Catégorie : Discussion Paper Series

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.

Discussion Paper Series 2017 #04: « Understanding Corporate Responsibility in Japanese Capitalism: Some Comparative Observations »

By Gregory Jackson and Julia Bartosch. This paper discusses cross-country patterns of corporate responsibility with an interface to the discussion of a variety of capitalisms, and how corporate responsibility mirrors or substitutes for institutionalized forms of coordination.

Discussion Paper Series 2017 #02: « Premature financialization: a conceptual exploration »

By Hugh Whittaker. This paper reviews some of the recent writing on financialization and its effects in developing countries. Acknowledging the positive role of finance in development, it argues that beyond a certain point of ‘financial deepening’ there are negative consequences. Financialization affects the economy, and also the state.

Discussion Paper Series 2017 #01: « Institutional investors, corporate social responsibility, and stock price performance »

The launch of the United Nations Global Compact Principles for Responsible Investment (PRI) in 2006 prompted the Japanese government to emphasize corporate social responsibility (CSR) in investment policies and put pressure on institutional investors to monitor environmental and social performance.

Discussion Paper Series 2016 #06 : «The Evolution of the Ict Start-Up Eco-System in Japan: From Corporate Logic to Venture Logic?»

This paper uses the notion of institutional logics to advance our understanding of institutional change in the ICT start-up eco-system in Japan. We chose to study ICT start-ups because the rates of entry, growth, and exit are faster in this sector than in others, making it easier to observe institutional change.

Discussion Paper Series 2016 #05 : « The impact of changes in Japanese tender offer regulations on bidder behavior and shareholder gains »

Japanese regulators have undertaken several adjustments to the rules governing the market for corporate control beginning with the 1990 introduction of mandatory bid rules (MBR) for tender offers. However, the adoption of an MBR alone did not initially contribute to an active tender offer market, nor did it adequately protect targets’ minority shareholders.

Discussion Paper Series 2016 #04 : « Toward a Conceptual Framework for Understanding Institutional Change in Japanese Capitalism: Structural Transformations and Organizational Diversity »

By Gregory Jackson. The literature on comparative capitalism sees institutions largely as a set of incentives and constraints on rational behavior of business enterprises. Institutions constrain economic action, but also create new opportunities for economic action.

Discussion Paper Series 2016 #03 : « Does Ownership Really Matter? : The Role of Foreign Investors in Corporate Governance in Japan »

After the banking crisis of 1997, corporate ownership in Japan shifted from an insider-dominated to an outsider-dominated structure. This paper analyzes the impact of dramatic changes in the ownership structure on corporate governance and firm value, focusing on the role of foreign institutional investors.

Discussion Paper Series 2016 #02

In this paper, we introduce a financial dimension as an additional source of firm heterogeneity to understand export market participation, and examine how the impact of leverage on firms’ exporting decisions varies depending on financial constraints, using a panel of 3,353 Korean manufacturing firms over the period of 1994-2011.