This paper studied the governance mechanism of the economic transaction with trade credit: First, we build a theoretical model that bargaining power reduces trade credit ex ante, and expand ex post enforcement power. The ex post enforcement power and cash in the buyer's hand expand the trade...

Japanese corporate governance has long attracted attention from scholars due to its stark differences from the Anglo-Saxon model. Indeed, scholars have pointed to the unique aspects of Japanese governance to explain Japan's economic miracle, only to reverse their view, citing it as a major...

This paper analyzes the existence and the effects of bubbles in an endogenous growth model with financial frictions and heterogeneous investments. Bubbles are likely to emerge when the degree of pledgeability is in the middle range. This suggests that improving the financial market might enhance...

Purpose This real estate insight provides a comprehensive analysis of the current state and future potential of tokenization in the real estate industry mentioning several challenges to overcome to take advantage of this technology. We highlight potential benefits, including enhanced liquidity,...

Why are product prices in online markets dispersed in spite of very small search costs? To address this question, we construct a unique dataset from a Japanese price comparison site, which records price quotes offered by e-retailers as well as customers’clicks on products, which occur...

Since the middle of 1990s, the Japanese banks have continuously tilted their asset portfolio towards the government bonds, reducing their lending to …rms. In this paper, we investigate the causes and consequences of such changes in the banks behaviors, by introducing the bank’s asset...

This paper explores the development of inequalities in income, consumption, and wealth among Japanese households from the 1980s to the 2000s, a period that spans the bursting of Japan’s bubble economy (1991Q1) and the banking crisis (1997Q4). We find that inequality of income and...