This paper examines development processes of a country when the degree of verifiability is endogenously determined. We characterize the development processes rigorously and show that although the efforts for improving of verifiability are important, the income distribution of a country is...

This paper examines the effects of exclusive dealing contracts in a simple model with manufacturers-distributors relations. We consider entrants in both manufacturing and distribution sectors. It is well-known that a potential entry threat is welfare increasing under homogenous price...

When we intend to hire a professional expert, which type of expert should we hire? Although it is sometimes claimed that decisions of experts tend to be conservative, is it optimal to choose a conservative expert? This paper attempts to answer these questions. It will show that a principal...

In this paper, we propose a theoretical model in which a banking crisis (or bank distress) causes declines in the aggregate productivity. When borrowing firms need additional bank loans to continue their businesses, a high probability of bank failure discourages ex ante investments (i.e.,...

This paper explains the corporate revival process of Nitto Kougyou, a famous golf courses managing company in Japan. After the crash of bubbles in Japan, the profit condition of Nitto Kougyou dropped drastically. Goldman Sachs bought this company in 2001 and filed for court-mandated...

This paper empirically investigates which event can affect stock pricing through equity repurchases, the announcement of board meetings, the approval by general meetings of stockholders, or the incident of actual purchases, thereby clarifying the motivation behind equity repurchases. In...

This paper examines corporate revival processes in Japan. In recent years, corporate revival processes are drastically changing in Japan. For example, important bankruptcy laws have been revised and Industrial Revitalization Corporation was established. Moreover, many corporate revival funds are...

This paper explains the corporate revival process of Snow Brand Milk Products Co. Ltd. (Yuki-Jirushi), a famous dairy-products company in Japan. As a result of a string of scandals, Yuki-Jirushi experienced sudden drops of sales and profits. In order to improve the profit condition, Yuki-Jirushi...

In 2005, Japanese firms were allowed to introduce the anti-takeover amendments. By using of the data of 2005, this paper examined the incentives and effects of anti-takeover amendments in Japan. It has shown that the performances of the ATA introduced firms dropped in 2005 fiscal year. These...

This paper examines the effects of exclusive dealing contracts offered by an incumbent distributor to an incumbent manufacturer with entrants in both manufacturing and distribution sectors. It is well-known that a potential entry threat is welfare increasing under homogenous price competition,...