Overview
This project conducts policy-oriented empirical analyses of corporate finance, financial intermediation, and firm dynamics. Specifically, the research agenda that are in line with current policy concerns include the status of small and medium enterprises' (SMEs) fund procurement after the abolishment of the SME Finance Facilitation Act, effectiveness of loans by government-affiliated financial institutions, and firm dynamics after the Great East Japan Earthquake. Other research topics such as the role of real estate markets in bank lending channels and the effectiveness of equity finance for economic growth are expected to bear a number of policy implications.
June 19, 2013 - March 31, 2015
Major Research Results
2015
RIETI Discussion Papers
- 15-E-091
"Heterogeneous Impact of Real Estate Prices on Firm Investment" (HAZAMA Makoto and UESUGI Iichiro) - 15-E-077
"Determinants of Industrial Coagglomeration and Establishment-level Productivity" (FUJII Daisuke, NAKAJIMA Kentaro and SAITO Yukiko) - 15-E-061
"Risk Taking and Firm Growth" (XU Peng) - 15-E-057
"Network-motivated Lending Decisions" (OGURA Yoshiaki, OKUI Ryo and SAITO Yukiko) - 15-E-056
"Buyer-Supplier Networks and Aggregate Volatility" (MIZUNO Takayuki, SOUMA Wataru and WATANABE Tsutomu) - 15-E-051
"No Lending Relationships and Liquidity Management of Small Businesses during a Financial Shock" (TSURUTA Daisuke) - 15-E-050
"Investment Distortion by Collateral Requirements: Evidence from Japanese SMEs" (OGURA Yoshiaki) - 15-J-035
"Credit Reallocation in Japan" (UESUGI Iichiro and SAKAI Koji) - 15-J-028
"Summary of the Survey on the Aftermath of SME Financing Facilitation Act" (UESUGI Iichiro, FUKANUMA Hikaru, ONO Arito, XU Peng, TSURUTA Daisuke, NEMOTO Tadanobu, MIYAKAWA Daisuke, YASUDA Yukihiro, YAMORI Nobuyoshi, WATANABE Wako and IWAKI Hiromichi)
2014
RIETI Discussion Papers
- 15-E-031
"Hysteresis in Japanese Export Market: A Dynamic Random-Effect Probit Approach to Panel Data of Japanese Machinery-manufacturing Firms" (OGAWA Kazuo and TOKUTSU Ichiro) - 14-E-064
"Lender Banks' Provision of Overseas Market Information: Evidence from Japanese small and medium-sized enterprises' export dynamics" (INUI Tomohiko, ITO Keiko and MIYAKAWA Daisuke) - 14-E-063
"Does the Policy Lending of the Government Financial Institution Substitute for the Private Lending during the Period of the Credit Crunch? Evidence from loan level data in Japan" (SEKINO Masahiro and WATANABE Wako) - 14-E-055
"Natural Disaster and Natural Selection" (UCHIDA Hirofumi, MIYAKAWA Daisuke, HOSONO Kaoru, ONO Arito, UCHINO Taisuke and UESUGI Iichiro) - 14-E-054
"Transaction Partners and Firm Relocation Choice: Evidence from the Tohoku Earthquake" (ONO Arito, MIYAKAWA Daisuke, HOSONO Kaoru, UCHIDA Hirofumi, UCHINO Taisuke and UESUGI Iichiro) - 14-E-042
"Information Asymmetry in SME Credit Guarantee Schemes: Evidence from Japan" (SAITO Kuniyoshi and TSURUTA Daisuke) - 14-E-027
"Impact of Supply Chain Network Structure on FDI: Theory and evidence" (ITOH Ryo and NAKAJIMA Kentaro) - 14-E-026
"Business Cycles, Monetary Policy, and Bank Lending: Identifying the bank balance sheet channel with firm-bank match-level loan data" (HOSONO Kaoru and MIYAKAWA Daisuke) - 15-J-009
"Exploring the Patterns of Venture Capital Syndication: Evidence from investment-round data" (TAKIZAWA Miho and MIYAKAWA Daisuke) - 15-J-005
"The Going-Public Decision and Post-IPO Performance: Evidence from Japan" (HOSONO Kaoru and TAKIZAWA Miho) - 14-J-045
"Effects of Lending Relationships with Government Banks on Firm Performance: Evidence from a Japanese government bank for small businesses" (UESUGI Iichiro, UCHIDA Hirofumi and MIZUSUGI Yuta)
