This is a short essay motivated by the author's concern about the creation of a new series of lumpy credit risk exposures entering Japanese bank portfolios, in particular through recent c omeback of real estate transactions. The essay will be printed in "Keizai Kyousitsu" of the Nikkei Morning...

This paper investigates the value relevance of earnings in the electricity, gas and petroleum (refining) industries. Although these industries belong to the same category, i.e. energy industry, the value relevance of earnings differs in industries and periods. Their relevance is determined by...

This paper investigates the value relevance of components of net income by industries and periods. Net income is divided into three components, i.e. operating profits, financial income (including non-core operating profits), and other income (extraordinary items, special items and taxes), which...

This paper proposes the social insurance contribution rule that is based on a unified framework. It also discusses a desirable direction of reform. If the rule is based on that of private insurance, the contribution should be related to benefits. When a policy purpose requires mandatory...

This article originates from a speech given by the author in the seminar organized by the Security Analysts Association of Japan (SAAJ) on September fifth of 2003 to commemorate the founding of the Certified International Investment Analyst (CIIA) qualification. In the first half, I give a...

This paper aims to review researches on financial businesses in Tokugawa Japan. Recently, it is made clear that economic institutions play an important role for economic growth. Moreover, some scholars insist that financial factors influences economic growth, though others criticize this view....

Despite the many economic studies documenting the problems governments face in trying to control or guide economic growth, the literature on postwar Japan posits an exception: during the first three years after World War II, the Japanese government (working with the Allied occupation)...

This exploratory paper deals with some basic concepts of architectural strategy, or application of the concept of architecture to strategic management, as well as the issue of measuring architecture. First, the paper discusses definitions and types of product architecture, including integral,...

We propose a Separation Theorem of Active Management. It asserts that in the so-called Enhanced Active Portfolio framework the efficient frontier is linear in the active return/active risk space, and one can separate the determination of optimal active portfolio weights from the determination of...

This paper investigates the value relevance of accounting earnings, with testing empirically the association between stock price levels and earnings of manufacturing firms in Japan. This research provides major five results as follows. First, whether to deflate the variables included in the...