This paper documents the procedures of constructing industry-level net capital stock and measuring capital services in the Chinese economy. This work is based on our understanding of the major problems in the official investment statistics and follows the system of national accounts (SNA)...

This paper considers the optimal degree of discretion in monetary policy when the central bank conducts policy based on its private information about the state of the economy and is unable to commit. Society seeks to maximize social welfare by imposing restrictions on the central bank's actions...

In this paper, we examine the role of industrial clusters and infrastructure in mitigating or magnifying the impact of the 1995 Kobe earthquake on the survival of manufacturing plants and their post-earthquake economic performance. Our methodological approach is to use information on...

Inward foreign direct investment affects industrial productivity in a host country through a wide range of channels as the presence of foreign firms is heterogeneous across industries, regions, and their characteristics such as entry mode and nationality. Because a wide variety of potential...

Using a large dataset of Japanese firms spanning the period from 1995 to 2011, we analyze private firms' going-public decision as well as their post-initial public offering (IPO) behavior and performance. To this end, we adopt the propensity-score matching difference-in-differences (PSM-DID)...

This paper explores the composition of venture capital syndicates and their impact on portfolio firms' performance. Using a unique dataset comprised of the investment history in each investment round for each portfolio firm, we measure the correlation among various characteristics of lead...

Japan's worldwide tax system previously taxed foreign source income upon repatriation. To stimulate dividend repatriations from Japanese-owned foreign affiliates, Japan introduced a foreign dividend exemption in 2009 that exempts dividends remitted by Japanese-owned foreign affiliates to their...

This study investigates the impact of foreign direct investment (FDI) on domestic corporate performance using firm-level data on Japanese automobile parts suppliers. While previous studies used the propensity score matching method and focused mainly on the impact of the extensive margin of FDI,...

This study investigates the localization of collaborative works in knowledge creation, using data on Japanese patent applications. Applying distance-based methods, we obtained the following results. First, collaborations are significantly localized at the 5% level, within a localization range of...

The influence of managerial attitudes on corporate finance has become a topic of great interest. For example, Malmendier and Tate (2008) show that overconfident managers are more likely to conduct acquisitions. This research explores the impact of national business cultures on cross-border...