水平型跨国公司与垂直型跨国公司

1.引言水平型跨国公司广义的定义是:其总部设在本国,在本国和东道国维持整个生产过程的跨国公司。另一方面,垂直型跨国公司是总部设在本国,将生产过程分为两个以上的部分并     

Food Processing Business and Agriculture Cooperatives in Japan: Market Power and Asymmetric Information*

Food processing businesses run by agriculture cooperatives (in this paper referred to as food processing cooperatives) are basically firms that are owned by the suppliers of raw materials. Typically, in this type of firm, corporate decision‐making is the responsibility of member farmers through the one member one–vote rule, and the surplus of the business is divided among them according to the amount of raw agricultural products they have supplied to the firm. This is in contrast to a conventional capitalistic firm, in which corporate decision‐making is ultimately made by the stockholders through the one share–one vote rule, and the profit is divided among them according to the amount of financial capital they have supplied to the firm. Based upon statistical data and case studies, the present paper considers some economic factors that might influence the establishment of food processing cooperatives.     

Main banks’ influence on financial reporting quality in Japan

This study investigated main banks’ influence on the quality of accounting firms’ audits and corporate firms’ earnings, focusing on companies on Japan’s Nikkei 500 index. We posed three questions in this research study about main banks’ influence on corporate clients’ earnings management. First, does a weakened main bank relationship influence corporate clients’ financial reporting quality? Second, does Japan’s firewall deregulation influence firms’ earnings quality? Finally, does the relationship between accounting firms and main banks affect client firms’ earnings quality? Our main findings were that main banks are not related to client firms’ earnings management; however, main banks mitigate client firms’ earnings management after firewall deregulation. On the other hand, firewall deregulation does motivate firms to manipulate their earnings management. Finally, using Pong and Kita’s (2006) study as a framework, we found that main banks and client firms using the same accounting firms had no influence on earnings management. Based on these evidences presented, our findings suggest that the quality of corporate clients’ financial reporting changes before and after firewall deregulation.     

The Role of Network Effects in the US VCR Market, 1978–1986

This paper estimates the importance of indirect network effects in the US video cassette recorder (VCR) market between 1978 and 1986. Estimation reveals the significant role of networks in the format competition between VHS and Beta. The paper also finds that if Sony, the system sponsor of Beta, had aggressively introduced its VCRs at the early stage of competition, Beta would likely have dominated the market in 1985; instead, the format disappeared in 1989. Finally, the paper measures consumer welfare for the value of network effects in VCRs, and assesses the consumer welfare effect of standardization.     

RAISING CAPITAL BY ISSUING TRANSFERABLE MEMBERSHIP IN A WORKER COOPERATIVE

It is generally recognized that worker cooperatives have a disadvantage in raising capital compared with conventional capitalist firms. In this paper, we explore a method for a worker cooperative to raise non‐redeemable equity by issuing transferable membership shares as financial securities.     

Proxy contests and corporate democracy

A proxy contest is a fight between two management teams to gain proxies from shareholders.The management team which accumulates a majority of votes wins the competition for corpo rate control. This paper attempts to construct a formal model of proxy contests and analyze their implications for the shareholders’ benefit and power of control over the firm.     

Emission Allowance as a Derivative on Commodity-Spread

We provide a valuation formula for emission allowance. Assuming that the value of emission allowance on the last day of a trading phase is equal to a spread of commodity prices (e.g. electricity and natural gas) when the spread is positive and less than the penalty, we show that the emission allowance price is equal to the value of a portfolio of European call options on the spread of the commodities. Using the formula, we obtain a hedging strategy for emission allowance trading. We also empirically analyze option value embedded in emission allowance, and find by numerical analysis that the option value is relatively large.     

Return Dynamics of Japanese Stock Index Options

This paper addresses the return dynamics of stock index options. Distributional moments are suggestive of a skewness preference hypothesis that provides an economic rationale for investors' interest in options. There is no evidence of detectable intermarket arbitrage opportunities from cross- sectional tests of volatility ratio and implied elasticity. Joint tests of market efficiency and parity dynamics suggest that the longer the remaining life of at-the-money options, the higher the likelihood of parity deviations being absorbed in response to percentage index changes. There are also indications of maturing Japanese options markets from rational expectations and parity regression tests.     

Are cooperative firms a less competitive form of business? Production efficiency and financial viability of cooperative firms with tradable membership shares

Cooperative firms are generally considered a less competitive form of business than conventional capitalist firms in a market system. In this study, we consider cooperative firms that issue tradable membership shares and show that they are in principle as efficient and financially viable as capitalist firms. This implies that, if allowed to issue tradable membership shares, cooperative firms could be a promising alternative to capitalist firms in a wider range of circumstances.     

Is FTA/EPA effective for a developing country to attract FDI? The knowledge‐capital model revisited

To prepare an answer to the question of how a developing country can attract foreign direct investment (FDI), this paper explored the factors and policies that may help bring FDI into a developing country by utilising an extended version of the knowledge‐capital model. With a special focus on the effects of a free trade agreement (FTA) or an economic partnership agreement (EPA) between a pair of market and non‐market countries, simulations with the model revealed the following: (i) although FTA/EPA generally tends to increase FDI to a developing country, the possibility of improving welfare through increased demand for skilled and unskilled labour decreases as the size of the country grows; (ii) a developing country may suffer severe welfare losses through FTA/EPA if the availability of skilled labour is extremely limited; and (iii) a developing country can enhance welfare gains from a FTA, and it is even possible to recover the welfare effects from negative to positive, by making the arrangement an EPA.