to the major zaibatsu in pre-war Japan basically outperformed other companies in terms of ROE, using panel data of 1935 … and Mitsubishi was only one aspect of the pre-war Japanese corporate system. In addition to the major zaibatsu, many small …

. Using detailed operational, financial, and ownership data from the Japanese cotton spinning industry at the turn of the last …

(horizontal differentiation). The market context is Japan's cotton spinning industry at the turn of the last century. We find that …