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Naoya Nishimura

Naoya Nishimura
Executive Director, MSCI Research

About the Contributor

Naoya Nishimura is an Executive Director in the Equity Solutions Research team. He works with asset owners and managers on using MSCI indexes and analytics. Previously, Naoya was an investment strategist and portfolio manager at T&D Asset Management and Resona Bank. He started his career at Sumitomo Mitsui Banking Corp. Naoya holds a B.S. from Kyoto University and an MBA in Finance from Hitotsubashi University. He is a CFA Charterholder.

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Blog posts by Naoya Nishimura


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  1. BLOG

    Including Microcaps in Benchmark Indexes: Japan vs. US 

    Apr 7, 2021 Naoya Nishimura

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    Selecting an equity benchmark may mean balancing market coverage and investability. For example, exhaustive coverage may include microcap stocks, with lower liquidity and investment capacity. But excluding them may reduce low-size-premium exposure.

  2. BLOG

    Would Integrating ESG in Chinese Equities Have Worked? 

    Jul 7, 2020 Naoya Nishimura , Shuo Xu

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    ESG ratings have reflected financial risk and returns in developed-market and emerging-market equities. But was this true in China, where ESG considerations are still in their infancy?

  3. BLOG

    将 ESG 融入到中国股票的成效如何? 

    Jul 7, 2020 Naoya Nishimura , Shuo Xu

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    过去两年,中国企业的 ESG 评级大幅提升。通过回测,剔除一些 ESG 评级低的股票,能够有助于一批聚焦中国的主动型基金在过去五年半时间内降低风险和提高投资回报。

  4. BLOG

    Best practices for Japanese equity indexes 

    Apr 28, 2020 Naoya Nishimura

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    Planned reforms in the stock exchange of Japan sparked a debate on investability and market representativeness of the country’s domestic benchmark index. We investigated three approaches to market-cap-weighted equity indexes.

  5. BLOG

    What it may mean for Japanese stocks if easy money ends 

    Nov 22, 2018 Naoya Nishimura

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    Some observers are concerned that when the Bank of Japan (BOJ) eventually ends its ultra-easy monetary policy, it could hurt the Japanese stock market. Part of this concern stems from the fact that the BOJ’s unconventional monetary policy involves purchasing Japanese exchange-traded funds (ETFs).

  6. BLOG

    Is Japan’s “lost decade” over? 

    Aug 14, 2018 Naoya Nishimura

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    The Japanese equity market’s spectacular crash in the early 1990s is referred to as the “lost decade.” Recently, this period has been extended to include the decade that followed. Despite this, most Japanese investors continue to favor an outsized domestic equity allocation. This home bias has come with a huge opportunity cost. Since the end of 1987, the cumulative return of global stocks was over 1,400% in yen terms, while the cumulative return of Japanese stocks was only 49%.