This paper provides novel evidence on the long-term effect of the Great Recession on the quality of jobs, in particular whether the Great Recession results in the replacement of “good jobs” (characterized by high wage/benefit, job security, and opportunity for training and development) with...

This paper reviews the evolution of the Japanese banking sector and the development of the banking crisis in Japan in the context of "too big to fail." It describes the deterioration of the Japanese financial sector caused by the bad loan problems and the failure of policymakers to get a grip on...

I examine the relation between Tobin's Q and the structure of foreign equity ownership for a sample of 945 industrial firms listed in the 1st Section of the Tokyo Stock Exchange. I find evidence of significant curvilinear relation between Q and the fraction of common stocks owned by foreigners...

Although there are many studies on executive compensation, many of these studies often take for granted the 'Anglo-American style of corporate governance'. This paper seeks to contrast the effect of corporate governance on the directors' incentive, by comparing the UK and Japan. There is a...

Applying a common empirical approach to comparable industry-level data on production, trade, and labor markets for Japan and South Korea, this paper aims to investigate the impacts of outsourcing on different sectors of the labor market focusing on differences in educational attainment. While...

This paper examines investment spending of Japanese firms around the "asset price bubble" in the late-1980s and makes three contributions to our understanding of how stock valuations affect investment. First, corporate investment responds significantly to nonfundamental components of stock...

The start-up of new businesses has been attracting considerable attention due to their potential contribution to innovation. However, there are few econometric studies on the determinants of R&D by start-up firms. Using firm-level, industry-level, and regional data, this paper examines the...

Despite various expected advantages, university-industry research collaboration (UIC), a relationship between two different worlds, often faces serious difficulties. Thus, the performance of UIC depends on the research partners’ strategies to bridge the gaps between them according to the...

This paper studies an early participatory rural development program implemented during the 1930s in Japan. This program selected several villages each year to draft and implement their own original development plans. I discuss the implications of the features of the program on its effectiveness....

Improving agricultural productivity is a pressing challenge for rapidly growing economies. Farmland concentration among core famers is instrumental for reaping the economies of scale. However, farmland fragmentation often serves as a barrier to such structural adjustments. This paper studies...