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In this paper we develop an empirical model of entrepreneurs' business continuation decisions, and we estimate its parameters using a new panel of monthly alcohol tax returns from bars in the state of Texas. In our data, entrepreneurial failure is frequent and predictable. In the first year of...
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In Japan, the Consumer Price Index (CPI) is widely used as a measure of inflation or the cost of living. The CPI is … Japanese CPI, and provide some quantitative assessment. Based on currently available information, I place the point estimate … field in Japan. …
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This paper focuses on the recently developing financial derivatives markets, and examines the usefulness of option prices as an information variable for monetary policy implementation. A set of option prices provides us with information on the whole probability distribution of the future values...
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The efficiency of Japanese stock market to appropriately price the riskiness of Japanese firms has been frequently … questioned, particularly with respect to Japanese banks which have experienced severe financial distress in recent years. This … paper examines the response in the stock market returns of Japanese commercial banks to the failure of four commercial banks …
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