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The degree of judicial enforcement and credit markets : evidence from Japanese household panel data
Horioka, Charles; Sekita, Shizuka - 2009
In this paper, we conduct an empirical analysis of the impact of better judicial enforcement on the probability of being credit rationed, loan size, and the probability of bankruptcy using household-level data from the Japanese Panel Survey of Consumers, conducted by the Institute for Research...
Persistent link: https://www.econbiz.de/10003921866
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General equilibrium dynamics with nai͏̈ve and sophisticated hyperbolic consumers in an overlapping generations economy
Ojima, Takeshi - 2013 - Revised January 2014
Using an overlapping generations model, this paper describes interactions between nai͏̈ve and sophisticated hyperbolic discounters in general equilibrium. The nai͏̈fs, who overestimate their future propensity to save and hence over-forecast the future equilibrium asset prices, are exploited...
Persistent link: https://www.econbiz.de/10011432362
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General equilibrium dynamics with nai͏̈ve and sophisticated hyperbolic consumers in an overlapping generations economy
Ojima, Takeshi - 2013
Using an overlapping generations model, this paper describes interactions between nai͏̈ve and sophisticated hyperbolic discounters in general equilibrium. The nai͏̈fes, who overestimate their future propensity to save and hence over-forecast the future equilibrium asset prices, are exploited...
Persistent link: https://www.econbiz.de/10010126893
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Strategy-proofness on bankruptcy problems with an indivisible object
Hashimoto, Kazuhiko; Nakayama, Yu - 2016
We analyze bankruptcy problems with an indivisible object, where real owners and outside traders want to allocate an indivisible object among them with monetary compensation. The object might be a company that has gone bankrupt or a house left by a parent who has died, and so on. We show that...
Persistent link: https://www.econbiz.de/10011434024
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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
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The demise of bank-centered economy and increasing roles of credit rating in Japan
Yamori, Nobuyoshi (contributor); Asai, Yoshihiro (contributor) - 2006
After the burst of the bubble economy, Japanese economy has been changed drastically. Traditionally, Japanese economy was characterized as a bank-centered economy, but the banking system did not function well in the 1990's. Responding to banking problems, the Japanese government initiated the...
Persistent link: https://www.econbiz.de/10003321259
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Japanese corporate finance : what factors affect the financial decisions of Japanese firms? ; A survey result
Yamori, Nobuyoshi (contributor) - 2006
largest economic block in Japan, with 2041 companies responding. This article introduces the results of this questionnaire …
Persistent link: https://www.econbiz.de/10003321293
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Credit ratings in the Japanese bond market
Yamori, Nobuyoshi (contributor);  … - 2006
Recently, credit ratings have been enhancing the influence on issuers as well as the national economy. This paper explains the historical development and several current features of the Japanese bond market, and discusses why credit ratings gained a significant role in the 1990s. We also present...
Persistent link: https://www.econbiz.de/10003321300
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The dissaving of the aged revisited : the case of Japan
Horioka, Charles (contributor) - 2006
In this paper, I survey the previous literature on the saving behavior of the aged in Japan and then present some … survey data on the saving behavior of the aged in Japan that became available recently. To summarize the main findings of … that this model is highly applicable in the case of Japan. -- Saving ; dissaving ; consumption ; aged ; elderly …
Persistent link: https://www.econbiz.de/10003339272
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Do borrowing constraints matter? : An analysis of why the permanent income hypothesis does not apply in Japan
Kohara, Miki (contributor); Horioka, Charles (contributor) - 2006
importance of borrowing constraints in Japan. We find (1) that 8 to 15 percent of young married Japanese households are borrowing … does not apply in Japan and that the presence of borrowing constraints is not the main reason why it does not apply … Hypothesis ; Euler Equation ; Households ; Japan …
Persistent link: https://www.econbiz.de/10003339290