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Why commercial banks held excess reserves : the Japanese experience of the late '90s

Ogawa, Kazuo (contributor) - 2004 - [Elektronische Ressource]

We investigated, empirically, why Japanese banks held excess reserves in the late 1990s. Specifically, we pin down two factors explaining the demand for excess reserves: a low short-term interest rate, or call rate, and the fragile financial health of banks. The virtually zero call rate...

Persistent link: https://www.econbiz.de/10002506816

Does agency cost model explain business fluctuations in Japan? : An empirical attempt to estimate agency cost by firm size

Ogawa, Kazuo (contributor); Uchiyama, Hirokuni (contributor) - 2003 - [Elektronische Ressource]

firms in Japan. -- Agency cost ; Investment ; Collateral ; Land ; Borrowing ; State space model ; Kalman filter ; Gibbs …

Persistent link: https://www.econbiz.de/10001751324

Debt, R&D investment and technological progress : a panel study of Japanese manufacturing firms in the 90s

Ogawa, Kazuo (contributor) - 2004 - [Elektronische Ressource]

Based on a panel data set of Japanese manufacturing firms in research-intensive industries, we investigate quantitatively the extent to which debt outstandings in the 90s affected the firm’s R&D activities. We find that massive debt outstandings had significantly negative effect on R&D...

Persistent link: https://www.econbiz.de/10002104622

Why did Japan's household savings rate fall in the 1990s?

Ogawa, Kazuo (contributor) - 2005

the proportion of liquidity-constrained households increased sharply in the late 1990s, which led to a decline in Japan …This paper investigates empirically why Japan’s household savings rate fell in the 1990s. We constructed an economic … model consisting of two types of household: unconstrained life-cycle households and liquidity-constrained households …

Persistent link: https://www.econbiz.de/10002719933

Financial distress and corporate investment : the Japanese case in the 90s

Ogawa, Kazuo (contributor) - 2003 - [Elektronische Ressource]

We examine quantitatively the extent to which financial distress in the 90s affected Japanese corporate investment. Based on the firm-level data that includes small, unlisted firms, we estimate investment function to measure the impact of financial distress on investment. We find that the...

Persistent link: https://www.econbiz.de/10001763114

Credit allocation of Japanese banks in the 1990s : evidence from the short-term economic survey of enterprises

Ogawa, Kazuo (contributor) - 2007

This study is an empirical attempt to investigate the effects of balance sheet deterioration of Japanese firms and banks during the 1990s on credit allocation using the Short-term Economic Survey of Enterprises. This survey includes a unique item: the proportion of firms perceiving the lending...

Persistent link: https://www.econbiz.de/10003407383

Information, investment, and the stock market : a study of investment revision data of Japanese manufacturing industries

Ogawa, Kazuo (contributor); Suzuki, Kazuyuki (contributor) - 2007

We examined investment behavior in the Japanese manufacturing industry using investment revision data to analyze investment behavior from a fresh angle. We tested the martingale investment hypothesis and then the q-theory of investment by looking at the response of stock return and investment to...

Persistent link: https://www.econbiz.de/10003407387

Why are concavity conditions not satisfied in the cost function? : the case of Japanese manufacturing firms during the bubble period

Ogawa, Kazuo (contributor) - 2008

This paper examines empirically some of the reasons why Japanese manufacturing firms frequently fail to satisfy concavity conditions of the cost function. We focus on the “bubble period” in the 1980s when land was in great demand for reasons related to both production and speculation, and...

Persistent link: https://www.econbiz.de/10003757808