This paper focuses on a particular type of strategic manipulation observed in Japanese daycare allocations. Some parents intentionally apply to a highly demanded daycare and are rejected, because a certificate indicating that they were rejected is required to extend the parental leave period....

We employ a little-used dataset to study the Japan's Real Estate Investment Trusts (REITs) market. We make use of copula theory and test for dependence between equity and REIT returns using several popular copula families. The copula families in our specification were: Gaussian, Student-t,...

All but two professional baseball leagues have adopted the “designated hitter” (DH) rule, which allows a team’s manager to designate a player to bat at the plate and run the bases in place of another player, usually the team’s pitcher. Unlike the team’s other players, the designated...

The relationship between the size and return of mutual funds has been a central interest from practical viewpoints. Using the substantial heterogeneity associated with the size of Japanese mutual funds over the early stage of their life cycle, which we call as "initial fund size anomaly", we...

This paper investigates how mutual funds performed in Japan before and after the 2008 outburst of the global financial crisis, that is during the extension of an extraordinary unconventional monetary policy by the Bank of Japan. Style and performance analyses are employed in order to investigate...

Since 1998, sales channels for investment trusts have expanded in Japan. We expected this to result in greater demand for investment trusts but these expectations have yet to be met. The underlying causes of investment trusts' slow growth may be due to negative net returns to individual...

This paper assesses the performance of 355 actively managed Japanese Equity Mutual Funds between April 2011 and April 2016. The equal weight portfolio and Jensen’s alpha measures of active management provide strong evidence that Japanese Mutual Funds fail to outperform the benchmark...