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Yoshio Nozawa

Yoshio Nozawa

Assistant Professor, Finance Area, University of Toronto Scarborough


Ph.D. in Finance and Economics (Joint Degree), University of Chicago, U.S.


Yoshio Nozawa is an Assistant Professor of Finance in the Department of Management, University of Toronto Scarborough and the Rotman School of Management (cross appointed). His research interests are on asset pricing, with a particular focus on fixed income and credit risk. His research has been published in leading academic and practitioner journals including the American Economic Review and Journal of Finance

Before joining the University of Toronto, Yoshio was an Assistant Professor of Finance at the Hong Kong University of Science and Technology and worked as a senior economist in the Division of Monetary Affairs at the Federal Reserve Board.

Academic Positions

  • 2018-2021

    Assistant Professor, Hong Kong University of Science and Technology

Non-Academic Positions

  • 2013-2018

    Economist, Senior Economist, Federal Reserve Board

Selected Publications - Papers

  • Corporate Bond Market Reactions to Quantitative Easing During the COVID-19 Pandemic

    Yoshio Nozawa and Yancheng Qiu

    Journal of Banking and Finance

  • A One-Factor Model of Corporate Bond Premia

    Redouane Elkamhi, Chanik Jo, and Yoshio Nozawa

    Management Science



  • Fire-Sale Risk in the Leveraged Loan Market

    Redouane Elkamhi and Yoshio Nozawa

    Journal of Financial Economics



    Pages: 1120-1147

  • Liquidity Supply in the Corporate Bond Market

    Jonathan Goldberg and Yoshio Nozawa

    Journal of Finance



    Pages: 755-796

  • Option-Based Credit Spreads

    Chris Culp, Yoshio Nozawa and Pietro Veronesi

    American Economic Review



    Pages: 454-488

  • Are Capital Market Anomalies Common to Equity and Corporate Bond Markets?

    Tarun Chordia, Amit Goyal, Avanidhar Subrahmanyam and Qing Tong

    Journal of Financial and Quantitative Analysis



    Pages: 1301-1342

  • What Drives the Cross-section of Credit Spreads?: A Variance Decomposition Approach

    Yoshio Nozawa

    Journal of Finance



    Pages: 2045-2072

Research and Teaching Interests

Asset Pricing, Credit Risk, Fixed Income

Honors and Awards

  • 2022

    Referee of the Year, Review of Asset Pricing Studies

  • 2010

    Bradley Fellowship, Bradley Foundation

  • 2015

    AQR Insight Award, AQR

Professional Affiliations/Memberships

  • Japan Finance Association

  • European Finance Association

  • American Finance Association