This paper is a detailed historical survey of Suffolk Banking System. The System is a voluntary and private bank note clearing system in New England at the dawn of American capitalism, and continued for about 40 years (1819-1858). Managing this System by the Suffolk Bank in Boston, cash reserves...

The present paper provides a survey on the recent progress in the theory of repeated games. Many recent works investigated infinitely repeated games with discounting, and newly assumed that monitoring is private. These works provided their respective folk theorems or efficiency theorems on this...

In the recent X-12-ARIMA program developed by the United States Census Bureau for seasonal adjustments, the RegARIMA modeling has been extensively utilized. We shall discuss some problems in the RegARIMA modeling when the time series are realizations of non-stationary integrated stochastic...

This paper analyzes the modularization in the world auto industry. The modularization in the industry has been involving architectural changes in product, production, and supplier systems, with each region (Japan, Europe, and the U.S.A.) emphasizing different purposes and aspects. As an attempt...

This paper investigates whether earnings of the firms, which belong to the sluggish industries under recent recession in Japan, is value relevant. It is often said that, while the relevance of earnings is recently declining, the relevance of book value of equity increases gradually. Moreover, it...

This paper is a companion paper to "Publicly Listed Parent/Subsidiary Pairs: Benchmarking to TOPIX and Market Distortion," by the same authors. The purpose of this separate piece is to give a more intuitive and non-mathematical illustration of the structure of the model, its assumptions, and...

This paper explores the impact of publicly listed parent/subsidiary pairs on the pricing and volatility of companies' shares. We construct a noisy rational expectations equilibrium model in which a parent and@its subsidiary company are both publicly listed. Two classes of traders participate...

While RFM analysis is popular among practioners, ad-hoc rules are often employed to judge whether customers are alive or not. Because customers do not declare explicitly when they are dead, a company infers a customer is dead if she did not make any purchase, for example, for over three months....

It is conceived that the percentage of completion method make periodical earnings smoother than the completed contract method and that it can reflect construction activities of the firm on earnings more timely. Based on this intuition, some people believe that earnings recognized by the...

Although bank loans themselves are illiquid because of inside information, most of their cashflows are not. Recent financial innovations allow most bank loans to be liquefied via credit derivatives and actual and synthetic securitizations. The loan originating-monitoring bank holds the remaining...