論文 - 小佐野 広
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Intercorporate shareholdings and corporate control in the Japanese firm
H Osano
JOURNAL OF BANKING & FINANCE 20 ( 6 ) 1047 - 1068 1996年7月
単著
出版者・発行元：ELSEVIER SCIENCE BV
The purpose of this paper is to specify a formal model that rationalizes the intercorporate shareholdings observed in the Japanese equity market as a mechanism for mutual commitment and risk sharing that creates greater possibilities to resolve managerial myopic problems caused by the threat of external takeovers. We show that, under certain conditions, all agents including the existing shareholders of the firm are strictly better off when participating in an implicit contract associated with intercorporate shareholdings. The results also suggest chat intercorporate ownership raises the stock prices of the member firms.
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RENEGOTIATION-PROOF LOTTERIES EQUILIBRIUM IN AN ECONOMY WITH PRIVATE INFORMATION
H OSANO
JOURNAL OF ECONOMIC THEORY 65 ( 2 ) 435 - 467 1995年4月
単著
出版者・発行元：ACADEMIC PRESS INC JNL-COMP SUBSCRIPTIONS
The purpose of this paper is to explore whether the standard results of classical general equilibrium theory still hold in private information economies where the possibility of renegotiation of initial contracts (lotteries) is allowed. We establish that competitive equilibria with contracts (lotteries) exist and are optimal for the class of private information economies in which principal-agent problems are characterized by moral hazard and renegotiation-proof contracts (lotteries). We also show that financial intermediaries arise endogenously in this environment: financial intermediaries are part of an efficient arrangement which is needed to support the competitive equilibrium allocations of our private information economy. (C) 1995 Academic Press, Inc.
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"Main Bank System, Implicit Contracts and Trust in Deferred Payment Arrangements," Labour Market and Economic Performance: Europe
Hiroshi Osano, Toshio Serita, Aoyama Gakuin Univ
Japan and the USA, Toshiaki Tachibanaki (ed.), Macmillan, London, pp.312-346 1994年
共著
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Basic Research and Applied R & D in a Model of Endogenous Economic Growth
Hiroshi Osano
大阪大學經濟學 42 ( 1 ) 144 - 167 1992年
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TESTING BETWEEN COMPETING MODELS OF REAL BUSINESS CYCLES
OSANO, H, INOUE, T
INTERNATIONAL ECONOMIC REVIEW 32 ( 3 ) 669 - 688 1991年8月
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Coordination Failure and Economic Growth
Hiroshi Osano
Osaka Economic Papers, Vol.40 1991年
単著
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DYNAMIC LABOR CONTRACTS UNDER ASYMMETRIC INFORMATION
H OSANO
JOURNAL OF ECONOMIC THEORY 50 ( 1 ) 175 - 192 1990年2月
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Coordination Failure and Long Run Growth
小佐野 広
大阪大學經濟學 40 ( 1 ) 102 - 125 1990年
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Implicit contracts in the Japanese labor market
H. Osano, T. Inoue
Journal of The Japanese and International Economies 2 ( 2 ) 181 - 198 1988年
共著
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Social Security and Lifetime Employment Contract
小佐野 広
Economic Studies Quarterly,38/2 1987年
単著
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Credit rationing and implicit contract theory. An empirical study
H. Osano, Y. Tsutsui
International Journal of Industrial Organization 4 ( 4 ) 419 - 438 1986年
共著
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IMPLICIT CONTRACTS IN THE JAPANESE BANK LOAN MARKET
H OSANO, Y TSUTSUI
JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS 20 ( 2 ) 211 - 229 1985年
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Price decision and Capacity Investment of Public Utilities Under Uncertainty
小佐野 広
Economic Studies Quarterly,35/1 1984年
単著