La Porta et al see Anglo-American common law as most favourable to economic development, but in 1899 Japan explicitly preferred the German corporate law tradition. Yet its new Commercial Code omitted the GmbH (private company) form, which Guinnane et al see as the jewel in the crown of...

The wide use of RFM analysis in CRM suggests that these measures contain rather rich information about customer purchase behavior. This research, using the RFM measures of a customer, develops an individual-level CLV model that identifies the underlying behavior traits of purchase rate, lifetime...

‘Abenomics' refers to a new unconventional economic policy regime in Japan since late 2012. It consists of the three arrows: unconventional monetary policy (the first arrow), expansionary fiscal policy (the second arrow), and economic growth strategies to encourage private investment (the...

In this paper, we explore whether unconventional monetary policy in Japan had a negative spillover effect on the rest of the world. After Prime Minister Abe advocated the new policy regime, the Japanese yen depreciated substantially which raised a concern that it would have a beggar-thy-neighbor...

The problem of estimating the large covariance matrix of both normal and non-normal distributions is addressed. In convex combinations of the sample covariance　matrix and the identity matrix multiplied by a scalor statistic, we suggest a new　estimator of the optimal weight based on...

We propose an information criterion which measures the prediction risk of the predictive density based on the Bayesian marginal likelihood from a frequentist point of view. We derive the criteria for selecting variables in linear regression models by putting the prior on the regression...

This is the fourth article in my series, "Improving Economic Statistics in order to Improve Economic Policy and Research". It fleshes out some of the issues presented in the first article, Miwa [2014a]. The second and third articles (Miwa, 2014b, c) investigate the availability and usefulness of...

This is the fifth article in my series, "Improving Economic Statistics in order to Improve Economic Policy and Research". It fleshes out some of the issues presented in the first article, Miwa [2014a]. In reading the four previous articles, readers learn that government statistics in Japan, both...

Construal level theory (CLT), which has been receiving increasing attention in Consumer Behavior Studies, posits that people' s evaluation toward items and incidents differs by the psychological distance between oneself and the object. When this distance is close, people mentally construe the...

This paper examines the economic consequences of a horizontal merger between Korean automakers that took place in 1998, with a particular emphasis on export market behavior. Estimates of structural demand and supply reveal that the merger enhanced production efficiency of the merged party by 6.3...