This paper examines the effect of negative demand shocks on the labor composition of firms, focusing on the change in the ratio of temporary agency workers to all workers.To distinguish a causal link from product demands to employee composition from the reverse causation, we used the global...

We analyze the characteristics of Japanese firms that introduced antitakeover provisions after the official guidelines for antitakeover provisions were released in 2005. Our main results are the following. First, firms' operating performance or stock market valuations were not related to the...

We investigate the international transmission of the credit crisis triggered by the Lehman default in September 2008 using Japan's stock market data. Using cumulative returns (CR) during the crisis, starting from the day of Lehman's default and lasting until the day prior to the news of the TARP...

In this paper we analyze the characteristics of firms that introduced hostile takeover defense measures in fiscal years 2005 and 2006. We analyze the motivation for adopting these measures after categorizing it as either (1) depressed corporate performance, (2) self-protection for corporate...

This paper analyzes changes in corporate performance pre-and post-merger, using a database of 1,590 corporate mergers (including unlisted companies), which took place between 1994 and 2002. The database was created using RECOF Corporation's M&A data and firm-level data from the Basic Survey of...

We investigate the international transmission of the financial crisis in 2008-2009 to Japanese firms by examining both the stock price responses to the crisis events and the changes in operating performance subsequent to the crisis. Both the stock price responses and ex-post operating...

This study investigates the effect of a negative demand shock on the composition of the type of workers at firms, focusing on the change in the share of temporary agency in all workers. To clearly identify the causal link between the demand a firm faces and the composition of its workforce in...

We investigate the impact of merger on innovation and efficiency using a micro dataset of Japanese manufacturing firms including unlisted firms during the period of 1995-1999. We find that the acquirer's total factor productivity (TFP) decreases immediately after mergers and does not...

Recent developments in empirical studies have shown that an increase in minimum wages has a non-negative overall employment effect, which is inconsistent with the prediction generated by the textbook competitive labor market model. This paper examines the mechanism that explicitly explains this...

Recent developments in the literature on employment protection legislation (EPL) have revealed that changing the stringency of employment protection can lead to extensive consequences outside of the labour market, by affecting firms' production decisions or workers' commitment levels. This paper...