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Katsutoshi Shimizu 《Finance Research Letters》2009,6(1):34-39
The information produced by sophisticated investors in the stock market may be useful for uninformed depositors. Since much information is not produced for Shinkin banks (cooperatives) in Japan, relying on the information from the stock market may be an efficient decision for these depositors. This paper provides empirical evidence that Shinkin depositors seemed to withdraw funds after observing a fall in the stock prices of other banks. 相似文献
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从分析我国国有资产管理体制改革的发展历程出发,论证了在中央提出新的国有资产管理体制背景下,研究省属企业国有资产管理的必要性和重要性,通过比较“三层制”和“两层制”国有资产管理模式的异同,探讨省属企业国有资产管理体制改革的思路,提出“统一所有、两层运作、三方监督”的省属企业国有资产监管框架设想。 相似文献
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Modeling nonmonotone preferences: The case of utility smoothing 总被引:1,自引:0,他引:1
Katsutoshi Wakai 《Journal of Mathematical Economics》2011,47(2):213-226
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Katsutoshi Shimizu 《Journal of Banking & Finance》2012,36(3):857-870
This paper empirically investigates the role played by relatively small banks in the Japanese local credit market. We test the hypothesis that small banks enhance the recovery rate from the financial distress and reduce the bankruptcy ratio of small firms. Empirical evidence suggests that small banks specialize more in relationship loans to small firms. However, this expertise is limited to the loans to unincorporated firms or those with a very small number of employees. 相似文献
5.
Katsutoshi Yada Takashi Washio Yasuharu Ukai Hisao Nagaoka 《The Review of Socionetwork Strategies》2009,3(1):19-31
In recent years, financial crises have occurred frequently in each region, and banks are facing harsh management environments.
Bank runs of customers during a financial crisis are one of a bank’s most serious risks. This research aims to build a bank
run model for financial crises, use that model to estimate the amount of deposit funds which flow out, and propose a framework
for financial crisis risk management. The model proposed in this paper enables understanding of the factors which have the
largest impacts on bank runs, providing valuable information for banks to cope with such risks. The model uses survey data,
and clarified that bank runs have differences which depend on customer characteristics and branch location. We understood
that during a financial crisis, an appropriate branch strategy must be adopted depending on the location and customer characteristics
of each bank branch. 相似文献
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We identify the conditions where robust mean–variance preferences, which capture ambiguity aversion, are observationally nonequivalent to subjective mean–variance preferences. Conversely, we also provide an example showing that observational equivalence holds regardless of the degree of ambiguity aversion. 相似文献
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Katsutoshi Wakai 《Economic Theory》2007,30(2):363-372
Contrary to the common prior model, the construction of a representative agent whose preferences follow the multiple-priors model (1989) requires strong restrictions on sets of priors and on an aggregate endowment process if we permit a large deviation among agents’ degrees of risk aversion. This paper shows that if agents’ felicity functions belong to a family of linear risk tolerance functions with the same marginal risk tolerance, the representative agent always exists at an interior equilibrium without such restrictions, and two-fund separation holdsI am grateful to a referee and to participants at the conference, Uncertainty in Economic Theory, held at Yale University (October 2004) for their valuable comments and suggestions 相似文献
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Katsutoshi Wakai 《The Japanese Economic Review》2013,64(1):16-41
This paper reviews models of intertemporal choice designed to be consistent with a phenomenon called a preference for spread; that is, where a decision‐maker prefers to spread good and bad consumption evenly over time. We closely examine the notion of utility smoothing adopted in these models as a source of the preference for spread. The paper also reviews extensions of these models where a strong aversion to volatility involved in a utility sequence causes preferences to be nonmonotone. Furthermore, to gain a better understanding of the behaviour implied by these models, we apply them to the Diamond growth model. 相似文献
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In this article, we develop a microeconomic model of normative firm behavior under the incentive of a research and development (R&D) tax credit. The model is based on the well-known concept of a two-factor learning model in which R&D expenditures and manufacturing capacity expansion are the principle determinants of cost reduction in a new technology product. We distinguish between the behavior of start-up firms and ongoing firms and study the potential impacts of progressively larger R&D tax credits. We find highly significant differences in the potential impact of the credit on start-up firms versus ongoing firms. We also find that the credit can significantly impact optimal product pricing of the technology when introduced into the marketplace. We examine the implications of this latter fact on the overall social cost of the R&D tax credit. 相似文献
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Katsutoshi Wakai 《Journal of Economic Theory》2007,135(1):567-571
This note fills a gap in the proof of recursive multiple-priors utility [L. Epstein, M. Schneider, Recursive multiple priors, J. Econ. Theory 113 (2003) 1-31]. 相似文献
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