We use an international oligopoly model to explore the effects of reductions in trade cost (non-tariff barrier) and travel cost on the domestic and foreign economies, when the choice of the foreign direct investment (FDI) production level is endogenous. In the case where the home firm produces...

Using comprehensive data of Japanese firms, including small-sized and unlisted firms, this paper empirically analyzes the relationship of initial public offerings (IPOs) and the governing boards. The results show that board size, interlocks with other firms, and interlocks with other listed...

This paper investigates whether China's exports to the United States are an outlier. Gravity model results indicate that these exports have exceeded their predicted values by more than $100 billion in every year since 2005, and that both processed exports produced within regional value chains...

In this paper, we investigate whether adverse selection and/or moral hazard can be detected in credit guarantee schemes for small and medium enterprises (SMEs). Using bank-level data, we analyzed whether the subrogation rate is positively associated with the ratio of guaranteed loans to total...

In this paper, I demonstrate that expansionary fiscal policy associated with an increase in public debt can cause a persistent recession. I assume that entrepreneurs have borrowing constraints and that the government issues debt and collects tax from productive entrepreneurs. The government can...

In this paper, I demonstrate that the Laffer curve for a consumption tax increases monotonically and unboundedly in a closed economy in which the supply of one factor of production is fixed. Therefore, in this economy, an arbitrary amount of government debt can be made sustainable by choosing an...

Firms apply for patents not only to obtain the right to exclude but also to prevent their rivals from obtaining patents of competing technologies. Patent applications for the latter purpose are usually called "defensive applications," which have caused the low appraisal rate of Japanese patents....

The sharp depreciation of the yen from the end of 2012 was expected to have a positive impact on the Japanese trade balance, since Japan had recorded large trade deficits since the Great East Japan Earthquake in March 2011. Trade balance tends to deteriorate at the beginning due to the J-curve...

The network structures of interfirm interactions have been linked previously to disaster resilience. However, the dynamic drivers of interfirm network structures rarely have been explored in the literature. This paper uses stochastic actor-oriented modeling to examine how networks of economic...

Governing board interlocks composed from bipartite networks with firms and governing board members diffuse management knowledge and information between firms. In this research, we analyzed governing board interlocks in the IT sectors empirically and reveal that interlocks with both listed firms...