Japan

Been There, Done That. The History of Corporate Ownership in Japan

On the Real Effects of Bank Bailouts: Micro-Evidence from Japan

Exploiting the Japanese banking crisis of the 1990s as a laboratory, we investigate the effects of bank bailouts on the supply of credit and on the...

Outsourcing Active Ownership in Japan

This paper examines active ownership in Japan by an equity ownership service, Governance for Owners Japan (GOJ). GOJ engages with...

The Ownership of Japanese Corporations in the 20th Century

Twentieth century Japan provides a remarkable laboratory for examining how an externally imposed institutional and regulatory intervention affects...

Regulatory Measures to Dismantle Pyramidal Business Groups: Evidence from the United States, Japan, Korea and Israel

Large business enterprises, from the railroad barons of nineteenth century America to Amazon and Google today, are often perceived as important for...

Japan's Paradoxical Response to the New 'Global Standard' in Corporate Governance

Diversity of Shareholder Stewardship in Asia: Faux Convergence

Since the UK adopted the world’s first stewardship code in 2010, stewardship codes have proliferated across Asia. Given the UK Code’s prominence,...

The Poison Pill In Japan: The Missing Infrastructure

Dispersed ownership and asset pricing: An unpriced premium associated with free float

We explore differences in the levels of dispersed ownership that lead to a second returns-based free float hedging factor, which augments the capital...

Agency Theory in Practice: A Qualitative Study of Hedge Fund Activism in Japan

We look at the reaction to hedge fund activism of managers and shareholders in Japanese firms and explore the implications of our findings for agency...

Dynastic Control Without Ownership: Evidence from Post-War Japan

Dynastic-controlled firms are led by founding family CEOs while the family owns an insignificant share of equity (defined as less than five percent)....

Foreign Investor Activism in Japan: The First Ten Years