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Discussion Paper Series 2018 #08: Competition among Securities Markets

 Abstract We study the causes and the consequences of two regulatory changes affecting the competition between the transparent Parquet and the OTC-like Coulisse markets in Paris at the turn of the 20th century. First, we provide evidence supporting the interest group theory to explain regulatory changes. By using these changes as natural experiments, we show then that competition widens bid-ask spreads while monopoly makes them narrower. These results are in line with recent literature questioning the effects of “dark” competition: a transparent monopoly could be more effective than competition if the latter involves opaque markets. Authors Pierre-Cyrille Hautcœur (EHESS &...

Discussion Paper Series 2018 #07: Firm-Level Labor Demand for and Macroeconomic Increases in Non-Regular Workers in Japan

Abstract The purpose of this study is to account for the increase in non-regular workers, namely, part-time and dispatched workers, in the Japanese economy from the early 2000s. Our contribution is that we use a firm-level panel dataset extracted from an administrative survey and distinguish between the short-run and long-run determinants of non-regular labor demand. Using the estimated parameters of the labor demand function, we decompose the rate of increase in the macroeconomic non-regular worker ratio into determinant factor contributions. Our major results can be summarized as follows. First, the firm-level determinants of the demand for part-time and dispatched workers...

Discussion Paper Series 2018 #05: The Lyon Stock Exchange: The Survival of the Fittest (1866-1914)

In this paper, the authors look back at the XIX century France to shed light on effect of competition in the stock exchange industry. During the XIX century the Paris financial centre plays a central role in the French financial markets. Nevertheless, six organized regional exchanges do exist along all the second half of the century.

Discussion Paper Series 2018 #02: Female Board of Directors and Organisational Diversity in Japan

This paper examines the data of listed firms in Japan, and explores the impact of institutional change on organisational diversity in terms of gender diversity on boards. In particular, it focuses on analysing the institutional pressure which Japan has been recently undergoing: financialisation and incremental regulatory reform.

The dynamics of urban degrowth in Japanese metropolitan areas: what are the outcomes of urban recentralisation strategies?

By Sophie Buhnik.
Japanese authorities have supported compact city-oriented policies since the late 1990s to counter the effects of population decline and lingering economic stagnation. The concentration of renewal projects in well-connected neighbourhoods is meant to sustain the mobilities of an ageing society.

Neither Populism nor Drift: Japan’s October 2017 Election

An analysis of 2017 Japanese election by Yves Tiberghien. « On September 25, 2017, Japan’s Prime Minister Shinzo Abe rolled the dice and called a general election on October 22, a full year ahead of schedule. When the results were announced on the night of October 22, they were rife with paradox. Three core outcomes stand out. »

Korea in Global Value Chains: Pathways for Industrial Transformation

The Duke University GVC center and the KIET, a key Korean public research institute, published in October 2017 a 194-page-long report on Korea’s manufacturing prospects using a Global Value Chain (GVC) framework. This report is relevant for the academic community given the up-to-date statistics and scientific references.