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The Information Content of Stock Markets: Why Do Emerging Markets Have Synchronous Stock Price Movements?
Stock prices move together more in low-income economies than in high-income economies. This finding is clearly not due to market size differences, and is only partially explained by slightly higherExpand
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Inherited Wealth, Corporate Control and Economic Growth: the Canadian Disease
Countries in which billionaire heirs' wealth is large relative to G.D.P. grow more slowly, show signs of more political rent-seeking, and spend less on innovation than do other countries at similarExpand
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Banks, Ownership Structure, and Firm Value in Japan
We investigate the relation between firms' ownership structures and q ratios in Japan. At low levels of ownership by main banks, firms' q ratios fall as bank equity ownership rises. At higher levelsExpand
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Banks and Corporate Control in Japan
Using a large sample of Japanese firm level data, we find that Japanese banks act primarily in the short term interests of creditors when dealing with firms outside bank groups. Corporate controlExpand
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Corporate Pension Policy: An Empirical Investigation
An empirical investigation of pension funding levels and plan asset allocations suggests that corporations manage their pension funds as if they are an integral part of overall corporate financialExpand
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A Frog in a Well Knows Nothing of the Ocean: A History of Corporate Ownership in Japan
Japan’s corporate sector has, over the past century, been reorganized according to every major corporate governance model. Prior to World War II, wealth Japanese families locked in their control overExpand
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Creative destruction and firm-specific performance heterogeneity
Traditional U.S. industries with higher firm-specific stock return and fundamentals performance heterogeneity use information technology (IT) more intensively and post faster productivity growth inExpand
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Japanese Corporate Governance and Macroeconomic Problems
Japan's prolonged economic problems are due to more than faulty macro-economic policies. We do not deny the importance of bungled macro-economic policy, but argue than deeper maladies in JapaneseExpand
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Regional Brain Changes Occurring during Disobedience to “Experts” in Financial Decision-Making
It is well recognized that individuals follow “Expert” advice, even when flawed and offers no advantage, and sometimes leads to disadvantages. The neurobiology underlying this is uncertain, and inExpand
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Been There, Done That. The History of Corporate Ownership in Japan
Japan's corporate sector has, at different times in recent history, been organized according to every major model. Prior to World War II, wealth Japanese families locked in their control over largeExpand
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