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Miwako Nitani

Nitani, Miwako
Associate Professor
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

Chapters in Books

  • Nitani, M. and Riding, A.L. Intervention, venture capital and internationalization: a case to consider. In Scott, J. and Hussain, J.. International Research Handbook on Entrepreneurial Finance. London, UK: Edward Elgar Publishing, Inc., 2015.

Papers in Refereed Journals

  • Georgieva, V. **, Nitani, M. and Riding, A.L. 2021. Budgeting and gender: employees and self-employed. Family & Consumer Sciences Research Journal, 49(3).
  • 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.
  • Nitani, M. and Legendre, N. **. 2021. Cooperative lenders and the performance of small business loans. Journal of Banking & Finance, 128(July).
  • 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.
  • Rostamkalaei, A. **, Nitani, M. and Riding, A.L. 2020. Borrower discouragement: the role of informal turndowns. Small Business Economics, 54(1): 173-188.
  • Rostamkalaei, A., Nitani, M. and Riding, A.L. 2019. Self-employment, financial knowledge, and retirement planning. Journal of Small Business Management.
  • 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.
  • Nitani, M. and Legendre, N. **. 2016. Fund Size and the Success of Venture Capital Exits. Kindai Management Review, 4: 73–86.
  • Kong, S. **, Nitani, M. and Riding, A.L. 2016. On Cross-Border VC Investment in Canadian Firms. Venture Capital: An International Journal of Entrepreneurial Finance, 18(1): 63-93.
  • Nitani, M., Carriere, B. ** and Bleackley, A. **. 2015. Recognizing Corporate Citizenship: Market Reactions. Journal of Sustainable Finance & Investment, 5(1-2): 85-102.
  • Nitani, M. and Riding, A.L. 2015. Risk Factors and the Canada Small Business Financing program. Journal of Small Business and Entrepreneurship, 27(3): 251-274.

Funded Research during the last 7 years

Funded Research during the last 7 years
From-To Source Title * ** Role Amount
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
2015-2016 SSHRC Insight Development Grant Financial Crises, Credit Guarantees, and Financing for Small- and Medium-Sized Enterprises R C PI $ 33,101
2015-2016 Undergraduate Research Opportunity Program (UROP) Equity Crowdfunding: Current Situation in North America R I PI $ 1,000
2014-2018 SSHRC Insight Grant Financing and the Growth of SMEs R C Co-I $ 82,070
2014 CREWW (Centre for Research and Education on Women and Work) The Impact of Female-focused SME Interventions in Advanced Technology Sectors R O Co-I $ 5,000


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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