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Author: Kazumi Asako Publisher: Springer Nature ISBN: 9811529817 Category : Business & Economics Languages : en Pages : 184
Book Description
In this book, a framework of the investment function is developed that allows for the heterogeneity of capital goods, i.e., the Multiple q model, and investment behavior in Japan by employing this Multiple q framework is developed. The standard approach to investment behavior is Tobin's q theory in which the investment rate is a linear function of only the q ratio, or a firm's market value measured by its capital goods. As is well known, however, its empirical performance has been almost universally unsatisfactory. Thus the development of a new framework. The authors inquire into and statistically test null hypotheses set on such issues as (a) heterogeneity of multiple capital goods, (b) non-convex adjustment costs to inspire lumpy investment, (c) differences in the adjustment costs in accumulating capital stock through new purchases, second-hand market acquisitions, and large-scale repairs, and (d) capital market imperfections. The test results show that, irrespective of the time period, firms’ size, and the industry to which firms belong, (a) multiple capital goods are not homogeneous, (b) some firms face adjustment cost structures that eventually lead to occasional lumpy investment, (c) the method of acquiring investment matters in accumulating capital stock, and (d) capital market imperfections would constrain some lumpy investment. This book is published in cooperation with the Research Institute of Capital Formation, Development Bank of Japan.
Author: Kazumi Asako Publisher: Springer Nature ISBN: 9811529817 Category : Business & Economics Languages : en Pages : 184
Book Description
In this book, a framework of the investment function is developed that allows for the heterogeneity of capital goods, i.e., the Multiple q model, and investment behavior in Japan by employing this Multiple q framework is developed. The standard approach to investment behavior is Tobin's q theory in which the investment rate is a linear function of only the q ratio, or a firm's market value measured by its capital goods. As is well known, however, its empirical performance has been almost universally unsatisfactory. Thus the development of a new framework. The authors inquire into and statistically test null hypotheses set on such issues as (a) heterogeneity of multiple capital goods, (b) non-convex adjustment costs to inspire lumpy investment, (c) differences in the adjustment costs in accumulating capital stock through new purchases, second-hand market acquisitions, and large-scale repairs, and (d) capital market imperfections. The test results show that, irrespective of the time period, firms’ size, and the industry to which firms belong, (a) multiple capital goods are not homogeneous, (b) some firms face adjustment cost structures that eventually lead to occasional lumpy investment, (c) the method of acquiring investment matters in accumulating capital stock, and (d) capital market imperfections would constrain some lumpy investment. This book is published in cooperation with the Research Institute of Capital Formation, Development Bank of Japan.
Author: Kazumi Asako Publisher: Springer ISBN: 9789811500213 Category : Business & Economics Languages : en Pages : 52
Book Description
This book, as the second volume of a two volume treatise, develops as in the first volume a consistent framework of the investment function that allows for the heterogeneity of capital goods, i.e., the Multiple q model, with theoretical extensions and empirical applications to investment behavior in Japan. Following primary and general analyses developed in the first volume, in this volume (Volume 2) on extensions, the authors extend the Multiple q model to inquire into and statistically test null hypotheses set on rather specific issues such as (a) differences in the adjustment costs by enterprise size and the degree of capital market imperfections, and (b) differences in the adjustment costs by the mode of acquisition such as new purchases, second-hand market acquisitions, and large-scale repairs. The results of the empirical test using Japanese corporate data show that, the investment behavior is heterogeneous not only in terms of the type of capital goods but also in terms of (a) enterprise size and the degree of capital market imperfections, and (b) the modes of acquisition.
Author: Jun-ichi Nakamura Publisher: Springer ISBN: 4431559183 Category : Business & Economics Languages : en Pages : 81
Book Description
Why has Japan's lost decade become the lost two decades? This book attempts to provide a novel perspective on causes of stagnant productivity growth of the Japanese corporate sector during the lost two decades. Exploiting the corporate financial dataset compiled by the Development Bank of Japan, it shows empirical evidence that an excessive conservative financial policy of firms in good standing were responsible for sluggish reallocation of productive resources after the recovery of “zombie” firms. The questions taken up in the book include: How can “zombie” firms be properly identified only on the basis of financial data? Why did a majority of “zombie” firms eventually recover? Why did the productivity and profitability of the corporate sector as a whole remain low even after the recovery of “zombie” firms? Why did firms in good standing stick to an excessive conservative financial policy and seem reluctant to invest for innovation? What can be the effective prescription to revitalize these firms in good standing? Supported by both in-depth data analyses and rich anecdotal evidence, this book is highly recommended to readers who seek a convincing and comprehensive explanation of Japan's lost two decades from the financial and corporate behavioral points of view.
Author: Mr.Toshitaka Sekine Publisher: International Monetary Fund ISBN: 1451853459 Category : Business & Economics Languages : en Pages : 33
Book Description
This paper investigates whether balance-sheet conditions of firms and their main banks matter for firm investment behavior using dynamic corporate panel data in Japan for the period 1985-95. It finds that smaller non-bond issuing firms were facing liquidity constraints; these firms’ balance-sheet conditions (the debt asset ratios) affected their investment from the midst of the bubble era by influencing main banks’ lending to them; and the deterioration of their main banks’ balance-sheet conditions constrained these firms’ investment from about 1993. These findings highlight the potential macroeconomic impact and importance of the credit channel of monetary policy, and support the case of a credit crunch facing small Japanese firms during this period.
Author: Masahiko Aoki Publisher: ISBN: 9780198297215 Category : Competition Languages : en Pages : 308
Book Description
For much of the past half-century, Japan's economic success has stimulated the interest of scholars from around the world. In the last decade, and particularly in the last two years, however, it is Japan's economic difficulties which have attracted the most attention. The very institutionswhose efficacy was earlier praised are now often criticised as being the core of Japan's economic problems.This volume brings together the research of many of the world's leading specialists on the Japanese economy to assess how Japan's distinctive economic institutions have operated in the past and how their evolution in the face of changing domestic and international circumstance s will shape theprospects for the Japanese economy in the 21st century. Particular attention is paid to the evolution of Japan's financial system and the changing character of Japanese firm governance, and to the changing role that government and the legal system play in Japan's economy. The authors find among manyother important conclusions that far-reaching regulatory reform will be needed so that a new rules-based system allowing greater scope for dispersed private initiative can emerge to restructure and regrow the Japanese economy.
Author: Joseph P. H. Fan Publisher: Psychology Press ISBN: 9780415322546 Category : Business & Economics Languages : en Pages : 424
Book Description
This collection discusses the role of financial institutions and markets in East Asian and Japan, corporate governance and new technology and how to redesign the East Asian and Japanese financial systems.
Author: Kazumi Asako
Author: Kazumi Asako
Author: Kazumi Asako
Author: 
Author: Jun-ichi Nakamura
Author: Fumio Hayashi
Author: Mr.Toshitaka Sekine
Author: Takeo Hoshi
Author: Masahiko Aoki
Author: Yosuke Takeda
Author: Joseph P. H. Fan