Purpose: The purpose of this paper is to provide new empirical evidence on the important role of market transparency in international real estate investment. Design/methodology/approach: The authors apply the augmented panel regression method (or the correlated random effects approach) by using...

Japan has experienced turbulent behavior of land prices after World War II, especially after 1985. This paper first examines the explanatory power of a simple present-value model and shows its limitation. We then investigate two additional (not mutually exclusive) factors affecting the Japanese...

The present paper will construct a simple model of land development to reconsider the lock-in effect of capital gains taxation under perfect foresight. In the case where there is no competitive rental market, as in Japan, a lock- in effect deters the efficient land use. We will distinguish...

This book theoretically and empirically explores why Japanese banks engaged in seemingly contradictory behaviors in the 1990s, namely, the credit crunch and evergreening, i.e., inefficient additional lending. A credit crunch occurs when banks are unwilling to finance good and efficient projects....