Ogawa, Kazuo; Uchiyama, Hirokuni - Institute of Social and Economic Research (ISER), Osaka … - 2003
An attempt is made to estimate a state space model of investment and borrowing in a Bayesian framework and extract the unobservable agency cost of Japanese firms by firm size. Our estimates of the agency cost exhibited a declining trend in the late 80s and then switched to an increasing trend in...
