Labour contracts tend to be more complicated than one simple short or long-term contract which is the basis of previous studies. Combinations of different length contracts become essential when principals expect to maximize not only verifiable outputs but also observable but unverifiable...

It is widely believed that corporate boards are overly reluctant to fire their CEOs. The conventional explanation for retaining a CEO regardless of his/her talent is that a CEO chooses the board members and has the power to fire them. However, very few studies have investigated how a new CEO is...

This paper analyses two pronounced features of Japanese corporate governance : large corporate boards almost entirely composed of insiders and the tendency to appoint CEOs through internal promotions. It is often argued that Japanese boards are less effective in monitoring CEOs than U.S. boards...

This paper analyses two pronounced features of Japanese corporate governance--large corporate boards almost entirely composed of insiders and the tendency to appoint CEOs through internal promotions. It is often argued that Japanese boards are less effective in monitoring CEOs than U.S. boards...

It is widely believed that corporate boards are overly reluctant to fire their CEOs. The conventional explanation for retaining a CEO regardless of his/her talent is that a CEO chooses the board members and has the power to fire them. However, very few studies have investigated how a new CEO is...

In the paper, we propose a new calculation scheme for American options in the framework of a forward backward stochastic dierential equation (FBSDE). The well-known decomposition of an American option price with that of a European option of the same maturity and the remaining early exercise...

This is a translation of Cassel's "Socialpolitik"(1902). Today this book is almost forgotten even in Sweden. But it had a great influence on public opinion in those days. We should pay attention to following four points in Cassel's discussion in this book. 1) Cassel criticizes (Manchester)...

We explore how changes in ownership and managerial control affect the productivity and profitability of producers. Using detailed operational, financial, management, and ownership data from the Japanese cotton spinning industry at the turn of the last century, we find a more nuanced picture than...

<p>In this article, we propose tests for covariance matrices of high dimension with fewer observations than the dimension for a general class of distributions with positive definite covariance matrices. In one-sample case, tests are proposed for sphericity and for testing the hypothesis that the...</p>

We consider minimax shrinkage estimation of a location vector of a spherically symmetric distribution under a loss function which is a concave function of the usual squared error loss. In particular for distributions which are scale mixtures of normals (and somewhat more generally), and for...