Research Institute of Capital Formation (RICF) | Development Bank of Japan (DBJ)

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.

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

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19/12/2024		Discussion Paper "How Costly Are Cultural Biases? Evidence from FinTech" was published.
26/11/2024		Research seminar "The role and effectiveness of FinTech in P2P lending" was held.
14/11/2024		Research seminar "The Value of Social Media Anonymity: Evidence from the Stock Market" was held.
18/10/2024		Research seminar "Fighting Climate Change with FinTech" was held.
16/10/2024		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		Discussion Paper "The Role of Corporate Venture Capital in Japan" was published.
20/08/2024		Research seminar "The Role of Corporate Venture Capital in Japan" was held.
22/07/2024		Research seminar "Do Activists Trade Options: Evidence from Passive Blockholders Becoming Active" was held.
18/07/2024		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		Research seminar "Managing Ownership by Management" was held.
03/06/2024		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		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		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		Discussion Paper "Selection and Pricing of Green and Sustainability-Linked Corporate Bonds" was uploaded.
12/04/2024		Research seminar "Unleashing Innovation and Entrepreneurship: Ripple Effects of Employment Protection Reforms" was held.
29/03/2024		Discussion Paper "Post-Pandemic Surges of Real Unit Energy Costs in Eight Industrialized Countries" was uploaded.
22/03/2024		Discussion Paper "Life Science Ecosystem Formation in Singapore - The Process of Focusing on ‘Translation’ -" was uploaded.
16/01/2024		"Handbook of Industrial Financial Data 2023" was published (in Japanese).
16/02/2024		Research seminar "Exorbitant Privilege" as An Equilibrium ― Is the Privilege Persistent? ― was held.

Recent Research Papers

Other Research Papers

19/12/2024		How Costly Are Cultural Biases? Evidence from FinTech (ROSSI, Alberto G.)[PDF: 15M]
20/09/2024		The Role of Corporate Venture Capital in Japan (IVANOV, Vladimir I)[PDF:307K]
03/06/2024		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		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		Selection and Pricing of Green and Sustainability-Linked Corporate Bonds (Ramirez, Maria Gonzalez and John K. Wald)[PDF:387K]
29/03/2024		Post-Pandemic Surges of Real Unit Energy Costs in Eight Industrialized Countries (Nomura Koji, and Sho Inaba)[PDF:2.2M]
22/03/2024		Life Science Ecosystem Formation in Singapore - The Process of Focusing on ‘Translation’ - (Tatsufumi Aoyama)[PDF:439K]
16/01/2024		Handbook of Industrial Financial Data 2023 (DBJ Research Institute　of Capital Formation (ed.)) (in Japanese).
01/11/2023		The Effect of Covid-19 on Cities and the Outlook for the Future (Kenichi Ueno).[PDF:793K]
28/04/2023		Structure and Ingenuity of Ecosystem Formation in Life Science - System Formation in Belgium and Challenges in Japan - (Tatsufumi Aoyama)[PDF:2.2M]

Information: Springer Monographs & SpringerBriefs in Economics: DBJ Research Series
English monographs, launched in commemoration of the 50th anniversary of RICF, based on research by the RICF staff as well as other researchers in various capacities.