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Firm Investment And Balance Sheet Problems In Japan
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Book Synopsis Firm Investment and Balance-Sheet Problems in Japan by : Mr.Toshitaka Sekine
Download or read book Firm Investment and Balance-Sheet Problems in Japan written by Mr.Toshitaka Sekine and published by International Monetary Fund. This book was released on 1999-08-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates whether balance-sheet conditions of firms and their main banks matter for firm investment behavior using dynamic corporate panel data in Japan for the period 1985-95. It finds that smaller non-bond issuing firms were facing liquidity constraints; these firms’ balance-sheet conditions (the debt asset ratios) affected their investment from the midst of the bubble era by influencing main banks’ lending to them; and the deterioration of their main banks’ balance-sheet conditions constrained these firms’ investment from about 1993. These findings highlight the potential macroeconomic impact and importance of the credit channel of monetary policy, and support the case of a credit crunch facing small Japanese firms during this period.
Book Synopsis Balance Sheet Repair and Corporate Investment in Japan by : Mr.Joong Kang
Download or read book Balance Sheet Repair and Corporate Investment in Japan written by Mr.Joong Kang and published by International Monetary Fund. This book was released on 2014-08-04 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: We trace Japanese firms’ behavior over the last decades using aggregate corporate balance sheet data. Financial health of Japanese corporate sector has improved and firms paid back significant amount of debt and rebuilt their liquidity buffers. They also expanded abroad while the pace of corporate investment moderated. Regarding the latter, model estimates on aggregate corporate investment over the post bubble period show that expectation about future profitability, in particular medium-term demand outlook, has been the major driver, implying that a successful implementation of structural reforms could have positive impact even in the near term by improving the medium-term demand outlook.
Book Synopsis Japan's Public Sector Balance Sheet by : Yugo Koshima
Download or read book Japan's Public Sector Balance Sheet written by Yugo Koshima and published by International Monetary Fund. This book was released on 2019-10-04 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper compiles and reviews the evolution of Japan’s Public Sector Balance Sheet (PSBS). In the past, large crossholdings of assets and liabilities within the public sector played a role in sustaining a high level of public debt and low interest rates. The Fiscal Investment and Loan Fund (FILF) channeled all postal deposits and pension savings to financing of public sector borrowing. After the FILF refrom in 2000, however, the Post Bank and pension funds shifted their assets to the portfolio investments and are seeking to maximize risk-adjusted returns. This has changed the implications of crossholdings for public debt management. In the future, population aging is expected to add more pressures on the PSBS, which already saw a considerable decrease of net worth over the last three decades.
Book Synopsis Financial Reporting in Japan by : Robert J. Ballon
Download or read book Financial Reporting in Japan written by Robert J. Ballon and published by Kodansha. This book was released on 1976 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Adjustment problems in advanced open economies by : Michael Breitenacher
Download or read book Adjustment problems in advanced open economies written by Michael Breitenacher and published by Duncker & Humblot. This book was released on 2019 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Accounting and Financial Reporting in Japan by : Frederick D. S. Choi
Download or read book Accounting and Financial Reporting in Japan written by Frederick D. S. Choi and published by Van Nostrand Reinhold Company. This book was released on 1987 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Balance Sheet Recession by : Richard Koo
Download or read book Balance Sheet Recession written by Richard Koo and published by . This book was released on 2003-10-24 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this groundbreaking book, leading international economist, Richard Koo argues that far from being the sick man of Asia, Japan is suffering from a temporary but highly unusual economic aberration. Economists and business commentators have always assumed that the majority of companies in any economy are forward looking and are trying to maximize profits. They never considered the possibility that a vast majority of companies may be placing their highest priorities on minimizing debt in order to repair their balance sheets. But that remote possibility has been the reality in Japan for the past decade, and more recently in many other countries including at least a part of the US. Balance Sheet Recession argues that contrary to popular belief, it is this massive shift in corporate behavior, instead of structural problems, that is the root cause of both the deflation and the non-performing loan problems that have troubled Japan for so long. It argues that when the causality runs from the corporate balance sheet problems to deflation and banking problems, a highly unconventional policy response is needed to stabilize the economy. After all, the last time anything similar has happened was the 1930s in the US. Richard Koo's experience in dealing with both the US banking crisis of the early 1980s and the Japanese balance sheet and banking problems of the last ten years makes him unique qualified to comment on this situation. He clearly explains how such a recession can happen in any economy following an asset price bubble, and how best to deal with it.
Book Synopsis Current Business and Legal Issues in Japan's Banking and Finance Industry by : Mitsuru Misawa
Download or read book Current Business and Legal Issues in Japan's Banking and Finance Industry written by Mitsuru Misawa and published by World Scientific Publishing Company. This book was released on 2006-09-01 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is one of the few books written in English by a Japanese author with expertise in finance, law and business. The book presents issues pertaining to the three areas from Japan's and US viewpoints, and is based on ten articles, published in reputable journals, on current issues in finance and law in Japan. It includes additional comments on Japan's banking and finance industry. The book contains a number of citations which will help readers understand more about Japanese law and finance. It also serves as a reference source for people outside Japan interested in Japanese law and finance. This book will be of interest to businessmen, accountants and lawyers who wish to know more about the second largest economy in the world.
Book Synopsis Japanese Firms During the Lost Two Decades by : Jun-ichi Nakamura
Download or read book Japanese Firms During the Lost Two Decades written by Jun-ichi Nakamura and published by Springer. This book was released on 2016-08-02 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why has Japan's lost decade become the lost two decades? This book attempts to provide a novel perspective on causes of stagnant productivity growth of the Japanese corporate sector during the lost two decades. Exploiting the corporate financial dataset compiled by the Development Bank of Japan, it shows empirical evidence that an excessive conservative financial policy of firms in good standing were responsible for sluggish reallocation of productive resources after the recovery of “zombie” firms. The questions taken up in the book include: How can “zombie” firms be properly identified only on the basis of financial data? Why did a majority of “zombie” firms eventually recover? Why did the productivity and profitability of the corporate sector as a whole remain low even after the recovery of “zombie” firms? Why did firms in good standing stick to an excessive conservative financial policy and seem reluctant to invest for innovation? What can be the effective prescription to revitalize these firms in good standing? Supported by both in-depth data analyses and rich anecdotal evidence, this book is highly recommended to readers who seek a convincing and comprehensive explanation of Japan's lost two decades from the financial and corporate behavioral points of view.
Book Synopsis Current Business And Legal Issues In Japan's Banking And Finance Industry (2nd Edition) by : Mitsuru Misawa
Download or read book Current Business And Legal Issues In Japan's Banking And Finance Industry (2nd Edition) written by Mitsuru Misawa and published by World Scientific Publishing Company. This book was released on 2011-04-20 with total page 596 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is the 2nd edition of the author's earlier book with the same title. It contains additional five chapters that are added to reflect the most recent changes in the economy and law in Japan.At a time when foreign interest in the current Japanese market and economy is significant and becoming increasingly prominent, Japanese corporate behavior and practices are two potentially confusing areas for international businessmen, accountants and lawyers. This book features numerous insights into Japanese perspectives on finance, law and business, based on the author's expertise in these three areas. As the data provided in this book is pertinent to understanding Japanese laws and business practices, this text will be of great interest to foreign companies aspiring to be successful in Japan./a
Book Synopsis Corporate Investment in Japan by : Shingo Nakazawa
Download or read book Corporate Investment in Japan written by Shingo Nakazawa and published by . This book was released on 2000 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Japan on the Upswing by : Yoshiyuki Iwamoto
Download or read book Japan on the Upswing written by Yoshiyuki Iwamoto and published by Algora Publishing. This book was released on 2006 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: Japan's effervescent economy, charging ahead in the late 1980s under the stimulation of a 2.5% prime rate, shook American confidence...until the bubble burst in 1989, leaving banks saddled with over $200 billion in bad loans. Iwamoto shows how and why the lenders racked up all this uncollectible debt, who took advantage of whom, and how actions by business and government officials contributed to the crisis. Along the way, his illustrative examples share some of the flavor of business life in Japan including the academic cliques and mobster clans, the after-hours camaraderie, and the legendary "entertainment" that was used to evade inspections by the Ministry of Finance. The author then describes Prime Minister Kozumi's initiatives that halved the bad loans by March 2005 and inspired foreign investors to bring back their cash. With strong exports, increasing capital investment, and decreasing unemployment, Japan is truly on the upswing. Kozumi's party reaped the benefit with a landslide victory in the September 2005 general election, and he continues to push for further restructuring. The author goes on to identify and describe the 20 most successful companies in Japan this year and gives clues as to what makes them thrive. Many aspects of Japan's economy are highlighted in tables and statistics, from "Differences in Pay Scale by Type of Industry" to "Results at Seven Mega Banking Groups and Forecast for March 31, 2006," plus balance sheets of companies like Toyota, Shiseido, and McDonald's Japan. * The author is a US-educated Japanese businessman who has had a lengthy career in marketing and advertising for US firms doing business in Japan and for Japanese companies doing businessabroad. His own company, MarBrain, applies an understanding of cultural differences to provide marketing plans and creative problem solving for small companies engaged in international business.
Book Synopsis Restructuring Japanese Business for Growth by : Raj Aggarwal
Download or read book Restructuring Japanese Business for Growth written by Raj Aggarwal and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 335 pages. Available in PDF, EPUB and Kindle. Book excerpt: Restructuring Japanese Business for Growth consists of eighteen previously unpublished invited chapters by experts on Japanese business. It will attract both commercial and academic interest. Japanese business can be expected to continue to be of great importance in global and Asian economics, especially as the Japanese economy is the dominant economy in Asia, being larger than all other Asian economies combined. Policymakers and business people interested in understanding Japanese financial markets will find this book useful. In addition, this book should be a valuable resource for undergraduate, graduate, and executive development courses in international business, global finance, and Japanese business.
Book Synopsis Japan's Key Challenges for the 21st Century by : David Asher
Download or read book Japan's Key Challenges for the 21st Century written by David Asher and published by . This book was released on 1998 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Australia-Japan Research Centre Publisher :Addison Wesley Publishing Company ISBN 13 : Total Pages :336 pages Book Rating :4.:/5 (318 download)
Book Synopsis Japanese Firms, Finance and Markets by : Australia-Japan Research Centre
Download or read book Japanese Firms, Finance and Markets written by Australia-Japan Research Centre and published by Addison Wesley Publishing Company. This book was released on 1996 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Why Do Firms with Larger Boards Have Lower Market Values? Evidence from the Investment Behavior of Japanese Firms by : Makoto Nakano
Download or read book Why Do Firms with Larger Boards Have Lower Market Values? Evidence from the Investment Behavior of Japanese Firms written by Makoto Nakano and published by . This book was released on 2014 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: We show that large boards are detrimental to the performance of Japanese firms. Unlike in the US, this effect is concealed by the fact that Japanese firms that have performed well are more likely to increase the size of their boards. Using an instrumental variable approach to address this endogeneity problem, we find that larger boards result in both lower market values and operating profits. One explanation for the negative effect on firm performance is that larger boards exhibit a greater propensity to overinvest and expand the firm's balance sheet beyond its optimal scale. The evidence also shows that larger boards are less willing to undertake divestitures despite the potential value they might be able to extract from the sale of underutilized assets. Overall, board size appears to affect the firm's ability to manage its assets in the most effective way. The adoption of US-style officers does not mitigate the negative board size-firm performance relationship.
Download or read book Annual Review written by Nihon Ginkō and published by . This book was released on 1994 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consists of statistical information for the previous fiscal year.
