This paper investigates the changes in firm value triggered by corporate tax rate changes for which firms have balances on deferred tax allowances and deferred tax assets. The effects on both investment to fixed/current assets are well taken care of with embedded production functions and firm...

We investigate market liquidity, distribution of private information-based trades, and the cost of capital of publicly traded family firms in Japan. First, we find that family firms in Japan have a lower cost of debt, lower market liquidity, and higher information asymmetry. However, we did not...

We investigate market liquidity, distribution of private information-based trades, and the cost of capital of publicly traded family firms in Japan. As to the estimation of information asymmetry and illiquidity, we use the private information flow (Adjusted PIN) and the symmetric order inflow...