This paper investigates the relationship between market liquidity and bank-dominated corporate governance structure of Japanese listed firms, represented as main bank relationships and cross shareholdings. We find that (i) main bank lending relationships increase market liquidity and reduce...

This paper examines the relations between the disciplinary role of Japanese relationship-oriented corporate governance mechanisms, such as keiretsu memberships and bank-appointed directors, and pay-performance sensitivity in Japan. Previous studies show that pay-performance sensitivity is...

This paper examines the relationship between the level of Japanese business managers' compensation and the quality of corporate governance, and whether weaker governance structures lead to poorer future performance. The conclusions of this paper are as follows. First, the level of Japanese...

This paper examines the relationship between the level of managerial compensation and the quality of corporate governance in Japan in the period following the bubble burst of 1991-1995. There are three main findings. First, Japanese firms with weaker governance have greater agency problems in...

This paper examines the sufficient condition for the existence of synchronization risk as defined in Abreu and Brunnermeier (2003). Using a numerical example, it shows that there is an upper bound to the selling threshold for bubble bursting. This implies that the selling threshold stipulated as...

This note reexamines Abreu and Brunnermeier's (2003) analysis of a bubble that persists towards synchronization risk. We find that a certain condition that usually does not hold is required for the existence of synchronization risk.

This note reexamines Abreu and Brunnermeier's (2003) analysis of a bubble that persists towards synchronization risk. We find that a certain condition that usually does not hold is required for the existence of synchronization risk.

This paper investigates how peoplefs happiness depends on their current activities and on time. We conducted an hourly web survey, in which 70 students reported their happiness every hour on one day every month from December 2006 to February 2008. This method is an extension of the experience...

This paper presents an examination of the relation between pre-trade transparency and market quality in the Tokyo Stock Exchange (TSE). Mixed evidence related to this relation has been reported worldwide. We analyzed this relation using a discrete change of disclosure policy in the 2000s. A...