The gap between marginal revenues and marginal costs of inputs (i.e., distortions or wedges) at establishments potentially lower aggregate total factor productivity (TFP) by preventing efficient allocation of resources among incumbents, deterring entry and exit, and affecting technology choices....

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...

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...

Using a large dataset of Japanese firms spanning the period from 1995 to 2011, we analyze private firms' going-public decision as well as their post-initial public offering (IPO) behavior and performance. To this end, we adopt the propensity-score matching difference-in-differences (PSM-DID)...

This paper explores the composition of venture capital syndicates and their impact on portfolio firms' performance. Using a unique dataset comprised of the investment history in each investment round for each portfolio firm, we measure the correlation among various characteristics of lead...

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...

Though the economies of both Japan and Korea suffered during the 1997-1998 financial crisis, economic performances in both countries have diverged somewhat after the financial crisis. The Korean economy recovered swiftly and has maintained an economic growth rate of 4%, but Japan's economic...

This paper analyzes the effects of Japanese corporate acquisition by foreign and Japanese companies in the manufacturing and wholesale/retail industries, using microdata from the Basic Survey of Japanese Business Structure and Activities. In addition to comparisons by industry, this paper...

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...