This paper empirically studies the impact of banks' efficiency on their client firms' export behavior. Our empirical analysis shows that the marginal impact of the total factor productivity (TFP) of cash-flow constrained firms to the extensive margin of exports increases as the efficiency of top...

This paper proposes one measure for the productivity of banks and studies how it affects the sensitivity of a client firm's capital investment with respect to investment opportunity. As a direct measure for the productivity of banks, we employ the risk-adjusted profit of an individual bank,...

This paper examines how Japanese firms' export decision is affected by the availability of information on export markets, focusing on whether the availability of such information has a different impact on the export decision between large firms and small and medium-sized enterprises (SMEs). In...

This paper examines how firms’ decision to start exporting is affected by the availability of information on export markets. Unlike existing studies which focus on information sharing among firms, we are interested in the information provided by firms’ main bank. Specifically, using a unique...

(Introduction) The purpose of this paper is to explain the preliminary version of the newly compiled Japan Industrial Productivity Database (JIP 2006) and report some results of our growth accounting analysis based on this database. The JIP 2006 contains information on 108 sectors from 1970 to...

This paper studies the quantitative impact of the efficiency of lender banks on their client firms' total factor productivity. By using the panel data for bank and firm characteristics including the efficiency of banks, we empirically establish the positive correlation between the growth and the...

This paper verifies the real effects of fiscal consolidation using the empirical model built upon the theoretical explanations about the real effects of public debt accumulation elaborated in Shoji (2013), and it aims at identifying the mechanism of the economic stagnation characterized by low...

While the Japanese economy has been characterized by historically low interest rates, in the euro area, the sovereign debt crisis has occurred due to the high risk premium required by investors. Recently, the bill related to the Comprehensive Reform of Social Security and Tax, which includes the...

This paper investigates the effect of export activities on firm performance by taking into account whether or not exporter firms' affiliated companies (i.e., their own subsidiaries and parent companies' branches) are located in the export markets. To single out a causal impact on firm...

This paper explores the composition of venture capital syndicates and their impact on portfolio firms' performance. Using a unique dataset comprised of the investment history in each investment round for each portfolio firm, we measure the correlation among various characteristics of lead...