This paper investigates the theory of land price formation, taking into consideration the fact that an "option" is implicitly attached to land. Using a theoretical model, it tries to explain the land price bubbles in Japan in the late 1980s as the...
This paper empirically analyzes the relationship between ownership structure and the determination of managers' bonuses in Japanese firms. In the analysis, we obtain two notable findings. First, equity ownership by non-financial corporations incre...