This paper analyzes the formation and modification of yakuin-shoyo in Japan. Yakuin signifies directors and auditors in these days. Soon after the Meiji Restoration, however, yakuin signified directors and white-collar workers, because National Bank Act of 1872 used this term in this way and...

This paper aims to review researches on financial businesses in Tokugawa Japan. Recently, it is made clear that economic institutions play an important role for economic growth. Moreover, some scholars insist that financial factors influences economic growth, though others criticize this view....

This paper investigates the value relevance of accounting earnings, with testing empirically the association between stock price levels and earnings of manufacturing firms in Japan. This research provides major five results as follows. First, whether to deflate the variables included in the...

In this paper, we examine the influences of the Showa Financial Crisis on Mitsubishi Bank, one of the largest banks in prewar Japan, using its daily financial data. It is known that the Crisis gave contrasting effects on the major banks and the other ones. Large amount of deposits moved from the...

This paper proposes a new three-factor model with stochastic mean reversions for commodity prices and derives the closed-form solution for the term structure of futures prices. It also examines the relation of our model with Schwartz(1997) type models that explicitly include interest rates and...

Recent surge of large real estate lending in Japan suggests the creation of a new series of lumpy credit risk exposures entering Japanese bank portfolios. It is necessary to transform these types of large, concentrated exposures into more manageable pieces of risk. The development of syndication...

We examine a dictator game with a "voice" option in the laboratory. In the dictator game, player 1 dictates how to divide a pie, and player 2 simply receives his/her share, i.e., unlike in an ultimatum game, he/she does not have an option to reject this division. In our experiment, player 2 has...

We summarize the recent developments on the statistical method of Lasso-Quantile Regression and we apply it to a Non-life Insurance problem. We discuss the asymptotic properties of the Quantile Regression estimator, the computational aspects related to the Linear Programming problem and the...

This paper investigates the value relevance of earnings components in the income statement, paying attention to the inter-period allocation of earnings. While prior studies only examine the pattern of allocation, this research examines both the relationship between the components in the year and...

This paper proposes a structural model to price credit risk of firms with short-term and long-term debts. This enables one to distinguish between default probabilities in the short run and in the long run, and to identify how the composition of debts affects credit risk. We endogenize the banks'...