This paper investigates the value relevance of earnings in four transportation industries (railroad, transportation by land, shipping, and warehouse). The business environments in those industries are not the same as those in manufacturing industry, since a part of transportation business in...

This paper investigates the value relevance of earnings in the electricity, gas and petroleum (refining) industries. Although these industries belong to the same category, i.e. energy industry, the value relevance of earnings differs in industries and periods. Their relevance is determined by...

The purpose of this paper is to investigate the accounting performance of the firms recognizing impairment losses and analyze the accounting behavior of those firms. We focus on two performance measures, i.e. sales margin and earnings to average total asset (ROA). Firms recognizing impairment...

In this paper, we explore the historical development of the organization of the Japanese cotton spinning industry, from an evolutionary perspective. We focus on how "fitness" factors, namely, exit (death) rate, entry (birth) rate, growth rate and conversion rate of cotton spinning firms worked...

This paper analyzes the role of merchant coalition (kabu-nakama)in 18th and early 19th Century Japan, from a standpoint of the historical institutional analysis (Greif [1997]). The quantitative economic history literature has made clear that sustainable economic growth based on a market economy...

This paper investigates, by industry and by period, the value relevance of earnings of industrial firms in Japan. The richness of its relevance is determined by the closeness of relation between expected permanent earnings of a firm and reported earnings, i.e. the persistence of earnings. The...

Industrialization and Urbanization in the European countries in the 19th century gave rise to various urban problems in regard to public hygiene, poverty, housing and social infrastructure etc. These problems forced to the urban governments to solve them and to transform the administration...

For decades, scholars outside of economics have explained Japanese economic growth through prudent government management. Although economists have been more critical, even they have usually viewed favorably the role the government played in finance. In these favorable accounts, they often give...

This paper investigates the value relevance of components of net income by industries and periods. Net income is divided into three components, i.e. operating profits, financial income (including non-core operating profits), and other income (extraordinary items, special items and taxes), which...

This paper proposes the social insurance contribution rule that is based on a unified framework. It also discusses a desirable direction of reform. If the rule is based on that of private insurance, the contribution should be related to benefits. When a policy purpose requires mandatory...