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This study investigated how partners' self-reported opportunism and shared decision making varied by culture in international joint ventures (IJVs) with the Japanese. Data were gathered by a mail survey of senior officials in IJVs located in 11 host countries. Significant differences were found between partners from Western cultures and the Japanese, but not between other Asians and the Japanese. Indirect effects suggest that shared decision making neutralizes cultural tendencies toward opportunism. Results indicated that opportunistic tendencies did not diminish as the IJV relationship aged, and that shared decision making did diminish as the relationship aged. 相似文献
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Our aim of this research is to propose a model which estimates implied relative credit reliability from the yield spread of
defaultable bonds and evaluates their spread risk. We introduce “yield spread term-quality surface” (YSTQS) which is defined
on the space of duration and credit reliability of the issuers, and express their yield spread. First, we review the general
pricing theorem of defaultable bonds with unpredictable recovery in the no-arbitrage context based on the external hazard
rates. Second, we show that the dynamics of state variables determine the shape of the YSTQS, and they drive the YSTQS if
the loss-adjusted hazard rates are described by a function of them. Finally, we show an empirical analysis of our model with
daily yield spread, duration, and the credit ratings of corporate bonds.
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Tomoaki ShoudaEmail: |
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The recent adoption of the Delors Report brings into question the extent of the EC integration and the costs to individual countries of continued integration. In this paper we address this question by comparing EC countries to non-EC countries, specifically comparing the extent to which domestic policies are coordinated. We find a strong coordination between EC countries as compared to non-EC countries. However, Italy shows up as a persistent outlier in the EC, requiring a reformulation of domestic policy goals if continued integration is desired. 相似文献
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Selahattin İmrohoroğlu Sagiri Kitao Tomoaki Yamada 《International Economic Review》2016,57(1):117-154
Japan is aging and has the highest government debt‐to‐output ratio among advanced economies. In this article, we build a micro data‐based, large‐scale overlapping generations model for Japan in which individuals differ in age, gender, employment type, income, and asset holdings, and incorporate the Japanese pension rules. Using existing pension law, current fiscal policy, and medium variants of demographic projections, we produce future paths for government expenditures and tax revenues, with implications for government debt and the public pension fund. Additional pension reform, a higher consumption tax, and higher female labor force participation help achieve fiscal stability. 相似文献
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Commuters in a medium size city may change how they travel from day to day during the week. A structural equations model is developed to examine commuter’s planning decisions about activities and modes during a work day. The model is applied to the problem of selecting commuter rail in the Piedmont Triad region of North Carolina. On a typical weekday, a commuter’s mode choice is affected by activities at the destination. However, when the commuter is faced with a mix of travel modes over time, the mode choice becomes a significant predictor of non-work/school activities. 相似文献
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In this study, we use a hypothetical method to recalculate the agricultural labor force based on statistical data on the labor force in China. We confirm the revised agricultural labor force data by estimating the agricultural production function. Through comparing the marginal labor productivity with the subsistence level of wages in the agricultural sector, we find that the overstated figures of agricultural labor force not only result in the underestimation of agricultural labor productivity but also are misleading by indicating that China reaches the Lewis turning point later than in actuality. The process of labor transfer in China, a large part of which is through rural migrant workers, has been much faster than expected. 相似文献
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Tomoaki Yamada 《Journal of the Japanese and International Economies》2011,25(3):199-224
This paper investigates the welfare implications and political feasibility of social security reforms with a two-tier structure in Japan. We evaluate social security reforms from two points of view: (i) the ex-ante expected value of future generations, and (ii) whether current generations prefer reform to the status-quo system, which we call political feasibility. To evaluate the reforms, we use a large-scale overlapping generations model with idiosyncratic income risk and a two-tier structure. The first tier guarantees a basic pension and the second tier consists of the earnings-related part. Calibrating the parameters of the model to the Japanese economy, we compute the transition path and the two welfare criteria. We find that, given the two-tier structure in Japan, an increase in the basic pension and the abolition of the earnings-related part of the social security system improve the welfare of future generations, and ensures political feasibility when a consumption tax is the source of revenue. 相似文献