We study how the urban context of a disaster affects protection decisions against catastrophes using the 1995 Kobe earthquake, which is highly relevant to urban life but difficult to link with rural life. We use a Bayesian approach to identify regions with major cities where the sensitivities of...

When previous studies analyze the relationship between compensation scheme and corporate behavior, they do not explicitly consider the personal risk aversion of executives. We directly measure the degree of risk aversion by a survey with Japanese data. We find that the higher the personal risk...

This study examines wealth effects of mergers and acquisitions in developing mergers and acquisitions market by using data of both domestic and cross-border acquisitions by Japanese firms. Although Japan had the second largest GDP in the world during the analyzed period, active market for...

This paper aims to introduce new evidence of consistently negative impacts on enterprise value when corporations increase real estate holdings. Adopting a different approach from previous studies, our data analysis shows that corporate real estate portfolios and enterprise value share an inverse...

This paper aims to introduce new evidence of consistently negative impacts on enterprise value when corporations increase real estate holdings. Adopting a different approach from previous studies, our data analysis shows that corporate real estate portfolios and enterprise value share an inverse...

This study empirically examines whether mergers and acquisitions (M&As) by Japanese firms have positive wealth effects for the shareholders of the acquiring firms. We tested stock price performance at both the time of the initial announcement and the post-announcement period for 658 domestic and...