The Japanese Tenant Protection Law and Asymmetric Information on Tenure Length |
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Institution: | 1. Nomura Asset Management Co., Ltd., 1-12-1, Nihonbashi, Chuo-ku, Tokyo, 103-8260, Japan;2. University of Tsukuba, 3-29-1 Otsuka, Bunkyo-ku, Tokyo, 112-0012, Japan |
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Abstract: | The Japanese Tenant Protection Law (JTPL) protects tenure security to such an extent that landlords cannot terminate a contract at the end of a tenancy period without just cause. Hence, information on intended tenure length is important for landlords in managing rental housing. A model is developed in which landlords cannot foresee the intended tenure length of prospective tenants. If landlords are sufficiently risk-averse under asymmetric information on tenure length, the JTPL reduces the equilibrium quantity of rental housing, resulting in inefficiency of the Japanese rental-housing market. |
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