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Japan and the World Economy最新文献

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Regret aversion in Japanese and U.S. stock markets: Analyzing the effects of market conditions 日本和美国股市的后悔厌恶情绪：分析市场状况的影响
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2025-05-09 DOI: 10.1016/j.japwor.2025.101311
Somyung Kim , Kiyool Ohk
{"title":"Regret aversion in Japanese and U.S. stock markets: Analyzing the effects of market conditions","authors":"Somyung Kim ,&nbsp;Kiyool Ohk","doi":"10.1016/j.japwor.2025.101311","DOIUrl":"10.1016/j.japwor.2025.101311","url":null,"abstract":"<div><div>This study examines the effects of investors’ regret aversion and regret premium on investment decision-making and stock returns in the Japanese and U.S. stock markets from a behavioral finance perspective. Using regret variables, we demonstrate that regret aversion significantly impacts asset pricing. Our empirical results show that investors demand a higher regret premium when holding high-regret assets, and this relationship persists even after controlling for various firm characteristics. By analyzing market states and dynamics, we find that regret aversion is particularly strong in down markets, though its influence weakens in up markets. Market dynamics analysis reveals that regret premiums are most pronounced during simultaneous upward market trends. Robustness tests using cumulative returns and industry-adjusted short-term return reversals further confirm the significant influence of regret on stock returns. Additionally, our analysis of irrational investor behavior, including the disposition effect and psychological price barriers, shows that regret aversion is more pronounced in the context of unrealized capital losses and when asset prices deviate significantly from psychological price barriers. This study provides comprehensive insights into the impact of regret aversion and market dynamics on investor behavior and asset pricing, challenging traditional finance theories grounded in the assumption of rational decision-making.</div></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"74 ","pages":"Article 101311"},"PeriodicalIF":1.3,"publicationDate":"2025-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144069862","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
Does SME policy enhance the adjustment of trade credit? Evidence from a revision of the Subcontract Act in Japan 中小企业政策是否促进了贸易信贷的调整？来自日本《分包法》修订的证据
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2025-04-30 DOI: 10.1016/j.japwor.2025.101310
Daisuke Tsuruta
{"title":"Does SME policy enhance the adjustment of trade credit? Evidence from a revision of the Subcontract Act in Japan","authors":"Daisuke Tsuruta","doi":"10.1016/j.japwor.2025.101310","DOIUrl":"10.1016/j.japwor.2025.101310","url":null,"abstract":"<div><div>In this paper, we examine whether small and medium enterprises (SMEs) face severe constraints in adjusting their trade receivables by focusing on the 2016 revision of the Subcontract Act of Japan. Small businesses typically have weaker bargaining power than their customers because they are likely to depend on certain customers. Accordingly, many small businesses face severe constraints in the adjustment of their trade receivables. The Subcontract Act prohibits customer firms from receiving trade credit from small businesses over the long term, and this was enforced more strictly after 2016 following a regulatory revision. This made it easier for small businesses to adjust their trade receivables if their level was considered excessive, serving to enhance the speed of adjustment. We find that trade receivables decreased by an average of 2.1 days following the policy change for the main target firms of the Subcontract Act. Our results also show that small businesses could more rapidly adjust their trade receivables than large firms, both before and after the revision. On this basis, we conclude that while the policy effects on the level of trade receivables are significant, those on the adjustment are not.</div></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"74 ","pages":"Article 101310"},"PeriodicalIF":1.3,"publicationDate":"2025-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143894921","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
Influence of exclusive subcontracting on technological innovation: The case of Korean SMEs 独家分包对技术创新的影响：以韩国中小企业为例
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2025-04-22 DOI: 10.1016/j.japwor.2025.101309
Raehyung Lee , Jinki Hong , Duk Hee Lee , Jay Y. Ohm
{"title":"Influence of exclusive subcontracting on technological innovation: The case of Korean SMEs","authors":"Raehyung Lee ,&nbsp;Jinki Hong ,&nbsp;Duk Hee Lee ,&nbsp;Jay Y. Ohm","doi":"10.1016/j.japwor.2025.101309","DOIUrl":"10.1016/j.japwor.2025.101309","url":null,"abstract":"<div><div>Does subcontracting with large firms promote the innovation endeavours of small and medium-sized enterprises (SMEs)? This study addresses this question using panel data from 22,528 observations of Korean SMEs across all industries from 2015 to 2019. We tested the hypotheses individually for five sub-industries based on Pavitt’s (1984, 1990) technological trajectory classification. The findings indicate that exclusive subcontracting negatively affects innovation endeavours, specifically in the supplier-dominated, science-based, and assembly/processing industries. By examining SMEs both as a whole and within specific industries, this study provides new evidence on the relationship between exclusivity and innovation, expanding on prior research that focused on data from limited sectors. Specially, the findings have implications for the innovation strategies of firms, industries, and countries such as South Korea, where SMEs heavily rely on transactions with large firms. These findings offer new quantitative evidence for sectoral innovation systems, emphasising different innovation strategies for each industry.</div></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"74 ","pages":"Article 101309"},"PeriodicalIF":1.3,"publicationDate":"2025-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143873866","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
Ex-ante and ex-post evaluation of zombie firms arising from the EAS program during the COVID-19 pandemic: A study of Japanese SMEs 在 COVID-19 大流行期间，对 EAS 计划所产生的僵尸企业进行事前和事后评估：日本中小企业研究
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2025-04-05 DOI: 10.1016/j.japwor.2025.101308
Akira Fukuda , Isamu Yamamoto
{"title":"Ex-ante and ex-post evaluation of zombie firms arising from the EAS program during the COVID-19 pandemic: A study of Japanese SMEs","authors":"Akira Fukuda ,&nbsp;Isamu Yamamoto","doi":"10.1016/j.japwor.2025.101308","DOIUrl":"10.1016/j.japwor.2025.101308","url":null,"abstract":"<div><div>This study provides an ex-ante and ex-post evaluation of the Employment Adjustment Subsidy (EAS) that the Japanese government extended to unprecedented levels during the COVID-19 pandemic. Using unique monthly data from firm-level surveys, we investigate the types of firms that applied for the EAS and the evolution of their subsequent performance. A key contribution of our study is that we provide an ex-post evaluation of the EAS on firm performance for approximately two years during the pandemic. As in previous studies, we confirm that majority of the firms that applied for the EAS were not zombies before the pandemic. However, their subsequent sales were much lower than those of non-applicant firms, even during the economic recovery period. This feature was conspicuous in 2021, specifically for small-scale firms in troubled sectors, unless they received extra support. The results suggest that the initial large-scale subsidy was unsuccessful in preventing the zombification of troubled firms during the pandemic.</div></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"74 ","pages":"Article 101308"},"PeriodicalIF":1.3,"publicationDate":"2025-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143833979","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
Global value chains and exchange rate pass-through into the import prices of Japanese industries 全球价值链和汇率传导到日本产业的进口价格
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2025-03-06 DOI: 10.1016/j.japwor.2025.101299
Fabien Rondeau , Yushi Yoshida
{"title":"Global value chains and exchange rate pass-through into the import prices of Japanese industries","authors":"Fabien Rondeau ,&nbsp;Yushi Yoshida","doi":"10.1016/j.japwor.2025.101299","DOIUrl":"10.1016/j.japwor.2025.101299","url":null,"abstract":"<div><div>With internationally fragmented processes of production via global value chains, value-added components of a country’s export include the importer’s contributions as well as that of exporters. The exchange rate sensitivity of export price reflects these value-added components. We examine the effect of value-added contributions of exporters and importers on the degree of exchange rate pass-through by focusing on the Japanese import prices by industries. Our results show that exchange rate pass-through increases for industries with a higher contribution of exporting countries’ value added and for industries with a lower contribution of the importing country’s value added. The differentials in value added among industries help explain the dynamics of exchange rate pass-through at the industry level.</div></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"74 ","pages":"Article 101299"},"PeriodicalIF":1.3,"publicationDate":"2025-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143593875","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Impact of the 2011 earthquake on the real estate market in Tokyo 2011年地震对东京房地产市场的影响
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2025-02-06 DOI: 10.1016/j.japwor.2025.101298
Naoto Mikawa
{"title":"Impact of the 2011 earthquake on the real estate market in Tokyo","authors":"Naoto Mikawa","doi":"10.1016/j.japwor.2025.101298","DOIUrl":"10.1016/j.japwor.2025.101298","url":null,"abstract":"<div><div>After the 2011 Great East Japan Earthquake, seismic activity in Japan changed drastically, affecting people’s response to earthquakes even outside the affected area. This change may be heterogeneous depending on where they live, especially if the area is prone to seismic hazards. To measure seismic hazards, the nature of the ground on which a building stands was used as a source of people’s assessment of disaster. Using real estate transaction data and the hedonic approach, this study investigates the heterogeneous impact of the Great East Japan Earthquake on the real estate market in undamaged areas. The analysis of ground classification revealed that the Great East Japan Earthquake led to about 3 % reduction in both land prices and housing prices in the lowland areas in the Tokyo Special Zone, where ground was soft and experienced stronger shaking compared with other areas. The reduction lasted for 5 years before recovering to the pre-disaster level. However, the 2016 Kumamoto Earthquake did not impact land prices in the Tokyo Special Zone.</div></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"73 ","pages":"Article 101298"},"PeriodicalIF":1.3,"publicationDate":"2025-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143420646","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Investigating how inflation expectations affect precautionary wealth 调查通胀预期如何影响预防性财富
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2025-01-02 DOI: 10.1016/j.japwor.2024.101295
Tomohide Mineyama , Kiichi Tokuoka
{"title":"Investigating how inflation expectations affect precautionary wealth","authors":"Tomohide Mineyama ,&nbsp;Kiichi Tokuoka","doi":"10.1016/j.japwor.2024.101295","DOIUrl":"10.1016/j.japwor.2024.101295","url":null,"abstract":"<div><div>This study examines how inflation expectations affect precautionary wealth by focusing on the period of zero or low-interest rates in Japan and using Japanese household survey data during this period. The key finding of this paper is that experienced inflation as a proxy for inflation expectations has a positive impact on the target ratio of precautionary wealth to permanent income. This is consistent with the prediction of the buffer stock (Carroll, 1997) that given the nominal interest rate (as has been observed in Japan), higher inflation expectations raise the target ratio when households expect higher inflation to translate into their nominal income in a limited way. This study also confirms that actual liquid wealth gradually converges to the target level of precautionary wealth over the years, which is consistent with the implications of the buffer stock model.</div></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"73 ","pages":"Article 101295"},"PeriodicalIF":1.3,"publicationDate":"2025-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143150365","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
Effect of income-increasing deduction in personal income tax on the burden reduction and income redistribution: Evidence from Japan 个人所得税增税扣除对减负和收入再分配的影响：来自日本的证据
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2024-12-27 DOI: 10.1016/j.japwor.2024.101296
Taro Ohno , Tomotsugu Imahori , Daizo Kojima
{"title":"Effect of income-increasing deduction in personal income tax on the burden reduction and income redistribution: Evidence from Japan","authors":"Taro Ohno ,&nbsp;Tomotsugu Imahori ,&nbsp;Daizo Kojima","doi":"10.1016/j.japwor.2024.101296","DOIUrl":"10.1016/j.japwor.2024.101296","url":null,"abstract":"<div><div>Deduction system is an important element for fulfilling the purposes of the personal income taxation. Designing an ideal system of deductions requires understanding the burden reduction effect and its impact on income redistribution due to taxes. In this study, we use Japanese household microdata (1994–2019) to empirically evaluate the burden reduction and redistributive effects of income-increasing deductions on personal income tax. In addition, we separate the changes in the redistribution effect of the deductions into system and non-system reforms. The higher the income bracket, the more effective the deductions in reducing the tax burden due to the impact of the income-increasing part of the deductions. The burden reduction effect of deductions is found to have declined over the sample period of 25 years, mainly due to the impact of system reforms. Moreover, Unlike the other parts that enhance the redistributive effects, the income-increasing part of deductions reduces the redistributive effects.</div></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"73 ","pages":"Article 101296"},"PeriodicalIF":1.3,"publicationDate":"2024-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143150363","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
The anchoring of inflation expectations in Japan: A learning-approach perspective 日本通胀预期的锚定：一个学习方法的视角
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2024-12-11 DOI: 10.1016/j.japwor.2024.101293
Yoshihiko Hogen, Ryoichi Okuma
{"title":"The anchoring of inflation expectations in Japan: A learning-approach perspective","authors":"Yoshihiko Hogen,&nbsp;Ryoichi Okuma","doi":"10.1016/j.japwor.2024.101293","DOIUrl":"10.1016/j.japwor.2024.101293","url":null,"abstract":"<div><div>This paper uses a learning model to jointly estimate long-term inflation expectations and the degree of anchoring in Japan since the 1960s. We find that in the 1970s, Japan had higher long-term inflation expectations than the U.S. during the first oil shock, but much lower inflation expectations after the second oil shock. This contrast between Japan and the U.S. is consistent with many studies that attribute the differences in the inflation dynamics between Japan and the U.S. to the monetary policy stance in Japan during the 1970s and early 1980s. Long-term inflation expectations fell to around 2 percent in the late 1980s and remained anchored until the mid-1990s. They fell below 2 percent in the late 1990s, resulting in a low degree of anchoring until the early 2010s. Since early 2013, inflation expectations have risen but are not yet been anchored to the target. Further VAR analysis suggests that declining markups could be a primary source for hindering the anchoring of inflation expectations in Japan.</div></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"73 ","pages":"Article 101293"},"PeriodicalIF":1.3,"publicationDate":"2024-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143150364","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
Determinants of family firm IPO underpricing: Evidence from Japan 家族企业IPO定价过低的决定因素：来自日本的证据
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2024-12-08 DOI: 10.1016/j.japwor.2024.101294
Kenta Funaoka , Zhihua Yao
{"title":"Determinants of family firm IPO underpricing: Evidence from Japan","authors":"Kenta Funaoka ,&nbsp;Zhihua Yao","doi":"10.1016/j.japwor.2024.101294","DOIUrl":"10.1016/j.japwor.2024.101294","url":null,"abstract":"<div><div>This study analyzes 94 firms that were listed on the JASDAQ between 2015 and 2021, with a specific focus on identifying the determinants of underpricing in family firms during their initial public offering (IPO). In Japan, over 90 % of enterprises are family-owned, with even half of the publicly listed companies falling into this category. The findings revealed that, ceteris paribus, firms with founding CEOs experienced less underpricing at the time of going public compared to those without. This difference was more significant in companies with higher management ownership and a higher ratio of external directors. These results emphasize the importance of strong governance structures in reducing underpricing for family firms during their IPOs.</div></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"73 ","pages":"Article 101294"},"PeriodicalIF":1.3,"publicationDate":"2024-12-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143150406","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
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