In this study, we statistically test the validity of the mechanics of complex vertical foreign direct investment (VFDI) in Japanese machinery FDI to East Asia by estimating a multiple-spatial lag model. From the theoretical viewpoint, in complex VFDI, the production activity of affiliates in a...

We show the nonexistence of the well-known risk-free rate puzzle in the Japanese financial markets. This result crucially depends on the accurate estimates of the two basic parameters: the subjective discount factor and the degree of risk aversion, appearing in the standard consumption-based...

The spatial panel model is applied to a new data set: monthly data of the number of ETC (Electronic Toll Collecting) transponders newly installed in 47 Japanese prefectures. The model incorporates marketing variables and highway-related variables. Regarding the spatial panel model, this work...

Although education voucher programs for students attending private high schools have existed in Japan for decades, to date there have been no studies that examine their effectiveness. In this study, we estimate the programs' preventative effect on dropout by using school-track level (academic or...

It is widely accepted that the required return on investment is regarded as the weighted average cost of capital. The method for deciding whether an investment should be executed relies on the weighted average cost of capital; for example, NPV or IRR is presented in many textbooks as fundamental...

This paper investigates how does the response of private consumption to government spending be changed by intratemporal substitution among private consumption, government spending and leisure. We show that the response of private consumption to government spending can be positive even if private...

This paper examines the effects of taxes on the timing of births and marriages in Japan using the "National Survey on Families" (Kazoku ni tsuite no Zenkoku Chousa). We estimate the average effect of the income tax deduction for dependents on the timing of births for those parents who are most...

This paper empirically investigates two areas of changes in firm behavior and performance at home before and after investing abroad. The first is the type of foreign direct investment (FDI): horizontal FDI or vertical FDI. The second is the firm's domestic activities of interest: production...

We show that the dominant punishment strategy and coalitionally dominant strategy applied to TU coalitional strategic games give directly the saddle point expression for the coalitional aggregate payoff function, which is the condition for the equivalence of the strategic cores α and β. Also,...

Callus induced from the leaves of Eucommia ulmoides, a medicinal woody plant, was cultivated to produce a factor capable of enhancing collagen synthesis in animal cells (FECS). However, the callus was too rigid to be divided into small pieces by a hydrodynamic force during the cultivation, which...