Purpose – This paper sets out to explain the poor nature of industrial relations in Meiji Japan (1868-1911), especially the puzzling lack of Neo-Confucianist values. Design/methodology/approach – This paper combines two approaches. First, it draws on and scrutinizes the major literature....

Currency mismatches in corporate balance sheets have been singled out as an important factor underlying the severity of recent financial crises. We propose several structural models for measuring default risk for firms with currency mismatches in their asset/liability structure. The proposed...

This paper estimates bond-by-bond "haircuts"-realized investor losses-in recent debt restructurings in Russia, Ukraine, Pakistan, Ecuador, Argentina, and Uruguay. We consider both external and domestic retructurings. Haircuts are computed as the percentage difference between the present values...