Though the economies of both Japan and Korea suffered during the 1997-1998 financial crisis, economic performances in both countries have diverged somewhat after the financial crisis. The Korean economy recovered swiftly and has maintained an economic growth rate of 4%, but Japan's economic...

This paper analyzes the effects of Japanese corporate acquisition by foreign and Japanese companies in the manufacturing and wholesale/retail industries, using microdata from the Basic Survey of Japanese Business Structure and Activities. In addition to comparisons by industry, this paper...

This paper analyzes competition policy and antimonopoly law provisions with respect to regional integration. The international aspects of competition policy and antimonopoly law can take a variety of forms. With regard to the forms of agreement between countries, we compare bilateral agreements...

MARUYAMA Hiroshi

Following Corrado et al. (2009), we measure intangible assets at the listed firm level in Japan. Compared to the conventional Tobin's Q, the revised Q including intangibles is almost 1 on average, as suggested by Hall (2000 and 2001). The standard deviation of the revised Q is smaller than that...

This paper investigates the effect of Initial Public Offerings (IPOs) on firm performance. To single out the economic effects on firm performance brought about by issuing IPOs, we employ propensity-score matching difference-in-differences estimation. Using a unique firm-level panel dataset that...

Venture Capital (VC) is often syndicated to invest. The characteristics of each syndicate can vary not only in the number of VC but also in the heterogeneity of VC types included in a syndicate (e.g., bank-dependent, independent, and public etc.). This paper empirically studies how these two...

Corporate-owned assets can be broadly divided into tangible (buildings, structures, etc.) and intangible (knowledge, technology, human resource, etc.). In recent years, efforts have been widely made to construct a quantitative assessment (visualization) of the latter. According to Hulten and Hao...

This paper examines the impact of business cycles and monetary policy on bank loan supply. To this end, we use a unique firm-bank match-level dataset covering listed firms in Japan that allows us to control for firms' time-varying unobservable loan demand and endogenous bank-firm matching, so...

A firm's choice of location is very important because it reveals the firm's dynamics. Using a unique firm-level data set, we examine whether and how the presence of incumbent transaction partners (i.e., suppliers, customers, and lender banks) affects this choice. To this end, we focus on those...