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This paper investigates the impact of product market competition (PMC) on private benefits of control (PBC). We estimate PBC using the voting premium between shares with differential voting rights. We use two measures of the intensity of product market competition: an external competition...

This study investigates the determinants of companies' voluntary information disclosure. Employing a large and unique dataset on the companies' own earnings forecasts and their frequencies, we conducted an empirical analysis of the effects of a firm's ownership, board, and capital structures on...

This paper explores the structure and function of the intra-firm trade network in Mitsubishi Corporation (Mitsubishi Shoji) from 1928 to 1936. In this period, Mitsubishi Co. substantially expanded its global branch network. Using original documents of Mitsubishi Co., we obtained the data on the...

To what extent does a tax credit affect firms' R&D activity? What are the mechanisms? This paper examines the effect of the 2003 Japanese tax credit reform on firms' R&D investment by exploiting cross-sectional variation across firms in the changes in the effective tax credit rate between 2002...