We propose a framework to examine banks’ asset securitization program. It provides a comprehensive view that explains various separate findings and claims in the literature. We derive optimal timing and quantity of banks’ asset securitization by explicitly incorporating stochastic asset...

Exporting used durable goods for additional consumption in a developing economy, a concept we call \global reuse", has unfortunate negative consequences if those goods contain toxic substances. The cathode ray tubes (CRTs) of televisions and personal computers contain large amounts of lead oxide...

We study the credit default swap (CDS) markets in the U.S. and Japan, focusing on bid-ask spreads which are closely related to the liquidity of the markets. Since bid-ask spreads dramatically surged during the financial crisis (2008-2009) and the market became very illiquid, it is crucially...

This paper investigates the effect of changes in the retention ratio, profit share, interest rate, and natural rate of growth on the rate of capital accumulation and the financial structure of firms by using a Kaleckian growth model with labor supply constraints. We show that if the economy...

This paper investigates the properties of intergenerationally equitable dis- counting by using an axiomatically well-founded welfare function which was originally developed by Epstein (1983), and more recently extended by Bommier and Zuber (2008). In stead of seeking for the appropriate value of...

Foreign shareholders have purchased many stocks issued by Japanese firms in recent years. Thus, they are expected to have a strong influence. In this paper, I analyze whether or not foreign shareholders demand changes in the number of employees in the firms of the foods, chemical, glass,...

This paper provides a general framework with which a dynamic problem with potential regime shifts can be analyzed in a strategic environment as well as from social planner’s perspective. A typical situation described by such a game is the joint exploitation of a common-property resource such...

We perform comparative statics for a general model of asymmetric oligopoly and derive a concise formula for the response of one firm to a marginal change in its rival’s strategic variable, taking into account the responses of all other firms. We obtain the conditions under which the sign of...

This paper investigates smoking status, including nicotine dependence, on the basis of a quasi-hyperbolic discounting approach. This approach reconciles the traditional rational addiction model and the bounded rational addiction model. The paper measures two key parameters: impatience, in line...

In Japan, the percentage of shareholders has increased while dividend rate has decrease. In previous years, the dividend rate is said to be lower in Japan than in USA or Europe. Dividend rates in Japanese firms could have increased as far as foreign shareholders have increased since most of them...