News Back Number

"Handbook of Industrial Financial Data 2021" was published (in Japanese).

The Fourth Conference on CSR, the Economy and Financial Markets was held.

Research seminar "Value of payouts in the course of corporate governance reform" was held.

SpringerBriefs in Economics"Excess Capacity and Difficulty of Exit: Evidence from Japan’s Electronics Industry"was published.

Economics Today "Board Gender Diversity and Environmental Disclosure: Evidence from Listed Firms in Japan" was published (in Japanese).

Research seminar "The Timing of Government Debt Reductions in the Presence of Inequality" was held.

Research seminar "Lower-Level Substitution Bias in the Japanese Consumer Price Index: Evidence from Government Micro Data" was held.

Discussion Paper "The Distribution of Voting Rights to Shareholders" was uploaded.

"Handbook of Industrial Financial Data 2020" was published (in Japanese).

Research seminar "Government Debt Maturity in Japan: Fiscal Year 1965 to the Present" was held.

Economics Today "Trends of Global Economy and Asia: US-China Disputes, Digitalization and the Course of Japan" was published (in Japanese).

Springer Monographs "Multiple q and Investment in Japan" was published.

Discussion Paper "Renewable Governance: Good for the Environment?" was uploaded.

Economics Today "Reexamining the Role of Finance in Overcoming Industrial Pollution: Evidence from 1970s Lending Programs by the Japan Development Bank" was published (in Japanese).

Economics Today "Governance Reforms from Comparative Perspectives: The Capital Market, Ownership and Control" was published (in Japanese).

SpringerBriefs in Economics "Social Welfare Evaluation and Intergenerational Equity" was published.

Research seminar "The Business Reinvention of Japan: The Emerging Private Equity Market and the Changing Role of Banks in Japan" was held.

"Handbook of Industrial Financial Data 2019" was published (in Japanese).

Research seminar "Aging Labor, ICT Capital and Productivity in Japan and Korea" was held.

Research seminar "Renewable Governance: Good for the Environment?" was held.

Research seminar "Managerial Overconfidence, Conservative Accounting and Corporate Investment" was held.

Research seminar "Do Institutional Investors Drive Corporate Social Responsibility? International Evidence" was held.

"JSPS Core-to-Core Program: Governance Reforms from Comparative Perspectives―The Capital Market, Ownership and Control―" was held.

We are pleased to announce that Associate Professor Lukas Roth (University of Alberta) joined our institute as Shimomura Fellow.

Discussion Paper "Corporate Governance Compliance and Firm Value: A Cultural Perspective" was uploaded.

Discussion Paper "Long-term Financial Performance of Corporate Social Responsibility, External Governance from Foreign Stockholders, and Regional Stakeholders" was uploaded.

Research seminar "Long-term Financial Performance of Corporate Social Responsibility, External Governance from Foreign Stockholders, and Regional Stakeholders" was held.

Research seminar "Intergenerational Inequality and the Opt Out Policy in Public Health Care" was held.

Research seminar "News, Irreversibility and the Analysis of Economic and Financial Risk" was held.

Economics Today "Productivity, Employment, and the Future of Financial Services: The Impact of Digital Innovation in Japan" was published (in Japanese).

"28th NBER-TCER-CEPR Conference on Financial System" was held.

Research seminar "Rethinking the Evolutionary Foundations of Economics and Finance" was held.

SpringerBriefs in Economics "Utilization of Soft Information on Bank Performance: The Roles of Relationship Lending in Competitive Local Markets" was published.

Research seminar "Inheritance Tax and Household Mobility: An Analysis of Empty Nests" was held.

Research seminar "How Arbitrage-Free is the Nelson-Siegel Model under Stochastic Volatility?" was held.

We are pleased to announce that Professor Robert F. Owen (University of Nantes) joined our institute as Shimomura Fellow.

Research seminar "Product Dynamics and Aggregate Shocks: Evidence from Japanese Product and Firm Level Data" was held.

Discussion Paper "Trade, Resource Use and Pollution: A Synthesis" was uploaded.

Research seminar "Trade, Resource Use and Pollution: A Synthesis" was held.

Research seminar "Asset Prices and Corporate Responses to Bank of Japan ETF Purchases" was held.

Research seminar "Chinese Local Government Bond Spreads, Monetary Policy and Misallocation" was held.

Discussion Paper "Who is the Boss? Family Control without Ownership in Publicly-traded Japanese Firms" was uploaded.

Discussion Paper "Do Social Networks Encourage Risk-taking? Evidence from Bank CEOs" was uploaded.

Discussion Paper "Foreign Ownership, Bank Information Environments, and the International Mobility of Corporate Governance" was uploaded.

Economics Today "Money, Employment and Liberalism---A Review of the Works of Professor Masayuki Otaki: Proceedings of the ISS and RICF Joint Symposium" was published (in Japanese).

Research seminar "The Arts of Central Bank Communication: A Topic Analysis on Words of the Bank of Japan's Governors" was held.

Research seminar “Why is the Shape of the Laffer Curve for Consumption Tax Different from that for Labor Income Tax?” was held.

Discussion Paper "The Deterrent Effect of Anti-Bribery Law Enforcement on the Quality of Earnings" was uploaded.

Economics Today "Company Characteristics of Integrated Report and Its Features of Non-Financial Information: Analyzing Survey by Questionnaire to the Published Company" was published (in Japanese).

Research seminar “Missing Wage Inflation? Estimating the Natural Rate of Unemployment in a Nonlinear DSGE Model” was held.

SpringerBriefs in Economics "Procyclical Fiscal Policy" was published.

Research seminar “International Trade and Domestic Production Network” was held.

Research seminar “Bank Credit, Financial Constraints, and Targeting Behavior: Evidence from Japan” was held.

Discussion Paper "Liquidity Risk?" was uploaded.

Research seminar "Internal and External Lending by Nonfinancial Businesses During Crises and During Other Times" was held.

Research seminar "The BOJ’s ETF Purchases and Its Effects on Nikkei 225 Stocks" was held.

Research seminar "Corporate Governance and Capital Markets: A Japanese Perspective" was held.

Discussion Paper "Skin in the Game, Wealth and Risk-Taking: Evidence from Private Equity Funds " was uploaded.

Research seminar "Short- and Long-Run Tradeoff of Monetary Easing" was held.

Research seminar “Banking Performance, Misconduct and Managerial Psychology” was held.

We are pleased to announce that Professor Arman Eshraghi (Cardiff University ) joined our institute as Shimomura Fellow.

Research seminar “Saving and Health in Japan” was held.

Economics Today "Changes in World Trends and the Asian Economy" was published (in Japanese).

Research seminar “When Banks Become Pure Creditors: The Effects of Declining Shareholding by Japanese Banks on Bank Lending and Firms’ Risk-Taking” was held.

Research seminar "The Effect of Bank Bailouts on CEO Careers" was held.

"27th NBER-TCER-CEPR Conference on Globalization and Welfare Impacts of International Trade" was held.

Research seminar “The Deterrent Effect of Anti-Bribery Law Enforcement on the Quality of Earnings” was held.

We are pleased to announce that Professor Pramuan Bunkanwanicha (ESCP Europe) joined our institute as Shimomura Fellow.

Research seminar "Liquidity Risk?" was held.

Research seminar "An Industrial-Organization Approach to Conventional and Unconventional Monetary Policy" was held.

Research seminar "Does Academic Research Destroy Stock Return Predictability?" and "Anomalies and News" were held.

We are pleased to announce that Professor Jeffrey Pontiff (Boston College) joined our institute as Shimomura Fellow.

Research seminar "The Effectiveness of the Negative Interest Rate Policy in Japan: An Early Assessment" was held.

Research seminar "In Search of Continuity: Theoretical and Methodological Insights from a Case Study of a Polish Centennial Company" was held.

Research seminar "Inflation Target and Anchor of Inflation Forecasts in Japan" and "Quantitative ‘Flooding’ and Bank Lending: Evidence form 18 Years of Near-Zero Interest Rate" were held.

SpringerBriefs in Economics “Economic Signals: Prize Promotions, Anonymous Giving, and Political Advertisements" was published.

Research seminar "Speculative Bubbles and Monetary Policy: Theory Based on Japanese Experience" was held.

Research seminar "Open Innovation and Corporate Venture Capital (CVC) Activities by Japanese Companies" was held.

Research seminar "Macroeconomic Effects of Qualitative and Quantitative Monetary Easing Measures" was held.

SpringerBriefs in Economics “Introduction to Japanese Household Surveys” was published.

Research seminar "Leveraged Purchases of Government Debt and Deflation" was held.

Research seminar "Internationalization of the Use of Chinese Currency: Perspectives from the New and the Ancient Silk Roads" was held.

Research seminar "An Axiomatization of the Mixed Bentham-Rawls Social Welfare Orderings" was held.

Research seminar "Revisiting China’s MIT (Middle-Income-Trap) Argument" was held.

International Conference "CSR, the Economy and Financial Markets" was held.

Research seminar "Equity Issuances and Agency Costs: The Telling Story of Shareholder Approval around the World" was held.

Discussion Paper "Corporate Governance and Corporate Performance under Market Socialism: Empirical Analysis of Listed Companies in China " was uploaded.

We are pleased to announce that Professor Clifford George Holderness (Boston College) joined our institute as Shimomura Fellow.

Discussion Paper "Labor Productivity Stagnation, the Radical Quantitative Easing Monetary Policy, and Disinflation" was uploaded.

Research seminar "Labor Productivity Stagnation, the Radical Quantitative Easing Monetary Policy, and Disinflation" was held.

SpringerBriefs in Economics “Trade and the Labor Market: Effect on Wage Inequality in Japan” was published.

SpringerBriefs in Economics “Priority Rule Violations and Perverse Banking Behaviors ” was published.

SpringerBriefs in Economics “Dr. Osamu Shimomura's Legacy and the Postwar Japanese Economy” was published.

Research seminar "Rational Expectations, Wobbly Economy, and Government Policy" was held.

Research seminar "Corporate Governance and Corporate Performance under Market Socialism: Empirical Analysis of Listed Companies in China" was held.

Research seminar "Economic Depreciation in the Property Value: Cross- Sectional Variations and Their Implications on Investments" was held.

Research seminar "The Exchange Rate Effects of Macro News after the Global Financial Crisis" was held.

Research seminar "Who is the boss? Family Control without Ownership in Publicly Traded Japanese corporations" was held.

Research seminar "Declining Japanese Yen and Inertia of the US Dollar" was held.

"26th NBER-TCER-CEPR Conference on Corporate Governance (Follow-up conference)" was held.

Research seminar "Profitability or Longevity? Cross-Country Variations in Corporate Performance" was held.

Research seminar "The Evolution of Inflation Expectations in Japan" was held.

We are pleased to announce that Associate Professor Yupana Wiwattanakantang (National University of Singapore Business School) joined our institute as Shimomura Fellow.

Economics Today "Corporate Governance of Japanese Firms: Issues and Prospects for Industrial Metabolism and Sustainable Management" was published (in Japanese).

"Preventive Investment and Relief Spending for Natural Disasters" was held.

"A Semantic Analysis of Monetary Shamanism: A Case of the BOJ’s Governor Kuroda" was held.

"Handbook of Industrial Financial Data 2016" was published (in Japanese).

Discussion Paper "A Theory on Origin of Speculative Bubbles and Public Debt Accumulation" was uploaded.

Research seminar "On Large-scale Money Finance in Statistics and Practice: A Case of the Japanese Economy During and after World War II" was held.

Research seminar "Monopoly Rights and Economic Growth: An Inverted U-shaped Relation" was held.

Research seminar "Energy Efficiency and Green Building Markets in Japan" was held.

Research seminar "Managerial Attitudes and Corporate Investment Behaviors" was held.

Discussion Paper "Corporate Environmental Liabilities and Capital Structure" was uploaded.

Discussion Paper "The Real Effect of Financial Innovation: Evidence from Credit Default Swaps Trading and Corporate Innovation" was uploaded.

Discussion Paper "Gains from Mergers and Acquisitions in Japan" was uploaded.

Research seminar "How Do We Pay under Evolving Retail Payment Technology? Evidence from Japan" was held.

Research seminar "Moral Hazard by Limited Liability and Accumulation of Public Debt" was held.

SpringerBriefs in Economics "Rationality and Operators: The Formal Structure of Preferences" was published.

SpringerBriefs in Economics "Japanese Firms During the Lost Two Decades: The Recovery of Zombie Firms and Entrenchment of Reputable Firms " was published.

SpringerBriefs in Economics "Corporate Governance and Corporate Behavior in Japan: The Consequences of Stock Options and Corporate Diversification" was published.

Research seminar "Real Estate Production and Structure Depreciation" was held.

Research seminar "Financial Aid from Parents to Children: Lending Inside Japanese Business Groups" was held.

Research seminars "The Real Effect of Financial Innovation: Evidence from Credit Default Swaps Trading and Corporate Innovation" and "Corporate Environmental Liabilities and Capital Structure" were held.

Research seminar "Evaluating the Conditions of Real Estate Markets in China and Singapore: What We Know and What We Need to Know" was held.

Research seminar "A Theory of Quantitative Easing Policy and Negative Interest Policy Based on the Japanese Experience " was held.

Research seminar "Disappearing Dividends: Two Rational Explanations" was held.

Research seminar "Valuation management in private equity fundraising" was held.

Economics Today "Analysis and Utilization of Qualitative Information in an Annual Report: The way of Desirable Dialogue with the Diversification of the Risk" was published (in Japanese).

Research seminar "Corporate Diversification, Employee Bargaining Power, and Wages" was held.

Discussion paper "A Theory of Quantitative Easing Policy and Negative Interest Policy Based on the Japanese Experience" was uploaded.

We are pleased to announce that Senior Lecturer Xin Chang (Cambridge Judge Business School, University of Cambridge) joined our institute as Shimomura Fellow.

SpringerBriefs in Economics "Environmental Kuznets Curve Hypothesis and Carbon Dioxide Emission" was published.

SpringerBriefs in Economics "Keynes’s General Theory Reconsidered in the Context of the Japanese Economy" was published.

SpringerBriefs in Economics: Development Bank of Japan Research Series was launched.

Discussion Paper "Testing Symmetry of Unknown Densities via Smoothing with the Generalized Gamma Kernels" was uploaded.

Research seminars "Corporate R&D and Stock Returns: International Evidence" and "Estimating Ambiguity Premium under the Robust CAPM " were held.

Research seminar "Artisanship, Meritocracy, and Apathy" was held.

Discussion Paper "The Mechanism of High-tech Industrial Cluster Formation: An Empirical Study on the Process of ICT Cluster Formation in Oulu, Finland" was uploaded.

Discussion Paper "Artisanship, Meritocracy, and Apathy" was uploaded.

Economics Today "Integrated Disclosure of Risk Information: A New Viewpoint of Financial Reporting into Integrated Reporting" was published (in Japanese).

Research seminar "Challenges to Redesign “Science, Technology and Innovation Policy” in Japan: Construction of a Policy Simulator for the Impact Assessment of IoT" was held.

Discussion Paper "Modified Ramsey Rule and Optimal Carbon Price" was uploaded.

Economics Today "Economic Growth with Asset Bubbles in a Global Economy" was published (in Japanese).

Economics Today "Japan in "the Asian Century": For Revitalization of the Economy and Business Opportunities" was published (in Japanese).

Economics Today "How Corporations Create Social Value?: A Study of Incomplete Contracts in Corporate Governance" was published (in Japanese).

Research seminar "Properties of the Social Discount Rate and Negative Intertemporal Externality in the Utility or Production Function" was held.

Research seminar "Trade and Financial Channels as the Transmission Mechanism of the Financial Crisis" was held.

Research seminar "Testing Symmetry of Unknown Densities via Smoothing with the Generalized Gamma Kernels" was held.

Discussion Paper "Properties of the Social Discount Rate and Negative Intertemporal Externality in the Utility or Production Function" was uploaded.

Discussion Paper "Modified Ramsey Rule, Optimal Carbon Tax and Economic Growth" was uploaded.

Research seminar "Regional Business Cycle and Growth Features of Japan" was held.

Research seminar "Gains from Mergers and Acquisitions in Japan" was held.

Research seminar "Parameter Bias in an Estimated DSGE Model: Does Nonlinearity Matter?" was held.

Research seminar "Incidence of Cooperate Income Tax and Optimal Capital Structure: A Dynamic Analysis" was held.

Research seminar "CSR As Insurance: The Case of Japanese Automobile Manufacturers" was held.

"Handbook of Industrial Financial Data 2015" was published (in Japanese).

Research seminar "Network-motivated Lending Decisions" was held.

Discussion paper "Ramsey's Belief and the Plausibility of Keynesian Economics" was uploaded.

We are pleased to announce that Professor Ali Fatemi (DePaul University) joined our institute as Shimomura Fellow.

Discussion paper "The Revelation of the Time Preference Rate and Intertemporal Negative Externality" was uploaded.

Research seminar "Negative Effects of Wage Claims on Labor Relations: An Experimental Study on a Gift Exchange Game" was held.

Discussion paper "Public Debt as a Burden on the Future Generation: A Keynesian Approach" was uploaded.

Research seminar "Effects of Monetary Shocks When Money is not a Government Gift" was held.

Research seminar "The Revelation of the Time Preference Rate and Intertemporal Negative Externality" was held.

Research seminar "Network-Motivated Lending Decisions" was held.

Research seminar "On the Economic Properties of the CDM Investment: A Theoretical Inquiry of the Offset Mechanism in Mitigating Global Warming" was held.

Research seminar "Lean Against Bubbles versus Clean Up After Bubbles Collapse in a Rational-Bubble Model" was held.

Research seminars "Reputation and Exaggeration: Adverse Selection and Private Information in the Mortgage Market" and "Stock Prices, Regional Housing Prices, and Aggregate Technology Shocks" were held.

Research seminar "Governance and Happiness: The Nordic Corporate Governance Model" was held.

Research seminar "Moral Hazard Premium: Valuation of Moral Hazard under Diffusive and Jump Risks" was held.

Research seminar "Regulations, Foreign Banks and Income Inequality" was held.

Research seminars "Bank Lending Channel of Real Estate Prices" and "Heterogeneous Impact of Real Estate Prices on Firm Investment" were held.

Economics Today "Proceedings of the RICF 50th Anniversary Symposium Part III On Social Common Capital" was published (in Japanese).

Research seminar "Payment Instruments and Collateral in the Interbank Payment System" was held.

We are pleased to announce that Professor Iftekhar Hasan (Fordham University) joined our institute as Shimomura Fellow.

Discussion paper "On the Economic Properties of the CDM: Does Emissions Trading Contribute to Global Warming Problem?" was uploaded.

Research seminar "Consistent Estimation of Linear Regression Models Using Matched Data" was held.

Research seminar "On the Limit of Human Cognition: Is Artisanship always Dominated by Profit Motive?" was held.

Research seminar "Investment Shocks and Asset Prices: International Evidence" was held.

Economics Today "Proceedings of RICF 50th Anniversary Symposium Part II Corporate Management & Accounting" was published (in Japanese).

Research seminar "Identification and Estimation of Production Function with Unobserved Heterogeneity" was held.

Discussion Paper "On the Limit of Human Cognition: Is Artisanship always Dominated by Profit Motive?" was uploaded.

Economics Today "Provision of Risk Capital for Sustained Economic Growth in Japan" was published (in Japanese).

Research seminar "On the Optimal Timing of Foreign Trade" was held.

Economics Today "Proceedings of RICF 50th Anniversary Symposium Part I Financial Economy" was published (in Japanese).

Research seminar "A Theory on Local Currencies" was held.

Research seminar "Four Alternative Hypotheses in the Determination of Yen-Us Dollar Foreign Exchange Rate" was held.

Research seminar "Flexibility of Deficit Ceiling and Income Fluctuation in a Political Economy" was held.

Research seminar "Corporate Governance and Employees: Case in Japan" was held.

Research seminar "Does Geographical Proximity Matter in Small Business Lending? Evidence from the Switching of Main Bank Relationships" was held.

Research seminar "Local Altruism as an Environmental Ethic in CO2 Emission Control" was held.

"Handbook of Industrial Financial Data 2014" was published (in Japanese).

Research seminars "Bank Relationships and Cash Holdings" and "Target Behavior and Lumpy Investments" were held.

Research seminar "Market Discipline by Wholesale Financiers Revisited" was held.

Economics Today "Optimal Debt Control Problem" was published (in Japanese).

Discussion paper "Local Altruism as an Environmental Ethic in CO2 Emissions Control" was uploaded.

"The Japanese Economy: Social Common Capital and Sustainable Development" was published (in Japanese).

"The Japanese Economy: Financial Development and Corporate Behavior in a Changing Environment" was published (in Japanese).

Research seminar "Trust Banks as Active Investors: An Analysis of Japan’s Changing Shareholder Composition and Corporate Governance System" was held.

Research seminar "Testing for Intrinsic and Extrinsic Motivation: Field Experimental Evidence from Electricity Demand" was held.

Discussion paper "Conventional and Unconventional Votes: A Tale of Three Monetary Policy Committees" was uploaded.

Discussion paper "Amenity Potential, Private Benefits of Control, and the Value of Levered Family Firms" was uploaded.

Research seminar "Changing Consumer Behavior in India: Business Opportunities for Japan" was held.

Economics Today "A Study on Institution and Practices of Integrated Reporting" was published (in Japanese).

Research seminar "The Optimal Pollution Tax and Urban Unemployment in an Open Economy" was held.

Research seminar "Product Market Competition and Investment under Demand Uncertainty" was held.

Research seminar "Are Bank Mergers Good News for Shareholders? The Effect of Bank Mergers on Client Firm Value and Bank-Firm Relationships" was held.

Discussion paper "Equity Market Liberalization and Equity Issuance" was uploaded.

Discussion paper "Asian Pennies are not Like US Pennies" was uploaded.

Discussion paper "Family of the Generalized Gamma Kernels: A Generator of Asymmetric Kernels for Nonnegative Data" was uploaded.

Research seminar "Understanding the Pre-FOMC Drift" was held.

Research seminar "Immigration, Naturalization, and the Future of Public Education" was held.

Research seminar "Margin Rate Rule: A New Pharmaceutical Price Control Policy "was held.

Research seminar "Long-term Strategy for Family Firms" was held.

Research seminar "Financial Disintermediation and Financial Fragility" was held.

Research seminar "On the Function of Gold Standard in Idealism and in Reality" was held.

We are pleased to announce that Professor Joseph P. H. FAN (The Chinese University of Hong Kong) joined our institute as Shimomura Fellow.

Research seminar "Japanese Monetary Policy and the Yen: Is there a Currency War?" was held.

Economics Today "Impact of Financial Intermediary’s Information Production on Market Value of Firm: Case Studies on the DBJ’s Liquidity Providing During the Financial Crisis and the Environmental Rating of Firm" was published (in Japanese).

Discussion paper "Efficacy in Education and Intergenerational Affluence" was uploaded.

Research seminars "Do Social Norms Matter to Energy Saving Behavior?: Endogenous Social and Correlated Effects" and "Family of the Generalized Gamma Kernels: A Generator of Asymmetric Kernels for Nonnegative Data" were held.

Economics Today "Corporate Governance and Corporate Diversification : Empirical Analysis Based upon Corporate Financial Data in Japan" was published (in Japanese).

Research seminar "Misallocation of Talent and the Wealth of Nations" was held.

Research seminar "Testing for Factor Loading Structural Change under Common Breaks and an Application to U.S. Treasury Yield Curve" was held.

Research seminar "Novel Panel Cointegration Tests Emending for Cross-Section Dependence with N Fixed" was held.

Discussion paper "Income Disparity, Uneven Economic Opportunities, and Verifiability" was uploaded.

Discussion paper "On the Function of Gold Standard in Idealism and in Reality" was uploaded.

"Handbook of Industrial Financial Data 2013" was published (in Japanese).

Research seminar "Revisiting the Model of Credit Cycles with Good and Bad Projects " was held.

Research seminar "Family Business Family Succession: Good or Bad?" was held.

We are pleased to announce that Dr. Carsten Bienz (Norwegian School of Economics, Norway) joined our institute as Shimomura Fellow.

Research seminar "Equity Market Liberalization and Equity Issuance" was held.

Economics Today "The Means for Capital Structure Adjustment : Evidence from Listed Firms in Japan" was published (in Japanese).

Economics Today "Determinants Affecting Firms’ Funding Liquidity" was published (in Japanese).

Research seminar "Transitions in the Family Ownership and Control in Japan" was held.

Research seminar "The UK Transition to a Low Carbon Future" was held.

Research seminar "Emission Trading or Proportional Carbon Tax: A Quest for More Efficacious Emission Control" was held.

Research seminar "An Analysis of Centralized versus OTC Stock Lending Market" was held.

We are pleased to announce that Dr. Robert David McLean (University of Alberta, Canada) joined our institute as Shimomura Fellow.

Discussion paper "Emission Trading or Proportional Carbon Tax: A Quest for More Efficacious Emission Control" was uploaded.

Research seminar "Prize Promotions as Costless Commitment" was held.

Research seminar "Stock Option Grants under Pressure for Good Governance" was held.

Research seminar "Natural Disaster and Natural Selection" was held.

Research seminar "Why do Japanese Banks Hold the Large Amount of Government Bonds?" was held.

Research seminar "A Study on the Means for Capital Structure Adjustment: Evidence from Listed Firms in Japan" was held.

Research seminar "Empirical Analysis on the Macroeconomic Effects of Fiscal Policy and Rule-of-thumb Household" was held.

Research seminar "Supply Ambiguity and Market Fragility" was held.

Economics Today "Does Stakeholder Welfare Enhance Firm Value?" was published (in Japanese).

Discussion paper "Misallocation of Capital During Japan's Lost Two Decades" was uploaded.

Research seminar "Misallocation of Capital During Japan's Lost Two Decades" was held.

Research seminar "Unconventional Votes" was held.

Discussion paper "Monetary Economic Growth Theory under Prefect and Monopolistic Competitions" was uploaded.

Discussion paper "Employee Representation and Board Size in the Nordic Countries" was uploaded.

Research seminar "Who Becomes an Arranger? Evidence from Matched Data on Bilateral and Syndicated Loans" was held.

Economics Today "New Directions for International Financial System and Japanese Firm Dynamics" was published (in Japanese).

Research seminars "The Impact of Uncertainty on Small Businesses: Evidence from Employment and the Number of Businesses" and "Small is Beautiful but Size Matters: The Asymmetric Impact of Uncertainty and Sunk Costs on Small and Large Businesses" were held.

Research seminar "Capacity Utilization and the Effect of Energy Price Shock in Japan" was held.

Research seminar "Exchange Rates and Fundamentals: Closing a Two-Country Model" was held.

Economics Today "Pricing Impact of CDS Demand and Supply" was published (in Japanese).

Economics Today "Bank Loan Share Structure: Empirical Examination" was published (in Japanese).

Research seminar "Evaluating Bank Recapitalization Programs in Japan: How Did Public Capital Injections Work?" was held.

Research seminar "How do Firms Respond to an Increase in Minimum Wage? Direct Evidence on Firm's Internal Adjustment" was held.

Discussion paper "Corporate Bond Premia" was uploaded.

Discussion paper "Can Bailout Improve the Economic Welfare? A Structural Derivation of the Option Price" was uploaded.

Research seminars "Determinants of Loan Share Structure: What Determines the Asymmetry?" and "What Determines CDS Prices? Evidence from the Estimation of Protection Demand and Supply" were held.

Research seminars "Performance of Newly Listed Firms: Evidence from Japanese Firm and Venture Capital Data" and "Pricing Impacts of Bond Demand: Empirical Examination of Japanese Government Bond Yield" were held.

Research seminar "A Close Look at Loan-To-Value Rations in Japan: Evidence from Real Estate Registries" was held.

Research seminar "The Price of Distance: Producer Heterogeneity, Pricing to Market, and Geographic Barriers" was held.

Discussion paper "Show Me the Money: Japan's Most Profitable Companies in the 2000s" was uploaded.

Research seminar "Samsung's Recruiting Strategy and Talent Management" was held.

Research seminar "Modes of International Activities and the Innovativeness of Firms: An Empirical Analysis Based on the Japanese National Innovation Surveys for 2003 and 2009" was held.

Research seminar "Negative Impacts of Capital Injection Policies on the Capital Crunch: Evidence from Japan" was held.

Discussion paper "Nonparametric Multiplicative Bias Correction for Kernel-Type Density Estimation Using Positive Data" was uploaded.

Research seminar "Corporate Bond Premia" was held.

Research seminars "Overseas Market Information and Firms' Export Decisions," and "Screening and Coaching: Empirical Examination of Syndicated Venture Capitals" were held.

Research seminar "Increasing Trends in the Excess Comovement of Commodity Prices" was held.

Research seminar "An SVAR Analysis of Japan's Monetary Policy with Endogenous Zero Policy Shifts" was held.

Research seminar "Japanese Energy Policy: A Critical Look at Logistics, Economics, and the Environment" was held.

Research seminar "Dynamic Analysis of Reductions in Public Debt in an Endogenous Growth Model with Public Capital" was held.

Research seminar "The Bright Side of Lending by Government Owned Banks: Evidence from Japan" was held.

Research seminar "Do Social Norms Matter to Energy Saving Behavior?: Social Endogenous and Correlated Effects" was held.

Research seminar "Inflated Ordered Outcomes and Monetary Policy Uncertainty" was held.

Research seminar "Bank's Role as an Information Provider for Exports: Evidence from Listed and Unlisted Firm Data" was held.

Research seminar "Natural Disasters, Damage to Banks, and Firm Investment" was held.

Discussion paper "The Stability of a Regionally Fixed Exchange Rate System: Can Euro be Sustained by Austere Fiscal Discipline?" was uploaded.

Discussion paper "A Study on Lucas' "Expectations and the Neutrality of Money"" was uploaded.

Discussion paper "A Microeconomic Foundation for Optimum Currency Areas: The Case for Perfect Capital Mobility and Immobile Labor Forces" was uploaded.

Discussion paper "A Macroeconomic Consequence of Foreign Direct Investment: The Welfare Economics of Industrial Hollowing" was uploaded.

Research seminar "A Macroeconomic Consequence of Foreign Direct Investment: The Welfare Economics of Industrial Hollowing" was held.

Research seminar "Sources of Private and Public R&D Spillovers: Technological, Geographic and Relational Proximity" was held.

We are pleased to announce that Dr. Christopher Spencer (Loughborough University, UK) joined our institute as Shimomura Fellow.

Research seminar "Expansionary Effect of an Anticipated Fiscal Policy on Consumption in Japan" was held.

Research seminar "Comparative Advantage, Trade Costs, and International Productivity Gap: Evidence Built from French and Japanese Firm-Level Data" was held.

Economic Affairs "Overcoming the Problems of an Unequal Society" was published (in Japanese).

Research seminar "How does the Stock Market Value Bank Diversification? Empirical Evidence from Japan" was held.

Research seminar "The Investment Value of Management Earnings Forecasts" was held.

DBJ Industrial Financial Data page was launched.

Research seminar "Asset Bubbles and Bailout" was held.

Research seminar "Firm Growth and Efficiency: A New Test of Efficient Structure Hypothesis" was held.

Discussion paper "A Keynesian Endogenous Growth Theory with a Rigorous Microeconomic Foundation" was uploaded.

Discussion paper "The Aggregation Problem in Employment Theory: The Representative Individual or Indivisible Employees Models?" was uploaded.

Discussion paper "The Role of Money: Credible Asset or Numeraire?" was uploaded.

Research seminar "Authority and Soft Information Production within Banking Organization" was held.

Research seminar "A Keynesian Endogenous Growth Theory with a Rigorous Microeconomic Foundation" was held.

Research seminar "Nonparametric Estimation of Scalar Diffusion Processes of Interest Rates Using Asymmetric Kernels" was held.

Research seminar "Consolidation and Cost Effects in Japanese Regional Banks" was held.

Research seminar "Product Variety, Firm Entry, and Terms of Trade Dynamics" was held.

Research seminar "Bubbles, Banks and Financial Stability" was held.

Research seminar "Environmental Management Policy under International Carbon Leakage" was held.

Research seminar "On the Function of Key Currency" was held.

Discussion paper "The Employment-Isolation Effect under a Flexible Exchange Rate" was uploaded.

Discussion paper "On the Function of Key Currency" was uploaded.

Research seminar "What is a family firm? Good or Bad? An Empirical Analysis of Corporate Behavior and Performance of Family Firms" was held.

Research seminar "In Search of Synergy Effects: Mergers and Productivity" was held.

RICF International Conference 2011 "Frontiers in Corporate Finance and Corporate Governance" was held.

Research seminar "Which Firms Benefit from Bribes, and by How Much? Evidence from Corruption Cases Worldwide" was held.

Research seminar "Managerial Attitudes toward to Market Valuations" was held.

Research seminar "How Did the Japanese Exports Respond? The Global Financial Crisis and the East Japan Earthquake" was held.

Research seminar "The Experience Premium" was held.

Research seminar "Japanese Financial System after the Global Recession of 2007-2009" was held.

Research seminar "Asian Pennies Are Not the Same as US Pennies" was held.

Research seminar "Collateral Constraints and Legal Protection of Lenders: A Macroeconomic Perspective" was held.

Research seminar "An Estimation of the Inside Bank Premium" was held.

Research seminar "Transactions as a Source of Agglomeration Economies: Buyer-Seller Matching in the Japanese Manufacturing Industry" was held.

We are pleased to announce that Dr. Pantisa Pavabutr (Thammasat University, Bangkok) joined our institute as Shimomura Fellow.

Research seminar "Product Variety, Firm Entry, and Terms of Trade Dynamics" was held.

Research seminar "Amenity Potential, Private Benets of Control, and the Value of Levered Family Firms" was held.

Research seminar "The Gift of Time" was held.

Discussion paper "Risk Management in Corporate Financial Policy" was uploaded.

Research seminar "Managerial Power, Stock-Based Compensation, and Firm Performance " was held.

Research seminar "Global Financial Crisis and the Small- and Medium-sized Enterprises in Japan: How Did They Cope with the Crisis?" was held.

Research seminar "Emerging Market Currency Excess Returns" was held.

Research seminar "Long-Run Trends in Dependence in International Equity Markets" was held.

Research seminar "Quantitative Impacts of the Asset Price Channel in the Credit-Constrained Economy" was held.

Research seminar "Risk Management in Corporate Financial Policy" was held.

Research seminar "Sustainability, Endogenous Social Discount Rate, and Proportional Carbon Tax" was held.

Research seminar "The Role of Foreign Banks in Japanese Institutional Change: The Case of Loan Syndication" was held.

Economics Today "Whither the Post-crisis Financial System?" was published (in Japanese).

Discussion paper "On the Function of Money in the Search Model" was uploaded.

Research seminar "Financial Institution, Asset Bubbles and Economic Performance" was held.

Research seminar "Lending Market Segmentation and the Cost of Currency Integration" was held.

Research seminar "Institution-Induced Productivity Differences and Patterns of International Capital Flows" was held.

Research seminar "An Analysis of the Effects of Financial Market Imperfections on Indian Firms' Exporting Behavior" was held.

Research seminar "Differentiated Use of Small Business Credit Scoring by Relationship Lender and Transactional Lender: Evidence from the Firm-Bank Matched Data in Japan" was held.

Research seminar "Detrimental Effects of Retention Regulation: Incentives of Loan Screening in Securitization under Asymmetric Information" was held.

Research seminar "Banker's Overconfidence and Irrational Lending Behaviour" was held.

We are pleased to announce that Dr. Worawat Margsiri (Fordham University, NY) joined our institute as Shimomura Fellow.

Discussion paper "Sustainability, Endogenous Social Discount Rate, and Proportional Carbon Tax" was uploaded.

Discussion paper "Exact Microeconomic Foundation for the Phillips Curve under Complete Markets: A Keynesian View" was uploaded.

Research seminar "Exact Microeconomic Foundation for the Phillips Curve under Complete Markets: A Keynesian View" was held.

Research seminar "Market-wide Sentiment, Firm-level Sentiment and the IPO Pricing Process" was held.

Research seminar "How Can We Survive?: Soft Information Utilization in Japanese Competitive Local Credit Markets" was held.

Research seminar "Does the Stock Market Harm Investment Incentives?" was held.

We are pleased to announce that Professor Steen Thomsen (Copenhagen Business School, Denmark) joined our institute as Shimomura Fellow.

Discussion paper "Walking After Midnight: Measurements and Pricing Implications of Market Liquidity on Corporate Bonds" was uploaded.

Research seminar "Exaggerated Death of Distance: Revisiting Distance Effects on Regional Price Dispersions" was held.

Research seminar "Market-specific and Currency-specific Risk during the Global Financial Crisis: Evidence from the Interbank Markets in Tokyo and London" was held.

Discussion paper "Can Analysts Analyze Mergers?" was uploaded.

Discussion paper "Bureaucrats as Managers: Evidence from China" was uploaded.

Economics Today "How Does the Loan Relation Depend on its Duration? Evidence from Firm and Bank Level Data" was published (in Japanese).