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

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.

01/11/2023 Research Paper

Economics Today "The Effect of Covid-19 on Cities and the Outlook for the Future" was published.

20/10/2023 Seminar

Research seminar "Trend Inflation in the Japanese pre-2000s: A Markov-Switching DSGE Estimation" was held.

25/07/2022 Seminar

Research seminar "Placeholder CEOs" was held.

13/07/2023 Seminar

Research seminar "Selection and Pricing of Green and Sustainability-Linked Corporate Bonds" was held.

06/07/2023 SpringerBriefs

SpringerBriefs in Economics "Recent Advances in the Theory of Third-Degree Price Discrimination: A Nexus to Network Effects, Innovation, and Behavioral Aspects" was published.

16/06/2023 Seminar

Research seminar "Unsecured loans and Intangible Investment" was held.

08/06/2023 Seminar

Research seminar "Country-Level Air Pollutants and Institutions" was held.

05/06/2023 Seminar

Research seminar "Empowering Women by Index Membership: Evidence from a Unique Experiment from Japan" was held.

01/06/2023 People

We are pleased to announce that Professor John K. Wald (University of Texas) joined our institute as Shimomura Fellow.

28/04/2023 Research Paper

Economics Today "Structure and Ingenuity of Ecosystem Formation in Life Science - System Formation in Belgium and Challenges in Japan -" was published.

21/04/2023 Seminar

Research seminar "The Value of Bank Relationships: Evidence from the COVID-19 Crisis" was held.

13/02/2023 Seminar

Research seminar "The Impact of Quantity Easing on Bank Lending in Japan" was held.

30/01/2023 Financial DB

"Handbook of Industrial Financial Data 2022" was published (in Japanese).

20/01/2023 Seminar

Research seminar "Financial Innovations, Taxes, and the Growth of Finance" was held.

10/01/2023 SpringerBriefs

Springer Monographs"Energy Productivity and Economic Growth: Experiences of the Japanese Industries, 1955-2019" was published.

09/12/2022 Seminar

Research seminar "Floods and Loan Reallocation: New Evidence" was held.

18/10/2022 Seminar

Research seminar "Excellent Science as a Driver for Innovation" was held.

14/10/2022 Seminar

Research seminar "Term limit CEO and firm performance" was held.

31/08/2022 Research Paper

Discussion Paper "The Real Effect of ESG Rating Agencies" was uploaded.

21/07/2022 Seminar

Research seminar "Ecosystem Based Organisation: External, Internal, and Strategic Alignment" was held.

15/07/2022 Seminar

Research seminar "Firm Growth through New Establishments" was held.

14/07/2022 Seminar

Research seminar "ESG in Banking" was held.

05/07/2022 Seminar

Research seminar "Strategic Realignment: Overcoming Disruption and Improving Performance" was held.

01/07/2022 People

We are pleased to announce that Associate Professor Jonathan P. Trevor (University of Oxford) joined our institute as Shimomura Fellow.

13/06/2022 Seminar

Research seminar "Do the asset owner's investment policies affect asset managers' ESG activities?" was held.

03/06/2022 Seminar

Research seminar "The Real Effect of ESG Rating Agencies" was held.

01/06/2022 People

We are pleased to announce that Associate Professor Christo A. Pirinsky (University of Central Florida) joined our institute as Shimomura Fellow.

15/04/2022 Seminar

Research seminar "Fire-Sale Risk in the Leveraged Loan Market" was held.

18/02/2022 Seminar

Research seminar "Triple Bubbles of a Single Firm" was held.

28/01/2022 Seminar

Research seminar "Measuring robot quality: Has quality improvement slowed down?" was held.

Recent Research Papers

Other Research Papers

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]

28/04/2023 Economics Today

Structure and Ingenuity of Ecosystem Formation in Life Science - System Formation in Belgium and Challenges in Japan - (Tatsufumi Aoyama)[PDF:2.2M]

30/01/2023 Financial DB

 Handbook of Industrial Financial Data 2022 (DBJ Research Institute of Capital Formation (ed.)) (in Japanese).

31/08/2022 Discussion paper

The Real Effect of ESG Rating Agencies (Bikmetova, Natalya and Christo A. Pirinsky)[PDF:795K]

20/12/2021 Financial DB

 Handbook of Industrial Financial Data 2021 (DBJ Research Institute of Capital Formation (ed.)) (in Japanese).

06/09/2021 Economics Today

 Board Gender Diversity and Environmental Disclosure: Evidence from Listed Firms in Japan (Ayako Ozawa) (in Japanese).

08/03/2021 Discussion paper

The Distribution of Voting Rights to Shareholders (Fos, Vyacheslav and Clifford G. Holderness)[PDF:661K]

Information
Springer Monographs & SpringerBriefs in Economics: DBJ Research Series 新規ウインドウで開きます

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.

Development Bank of Japan