Hitotsubashi journal of commerce and management最新文献

{"title":"Dualistic Portfolio Strategies in Japanese Scholarly Publishing: Cultures and Interests in Interaction","authors":"Ikuya Sato","doi":"10.15057/4791","DOIUrl":"https://doi.org/10.15057/4791","url":null,"abstract":"On the basis of a number of findings from a preliminary interview research, this paper presents and refines an analytical framework for an ethnographic research on the structural transformation of the scholarly publishing in Japan. One of the key concepts in the analytical framework is “dualistic portfolio strategy.” Dualistic portfolio strategy is a sensitizing concept by which we can conceptualize the process in which several types of actors involved in scholarly publishing pursue their own interests deploying symbolic as well as economic capitals and by combining several types of institutional logics. This concept refers both to “strategies of action,” or habitual ways of perceiving, thinking, feeling and acting (Swidler 1986, 2001) and to a more conscious and deliberate action plan aimed at pursuing relatively articulated interests. Inclusion of these two otherwise contrastive meanings in one term is intended to capture the dialectics between human agency and cultural determination. It will be argued that in analyzing institutional changes, we have to take account of the specific social contexts in which di#erent action strategies of individuals are integrated into deliberate action plans. Actors’ interests themselves are often “discovered” (or invented) and articulated in that","PeriodicalId":154016,"journal":{"name":"Hitotsubashi journal of commerce and management","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116011250","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Does Diversification Strategy Create or Destroy Value","authors":"Author Nakano, M. Kubo, Naoya Yoshimura, Toshiki Honda, Kazuhiko Ōhashi, Toshihiko Kato, T. Hachiya, Tatsuya Hiramoto, Takashi Yaekura, Tokuo Iwaisako","doi":"10.15057/4792","DOIUrl":"https://doi.org/10.15057/4792","url":null,"abstract":"The authors examine the financial structure of diversified corporations in Japan and measure diversification discount/premium. First, we find that the more diversified a business is, the lower its profitability, turnover, and business risk, and the higher its financial leverage. Second, using business segment data, the valuation e # ect of diversification is examined for large samples of firms in Japan for 1998-2001. We find a 5% discount for unrelated diversified firms on average. By dividing the discount/premium into several factors, the overall discount is due to a large discount for unrelated diversification strategy, which cannot be o # set by the premium from a tax-savings e # ect from high financial leverage.","PeriodicalId":154016,"journal":{"name":"Hitotsubashi journal of commerce and management","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115312302","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Optimal Choice of Catastrophe Loss Financing through Securitization for Japanese P/C Insurers","authors":"Yoshihiko Suzawa, Yoneyama Takau","doi":"10.15057/4790","DOIUrl":"https://doi.org/10.15057/4790","url":null,"abstract":"","PeriodicalId":154016,"journal":{"name":"Hitotsubashi journal of commerce and management","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116939780","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Corporate Financial Distress Diagnosis in China : Empirical Analysis Using Credit Scoring Models","authors":"Q. Liang","doi":"10.15057/4854","DOIUrl":"https://doi.org/10.15057/4854","url":null,"abstract":"Corporate performance is undoubtedly of great interests to the owners, managers, creditors and regulatory institutions. This study attempts to extend and improve upon the prior studies in China, particularly in its greater sample size and comparative analysis between MDA and logistic regression analysis in the financial distress prediction. Empirical results show that logistic regression analysis has relatively higher prediction accuracy and lower Type I & II errors. Together with its great flexibilities and e$cient combination of data from both financial statements and capital market prices, logistic regression analysis is considered as the best technique to classify and predict financial distress of listed companies in nowadays China.","PeriodicalId":154016,"journal":{"name":"Hitotsubashi journal of commerce and management","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132022800","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Incremental versus Relative Information Content of Pension Liability","authors":"M. Nakano","doi":"10.15057/4853","DOIUrl":"https://doi.org/10.15057/4853","url":null,"abstract":"This paper examines two issues related to pension accounting information. The first issue is the value relevance of pension accounting information in Japanese capital market. The result clearly indicates that pension assets, pension liabilities, and pension expenses are value relevant. The second issue is the measurement alternatives related to pension liabilities. To empirically analyze this question, I compare ABO and PBO from viewpoint of “incremental information content” vs. “relative information content”. I find evidence that PBO has incremental information content beyond ABO and also has greater relative information content than ABO. Japanese new pension accounting standard, Accounting standard for employee benefits, adopts PBO as pension liability measure. This study supports the new standard from viewpoint of investment decision usefulness.","PeriodicalId":154016,"journal":{"name":"Hitotsubashi journal of commerce and management","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131957372","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Policy Learning via Case Analysis : Towards a More Systematic Approach","authors":"M. Mushkat","doi":"10.15057/4855","DOIUrl":"https://doi.org/10.15057/4855","url":null,"abstract":"The case study method has lost its lustre over the years and is now considered old-fashioned rather than fashionable. Yet, in practice, it still looms large in social science research and features prominently in graduate training, notably in the area of administration, both private and public. Longevity should not be equated with renewal, however. The technique, as applied in management settings, has experienced virtually no evolution. There is considerable scope for rendering its use more systematic, particularly on the policy front. Social science research methods have experienced dramatic growth in recent years. There has been a proliferation of new techniques and substantial refinement of old ones. While some disciplines within the field have seen faster progress than others, none has lagged significantly behind. Across the board, one can observe a heightened sense of scientific consciousness which manifests itself throughout the research process. This does not necessarily amount to a willingness to embrace unconditionally the positivist approach — indeed, alternative paradigms continue to thrive: (e.g. interpretive social science and critical social science; Neuman, 2000) — and quantitative (as distinct from qualitative) tools of social inquiry. Nevertheless, the quest for methodological sophistication, broadly defined, has gained considerable momentum. Neither business nor public administration have diverged from this pattern. The former has been in the forefront of the e#orts to reinforce the scientific foundations of social research and the latter has been moving in that direction (O’Sullivan, Rassel and Berner, 2002), albeit unevenly (at a healthy pace in the United States, but in a more restrained manner elsewhere). In this area, however, the attention lavished on new techniques has arguably led to a loss of interest in old ones. Specifically, the case study method, which still qualifies as an essential investigative and pedagogical tool, has e#ectively been relegated to the analytical periphery. That is not to suggest that this time-honoured approach has been completely abandoned. Quite the contrary, it continues to be relied upon extensively by scholars in the field of administration, in research contexts and in the classroom. In the public policy domain, for example, one of the most admired and pedagogically useful explorations is the (recycled) dissection by Allison (Allison and Zelikow, 1999) of high-level American decision-making during the Cuban missile crisis. In a very inspiring case study, of the purely qualitative variety, Allison has endeavoured to explain strategic adaptation in a bureaucratic setting in terms of Department of Politics and Public Administration, University of Hong Kong Hitotsubashi Journal of Commerce and Management 38 (2003), pp.29-39. Hitotsubashi University","PeriodicalId":154016,"journal":{"name":"Hitotsubashi journal of commerce and management","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129795786","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Heinrich Nicklisch und Betriebslehre in Japan : Ein Ausschnitt aus der Geschichte der japanischen Betriebslehre","authors":"Moriyuki Tajima","doi":"10.15057/4928","DOIUrl":"https://doi.org/10.15057/4928","url":null,"abstract":"I . Einleltung Die Entwicklung der japanischen Betriebslehre ist von Anfang an in enger Beziehung zur deutschen Betriebswirtschaftslehre gestanden. Diese Beziehung war aber nicht eine gegenseitige Beziehung, sondern eine einseitige Beziehung im Sinne der einseitigen Einfuhrung der deutschen in die japanischen Betriebslehre. Man kdnnte sagen, daB sich die japanische Betriebslehre unter dem starken EinfluB von der deutschen Betriebswirtschaftslehre entwickelt hat. Schon in der Autbauzeit der japanischen Betriebslehre wurden mehrere junge japanische Wissenschaftler nach Deutschland gesandt, um die Kenntnisse tiber die Handelswissenschaften und/oder kaufmannischen Betriebslehre in den deutschsprachigen Landern zu sammeln und in Japan einzufuhren. Auf grund der auf diese Weise erworbenen Kenntnissen wurden die Forschung und Lehre der Betriebslehre in Japan aufgebaut und entwickelt. Dabei war es vor allem Nicklischsche Lehre, so kdnnte man sagen, die unter den Lehren der deutschen Betriebswirtschaftler in der japanischen Betriebslehre am meisten beachtet und behandelt worden ist. Es scheint mir, daB sich der folgende Umstand in Japan darin widerspiegele. Weil es in Japan wie in den USA schon fruh eine Arbeitsteilung zwischen der Betriebslehre und der Lehre des Rechnungswesen bzw. accounting gab, ist die Einfuhrung der deutschen Betriebswirtschaftslehre in Japan von diesen zwei verschiedenen akademischen Fachern arbeitsteilig getragen worden. Dabei wurden in der Nicklischschen Betriebswirtschaftslehre diejenige Probleme beinhaltet, die von den japanischen Betriebswirten als die wichtige Probleme ftr die Betriebslehre betrachtet wurden. Die Einfilhrung von Nicklischs Betriebswirtschaftslehre in Japan war nicht so, daB seine Lehre von den einzelnen japanischen Betriebswirten gleicherweise geschatzt und [ Im Zusammenhang mit dem hier behande]ten Thema ist es nicht treffend, das japanische Wort \"Kelei Gaku\" in das deutsche Wort \"Betriebswirtschafts]ehre\" zu ubersetzen, weil in Japan der Fachbereich der deutschten Betriebswirtsohaftslehre in zwei verschledene Fachbereiche, d.h. Keiei Gaku und Kaikei Gaku (=Rechnungswesen, accountlng) gegliedert wird. Daher m6chte der Verfasser im folgenden das Wort \"Betriebslehre\" verwenden.","PeriodicalId":154016,"journal":{"name":"Hitotsubashi journal of commerce and management","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2002-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129199538","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"An Application of New Barrier Options (Edokko Options) for Pricing Bonds with Credit Risk","authors":"T. Fujita, Motokazu Ishizaka","doi":"10.15057/4931","DOIUrl":"https://doi.org/10.15057/4931","url":null,"abstract":"In order to price bonds with credit risk, we can consider structural models. Basically, default occurs if the value of the firm hits some pre-specified barrier in these models. We extend traditional structural models to put the additional default condition such that the value of the firm remains under some pre-specified level for a long period of time until the maturity after the first time hitting this level. A new framework of barrier options (Edokho Options) allows us to extend default condition. In our approach, the way to describe default time can be applied more precisely to the real world.","PeriodicalId":154016,"journal":{"name":"Hitotsubashi journal of commerce and management","volume":"232 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2002-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133620042","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Changes in the Value-Relevance of Accounting Book Values and Earnings: Empirical Evidence From Japan","authors":"Ahsan Habib","doi":"10.15057/4929","DOIUrl":"https://doi.org/10.15057/4929","url":null,"abstract":"","PeriodicalId":154016,"journal":{"name":"Hitotsubashi journal of commerce and management","volume":"154 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2002-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127741068","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Intertemporal Rent-Seeking in the Banking Industry and Underwriting by Commercial Banks","authors":"M. Konishi","doi":"10.15057/4932","DOIUrl":"https://doi.org/10.15057/4932","url":null,"abstract":"This paper develops an information-based banking model where the duration of lending relationships is determined endogenously. In the model, banks may use their informational advantage to extract intertemporal monopoly rents from the borrowers, which deteriorates the allocation of funds. The duration of lending relationship is affeeted by competition in an underwriting business and the extent of information disclosure about borrowers' quality. The paper shows that competitive pressure by the entry of banks to the underwriting business may deteriorate the allocation of funds, and that the firewall that limits informational interlinks between lending and underwriting is not necessarily welfare improving.","PeriodicalId":154016,"journal":{"name":"Hitotsubashi journal of commerce and management","volume":"73 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2002-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133193418","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}