CIRJE F-Series最新文献_第3页

The Erosion and Sustainability of Norms and Morale 规范和士气的侵蚀和可持续性

CIRJE F-Series Pub Date : 2003-03-01 DOI: 10.1111/1468-5876.00244

Michihiro Kandori

引用次数: 29

The Mangled Miracle and the Alchemy of Finance 《破碎的奇迹与金融炼金术

CIRJE F-Series Pub Date : 2003-02-01 DOI: 10.1057/9780230000797_1

H. Khan

引用次数: 0

Post-crisis Exchange Rate Regimes in East Asia 危机后东亚的汇率制度

CIRJE F-Series Pub Date : 2002-11-01 DOI: 10.4324/9780203966969-10

Shin-ichi Fukuda

{"title":"Post-crisis Exchange Rate Regimes in East Asia","authors":"Shin-ichi Fukuda","doi":"10.4324/9780203966969-10","DOIUrl":"https://doi.org/10.4324/9780203966969-10","url":null,"abstract":"More than five years after the onset of the Asian crisis, the characteristics of the exchange rate regimes of East Asian economies remain a topic of considerable discussion. The purpose of this paper is to investigate what affected the values of three ASEAN currencies, the Malaysia ringgit, the Singapore dollar, and the Thai baht after the crisis. The particular interest in our analysis is to explore why the East Asian currencies, which temporarily reduced correlations with the U.S. dollar after the crisis, had a tendency to revert back to de facto pegs against the U.S. dollar in the late 1990s. Based on high-frequency day-to-day observations, we examine how and when these three ASEAN currencies changed their correlations with the U.S. dollar and the Japanese yen in the post-crisis period. Before September 1st 1998, these currencies increased correlations with the Japanese yen in the post-crisis period. In particular, the increased correlations were larger than theoretical correlations based on the trade weights. The increase in correlations with the Japanese yen was, however, temporary. After Malaysia adopted the fixed exchange rate, both the Singapore dollar and the Thai baht increased correlations with the U.S. dollar drastically and began reverting back to de facto pegs against the U.S. dollar. A part of the change was attributable to asymmetric responses to the yen-dollar exchange rate. The change was, however, explained quite well by the strong linkage among the ASEAN countries. This implies that a regime switch in Malaysia had an enormously large impact on the exchange rates of the other ASEAN countries in the post-crisis period.","PeriodicalId":345004,"journal":{"name":"CIRJE F-Series","volume":"98 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2002-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127672215","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}

引用次数: 15

Concept and Relevance of Income 收入的概念和相关性

CIRJE F-Series Pub Date : 2002-09-01 DOI: 10.2139/SSRN.339060

T. Obinata

{"title":"Concept and Relevance of Income","authors":"T. Obinata","doi":"10.2139/SSRN.339060","DOIUrl":"https://doi.org/10.2139/SSRN.339060","url":null,"abstract":"Recently, many people criticize the traditionally accepted principles of realization, matching, and allocation. In addition, the reporting performance project in the International Accounting Standards Board (IASB) is willing to substitute the extant concept of net income for the unexperienced concept of comprehensive income with prohibition of recycling of other comprehensive income. On the other hand, the usefulness or relevance of net income has been repeatedly ascertained in empirical studies. It seems that accountants do not necessarily understand the common knowledge in academic circles correctly. This awareness is one of the motives of this paper to review the empirical evidence on relevance of net income. This paper investigates again to confirm the concept of net income by comparing it with similar concepts, which is closely related to net income. This investigation consists of two parts. The first part in Section 2 compares cash flows with net income by focusing on accounting allocation. This comparison emphasizes the rationale for income measurement with allocation of cash flows. The second part in Section 3 compares comprehensive income with net income. By focusing on the difference between the two (i.e. other comprehensive income ), this paper examines, though indirectly, the essential meaning of net income excluding other comprehensive income. The review in this paper deduces the following conclusion. First, although accruals are criticized for being affected by managerial discretion, they are in fact valuable sources of information for investors . This is a commonly accepted academic theory that has been confirmed repeatedly through comparison of the value relevance between earnings and cash flows. Second, we cannot find the evidence that other comprehensive income is value-relevant, though it is expected to respond to the information needs of accountants and analysts. In sum, net income characterized by realization, matching, and allocation is most useful in comparison with cash flows and comprehensive income.","PeriodicalId":345004,"journal":{"name":"CIRJE F-Series","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2002-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123411429","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}

引用次数: 6

Financial Malaise and the Myth of the Misgoverned Firm 金融萎靡和管理不善的公司神话

CIRJE F-Series Pub Date : 2001-10-01 DOI: 10.2139/SSRN.290795

J. Ramseyer, Y. Miwa

引用次数: 3

Economic Development and Environment in Southeast Asia: An Introductory Note 东南亚经济发展与环境:导论

CIRJE F-Series Pub Date : 2001-10-01 DOI: 10.1108/EUM0000000005540

T. Iwami

引用次数: 20

"The "Advantage of Latecomer"in Abating Air-Pollution: The East Asian Experience" Revised in February 2004 “后发优势”在减少空气污染:东亚的经验”2004年2月修订

CIRJE F-Series Pub Date : 2001-09-01 DOI: 10.1108/03068290510580751

T. Iwami

引用次数: 10

Directed Credit? Capital Market Competition in High-Growth Japan 直接信用吗?高增长日本的资本市场竞争

CIRJE F-Series Pub Date : 2001-09-01 DOI: 10.2139/SSRN.286858

Y. Miwa, J. M. Ramseyer

{"title":"Directed Credit? Capital Market Competition in High-Growth Japan","authors":"Y. Miwa, J. M. Ramseyer","doi":"10.2139/SSRN.286858","DOIUrl":"https://doi.org/10.2139/SSRN.286858","url":null,"abstract":"Observers routinely claim that the Japanese government during the high-growth 1960s and 70s rationed and ultimately directed credit. It banned investments by foreigners, barred domestic competitors to banks, and capped loan interest rates. Through the resulting credit shortage, it manipulated credit to promote its industrial policy. In fact, the government did nothing of the sort. It did not bar foreign capital, did not block domestic rivals, and did not set maximum interest rates that bound. Using evidence on loans to all 1000-odd firms listed on Section 1 of the Tokyo Stock Exchange from 1968 to 1982, we show that the observed interest rates reflected borrower risk and mortgageable assets, and that banks did not use low-interest deposits to circumvent any interest caps. Instead, the loan market probably cleared at the nominal rates. We follow our empirical inquiry with a case study of one of the industies where the government tried hardest to direct credit: ocean shipping. We find no evidence of credit rationing. Rather, we show that non-conformist firms funded their projects readily outside authorized avenues -- so readily that the non-conformists grew with spectacular speed and earned their investors enormous returns.","PeriodicalId":345004,"journal":{"name":"CIRJE F-Series","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2001-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132066661","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}

引用次数: 4

When are Judges and Bureaucrats Left Independent? Theory and History from Imperial Japan, Postwar Japan, and the United States 法官和官僚什么时候能独立?日本帝国、战后日本和美国的理论和历史

CIRJE F-Series Pub Date : 2001-08-01 DOI: 10.2139/SSRN.305900

E. Rasmusen, J. Ramseyer

{"title":"When are Judges and Bureaucrats Left Independent? Theory and History from Imperial Japan, Postwar Japan, and the United States","authors":"E. Rasmusen, J. Ramseyer","doi":"10.2139/SSRN.305900","DOIUrl":"https://doi.org/10.2139/SSRN.305900","url":null,"abstract":"This is one chapter from the book, Judicial Independence: Economic Theory and Japanese Empirics, that Mark Ramseyer and Eric Rasmusen are writing. In preceding chapters we explain the institutions of modern Japan's judiciary and use regression analysis to test whether judges who rule in ways the ruling Liberal Democratic Party (the LDP) disliked were penalized in their careers. We find that they were for some kinds of cases-involving such things as the constitutionality of the military, injunctions against the national (but not local) government, reapportionment, and electioneering laws. They were not penalized for other kinds of cases-tax and criminal cases. Those results are drawn from our earlier published papers, reorganized and synthesized for the present book. This chapter does not draw on our published work. It asks why the degree and type of independence of judges in modern Japan is different from that of other civil servants. In particular, we compare judges in modern Japan, pre-war Japan, and the United States; and we compare judges with other kinds of public employees, asking why they are not elected and why they are not directly under the control of politicians.","PeriodicalId":345004,"journal":{"name":"CIRJE F-Series","volume":"379 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2001-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123446462","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}

引用次数: 1

Japanese Distribution: Background, Issues, Examples 日本发行:背景，问题，例子

CIRJE F-Series Pub Date : 2001-02-01 DOI: 10.2139/SSRN.265238

Y. Miwa, J. Ramseyer

引用次数: 3