaginuma Hisashi, Morio Kuninori, Makoto Hasebe and Yuko Hosoda) (in Japanese).

30/04/2024 Discussion paper

Selection and Pricing of Green and Sustainability-Linked Corporate Bonds (Ramirez, Maria Gonzalez and John K. Wald)[PDF:387K]

29/03/2024 Discussion paper

Post-Pandemic Surges of Real Unit Energy Costs in Eight Industrialized Countries (Nomura Koji, and Sho Inaba)[PDF:2.2M]

22/03/2024 Discussion paper

Life Science Ecosystem Formation in Singapore - The Process of Focusing on ‘Translation’ - (Tatsufumi Aoyama)[PDF:439K]

16/01/2024 Financial DB

 Handbook of Industrial Financial Data 2023 (DBJ Research Institute of Capital Formation (ed.)) (in Japanese).

01/11/2023 Economics Today

The Effect of Covid-19 on Cities and the Outlook for the Future (Kenichi Ueno).[PDF:793K]