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Miwako Nitani

Nitani, Miwako
Associate Professor
Co-Director of the Microprogram Capital Markets; Fellow in Residence, C.D. Howe Institute, Telfer Teaching Excellence Fellow
B.A. (Tokiwamatsu Women's College of Art), B.A. (Hon.) (Musashino Art University), M.B.A. (Sprott), Ph.D. (Sprott)
DMS 7108
613-562-5800 x 4913
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Miwako Nitani holds a PhD in Finance from the Sprott School of Business, Carleton University, where her doctoral dissertation examined structural challenges in the Canadian venture capital sector. She has taught courses in statistics, equity valuation, and international financial management. She has contributed to policy-related research projects for Industry Canada and Export Development Canada, including: work related to the parliamentary review of the Business Development Bank of Canada and research that examines risk of loans in the Canada Small Business Financing Program. Her research has been published in academic journals such as Venture Capital: An International Journal of Entrepreneurial Finance, International Journal of Managerial Finance, International Small Business Journal, and International Business and Economics Research Journal.

Research Interests

Professor Nitani's research encompasses: the roles of banks and governments; junior stock exchanges; credit rationing; liquidity constraints and bank lending; corporate governance and insider trading; stock return volatility; thin-trading; liquidity premiums in stock prices; and the information content implied in stock option prices. A particular aspect of her research relates to the financing of entrepreneurial firms, including the evaluation of existing (and design of new) public policies. Overall, her research seeks to understand how to achieve smoother capital flows in Canada and wealth maximization for society as a whole. Her work identifies obstacles facing companies in need of capital and evaluates existing, and informs new, public policies in support of business creation and growth.

Publications during the last 7 years

Papers in Refereed Journals

  • Rostamkalaei, A., Nitani, M. and Riding, A.L. 2022. Self-employment, financial knowledge, and retirement planning. Journal of Small Business Management, 60(1): 63-92.
  • Nitani, M. and Legendre, N. 2021. Cooperative lenders and the performance of small business loans. Journal of Banking & Finance, 128(July).
  • Legendre, N., Nitani, M. and Riding, A.L. 2021. Are franchises really more viable? Evidence from Loan Defaults. Journal of Business Research, 133: 23-33.
  • Georgieva, V., Nitani, M. and Riding, A.L. 2021. Budgeting and Gender: Employees and Self-Employed. Family & Consumer Sciences Research Journal, 49(4): 310-327.
  • Rostamkalaei, A., Nitani, M. and Riding, A.L. 2020. Borrower discouragement: the role of informal turndowns. Small Business Economics, 54: 173-188.
  • Nitani, M., Riding, A.L. and Orser, B. 2020. Self-employment, gender, financial knowledge, and high-cost borrowing. Journal of Small Business Management, 58(4): 669-706.
  • Nitani, M., Riding, A.L. and He, B. 2019. On Equity Crowdfunding: Investor Rationality and Success Factors. Venture Capital: An International Journal of Entrepreneurial Finance, 21(2-3): 243-272.
  • Nitani, M. and Neville, F. 2018. Growth Aspirations and Financing Choices of Immigrant-Owned New Ventures in Canada. Kindai Management Review, 6.

Invited Contributions and/or Technical Reports

  • Nitani, M. and Nusrat, A.S. 2023. "Scaling up is hard to do: financing canadian small firms", Forthcoming.

Funded Research during the last 7 years

Funded Research during the last 7 years
From-To Source Title * ** Role Amount
2023-2026 SSHRC Insight Grant Scarcity and Financial Decisions on Necessity and Opportunity Entrepreneurs R C PI $ 88,532
2022 Mitacs-JSPS Summer Program The impact of public SME finance on R&D and innovation R O Collaborator $ 3,000
2021-2023 Telfer School of Management Telfer Educational Excellence fellowship R I PI $ 45,000
2018-2022 SSHRC Insight Grant Drawing upon the Entrepreneurial Ecosystem: SMEs, Capital Suppliers, and Public Policy R C PI $ 80,445
2018-2020 SSHRC Insight Grant Over-confidence and Financial Decisions among Self-employed Canadians R C Co-I $ 34,000
2018-2019 SSHRC Partnership Grant Financial Literacy and Canadian Business Owners R C Co-I $ 24,900
2018-2019 SSHRC Partnership Grant Growth Aspirations, Financing and Strategies: Outcomes among SMEs R C PI $ 24,000
2014-2018 SSHRC Insight Grant Financing and the Growth of SMEs R C Co-I $ 82,070


C: Contract (R and D) | E: Equipment Grant | R: Research Grant | S: Support Award | P: Pedagogical Grant | O: Other, U: Unknown

C: Granting Councils | G: Government | F: Foundations | I: UO Internal Funding | O: Other | U: Unknown

PI = Principal Investigator | Co-I = Co-Investigator | Co-PI = Co-Principal Investigator

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