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The causes of Japan's 'lost decade': The role of household consumption
Horioka, Charles Yuji - 2006
stagnation of investment, especially private fixed investment, was the primary culprit. I then investigate the causes of the …
Persistent link: https://www.econbiz.de/10010332277
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Financial distress and corporate investment: The Japanese case in the 90s
Ogawa, Kazuo - 2003
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 firm's ratio of debt to total asset exerts a significantly negative effect on …
Persistent link: https://www.econbiz.de/10010332354
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What factors determine the number of trading partners?
Matsushima, Noriaki; Shinohara, Ryusuke - 2011
's variable costs is significant, and that in its sunk investment is weak. Investment may be greater when the number of trading …
Persistent link: https://www.econbiz.de/10010332385
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Flipping in the Housing Market
Leung, Charles K. - 2017
We add arbitraging middlemen - investors who attempt to profit from buying low and selling high - to a canonical housing market search model. Flipping tends to take place in sluggish and tight, but not in moderate, markets. To follow is the possibility of multiple equilibria. In one equilibrium,...
Persistent link: https://www.econbiz.de/10012964797
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Adam Smith's answer to the Feldstein-Horioka paradox: The invisible hand revisited
Yasutomi, Ayumu; Horioka, Charles Yuji - 2010
In this paper, we show that Adam Smith pointed out the existence of the Feldstein-Horioka Paradox or Puzzle and even gave an explanation for it more than 200 years before the publication of Feldstein and Horioka (1980). Smith argues that it is the pursuit of their own security that leads owners...
Persistent link: https://www.econbiz.de/10010332269
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Infrastructure upgrades and foreclosure with coexistence of service-based and facility-based firms
Matsushima, Noriaki; Mizuno, Keizo - 2012
We investigate the incentives for facility-based firms to invest in infrastructure upgrades and to foreclose service-based firms. We focus on asymmetric regulation regarding servicebased firms' access to the infrastructure held by a facility-based firm. Spillovers from the infrastructure...
Persistent link: https://www.econbiz.de/10010332381
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Multi-Market Competition, R&D, and Welfare in Oligopoly
Kawasaki, Akio - 2010
We investigate a multi-market Cournot model with strategic process R&D investments wherein a multi-market monopolist meets entrants that enter one of the markets. We find that entry can enhance the total R&D expenditure of the incumbent firm. That is, entry can stimulate R&D effort. Moreover,...
Persistent link: https://www.econbiz.de/10013137368
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Horizontal Mergers, Firm Heterogeneity, and R&D Investments
Matsushima, Noriaki - 2009
process R&D and on the product market. We examine how a merger affects the output, investment, and profits of firms, whether …
Persistent link: https://www.econbiz.de/10013156465
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The Solution to the Feldstein-Horioka Puzzle
Horioka, Charles Yuji - 2017
, which is that even though global financial markets appear to be integrated, levels of saving and investment are correlated …
Persistent link: https://www.econbiz.de/10012944160
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Decreasing Marginal Impatience and Capital Accumulation in a Two-Country World Economy
Hirose, Ken‐Ichi - 2013
This research is the first to examine dynamic general equilibrium in a growing two-country economy under decreasing marginal impatience (DMI). The stability condition is shown to be more restrictive than in the case of an endowment economy and/or under increasing marginal impatience (IMI). By...
Persistent link: https://www.econbiz.de/10013076936