NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Ownership Structure and Corporate Performance in Japan

Frank R. Lichtenberg, George M. Pushner

NBER Working Paper No. 4092 (Also Reprint No. r1950)
Issued in June 1992
NBER Program(s):   CF

This paper develops a dynamic continuous-time model in which international risk sharing can yield substantial welfare gains through its positive effect on expected consumption growth. The mechanism linking global diversification to growth is an attendant world portfolio shift from safe, but low-yield, capital into riskier, high-yield capital. The presence of these two types of capital is meant to capture the idea that growth depends on the availability of an ever-increasing array of specialized, hence inherently risky, production inputs. A partial calibration exercise based on Penn World Table consumption data implies steady-state welfare gains from global financial integration that for some regions amount to several times initial wealth.

download in pdf format
   (1728 K)

email paper

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w4092

Published: Japan and the World Economy, vol. 6, (1994) pp. 239-261. citation courtesy of

Users who downloaded this paper also downloaded* these:
Fernald w20248 Productivity and Potential Output Before, During, and After the Great Recession
Morck, Shleifer, and Vishny w2055 Management Ownership and Corporate Performance: An Empirical Analysis
Zeckhauser and Pound Are Large Shareholders Effective Monitors? An Investigation of Share Ownership and Corporate Performance
Fohlin The History of Corporate Ownership and Control in Germany
Chari, Chen, and Dominguez w14786 Foreign Ownership and Firm Performance: Emerging-Market Acquisitions in the United States
 
Publications
Activities
Meetings
NBER Videos
Themes
Data
People
About

National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us