Impact of nontraditional activities on scale and scope economies: A case study of Japanese regional banks

The recent financial deregulation in Japanese banking has enabled regional banks to engage in trust businesses. This paper examines the impact of such nontraditional banking activities on cost structure by measuring economies of scale and scope. A generalized translog cost function, which can take zero outputs into consideration, is employed to simultaneously investigate entrants and non-entrants. While ray scale economies are observed for trust businesses, product-specific scale economies are not. Further, cost complementarities are not observed in almost all the pairwise combinations of the products. Thus, entering into the trust business yields no cost reduction for Japanese regional banks.     

The regional consequences of the Japanese second wave: A case study

This paper examines the Japanese “second wave” sector in the local economy. Following an examination of the development of the second wave Japanese-owned supplier sector in the UK, the paper assesses the role of this sector in the local economy, and questions the policy rationale of attracting this particular type of inward investment.     

Restructuring the regional distribution of FDI: The case of Japanese and US FDI

There have been numerous changes in the international economic environment for foreign direct investment (FDI) over the past decades. More than ever, the trend towards globalization has stimulated both firms and countries to establish closer cross-border economic linkages and interdependence throughout the world. This study finds evidence that there has been a convergence in the regional distribution pattern between Japanese and US manufacturing FDIs among six host regions in the period of 1976–1996. We also present evidence that this convergence can be accounted for by the converging responses to competitive advantages of the investing and host country firms, and of the resource endowments of investing and recipient nations.     

Exchange rate exposure and risk management: The case of Japanese exporting firms

This paper investigates the relationship between Japanese firms’ exposure to the exchange rate risk and their risk management. Following Dominguez (1998) and others, we first estimate the firms’ exposure to the exchange rate risk by regressing their stock prices on the exchange rate and the market portfolio. We next investigate possible influences of various risk management measures on the firms’ foreign exchange exposure. Risk management variables include financial and operational hedging, the invoice currency choice, and the price revision strategy (pass-through) of 227 listed firms in 2009, which were collected from a questionnaire survey of Japanese firms listed in the Tokyo Stock Exchange. Our main findings are as follows: First, firms with greater dependency on sales in foreign markets have greater foreign exchange exposure, judged by the market. Second, the higher the US dollar invoicing share, the greater the foreign exchange exposure is, which can be reduced by both financial and operational hedging. Third, yen invoicing reduces foreign exchange exposure. These findings indicate that Japanese firms use a combination of risk management tools to mitigate the degree of exchange rate risk.     

商业银行经济资本节约研究

经济资本是银行内部管理中使用的、综合反映实际风险承担状况的有效工具。经济资本在客户选择、风险排序、风险定价、资源配置和绩效考核中发挥重要作用。基于实际工作和业务经验,从经济资本的定义、应用以及节约方法,对经济资本进行全面论述,藉此希望对商业银行的相关工作有借鉴意义。     

Corporate diversification,performance, and restructuring in the largest Japanese manufacturers

This article examines the industry diversification of the 142 largest Japanese manufacturers in 1973–1998. We find that sample firms steadily increased diversification. Despite the increase, the relatedness of their business measured in three ways based on the Japanese IO table stayed essentially constant. Regression results show that the average relationship between diversification and firm performance is negative. Firms can mitigate the negative impact of diversification on profitability by confining diversification to industries that are closely related to their main business. However, this effect of relatedness is insignificant for firm value (Tobin's Q), suggesting that the profitability increase due to greater relatedness does not last long. Consistently, a wide range of diversified firms restructured themselves in the late 1990s by divesting business units. J. Japanese Int. Economies 21 (3) (2007) 303–323.     

日本公司资本制度变迁

公司资本制度是公司法中的重要问题。日本的公司资本制度通过一系列的商法的修改和2005年的公司法的制定,不断地放宽不必要的限制。公司资本形成制度从法定资本制改为授权资本制;从最低资本额为1000万日元（有限公司为300万日元）到废止最低资本金制度,“1日元创业”成为现实;对现物出资限制的放宽;公司取得和保留自有股份从“原则上禁止,例外允许”发展成为任何时候可以自由地多次取得本公司股份。     

Capital markets and legal development: The China case

Recent research establishes a significant positive correlation between law and finance (and hence economic growth), restarting a debate on the “law matters” thesis. However, which way the causality goes is still not clear. The purpose of this paper is to use the ongoing reform experience of China, especially its capital market experience, to examine the direction of causality. First, we show that China's recent experience is largely consistent with Coffee's [Yale Law Journal 111 (2001, October)] “crash-then-law” interpretation of this correlation. Indeed, it is the large and clearly defined constituency of investors that has been a key driving force behind much of the recent legal progress. The rights and economic interests of this constituency have fundamentally challenged the traditional emphasis of the Chinese legal culture on administrative and criminal sanctions, but not on civil litigation law. Second, we compare the different contributions to legal change made by the stock market and the consumer product markets. We argue that capital markets are perhaps the most conducive to the formation of a politically powerful constituency and hence more aggressive legal change, because of (1) the higher degree of commonality among interested parties and (2) immediately measurable and tangible damages. These two characteristics not only allow investors to identify with each other more easily, but also create an ideal basis for more debate in the media, which in turn promotes the development of a legal culture.     

The risk-sharing role of Japanese keiretsu business groups: evidence from restructuring in the 1990s

One of the most commonly cited motives for the keiretsu business groups is risk sharing. This paper examines the restructuring of the keiretsu groups over the 1990s along four dimensions: size, diversification, monitoring, and resource shifting. Most data patterns are consistent with a risk-sharing motive.     

ICT,offshoring, and the demand for part-time workers: The case of Japanese manufacturing

This paper examines the effects of information and communication technology (ICT) and offshoring on the skill demand in Japanese manufacturing. One of the contributions of this paper is that we focus explicitly on the demand for low-wage part-time workers, which we call low skilled workers. Estimating a system of variable factor demands for the period 1980–2011, we find that industries with higher ICT stock shifted demand from middle-low to middle-high and low skilled workers. Offshoring is associated with the increasing demand for high skilled workers but it has insignificant effects on the demand for middle-high, middle-low, and low skilled workers. The results together suggest that the increasing demand for low-wage part-time workers can be attributable to ICT in Japan.     

Capital gains tax and individual trading: The case of Japan

Japan implemented a capital gains tax reform and reduced its flat rate in 2003. This study attempts to explain how this has contributed to the recent surge of individual trading, using three different methods of analysis. First, we perform a time-series analysis with the aggregate, market-level data. Second, we use firm-level, by-stock data to conduct a similar time-series analysis, as well as a panel data analysis. Third, we examine the price-change sensitivity of winners’ volume before and after the reform. The results clearly indicate that the tax cut has helped expand individual trading, as the average tax rate negatively correlates significantly with individual trading.     

The value of banking relationships during a financial crisis: Evidence from failures of Japanese banks

Previous literature suggests that banking relationships can enhance the value of client firms in the presence of asymmetric information problems. Hence, severance of banking ties due to a bank failure can have adverse consequences for the clients of the failed bank. In this paper, we provide evidence on the value of banking relationships by examining the impact of three large bank failures in Japan on their clients and the clients of surviving banks. We find that, as in previous studies, the market value of customers of the failed banks is adversely affected on the date of the failure announcements. In addition, the effects are related to the financial characteristics of both the client firms and their primary banks. Firms that have greater access to alternative sources of funding experience a less severe adverse impact from bank failure announcements. Similarly, clients of banks that are more profitable, better capitalized, and have lower loan loss reserves suffer less from the failure announcements. However, we also find that these effects are not significantly different from the effects experienced by all firms in the economy. That is, the bank failures represent “bad news” for all firms in the economy, not just for the customers of the failed banks.     

Tourism and regional development: The case of South Africa's distressed areas

Uneven development is a long-established feature of South Africa's space economy. Recent policy initiatives have been launched for tourism to be a vehicle for regional development. Against the background of international debates about tourism and regional development, this article examines the tourism economy of South Africa's 23 priority development districts or distressed areas that are the current focus of national policy to redress uneven development. The nature and growth of tourism occurring in these areas is shown to be primarily domestic tourism and concentrated upon visiting friends and relatives travel. The prospects for regional development ultimately hinge upon leveraging potential assets for leisure tourism. Key challenges for incipient tourism-led regional development in South Africa are identified.     

论模型分析法在商业银行贷款管理中的运用

该模型是自David Durand在1941年最早提出的，商业银行可以通过该模型来预测借款人违约的可能性，从而估测相应的信贷风险，模型中的违约行为包括借款人拖欠贷款本息，减少或放弃利息，模型变量包括。     

System-dynamic model of regional economy: The case of Rostov oblast

This article presents a method of simulation modeling that is broadly used in regional process studies. Based on this model, we have developed a system of supporting decision-making intended for regional development. Potential development scenarios for the Rostov oblast have been elaborated using statistical data about the region.     

国有商业银行区域性股份制改造方案设计及问题探讨

一、方案的必要性与可行性 (一)必要性 1．适应区域经济发展的要求。 随着改革开放的不断深化,允许部分人、部分地区先富起来的战略定位,而导致的区域间差异的扩大以及区域金融的形成,传统方式下对机构的设置日益显示出若干弊端,四大国有专业银……     

Black-owned commercial banks: A new look at their performance and management

Summary This research has explored management and financial characteristics within mature black banks over the period of 1978–81. In general, although loan loss management remains a key variable in successful financial performance, other variables often argued to explain profitability differences between black and nonminority banks were not so helpful in explaining profit variation among black banks. It appears that a new model of successful black banking must be developed.     

The political economy of exchange rates: The case of the Japanese yen

This paper sets out a political economy model of strategic exchange rates, focusing on the importance of external pressures. In our approach, an exchange rate depreciation is shown to be analytically equivalent to an export subsidy and an import tax. Thus lobbying for exchange rate policy is akin to lobbying for trade policies. Applying our model to the recent history of the Japanese yen, we show that pressures from the US government can theoretically contribute to an appreciation of the Japanese yen. In addition, the yen will still appreciate even if we assume that the Japanese international firms are Aoki-type J-firms.     

Aspects of regional innovation development: The case of Volga Federal District

The paper deals with the interrelation between regional competitiveness and innovation systems. Innovation activity of the regions within Volga Federal District is analyzed. The need to produce innovations to provide competitiveness of the country and its regions is emphasized.