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Start-up Dynamics In Japan: Comparative Evidence From the Dynemp v.2 Database 日本创业动态:来自Dynemp v.2的比较证据数据库
IF 1.2 4区 经济学
Japanese Economic Review Pub Date : 2016-11-18 DOI: 10.1111/jere.12130
Flavio Calvino, Chiara Criscuolo, Kenta Ikeuchi, Carlo Menon
{"title":"Start-up Dynamics In Japan: Comparative Evidence From the Dynemp v.2 Database","authors":"Flavio Calvino,&nbsp;Chiara Criscuolo,&nbsp;Kenta Ikeuchi,&nbsp;Carlo Menon","doi":"10.1111/jere.12130","DOIUrl":"10.1111/jere.12130","url":null,"abstract":"<p>The present paper describes the patterns of entry and post-entry growth in the Japanese manufacturing sector over the 2001–2007 period, pointing to similarities and differences with other countries. The paper also presents a detailed characterization of start-up dynamics at a more detailed (two-digit) sectoral level within the manufacturing sector. The analysis shows that in Japan the entry and growth of start-ups contribute relatively little to net job creation, as compared to other countries. The main reasons are a particularly low start-up rate and a growth rate of surviving new businesses that is among the lowest in the sample of countries analysed.</p>","PeriodicalId":45642,"journal":{"name":"Japanese Economic Review","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2016-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jere.12130","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131063492","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Spatial Cournot competition in a circular city with more than two dispatches 空间古诺竞赛在一个有两个以上调度的圆形城市
IF 1.2 4区 经济学
Japanese Economic Review Pub Date : 2016-11-07 DOI: 10.1111/jere.12120
Chia-Hung Sun, Jyh-Fa Tsai, Fu-Chuan Lai
{"title":"Spatial Cournot competition in a circular city with more than two dispatches","authors":"Chia-Hung Sun,&nbsp;Jyh-Fa Tsai,&nbsp;Fu-Chuan Lai","doi":"10.1111/jere.12120","DOIUrl":"10.1111/jere.12120","url":null,"abstract":"<p>This paper investigates spatial Cournot competition in a circular city, where the maximal service range of a vehicle is less than half of the perimeter, and a firm needs to initiate more than two dispatches to serve the whole market. We examine a multi-stage game of location and transportation mode choices, and the subsequent quantity competition between duopoly firms. The findings reveal that non-maximum dispersion is the unique location equilibrium when duopoly firms deliver products in different transportation modes or when the transportation mode decisions are made endogenously and the fixed cost of a transportation instrument is relatively high.</p>","PeriodicalId":45642,"journal":{"name":"Japanese Economic Review","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2016-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jere.12120","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121609458","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Bond Supply and Excess Bond Returns in Zero-Lower Bound and Normal Environments: Evidence from Japan 零下限和正常环境下的债券供给与超额收益:来自日本的证据
IF 1.2 4区 经济学
Japanese Economic Review Pub Date : 2016-11-03 DOI: 10.1111/jere.12117
Junko Koeda
{"title":"Bond Supply and Excess Bond Returns in Zero-Lower Bound and Normal Environments: Evidence from Japan","authors":"Junko Koeda","doi":"10.1111/jere.12117","DOIUrl":"10.1111/jere.12117","url":null,"abstract":"<p>We estimate a discrete-time version of the Vayanos and Vila (2009) preferred-habitat model, using Japanese government bond yield data. The estimated results indicate that bond excess returns become more sensitive to bond supply in the absence of a zero lower bound constraint unless arbitrageurs become willing to take on more risk.</p>","PeriodicalId":45642,"journal":{"name":"Japanese Economic Review","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2016-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jere.12117","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125640364","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 8
Distributional preference in Japan 日本的分配偏好
IF 1.2 4区 经济学
Japanese Economic Review Pub Date : 2016-10-25 DOI: 10.1111/jere.12112
Keigo Kameda, Miho Sato
{"title":"Distributional preference in Japan","authors":"Keigo Kameda,&nbsp;Miho Sato","doi":"10.1111/jere.12112","DOIUrl":"https://doi.org/10.1111/jere.12112","url":null,"abstract":"<p>Using experiments developed by Engelmann and Strobel (<span>2004</span>), this study investigates distributional preference in Japan. We find that just over half the people in the study have a maximin preference, approximately 7 to 19% have an efficiency preference, approximately 8% have a self-interest preference, and approximately 18% chose the allocation that would reduce the payoff to the rich and the poor, given that her/his payoff would remain constant. The last preference could be interpreted as what is referred to as “malice”, “deep envy” or a “feeling of vulnerability” in behavioural economics and cross-cultural psychology.</p>","PeriodicalId":45642,"journal":{"name":"Japanese Economic Review","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2016-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jere.12112","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"92311169","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Is GDP a Relevant Social Welfare Indicator? A Savers–Spenders Theory Approach GDP是相关的社会福利指标吗?储蓄者-消费者理论方法
IF 1.2 4区 经济学
Japanese Economic Review Pub Date : 2016-10-19 DOI: 10.1111/jere.12116
Emmanuel Thibault
{"title":"Is GDP a Relevant Social Welfare Indicator? A Savers–Spenders Theory Approach","authors":"Emmanuel Thibault","doi":"10.1111/jere.12116","DOIUrl":"https://doi.org/10.1111/jere.12116","url":null,"abstract":"<p>The use of GDP as the main index of progress and welfare of a country has been the subject of a long debate among economists. Using and extending the savers–spenders theory, we analyse the theoretical relationship between GDP and the welfare of a society. This analysis is undertaken using several different overlapping generations models which all take into account the great heterogeneity of consumer behaviour observed in the data (different labour supply choices, different degrees of altruism and/or different degrees of impatience to consume). The results indicate that GDP (per capita) is often a relevant index and is always a decent social welfare indicator.</p>","PeriodicalId":45642,"journal":{"name":"Japanese Economic Review","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2016-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jere.12116","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"92301585","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Portfolio optimization using dynamic factor and stochastic volatility: evidence on Fat-tailed errors and leverage 使用动态因素和随机波动的投资组合优化:关于肥尾误差和杠杆的证据
IF 1.2 4区 经济学
Japanese Economic Review Pub Date : 2016-09-20 DOI: 10.1111/jere.12114
Tsunehiro Ishihara, Yasuhiro Omori
{"title":"Portfolio optimization using dynamic factor and stochastic volatility: evidence on Fat-tailed errors and leverage","authors":"Tsunehiro Ishihara,&nbsp;Yasuhiro Omori","doi":"10.1111/jere.12114","DOIUrl":"10.1111/jere.12114","url":null,"abstract":"<p>The portfolio optimization problem is investigated using a multivariate stochastic volatility model with factor dynamics, fat-tailed errors and leverage effects. The efficient Markov chain Monte Carlo method is used to estimate model parameters, and the Rao–Blackwellized auxiliary particle filter is used to compute the likelihood and to predict conditional means and covariances. The proposed models are applied to sector indices of the Tokyo Stock Price Index (TOPIX), which consists of 33 stock market indices classified by industrial sectors. The portfolio is dynamically optimized under several expected utilities and two additional static strategies are considered as benchmarks. An extensive empirical study indicates that our proposed dynamic factor model with leverage or fat-tailed errors significantly improves the predictions of the conditional mean and covariances, as well as various measures of portfolio performance.</p>","PeriodicalId":45642,"journal":{"name":"Japanese Economic Review","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2016-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jere.12114","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129081134","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
Location Choice of Multinational and Local Firms in Vietnam: Birds of a Feather Flock Together? 跨国企业与越南本土企业的区位选择:物以类聚?
IF 1.2 4区 经济学
Japanese Economic Review Pub Date : 2016-08-15 DOI: 10.1111/jere.12110
Chih-Hai Yang, Chung-Yueh Chiu, Meng-Wen Tsou
{"title":"Location Choice of Multinational and Local Firms in Vietnam: Birds of a Feather Flock Together?","authors":"Chih-Hai Yang,&nbsp;Chung-Yueh Chiu,&nbsp;Meng-Wen Tsou","doi":"10.1111/jere.12110","DOIUrl":"10.1111/jere.12110","url":null,"abstract":"<p>Vietnam enacted the <i>Enterprises Act</i> in 1999, leading to a sharp increase in the number of registered enterprises. Meanwhile, foreign direct investment (FDI) into the country continued to increase in the 2000s. Thus, this paper examines the location choice of multinational and local firms in Vietnam. We adopt the mixed logit model to conduct an empirical analysis of the possible interaction of neighbouring regions and attracting FDI. Using firm-level data for the period 2000–2005, the results show that most provincial characteristics exert similar influences on foreign and domestic entrants, except for wage rates, which exhibit an opposing effect. The agglomeration of FDI entices foreign and domestic firms to locate in the same region, whereas the agglomeration of local firms is less relevant to the location choice of all firms. The spatial interdependence effect of attracting investment is particularly relevant to local entrants. Provinces with more foreign (domestic) firms reveal a complementary (competition) effect on the attractiveness of their neighbouring provinces.</p>","PeriodicalId":45642,"journal":{"name":"Japanese Economic Review","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2016-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jere.12110","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124540257","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Endogenous Market Structure and Technology Licensing 内生市场结构与技术许可
IF 1.2 4区 经济学
Japanese Economic Review Pub Date : 2016-07-26 DOI: 10.1111/jere.12111
Chin-Sheng Chen
{"title":"Endogenous Market Structure and Technology Licensing","authors":"Chin-Sheng Chen","doi":"10.1111/jere.12111","DOIUrl":"10.1111/jere.12111","url":null,"abstract":"<p>This paper analyses the optimal licensing strategy of a licensor firm that competes with potential licensee firms in an industry with endogenous entry. The optimal licensing strategy of the licensor firm is to have zero royalty and positive fixed fees, which is a result that sharply contrasts with the existing literature whereby licensor firms tend to charge positive royalties to their rival licensees. Under the optimal licensing strategy, the licensor firm and the licensee firms are active in the market, but not the non-licensed firms. This equilibrium market structure is socially desirable if the fixed production cost is not too small.</p>","PeriodicalId":45642,"journal":{"name":"Japanese Economic Review","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2016-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jere.12111","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129491699","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 20
Exchange Rate Predictability in Finite Samples 有限样本下的汇率可预测性
IF 1.2 4区 经济学
Japanese Economic Review Pub Date : 2016-06-06 DOI: 10.1111/jere.12097
Hsiu-Hsin Ko
{"title":"Exchange Rate Predictability in Finite Samples","authors":"Hsiu-Hsin Ko","doi":"10.1111/jere.12097","DOIUrl":"10.1111/jere.12097","url":null,"abstract":"<p>The goal of the present study is to re-examine the exchange rate predictability with an approach that accounts for the negative effect of the finite-sample estimation error on forecast accuracy in the in-sample test. We consider various exchange rate models and find that despite the presence of significant population-level predictive content in the exchange rate model, the coefficients of the predictive variables could be small enough that, with the available sample, they are estimated so imprecisely that a random walk model can be expected to forecast at least as well as the exchange rate model.</p>","PeriodicalId":45642,"journal":{"name":"Japanese Economic Review","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2016-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jere.12097","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77393069","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Does Retirement Change Lifestyle Habits?* 退休会改变生活习惯吗?＊
IF 1.2 4区 经济学
Japanese Economic Review Pub Date : 2016-06-02 DOI: 10.1111/jere.12104
Hiroyuki Motegi, Yoshinori Nishimura, Kazuyuki Terada
{"title":"Does Retirement Change Lifestyle Habits?*","authors":"Hiroyuki Motegi,&nbsp;Yoshinori Nishimura,&nbsp;Kazuyuki Terada","doi":"10.1111/jere.12104","DOIUrl":"10.1111/jere.12104","url":null,"abstract":"<p>This study examines the effects of retirement on lifestyle habits to determine the relationship between retirement and health. Looking at panel data from the Japanese Study of Aging and Retirement, fixed effects with time effects methods are used to account for the endogeneity of retirement. We then apply the fixed effects with time effects instrumental variable methods, after checking that the endogeneity of retirement is excluded by using the Durbin–Wu–Hausman test. Basic pension eligibility age is the instrumental variable. Our results reveal that elderly Japanese people reduce their drinking and increase their walking, frequency of heavy exercise, and sleep time on weekdays after retirement. However, sleep time on holidays and smoking and appear unchanged. Only elderly Japanese women increase their frequency of light exercise after retirement.</p>","PeriodicalId":45642,"journal":{"name":"Japanese Economic Review","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2016-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jere.12104","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121223363","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 27
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