The purpose of this paper is to investigate the impact of the length of the grant lag under the early disclosure system in Japan. First, we measure the length of the grant lag. Second, we investigate whether reducing the grant lag significantly increases patent applications. We use data from...

This article presents an empirical investigation of the role of IT（Information Technology）capital in the Japanese macroeconomy, with a particular focus on the adjustment of IT capital stock. We use the Translog model in this study and treat IT capital as the only quasi-fixed factor. We found...

The purpose of this study is to investigate the copyright protection of intellectual property under vertical relations. Vertical relations among author, manufacturer and retailer are considered. We develop several models, each with a different structure of vertical integration. R&D levels, total...

We tested for the presence of IT capital externalities, based on a translog cost function framework applied to 10 Japanese manufacturing industries for the years 1974 to 1993. This framework allows us to test whether investment in IT capital in other industries reduces costs in a given industry....

We tested for the presence of IT capital externalities, based on a translog cost function framework applied to 10 Japanese manufacturing industries for the years 1974 to 1993. This framework allows us to test whether investment in IT capital in other industries reduces costs in a given industry....

Several recent papers argue that contracts provide reference points that affect ex post behavior. We test this hypothesis in a canonical buyer-seller relationship with renegotiation. Our paper provides causal experimental evidence that an initial contract has a highly significant and...

We present an international trade model with multiproduct firms. Firms are heterogeneously endowed with two types of capabilities that jointly determine the trade-off within firms between managing a large portfolio of products and producing at low marginal cost. The model can explain many of the...

This paper reports data from a laboratory experiment on two-period moral hazard problems. The findings corroborate the contract-theoretic insight that even though the periods are technologically unrelated, due to incentive considerations principals can benefit from offering long-term contracts...

We study a continuous-time game of strategic experimentation in which the players try to assess the failure rate of some new equipment or technology. Breakdowns occur at the jump times of a Poisson process whose unknown intensity is either high or low. In marked contrast to existing models, we...

We study endogenous group formation in tournaments employing experimental three-player contests. We find that players in endogenously formed alliances cope better with the moral hazard problem in groups than players who are forced into an alliance. Also, players who are committed to expending...