The usual procedures for testing the significance of sample correlations between pairs of independently normally distributed series are not appropriate for testing sample correlations between pairs of autocorrelated series. We present sampling evidence supporting our hypothesis that the...

In this paper we explain the process and policy implications of Japanese firms' adoption of recently reformed corporate governance practices. We use a selective adaptation framework in doing so. We present some qualitative predictions about the possible outcome of their adoption process. One...

Management and protection of proprietary intangible assets, such as technology and management skills, are important for firms considering international expansion via joint ventures. Joint venture partners have incentives to appropriate intangible property. Also, many governments have instituted...

Rosenstein-Rodan (1943) and others posit that rapid development requires a 'big push' -- the coordinated rapid growth of diverse complementary industries, and suggests a role for government in providing such coordination. We argue that Japan's zaibatsu, or pyramidal business groups, provided...

Many firms generate large amounts of carbon dioxide and other greenhouse gases when they burn fossil fuels in their production processes. In addition, production of raw materials and other inputs the firms procure for their operations also generates greenhouse gases indirectly. These direct and...