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Valuation of Japanese Corporations during the 1980s: evidence from an accounting dataset

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Author Info
Hiroki Arato (Japan Society for the Promotion of Science and Graduate School of Economics, Kyoto University)
Katsunori Yamada () (Japan Society for the Promotion of Science and Graduate School of Economics and Graduate School of Economics, Osaka University)

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Abstract

This paper applies the framework of McGrattan and Prescott (2005) to the Japanese economy using an accounting dataset. Restricting our attention to the steady growth path in the 1980s, we show that the estimated value of intangible capital in Japan is enormous compared to the U.S. and the U.K. cases. Interestingly, it is also found that when we consider the sub-period of 1987--1989, the so-called bubble period, the price-to-book-value ratio is quite close to one. This finding might imply that the stock price surge during the bubble period was not actually a bubble.

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File URL: http://www2.econ.osaka-u.ac.jp/library/global/dp/0745.pdf
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Publisher Info
Paper provided by Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP) in its series Discussion Papers in Economics and Business with number 07-45.

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Length: 15 pages
Date of creation: Dec 2007
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Handle: RePEc:osk:wpaper:0745

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Web page: http://www.econ.osaka-u.ac.jp/
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Related research
Keywords: Intangible capital Stock prices Price-to-book-value ratio

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Find related papers by JEL classification:
E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth
E22 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity

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  1. Hayashi, Fumio & Inoue, Tohru, 1991. "The Relation between Firm Growth and Q with Multiple Capital Goods: Theory and Evidence from Panel Data on Japanese Firms," Econometrica, Econometric Society, vol. 59(3), pages 731-53, May. [Downloadable!] (restricted)
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