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...

The Japanese government's Abenomics policy has been beneficial mainly for some large companies thus far, and policies that also can spread the benefits to local areas and small and medium-sized enterprises (SMEs) are needed. It is regretful that no such model exists in Japan, thus I conducted a...

This study is an empirical attempt to investigate whether firms' bond issues mitigate rent extraction by their banks. To that end, I focus on the cash holdings of Japanese listed firms in the early 1980s, when Japanese banks used compensation balances as a device to extract rent from their...

The paper investigates the features of production networks of Japanese manufacturing firms and their domestic operations and export/import activities in normal periods and during the Global Financial Crisis (GFC). Our previous empirical studies have shown that firms that expand their operations...

The purpose of this paper is to examine how the March 11, 2011 earthquake and tsunami impacted the economies of the disaster-affected and other areas of Japan. Using a multiplier analysis, we measured the impacts of each of the following events: a drastic decrease in exports from the affected...

This paper estimates the pass-through between market interest rates and deposit interest rates in Japan, in order to investigate whether the bank deposit markets are geographically segmented. The unique feature of this paper is to make use of monthly deposit interest rates posted by 106 regional...