{"title":"Economical Efficiency of Outsourcing at Bank Operations : Consideration with “Risk-adjusted” Point of View","authors":"Kenji Watanabe","doi":"10.15057/4930","DOIUrl":"https://doi.org/10.15057/4930","url":null,"abstract":"","PeriodicalId":154016,"journal":{"name":"Hitotsubashi journal of commerce and management","volume":"22 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":"114231932","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}
The purpose of this paper is to examine how tasks should be allocated in a simple hierarchy consisting of an organizational designer and subordinates, in the framework of a principal-agent relationship with moral hazard.
{"title":"JOB DESIGN AND INCENTIVES IN HIERARCHIES WITH TEAM PRODUCTION","authors":"Hideshi Itoh","doi":"10.15057/5003","DOIUrl":"https://doi.org/10.15057/5003","url":null,"abstract":"The purpose of this paper is to examine how tasks should be allocated in a simple hierarchy consisting of an organizational designer and subordinates, in the framework of a principal-agent relationship with moral hazard.","PeriodicalId":154016,"journal":{"name":"Hitotsubashi journal of commerce and management","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2001-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128592696","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}
This paper develops a banking model to examine the conventional view that the main bank makes restructuring decisions efficiently since it holds significant blocks of both equities and loans to its client firm in financial distress. The paper shows that the efficiency of restructuring decisions depends upon the structure of the main bank's financial claims to the firm as well as the capital structure and the debt structure of the firm. It is also shown that seniority, renegotiability, and the maturity structure of the main bank's debt claim to the firm affect the
{"title":"Financial distress and the efficiency of the Japanese main bank system","authors":"M. Konishi","doi":"10.15057/5005","DOIUrl":"https://doi.org/10.15057/5005","url":null,"abstract":"This paper develops a banking model to examine the conventional view that the main bank makes restructuring decisions efficiently since it holds significant blocks of both equities and loans to its client firm in financial distress. The paper shows that the efficiency of restructuring decisions depends upon the structure of the main bank's financial claims to the firm as well as the capital structure and the debt structure of the firm. It is also shown that seniority, renegotiability, and the maturity structure of the main bank's debt claim to the firm affect the","PeriodicalId":154016,"journal":{"name":"Hitotsubashi journal of commerce and management","volume":"100 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2001-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121465764","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}
The purpose of this paper is to analyze the relationship between the technological innovations and the patent systems in prewar Japan. In the Japanese patent system, there has been a specific law for protecting small inventions. The law is called the "New Utility Model Law", and had greatly contributed to technological and industrial development in prewar Japan. In prewar Japan, the conventional industries had large market share, and their technological innovations were mainly improvements of old technologies. However, the law strongly supported the development of conventional industries. Technologies protected by the aforementioned law significantly contributed to the economic development of Japan, which had been a backward eountry.
{"title":"Technological innovations and the patent system in prewar Japan","authors":"Q. Guan","doi":"10.15057/5004","DOIUrl":"https://doi.org/10.15057/5004","url":null,"abstract":"The purpose of this paper is to analyze the relationship between the technological innovations and the patent systems in prewar Japan. In the Japanese patent system, there has been a specific law for protecting small inventions. The law is called the \"New Utility Model Law\", and had greatly contributed to technological and industrial development in prewar Japan. In prewar Japan, the conventional industries had large market share, and their technological innovations were mainly improvements of old technologies. However, the law strongly supported the development of conventional industries. Technologies protected by the aforementioned law significantly contributed to the economic development of Japan, which had been a backward eountry.","PeriodicalId":154016,"journal":{"name":"Hitotsubashi journal of commerce and management","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2001-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128185067","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}
In this paper, I examine whether Schumpeter's Hypothesis on innovation and market structure with regard to Prewar Japan is valid or not through statistical analysis. Then, with respect to the effect of the Zaibatsu (family-controlled business group) on Japanese technological development in the prewar era, attempt to show my own findings.
{"title":"INNOVATION AND MARKET STRUCTURE IN PREWAR JAPAN","authors":"Q. Guan","doi":"10.15057/5085","DOIUrl":"https://doi.org/10.15057/5085","url":null,"abstract":"In this paper, I examine whether Schumpeter's Hypothesis on innovation and market structure with regard to Prewar Japan is valid or not through statistical analysis. Then, with respect to the effect of the Zaibatsu (family-controlled business group) on Japanese technological development in the prewar era, attempt to show my own findings.","PeriodicalId":154016,"journal":{"name":"Hitotsubashi journal of commerce and management","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121237642","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}
We consider decompositions of financial time series that identify important modes of variation in the series. The first term in the decomposition measures long-term trends and focuses on large-scale features of variability. The second term measures short-term trends and local features of variability remaining after the long-term trend has been removed. The third term measures the irregularity left in the series after the long- and short-term trends have been subtracted out. This term is further broken down by regressing it on its own lagged values. One goal of this decomposition is to transform a "raw" time series into three interpretable terms plus a term that is approximately noise. In this paper, the methodology is applied to the exchange rates of Japanese Yen (JY), German Marks (GM), Swiss Francs (SF), and British Pounds (BP) in the unit of U.S. dollars. Similarities and differences in the trends between these currencies as well as their volatilities are discussed.
{"title":"On Financial Time Series Decompositions with Applications to Volatility","authors":"K. Doksum, Ryozo Miura, Hiroaki Yamauchi","doi":"10.15057/5084","DOIUrl":"https://doi.org/10.15057/5084","url":null,"abstract":"We consider decompositions of financial time series that identify important modes of variation in the series. The first term in the decomposition measures long-term trends and focuses on large-scale features of variability. The second term measures short-term trends and local features of variability remaining after the long-term trend has been removed. The third term measures the irregularity left in the series after the long- and short-term trends have been subtracted out. This term is further broken down by regressing it on its own lagged values. One goal of this decomposition is to transform a \"raw\" time series into three interpretable terms plus a term that is approximately noise. In this paper, the methodology is applied to the exchange rates of Japanese Yen (JY), German Marks (GM), Swiss Francs (SF), and British Pounds (BP) in the unit of U.S. dollars. Similarities and differences in the trends between these currencies as well as their volatilities are discussed.","PeriodicalId":154016,"journal":{"name":"Hitotsubashi journal of commerce and management","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117331067","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":"When an Old Enemy Turns Patron : State Expansion and Contemporary Theatre in Japan","authors":"Ikuya Sato","doi":"10.15057/5173","DOIUrl":"https://doi.org/10.15057/5173","url":null,"abstract":"","PeriodicalId":154016,"journal":{"name":"Hitotsubashi journal of commerce and management","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1999-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122521354","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}
In this paper, we mathematically formalize the structure of the firm value when stock options are issued. Using the result, we show that the wealth of the stock holders do not transfer to the stock option holders at the maturity of the stock option ,and that the stock option gives the stock option holders the incentive for better firm's performance which brings the stock holders the more profit.
{"title":"A Mathematical Structure of the Firm Value When Stock Options are Issued","authors":"Ryozo Miura, M. Ishii","doi":"10.15057/5172","DOIUrl":"https://doi.org/10.15057/5172","url":null,"abstract":"In this paper, we mathematically formalize the structure of the firm value when stock options are issued. Using the result, we show that the wealth of the stock holders do not transfer to the stock option holders at the maturity of the stock option ,and that the stock option gives the stock option holders the incentive for better firm's performance which brings the stock holders the more profit.","PeriodicalId":154016,"journal":{"name":"Hitotsubashi journal of commerce and management","volume":"70 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1999-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115955789","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}
The Internet provides a new marketplace for the sale of information. Firms who want to make profits from selling information on the Internet must succeed in reducing quality uncertainty, restricting information resale, and finding optimal price-quality combinations. This article develops solutions to each of these three problems and compares the solutions with respect to their profit and welfare effects.
{"title":"Selling Information on the Internet","authors":"H. Dietl","doi":"10.15057/5171","DOIUrl":"https://doi.org/10.15057/5171","url":null,"abstract":"The Internet provides a new marketplace for the sale of information. Firms who want to make profits from selling information on the Internet must succeed in reducing quality uncertainty, restricting information resale, and finding optimal price-quality combinations. This article develops solutions to each of these three problems and compares the solutions with respect to their profit and welfare effects.","PeriodicalId":154016,"journal":{"name":"Hitotsubashi journal of commerce and management","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1999-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130821432","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":"International Policy Coordination and Central Bank Independence","authors":"Yoshinori Shimizu","doi":"10.15057/5262","DOIUrl":"https://doi.org/10.15057/5262","url":null,"abstract":"","PeriodicalId":154016,"journal":{"name":"Hitotsubashi journal of commerce and management","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1998-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115720253","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}
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