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Tsuyoshi Sato (PhD) is a researcher in international finance and institutional economics. He holds a Doctor of Philosophy from Hosei University, Japan (2025), an MSc in Finance from SOAS University of London, U.K. (2016), and an MA in Global Political Economy from the University of Hull, U.K. (2004). His research examines how institutional quality, governance, and global value-chain positioning shape firm valuation and financial strategy, with particular emphasis on high-technology industries. His recent work focuses on equity valuation, information credibility, and cross-border heterogeneity in capital markets. Alongside his academic work, he has professional experience in corporate banking and structured finance.
Can heavy R&D spending reduce firm value? This study shows how regulation and institutional quality shape investors' views of innovation.
