Dr Yoichi Otsubo

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Position: Lecturer in Finance


I joined Manchester Business School, the University of Manchester in January 2015. I previously held appointments at Bank of Japan, Institute for Monetary and Economics Studies (2014) and at University of Luxembourg, Luxembourg School of Finance (2011-2014). I hold a Ph.D. in Economics from Rutgers University and received both my B.A. in International Relations and M.A. in International Political Economy from University of Tsukuba.

Research Interests

In my research, I investigate aspects of financial economics, particularly the informational efficiency of financial markets (e.g. market microstructure, price discovery process). I am currently working on crude oil price differential, asymmetric information around news arrival, and informativeness of intra-day option implied moments.

Programme involvement

Specialist fields




Publication summary




Working papers

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Showing 4 publication(s)


  • Grammatikos, T., Lehnert, T., & Otsubo, Y. (2015). Market Perceptions of US and European Policy Actions Around the Subprime Crisis. Journal of International Financial Markets, Institutions & Money, 37, 99-113. . Publication link: ea40ce23-ecb4-45f3-bc29-40743cf17253
  • Otsubo, Y. (2015). Measuring the Bid-Ask Spread: A Note on the Potential Downward Bias of the Thompson-Waller Estimator. Applied Economics Letters, 22, 808-814. . Publication link: 995e6326-be1b-4d36-9826-101d4e92e46f


  • Mizrach, B., & Otsubo, Y. (2014). The market microstructure of the European climate exchange. Journal of Banking & Finance, 39, 107-116. . Publication link: 9e115d61-fb7c-4143-b0c7-3fc23aeabcec