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This paper attempts to enhance our understanding of macro aspects of bankruptcies in Japan. For this purpose, we estimate a vector autoregression comprised of three macroeconomic variables, two financial variables from the corporate sector and the bankruptcy rate, and construct its impulse responses. The estimation results generally show expected and consistent relationships between economic shocks and aggregate bankruptcies: in particular, a positive shock in the call rate clearly raises the bankruptcy rate. We also estimate industry-level models for manufacturing, construction, and wholesale and retail trade, the results of which show fundamental similarities, but differences as well, in the details by industry. We try to apply a standard framework for analysis aimed at establishing a clear benchmark for the study. 相似文献
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The Performance Effect of Feedback Frequency and Detail: Evidence from a Field Experiment in Customer Satisfaction
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PABLO CASAS‐ARCE SOFIA M. LOURENÇO F. ASÍS MARTÍNEZ‐JEREZ 《Journal of Accounting Research》2017,55(5):1051-1088
This paper presents the results from a field experiment that examines the effects of nonfinancial performance feedback on the behavior of professionals working for an insurance repair company. We vary the frequency (weekly and monthly) and the level of detail of the feedback that the 800 professionals receive. Contrary to what we would expect if these professionals conformed to the model of the Bayesian decision maker, more (and more frequent) information does not always help improve performance. In fact, we find that professionals achieve the best outcomes when they receive detailed but infrequent (monthly) feedback. The treatment groups with frequent feedback, regardless of how detailed it is, perform no better than the control group (with monthly and aggregate information). The results are consistent with the information in the latest feedback report being most salient and professionals in the weekly treatments overweighting their most recent performance, hampering their ability to learn. 相似文献
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Tsutomu Harada 《Economics of Innovation and New Technology》2018,27(4):361-376
This paper constructs an endogenous growth model using the framework of New Keynesian dynamic stochastic general equilibrium models. We incorporate the Schumpeterian approach that generates seemingly sticky prices and reinterpret the Calvo mechanism from the perspective of Bertrand competition and successful entrepreneurs. Our results demonstrate that both positive productivity shocks and endogenous innovation have a negative effect on subsequent endogenous innovation. These self-destructive effects of endogenous innovation might account for the IT productivity paradox and productivity slowdown seen in advanced countries. Furthermore, it is shown that there are both neutral and non-neutral properties of monetary policy shocks. They are neutral in terms of the growth effect, but non-neutral in terms of the level effect. In particular, expansionist monetary policies are desirable to facilitate endogenous innovation. 相似文献
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Competition,Loan Rates,and Information Dispersion in Nonprofit and For‐Profit Microcredit Markets
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GUILLERMO BAQUERO MALIKA HAMADI ANDRÉAS HEINEN 《Journal of Money, Credit and Banking》2018,50(5):893-937
We describe the competitive environment of microcredit markets globally and we study the effects of competition on loan rates of microfinance institutions (MFIs). We use a new database from rating agencies, covering 379 for‐profit and nonprofit MFIs in 67 countries over 2002–2008. Controlling for interest rate ceilings and other country‐specific factors, we first find that nonprofits are relatively insensitive to industry‐wide concentration changes, while for‐profits charge significantly lower rates in less concentrated markets. Second, we find spillover effects between the for‐profit and nonprofit segments. Third, we show that the effects of concentration are consistent with an information dispersion mechanism. 相似文献
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Tsutomu Harada 《Structural Change and Economic Dynamics》2010,21(3):197-205
This paper develops a two-stage economic growth model with real options and examines the effects of various subsidy policies. The economic stages are the deterministic and stochastic AK stages, and the economy may shift between the two, depending upon state variables and technological shocks. This model allows for path-dependent economic growth that accounts for both club convergence and divergence across countries. Moreover, it is shown that under certain conditions, a decrease in the subsidy rate facilitates the shift from the deterministic to stochastic AK stages, which is defined as “economic progress”, even in the face of an economic crisis, while more subsidies delay economic progress and promote the shift from the stochastic to deterministic AK stages, which is defined as “economic regress”. 相似文献
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This paper investigates the effects of public policy and financial structure on the growth of small and medium enterprises
(SMEs). Using a panel data set on SMEs in the Japanese manufacturing industry, we examine whether or not the SME Creative
Business Promotion Law (CBPL) and financial structure affect firm growth. It is found that SMEs approved by prefectural governors
under this law tend to increase assets. Further, we provide evidence that the CBPL and cash flow have an impact on the growth
of younger SMEs. 相似文献
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Tsutomu Harada 《Economics of Innovation and New Technology》2013,22(1):49-62
This paper models a focusing device of innovation in which a cluster has an o-ring type production function and each technology component endogenously upgrades its quality. We show that provided the magnitude of innovation is the same across technology components, competitive equilibrium is an efficient mechanism by which core technology-driven innovations emerge with expanding inequality among clusters. Our result is in sharp contrast to bottleneck-removed innovation which is widely accepted. The inefficiency arises, however, when low-powered incentives, such as cost plus contracting, are employed to reward innovation. In this case, the corresponding factor price provides erroneous information regarding the potential benefits of innovation, which should be corrected by some form of policy intervention. 相似文献
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Nobuyuki Harada 《Applied economics》2013,45(13):1705-1710
Various economic studies of the video game industry have focused on intra-industry details. This article complements the approach by highlighting broader budget allocation by households. Using the ‘total households’ data of the Family Income and Expenditure Survey, this article estimates the demand model for video games. Estimation results show the effects of household income and demographic factors and prices of goods on the expenditure share of video games. These results indicate the importance of explicitly considering a households' budget allocation, or at least, including information on households. 相似文献