There seems to be broad consensus in the literature that comprehensive VATs are most appropriately assigned to the central level of government. Japan's Local Consumption Tax is unique in the sense that it combines origin-based piggy backing on the national VAT with a clearing system that is...

This paper examines the development of the Tokyo Stock Exchange since its inception in 1878 to the mid-1930s. Special attention is paid to the increases in the number of listed stocks throughout this period. By the mid-1930s, the Tokyo Stock Exchange had grown to a market bigger (measured...

By focusing its attention on one particular scoring method that is used to evaluate R&D projects, this paper seeks to specify empirically the factors that discriminate successful projects from failed projects in the Japanese chemical industry. Our statistical analysis revealed that when projects...

This paper tries to trace the way in which various methods were used in the payment of wages in Yawata Steel Works from 1900s to 1930s. The widely held idea behind the wage payment in the post WW‡U Japanese society has required companies to pay wages which not only guarantee the amount of...

We often see people procrastinate what should be done immediately. This propensity seems to be especially high in Japan as bad loans problem in 1990 exemplifies. Propcrastinations in collective decision making tend to occur when there are many stakeholders. They tend to waste time while trying...

This paper explores the flow of fund around the holding company (headquarters) of Mitsubishi Zaibatsu during the Second World War. From the late 1930s, the Mitsubishi holding company started to raise fund from the outside capital market through selling the shares of its affiliated companies, and...

This paper investigates the attributes of the multi-step income 1) operating profits, 2) earnings before tax, special and extra-ordinary items, and 3) net income, and then this paper confirms the rationality of the multi-step performance reporting. We examine the relationship between the...

Recently the various types of the equity-linked insurance have been introduced and actively traded in Japanese insurance markets. We investigate the basic problems of the actuarial risk management methods for those products based on the Markovian regime-switching time series model, which was...

This paper explores the change in the security portfolio of the holding company of Mitsubishi Zaibatsu (Mitsubishi Partnership) and its implication on the profitability of that company. First we confirmed that Mitsubishi Partnership substantially altered the portfolio from 1925 to 1935,...

In this paper, we investigate who bears the burden when writing off bad loans in Japan. Traditionally, Japanese main banks bore large burdens in saving their customers. We still find that some main banks bear a large burden in saving their customers. However, in most cases, main banks became...