Ownership Structure and Corporate Performance in Japan

41 Pages Posted: 22 Jun 2004 Last revised: 8 Sep 2015

See all articles by Frank R. Lichtenberg

Frank R. Lichtenberg

Columbia Business School - Finance and Economics; National Bureau of Economic Research (NBER); CESifo (Center for Economic Studies and Ifo Institute for Economic Research)

George Pushner

Columbia University - Columbia Business School

Date Written: June 1992

Abstract

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.

Suggested Citation

Lichtenberg, Frank R. and Pushner, George, Ownership Structure and Corporate Performance in Japan (June 1992). NBER Working Paper No. w4092, Available at SSRN: https://ssrn.com/abstract=226902

Frank R. Lichtenberg (Contact Author)

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National Bureau of Economic Research (NBER)

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CESifo (Center for Economic Studies and Ifo Institute for Economic Research)

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George Pushner

Columbia University - Columbia Business School

3022 Broadway
New York, NY 10027
United States

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