Discussion Paper Series
Unpublished papers on research results written by RICF research staff, as well as other researchers, to stimulate broad-based commentary, including from academics and policy makers (only English-language papers posted).
DBJ Discussion Paper Series
| No. | Title | Author(s) | Date | |
|---|---|---|---|---|
| 2401 | Selection and Pricing of Green and Sustainability-Linked Corporate Bonds | Ramirez, Maria Gonzalez Wald, John K. |
 [PDF:387K] |
4/2024 |
| 2301 | Life Science Ecosystem Formation in Singapore- The Process of Focusing on ‘Translation’ - | Aoyama, Tatsufumi | [PDF:439K] |
3/2024 |
| 2201 | The Real Effect of ESG Rating Agencies | Bikmetova, Natalya Pirinsky, Christo A. |
[PDF:795K] |
8/2022 |
| 2003 | The Distribution of Voting Rights to Shareholders | Fos, Vyacheslav Holderness, Clifford G. |
[PDF:661K] |
2/2021 |
| 2001 | Renewable Governance: Good for the Environment? | Dyck, Alexander Lins, Karl V. Roth, Lukas Towner, Mitch Wagner, Hannes F. |
[PDF:859K] |
7/2020 |
| 1907 | Corporate Governance Compliance and Firm Value: A Cultural Perspective | Orihara, Masanori Eshraghi, Arman |
[PDF:808K] |
10/2019 |
| 1906 | Long-term Financial Performance of Corporate Social Responsibility, External Governance from Foreign Stockholders, and Regional Stakeholders | Shirasu, Yoko Kawakita, Hidetaka |
[PDF:629K] |
10/2019 |
| 1904 | Trade, Resource Use and Pollution: A Synthesis | Yanase, Akihiko Li, Gang |
[PDF:4.6M] |
5/2019 |
| 1903 | Who is the Boss? Family Control without Ownership in Publicly-traded Japanese Firms | Bennedsen, Morten Mehrotra, Vikas Shim, Jungwook Wiwattanakantang, Yupana |
[PDF:1.3M] |
4/2019 |
| 1902 | Do Social Networks Encourage Risk-taking? Evidence from Bank CEOs | Fang, Yiwei Hasan, Iftekhar Liu, LiuLing Wang, Haizhi |
[PDF:760K] |
4/2019 |
| 1901 | Foreign Ownership, Bank Information Environments, and the International Mobility of Corporate Governance | Fang, Yiwei Hasan, Iftekhar Leung, Woon Sau Wang, Qingwei |
[PDF:1.1M] |
4/2019 |
| 1803 | The Deterrent Effect of Anti-Bribery Law Enforcement on the Quality of Earnings | Bunkanwanicha, Pramuan Greusard, Olivier |
[PDF:493K] |
2/2019 |
| 1802 | Liquidity Risk? | Pontiff, Jeffrey Singla, Rohit |
[PDF:425K] |
2/2019 Revised |
| 1801 | Skin in the Game, Wealth and Risk-Taking: Evidence from Private Equity Funds | Bienz, Carsten Thorburn, Karin S. Walz, Uwe |
[PDF:434K] |
10/2018 |
| 1702 | Corporate Governance and Corporate Performance under Market Socialism: Empirical Analysis of Listed Companies in China | Wang, Le Liu, Qun Hanazaki, Masaharu |
[PDF:1.7M] |
10/2017 |
| 1701 | Labor Productivity Stagnation, the Radical Quantitative Easing Monetary Policy, and Disinflation | Otaki, Masayuki | [PDF:230K] |
9/2017 |
| 1606 | A Theory on Origin of Speculative Bubbles and Public Debt Accumulation | Otaki, Masayuki |  [PDF:582K] |
11/2016 |
| 1605 | Corporate Environmental Liabilities and Capital Structure | Chang, Xin Fu, Kangkang Li, Tao Tam, Lewis H.K. Wong, George |
[PDF:814K] |
9/2016 |
| 1604 | The Real Effect of Financial Innovation: Evidence from Credit Default Swaps Trading and Corporate Innovation | Chang, Xin Chen, Yangyang Wang, Sarah Qian Zhang, Kuo Zhang, Wenrui |
[PDF:909K] |
9/2016 |
| 1603 | Gains from Mergers and Acquisitions in Japan | Fatemi, Ali Fooladi, Iraj Garehkoolchian, Niloofar |
[PDF:567K] |
9/2016 |
| 1602 | A Theory of Quantitative Easing Policy and Negative Interest Policy Based on the Japanese Experience | Otaki, Masayuki | [PDF: 64K] |
6/2016 |
| 1601 | Testing Symmetry of Unknown Densities via Smoothing with the Generalized Gamma Kernels | Hirukawa, Masayuki Sakudo, Mari |
[PDF:353K] |
5/2016 |
| 1503 | Ramsey's Belief and the Plausibility of Keynesian Economics | Otaki, Masayuki | [PDF: 79K] |
11/2015 |
| 1502 | Public Debt as a Burden on the Future Generation: A Keynesian Approach | Otaki, Masayuki | [PDF:227K] |
10/2015 |
| 1501 | On the Limit of Human Cognition: Is Artisanship always Dominated by Profit Motive? | Otaki, Masayuki | [PDF:101K] |
4/2015 |
| 1405 | Conventional and Unconventional Votes: A Tale of Three Monetary Policy Committees | Asako, Kazumi Spencer, Christopher |
[PDF:846K] |
8/2014 |
| 1404 | Amenity Potential, Private Benefits of Control, and the Value of Levered Family Firms | Margsiri, Worawat | [PDF:729K] |
8/2014 |
| 1403 | Equity Market Liberalization and Equity Issuance | McLean, David Pontiff, Jeffrey Zhao, Mengxin |
[PDF:611K] |
6/2014 |
| 1402 | Asian Pennies are not Like US Pennies | Pavabutr, Pantisa Rhee, Ghon Sirodom, Kulpatra Tian, Gloria |
[PDF:375K] |
6/2014 |
| 1401 | Family of the Generalized Gamma Kernels: A Generator of Asymmetric Kernels for Nonnegative Data | Hirukawa, Masayuki Sakudo, Mari |
[PDF:389K] |
6/2014 |
| 1308 | Efficacy in Education and Intergenerational Affluence | Otaki, Masayuki | [PDF:173K] |
3/2014 |
| 1307 | Income Disparity, Uneven Economic Opportunities, and Verifiability | Otaki, Masayuki | [PDF:154K] |
1/2014 |
| 1306 | On the Function of Gold Standard in Idealism and in Reality | Otaki, Masayuki | [PDF:246K] |
1/2014 |
| 1304 | Misallocation of Capital During Japan's Lost Two Decades | Fujii, Daisuke Nozawa, Yoshio |
[PDF:699K] |
6/2013 |
| 1302 | Monetary Economic Growth Theory under Prefect and Monopolistic Competitions | Otaki, Masayuki Tamura, Masaoki |
[PDF: 93K] |
5/2013 |
| 1301 | Employee Representation and Board Size in the Nordic Couniries | Thomsen, Steen Rose, Caspar Kronborg, Dorte |
[PDF:218K] |
5/2013 |
| 1214 | Corporate Bond Premia | Nozawa, Yoshio | [PDF:441K] |
3/2013 |
| 1212 | Can Bailout Improve the Economic Welfare? A Structural Derivation of the Option Price | Otaki, Masayuki | [PDF:192K] |
3/2013 |
| 1211 | Show Me the Money: Japan's Most Profitable Companies in the 2000s | Schaede, Ulrike | [PDF:580K] |
1/2013 |
| 1210 | What Determines CDS Prices? Evidence from the Estimation of Protection Demand and Supply | Miyakawa, Daisuke Watanabe, Shuji |
[PDF:507K] |
12/2012 |
| 1209 | Nonparametric Multiplicative Bias Correction for Kernel-Type Density Estimation Using Positive Data | Hirukawa, Masayuki Sakudo, Mari |
[PDF:460K] |
12/2012 |
| 1205 | The Stability of a Regionally Fixed Exchange Rate System: Can Euro be Sustained by Austere Fiscal Discipline? | Otaki, Masayuki | [PDF: 92K] |
9/2012 |
| 1204 | A Macroeconomic Consequence of Foreign Direct Investment: The Welfare Economics of Industrial Hollowing | Otaki, Masayuki | [PDF:202K] |
7/2012 |
| 1203 | A Study on Lucas' “Expectations and the Neutrality of Money” | Otaki, Masayuki | [PDF:129K] |
7/2012 |
| 1201 | A Microeconomic Foundation for Optimum Currency Areas: The Case for Perfect Capital Mobility and Immobile Labor Forces | Otaki, Masayuki | [PDF:114K] |
5/2012 |
| 1106 | A Keynesian Endogenous Growth Theory with a Rigorous Microeconomic Foundation | Otaki, Masayuki | [PDF: 77K] |
2/2012 |
| 1105 | The Aggregation Problem in Employment Theory: The Representative Individual or Indivisible Employees Models? | Otaki, Masayuki | [PDF: 94K] |
1/2012 |
| 1104 | The Role of Money: Credible Asset or Numeraire? | Otaki, Masayuki | [PDF:344K] |
1/2012 |
| 1103 | The Employment-Isolation Effect under a Flexible Exchange Rate | Otaki, Masayuki | [PDF: 84K] |
12/2011 |
| 1102 | On the Function of Key Currency | Otaki, Masayuki | [PDF:269K] |
12/2011 |
| 1101 | Risk Management in Corporate Financial Policy | Margsiri, Worawat Mello, Antonio S. |
[PDF:513K] |
7/2011 |
| 1007 | On the Function of Money in the Search Model | Otaki, Masayuki | [PDF:301K] |
3/2011 |
| 1006 | Sustainability, Endogenous Social Discount Rate, and Proportional Carbon Tax | Otaki, Masayuki | [PDF: 86K] |
1/2011 |
| 1005 | Exact Microeconomic Foundation for the Phillips Curve under Complete Markets: A Keynesian View | Otaki, Masayuki Tamai, Yoshihiro |
[PDF: 99K] |
1/2011 |
| 1004 | Walking After Midnight: Measurements and Pricing Implications of Market Liquidity on Corporate Bonds | Miyakawa, Daisuke Watanabe, Shuji |
[PDF:1.2M] |
10/2010 |
| 1003 | Can Analysts Analyze Mergers? | Tehranian, Hassan Zhao, Mengxin Zhu, Julie L. |
[PDF:1.0M] |
9/2010 |
| 1002 | Bureaucrats as Managers: Evidence from China | Fan, Joseph P. H. Huang, Jun Oberholzer-Gee, Felix Zhao, Mengxin |
[PDF:189K] |
9/2010 |
| 1001 | Why Do Shareholders Value Marriage? | Bunkanwanicha, Pramuan Fan, Joseph P. H. Wiwattanakantang, Yupana |
[PDF:249K] |
6/2010 |
| 0906 | A Pure Theory of Aggregate Price Determination | Otaki, Masayuki | [PDF:121K] |
6/2010 |
| 0905 | Bagging and Forecasting in Nonlinear Dynamic Models | Sakudo, Mari | [PDF:535K] |
12/2009 |
| 0904 | Adoptive Expectations: Rising Sons in Japanese Family Firms | Mehrotora,Vikas Morck, Randall Shim, Jungwook Wiwattanakantang, Yupana |
[PDF:538K] |
9/2009 |
| 0903 | How Does the Stability of Loan Relations Depend on its Duration? Evidence from Firm- and Bank-Level Data | Miyakawa, Daisuke | [PDF:411K] |
7/2009 |
| 0902 | The Towards a Portfolio-of- Private-Equity-Funds-Value-at-Risk Model | Meyer, Thomas | 4/2009 | |
| 0901 | The Challenge of Modelling Risks for Portfolios of Private Equity Funds | Meyer, Thomas | 4/2009 | |
| 0804 | A Dynamic Equilibrium Model for Relationship-Lending | Miyakawa, Daisuke | [PDF:282K] |
3/2009 |
| 0801 | Income Inequality over Boom, Slump and Recovery: Japan 1963-2005 | James, Jason Kattuman, Paul A |
[PDF:248K] |
7/2008 |
| 0610 | Involuntary Unemployment Emerging from Dynamic General-Equilibrium Analysis | Otaki, Masayuki | 2/2007 | |
| 0608 | Silent Large Shareholders and Entrenched Bank Management: Evidence from the Banking Crisis in Japan | Hanazaki, Masaharu Souma, Toshiyuki Wiwattanakantang, Yupana |
1/2007 | |
| 0606 | The dynamically extended Keynesian cross and the welfare-improving fiscal policy | Otaki, Masayuki | 12/2006 | |
| 0504 | Corporate Governance and Investment in East Asia: An Empirical Analysis of Family-Controlled Firms | Hanazaki, Masaharu Qun, Liu |
2/2006 | |
| 0502 | Asian Corporate Governance and Firm Performance -The Empirical Analysis of Asian Crisis- | Hanazaki, Masaharu Qun, Liu |
6/2005 | |
| 0501 | From Cherry Picking to Bottom Feeding: A source of bank problems in Japan | Sung Wook, Joh Chiu, Ming Ming |
4/2005 | |
| 0405 | Excess bankruptcy and excess refinancing in multiple-source financing | Kasahara, Tetsuya | 12/2004 | |
| 0403 | The Economics of The Structure of The Japanese Firm: A Survey | Hillas, John | 6/2004 | |
| 0401 | The Asian Crisis and Corporate Governance-Ownership Structure, Debt Financing, and Corporate Diversification | Hanazaki, Masaharu Qun, Liu |
4/2004 | |
| 0301 | Delegated Contracting and Corporate Hierarchies | Choe, Chongwoo | 1/2004 | |
| 0203 | Structural Change and the Labour Market Effects of Globalisation | Gaston, Noel Nelson, Douglas |
12/2002 | |
| 0201 | Corporate Governance and Japan's Choice: A Reinterpretation of the Lost Decade | Waldenberger, Franz Ohoka, Satoshi |
5/2002 | |
| 0103 | The Ups and Downs of the Financial System in Postwar Japan -Evidence from the Manufacturing Sector- | Hanazaki, Masaharu Horiuchi, Akiyoshi |
12/2001 | |
| 0006 | Econometric Evaluation of the Lack of Risk Sharing and Imperfect Financial Integration | Okubo, Masakatsu | 3/2001 | |
| 0005 | How Does Trade Affect the Labor Market? Evidence from Japanese Manufacturing | Sakurai, Kojiro | 3/2001 | |
| 0003 | Efficiency of the Japanese Financial System in the Postwar Period | Hanazaki, Masaharu Horiuchi, Akiyoshi |
7/2000 | |
| 0002 | A comparison of Japanese and U.S. price indexes and a new approach to their measurement | Matsumoto, Kazuyuki | 6/2000 | |
| 0001 | Exchange Rates and Corporate Exposure: Evidence from Japanese | Dekle, Robert | 4/2000 |
RCGW Discussion Paper Series
| No. | Title | Author(s) | Date | |
|---|---|---|---|---|
| 70 | Post-Pandemic Surges of Real Unit Energy Costs in Eight Industrialized Countries | Koji Nomura Sho Inaba |
[PDF:2.2M] |
3/2024 |
| 59 | The Mechanism of High-tech Industrial Cluster Formation: An Empirical Study on the Process of ICT Cluster Formation in Oulu, Finland | Takashi Sasano | [PDF:2.2M] |
4/2016 |
| 58 | Artisanship, Meritocracy, and Apathy | Masayuki Otaki | [PDF:592K] |
4/2016 |
| 57 | Modified Ramsey Rule and Optimal Carbon Price | Masayuki Otaki | [PDF:301K] |
3/2016 |
| 56 | Properties of the Social Discount Rate and Negative Intertemporal Externality in the Utility or Production Function | Masayuki Otaki | [PDF:210K] |
2/2016 |
| 55 | Modified Ramsey Rule, Optimal Carbon Tax and Economic Growth | Morio Kuninori Masayuki Otaki |
[PDF:350K] |
2/2016 |
| 53 | The Revelation of the Time Preference Rate and Intertemporal Negative Externality | Morio Kuninori Masayuki Otaki |
[PDF:452K] |
10/2015 |
| 52 | On the Economic Properties of the CDM: Does Emissions Trading Contribute to Global Warming Problem? | Morio Kuninori Masayuki Otaki |
[PDF:128K] |
6/2015 |
| 50 | Local Altruism as an Environmental Ethic in CO2 Emissions Control | Masayuki Otaki | [PDF:1.0M] |
10/2014 |
| 46 | Emission Trading or Proportional Carbon Tax: A Quest for More Efficacious Emission Control | Masayuki Otaki | [PDF:326K] |
8/2013 |
| 43 | Cities and Heat-island | Katsuhisa Uchiyama | [PDF:428K] |
7/2011 |
| 42 | The Agglomeration of Learned Skills and the Role of Regional Community | Hisashi Yaginuma | [PDF:383K] |
7/2011 |
| 41 | Preserving Our Grasslands: Learning from Aso-City Residents Choose Cooperation | Masanao Maeda | [PDF:454K] |
7/2011 |
| 40 | Linking City and Farm Village: An Experiment to Rebuild Abundant Farm Community | Hiromichi Kaneko | [PDF:314K] |
7/2011 |
| 39 | Cities and Material Flows | Tadahiro Mitsuhashi | [PDF:653K] |
7/2011 |
| 38 | Reclaiming Public Space for People: The Roots of European Urban Regeneration | Akiko Okabe | [PDF:1.1M] |
7/2011 |
| 28 | Wage Differentials and Structure in the U.S. and Japan, 1960-2000: Purchasing Power Parities for Labor Input | Koji Nomura Jon D. Samuels |
[PDF:867K] |
9/2003 |
| 18 | Japan's Global Warming Policy: Some Unresolved Issues | Morio Kuninori | 10/2002 | |
| 16 | Social Overhead Capital and Lindahl Equilibrium | Hirofumi Uzawa | 1997 | |
| 15 | The Element of Game Theory | Hirofumi Uzawa | 1997 | |
| 14 | A Game-theoretic Approach to the Problems of Economic Integration and Policy Cooperation | Hirofumi Uzawa | 1997 | |
| 13 | The Core of the Cooperative Game Associated with Oligopoly Firms | Hirofumi Uzawa | 1997 | |
| 12 | Lindahl Equilibrium and the Core of an Economy Involving Public Goods | Hirofumi Uzawa | 1996 | |
| 11 | Global Warming as a Cooperative Game | Hirofumi Uzawa | 1996 | |
| 9 | Pareto Optimality, Competitive Equilibrium, and Lindahl Equilibrium | Hirofumi Uzawa | 1995 | |
| 8 | Tradable Emission Permits, Pareto Optimality, and Lindahl Equilibrium | Karl-Göran Mäler Hirofumi Uzawa |
1995 | |
| 7 | Static and Dynamic Externalities in the Theory of the Commons | Hirofumi Uzawa | 1994 | |
| 5 | Global Warming and Dynamic Theory of Imputation | Hirofumi Uzawa | 1994 | |
| 4 | An Endogenous Rate of Time Preference, the Penrose Effect, and Dynamic Optimality of Environmental Quality | Hirofumi Uzawa | 1993 | |
| 3 | Dynamic Duality Principles on Intertemporal Preference and Capital Accumulations | Hirofumi Uzawa | 1993 | |
| 2 | Towards a General Theory of Social Overhead Capital | Hirofumi Uzawa | 1992 | |
| 1 | The Tragedy of the Commons and the Theory of Social Overhead Capital | Hirofumi Uzawa | 1992 |
Economic Analysis
| No. | Title | Author(s) | Date | |
|---|---|---|---|---|
| 15 | Global Warming, Proportional Carbon Taxes, and International Fund for Atmospheric Stabilization | Hirofumi Uzawa | [PDF:133K] |
12/2009 |
| 14 | Social Common Capital, Imputed Price, and Sustainable Development | Hirofumi Uzawa | [PDF:239K] |
12/2009 |
| 13 | Global Warming, Imputed Prices, and Sustainable Development | Hirofumi Uzawa | [PDF:129K] |
12/2009 |
