In this paper, we propose a theoretical model in which a banking crisis (or bank distress) causes declines in the aggregate productivity. When borrowing firms need additional bank loans to continue their businesses, a high probability of bank failure discourages ex ante investments (i.e.,...

This paper explains the corporate revival process of Nitto Kougyou, a famous golf courses managing company in Japan. After the crash of bubbles in Japan, the profit condition of Nitto Kougyou dropped drastically. Goldman Sachs bought this company in 2001 and filed for court-mandated...

This paper empirically investigates which event can affect stock pricing through equity repurchases, the announcement of board meetings, the approval by general meetings of stockholders, or the incident of actual purchases, thereby clarifying the motivation behind equity repurchases. In...

This paper examines corporate revival processes in Japan. In recent years, corporate revival processes are drastically changing in Japan. For example, important bankruptcy laws have been revised and Industrial Revitalization Corporation was established. Moreover, many corporate revival funds are...

This paper explains the corporate revival process of Snow Brand Milk Products Co. Ltd. (Yuki-Jirushi), a famous dairy-products company in Japan. As a result of a string of scandals, Yuki-Jirushi experienced sudden drops of sales and profits. In order to improve the profit condition, Yuki-Jirushi...

In 2005, Japanese firms were allowed to introduce the anti-takeover amendments. By using of the data of 2005, this paper examined the incentives and effects of anti-takeover amendments in Japan. It has shown that the performances of the ATA introduced firms dropped in 2005 fiscal year. These...

This paper analyzes the effects of bubbles in an infinitely-lived agent model of endogenous growth with financial frictions and heterogeneous agents. We provide a complete characterization on the relationship between financial frictions and the existence of bubbles. Our model predicts that if...

A seminal work by Fumagalli and Motta (2006) explored that an incumbent manufacturer cannot deter an entry by exclusive dealing contract with distributors. This paper extends the flamework of Fumagalli and Motta and examines a situation in which an incumbent distributor tries to deter an entry...

This paper examines the effects of exclusive dealing contracts offered by an incumbent distributor to an incumbent manufacturer with entrants in both manufacturing and distribution sectors. It is well-known that a potential entry threat is welfare increasing under homogenous price competition,...