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This paper analytically demonstrates that the tails of income and wealth distributions converge to a Pareto distribution in a variation of the Solow or Ramsey growth model where households bear idiosyncratic investment shocks. The Pareto exponent is shown to be decreasing in the shock variance,...

This paper studies the effect of strategic complementarity among firms' lumpy investments on the fluctuations of aggregate investments. We investigate an extensive panel data set on Italian manufacturing firms. We first show that the fluctuations of fraction of firms that experience large...

In this thesis, we will analyze the effect of venture capitalists (VC) on patent applications, focusing on their effects on patent applications in the pre-and post-IPO periods for Japanese firms. It can be stated that the shareholding by VC is positively correlated with their patent applications...

This paper presents a model of endogenous fluctuations of investment and output at the business cycles frequencies. Aggregate investments fluctuate endogenously due to the strategic complementarity of micro-level lumpy investments. The investment fluctuations are transmitted to the output via...

This paper examines how mobile music businesses have been developed in Japan and Korea, two countries that have led the world in creating and developing the mobile music industry. We pay attention to the music copyright institution as a "reverse salient," which we argue has played an important...

The number of requests for patent examination showed a significant increase of 83% from 1997 to 2007 in Japan, while the number of patent applications increased by only 1%. This paper aims at theoretically and empirically analyzing the causes of recent "explosion" of examination requests,...