We re-evaluate two experiments by Hizen and Saijo (1999a,b) to examine the performance of bilateral trading and double auction institutiions in GHG emissions trading.

This paper compares the Italian and the Japanese education systems and looks at the interaction between these systems and labour market outcomes. We model the Japanese labour market, characterised by the limited labour turnover and by the emphasis on hiring straight from school, and the Italian...

We estimate a corporate demand model for bank loans on the basis of a panel data set of the Japanese corporations. What is novel is an explicit treatment of borrowing constraints in the estimation, which is formulated as a function of the land asset of the firms. The model is estimated by...

This paper investigates the sampling performance of hypothesis tests based on the fully modified vector autoregression (FM-VAR) that has recently been developed by Phillips (1995). The FM-VAR procedure is applicable without any prior knowledge about the number and location of unit roots. We...

We obtained the results for Japanese firms on the effects of profit-sharing, information-sharing and ESOPs by estimating production functions using a panel data set. The contribution of this paper is to identify the presence of a profit-sharing system and an information sharing system by...

Both human capital accumulation and Lazear contracts can explain the rais- ing wage of salary/wage worker through job experience or tenure. To distin- guish between these two effects, Lazear and Moore (1984) used self-employed workers' wage growth to partial out the effect of human capital...