NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Publications by Tetsuji Okazaki

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers onlyInformation about this author at RePEc

Working Papers and Chapters

February 2014Acquisitions, Productivity, and Profitability: Evidence from the Japanese Cotton Spinning Industry
with Serguey Braguinsky, Atsushi Ohyama, Chad Syverson: w19901
We explore how changes in ownership and managerial control affect the productivity and profitability of producers. Using detailed operational, financial, and ownership data from the Japanese cotton spinning industry at the turn of the last century, we find a more nuanced picture than the straightforward “higher productivity buys lower productivity” story commonly appealed to in the literature. Acquired firms’ production facilities were not on average less physically productive than the plants of the acquiring firms before acquisition, conditional on operating. They were much less profitable, however, due to consistently higher inventory levels and lower capacity utilization—differences which reflected problems in managing the uncertainties of demand. When purchased by more profitable firms...
February 2009Listing Policy and Development of the Tokyo Stock Exchange in the Pre-War Period
with Yasushi Hamao, Takeo Hoshi
in Financial Sector Development in the Pacific Rim, East Asia Seminar on Economics, Volume 18, Takatoshi Ito and Andrew K. Rose, editors
January 1999The Foreign Exchange Allocation Policy in Postwar Japan: Its Institutional Framework and Function
with Takafumi Korenaga
in Changes in Exchange Rates in Rapidly Developing Countries: Theory, Practice, and Policy Issues (NBER-EASE volume 7), Takatoshi Ito and Anne O. Krueger, editors

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers onlyInformation about this author at RePEc

 
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