Middle Men: The Visible Market‐Makers

This paper presents a framework in which middlemen emerge to intermediate between ex‐ante homogeneous buyers and sellers in the presence of search frictions. Middlemen announce prices, and hold an inventory to provide more sure services. Middlemen can mitigate trade imbalances with price competition. Using this framework I illustrate how the frictionless limit can emerge and how middlemen can implement the short‐side principle for the market price to be Walrasian. The recent progress in the literature on intermediation will also be discussed.     

An econometric study of automated stabilization policies in Japan

Zusammenfassung Eine ?konometrische Studie über automatisierte Stabilisierungspolitik in Japan. — In der vorliegenden Abhandlung versucht der Autor, die Kontroverse über die Wirksamkeit der Stabilit?tspolitik (Stabilisierung durch Regelmechanismen oder durch Ermessensentscheidungen) aufzuhellen. Im Abschnitt I wird ein ?konometrisches Modell für die ?stop-go policy? entwickelt, wobei auch die gesch?tzten Ergebnisse diskutiert werden. Im Abschnitt II wird das Wesen der ?stop-go policy? in Japan w?hrend der Nachkriegsperiode unter Verwendung der Ergebnisse des vorhergehenden Kapitels dargestellt.

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Resumen Un estudio econométrico sobre la politica de estabilización automatizada en el Japon. — En el presente trabajo el autor trata de aclarar la controversia sobre la eficacia de una politica de estabilización (ya esté ésta sujeta a mecanismos automáticos o a decisiones discrecionales). La primera parte ofrece un modelo econométrico para la política ?stop and go? y la discusión de los parámetros estimados. En la segunda parte el autor présenta las características de la política ?stop and go? en el Japón en el periodo de la posguerra, para lo cual hace uso de los resultados obtenidos en la primera parte.

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Résumé Une étude économétrique de la politique de stabilisation automatisée au Japon. — Dans cet article l’auteur cherche à éclaircir la controverse concernant l’efficacité de la politique de stabilisation (stabilisation automatisée contre instruments discrétionnaires). Dans la première section, on présente un modèle économétrique pour la politique de ?stop-go?, y compris une discussion des résultats estimés. En utilisant les résultats de ce premier chapitre, on discute, dans la deuxième section, la nature de la politique de ?stop-go? telle qu’elle fut pratiquée au Japon pendant la période d’après-guerre.

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Riassunto Uno studio econometrico sulla politica di stabilizzazione automatizzata in Giappone. — Nel presente studio, l’autore cerca di chiarire la controversia sull’ efficacia della politica di stabilità (stabilizzazione per mezzo di meccanismi normativi o per mezzo di decisioni discrezionali). Nel primo capitolo viene sviluppato un modello econometrico per la ?stop-go-policy?, laddove sono discussi anche i risultati valutati. Nel secondo capitolo viene rappresentata l’essenza délia ?stop-go-policy? in Giappone durante il periodo postbellico applicando i risultati del capitolo precedente.

     

Technological diversification and assimilation of spillover technology: Canon's scenario for sustainable growth

Under the paradigm shift from an industrial society to an information society in the 1990s, contrary to the decrease of profits in Japan's electrical machinery firms, only Canon demonstrated its increasing trend. This contrasting performance corresponds to Canon's another contrast with respect to increasing technological diversification while reverse trends in other electrical machinery firms. These contrasts suggest us that Canon's technological diversification strategy can be the source of high level of its profits.Prompted by this hypothetical view, this paper analyzes Canon's scenario for sustainable growth and attempts to elucidate its technological diversification dynamism with special attention to its contribution to high level of profits. On the basis of the identification of the correlation between technological diversification and assimilation of spillover technology, comparative empirical analyses are conducted focusing on the consequence of technological diversification and development trajectory in Japan's leading electrical machinery firms over the last two decades.     

Learning program for enhancing visual literacy for non-design students using a CMS to share outcomes

This study proposes a basic learning program for enhancing visual literacy using an original Web content management system (Web CMS) to share students’ outcomes in class as a blog post. It seeks to reinforce students’ understanding and awareness of the design of visual content. The learning program described in this research focuses on to address how to create meanings of visual content that is important to express information visually, and includes three exercises based on perception, visual variables, and signification. The Web CMS to publish student works and share in class helps enhance students’ reflection. We also developed a rubric as an assessment device for students’ outcomes. The content of the learning program and its implementation are described with the support of observational data.     

A non-linear filtering approach to stochastic volatility models with an application to daily stock returns

This paper develops a new model for the analysis of stochastic volatility (SV) models. Since volatility is a latent variable in SV models, it is difficult to evaluate the exact likelihood. In this paper, a non-linear filter which yields the exact likelihood of SV models is employed. Solving a series of integrals in this filter by piecewise linear approximations with randomly chosen nodes produces the likelihood, which is maximized to obtain estimates of the SV parameters. A smoothing algorithm for volatility estimation is also constructed. Monte Carlo experiments show that the method performs well with respect to both parameter estimates and volatility estimates. We illustrate our model by analysing daily stock returns on the Tokyo Stock Exchange. Since the method can be applied to more general models, the SV model is extended so that several characteristics of daily stock returns are allowed, and this more general model is also estimated. Copyright © 1999 John Wiley & Sons, Ltd.     

Value Co-Creation in Business-to-Business and Business-to-Consumer Service Relationships

Abstract

The purpose of this study is to examine the interrelationships among value co-creation, switching costs (SC), and customer share (CS) in both business-to-business (B2B) and business-to-consumer (B2C) relationships. In spite of increasing attention to value co-creation in the Service Dominant Logic, there are only a limited number of empirical studies on this concept. Furthermore, few researchers have investigated the inter-relationship among value co-creation, SC, and CS in a single framework for both B2B and B2C relationships, although many enterprises serve both types of customers. The conceptual framework is developed primarily based on relationship marketing and services marketing. This study evaluates six hypotheses, analyzing survey data from 209 enterprises and 337 individuals by structural equation modeling (SEM). Further, confirmatory factor analysis (CFA) is conducted to confirm the convergent validity and discriminant validity. In conclusion, the positive impact of execution of value co-creation (EVC) activities on SC and CS is supported with appropriate statistical evidence in both B2B and B2C relationships. Also, the causal relationship between values in relational exchanges (VRE) and CS is confirmed with adequate empirical findings for both relationships. These results suggest to marketing managers that service firms may achieve larger CS by executing value co-creation activities and providing VRE for customers.     

Market variance risk premiums in Japan for asset predictability

This article evaluates the predictive performance of variance risk premiums (VRPs) in Japan on the Nikkei 225 returns, credit spreads, and the composite index of coincident indicators. Different monthly VRPs, such as expected and ex-post VRPs, are measured by using model-free implied and realized variances from option prices and high-frequency (HF) data, and their predictive ability is compared with that of VRPs using a realized measure based on coarser frequency return observations. The empirical results show that the VRPs in Japan with HF data are useful in predicting credit spreads and the composite index of coincident indicators, but lose their predictive ability for the Nikkei 225 returns. Such significant predictive power tends to be greater for the expected VRPs with HF data relative to the ex-post VRP with HF data and VRPs with daily data as well as for lower investment grade credit spreads.