We investigate the relation between firms' ownership structures and q ratios in Japan. At low levels of ownership by main banks, firms' q ratios fall as bank equity ownership rises. At higher levels of bank ownership, this relationship is mitigated and, in some specifications, even reversed. We...

Japan's prolonged economic problems are due to more than faulty macro-economic policies. We do not deny the importance of bungled macro-economic policy, but argue that deeper maladies in Japanese corporate governance made that country increasingly vulnerable to such problems.

Japan's corporate sector has, at different times in recent history, been organized according to every major model. Prior to World War II, wealth Japanese families locked in their control over large corporations by organizing them into pyramidal groups, called zaibatsu, similar to structures...

Rosenstein-Rodan (1943) and others posit that rapid development requires a 'big push' -- the coordinated rapid growth of diverse complementary industries, and suggests a role for government in providing such coordination. We argue that Japan's zaibatsu, or pyramidal business groups, provided...

Using a large sample of Japanese firm level data, we find that Japanese banks act primarily in the short term interests of creditors when dealing with firms outside bank groups. Corporate control mechanisms other than bank oversight appear necessary in these firms. When dealing with firms in...

The Kyoto Protocol agreed on in 1997 allows some flexibility for developed countries in their implementations of their commitments to reduce emissions of CO<INF>2</INF> and other global warming gases. In particular developed countries may receive emission credits for facilitating international cooperation...</inf>

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In the past decade the share of cooperative R&D has increased. In this paper, using a case study of the forest industry in Canada, the antecedents of cooperative R&D and the forms it take are investigated. We show how market failures are corrected in the industry largely through industry wide...