This article develops a multitask model in which the agent has to produce both verifiable and unverifiable outputs in a dynamic framework as observed in actual labor markets and practices. The model derives an important result regarding the timing and the length of a wage contract. A short-term...

In this paper, we investigate equilibrium cycles in dynamic general equilibrium models with cash-in-advance constraints. Our findings are two-fold. First, in such models, if an equilibrium cycle exists, then there also exists a continuum of equilibrium cycles in its neighborhood. Second, the...

This paper investigates the relationship between value relevance of the multi-step income statement and managerial opportunistic behavior. In Japan, net income is disclosed by three steps, i.e., 1) operating profits from core operating activity, 2) ordinary income, measured by adding gains and...

The purpose of this paper is to investigate the value relevance of the legally mandated provisions. This paper examines the effects of changes in provisions on the value relevance of earnings. The results show that the calculation of provisions will deteriorate the relevance of earnings when the...

In this paper, we present a search model with divisible money in which there exists a continuum of monetary equilibria with strictly increasing continuous value functions and with non-discrete money holdings distributions.

In this paper, it is shown that real indeterminacy of stationary equilibria generically arises in most matching models with perfectly divisible fiat money. In other words, the real indeterminacy follows from the condition for stationarity of money holdings, and surprisingly it has nothing to do...

In this paper, we consider a two period decision problem, where the feasible set is the set of "certain x uncertain" consumption pairs. That is the decision maker chooses (x, m) in a feasible set, where x is a certain first period consumption and m is a random second period consumption, a Borei...

This paper investigates the role of policy in money search models with divisible money. Recently, real indeterminacy of stationary equilibria has been found in both specific and general search models with divisible money. Thus if we assume the divisibility of money, it would be quite difficult...

This paper investigates the value relevance of earnings and the explanatory power of earnings for subsequent returns. This analysis, at the same time, examines the efficiency of capital markets. The targets of this paper are two class of returns over different periods. Cross-sectional analysis...

This study analyzes the value-relevance of accounting information in electric utilities in Japan. First, regression results show that earnings information, especially operating profits from electric business and earnings before taxes and extra ordinary items, have the higher explanatory power...