Over the last half century, numerous theoretical and empirical studies have been conducted in the field of corporate finance on topics such as firms’ investment behavior, financing, and dividend policy.1 The findings of these studies are circulated not only among academics but also among businesspersons through their education at business school. In fact, corporate finance textbooks used at business schools in various countries (e.g., Brealey, Myers, and Allen 2011 and Ross, Westerfield, and Jaffe 2008) largely reflect the research findings on corporate finance.