IDEAS home Printed from https://ideas.repec.org/p/dpr/wpaper/0772rr.html
   My bibliography  Save this paper

Japan's Intangible Capital and Valuation of Corporations in a Neoclassical Framework

Author

Listed:
  • Hiroki Arato
  • Katsunori Yamada

Abstract

This paper estimates the economic value in the 1980s and 1990s of corporate as sets in Japan,including both tangible and intangible as sets, based on the neo-classical framework of McGrattan and Prescott(2005). Our estimates use anew micro-data set that comprises the accounting statements of all listed, non-financial companies in Japan. We find that in 1981-86, a period that immediately preceded Japan's so-called "bubble economy", our assessed value of corporate productiveas-sets, net of the value of corporate debt,is approximately equal to the actual stock market value of Japanese corporate equity. The fnding differs from previous results based on studies of aggregated at a sets or based on studies of micro data sets that neglected intangible capital. We also show that the Japanese ratio of the amount of intangible capital stock to the amount of tangible capital stock is comparable to the analogous ratios for the U.S. and U.K.

Suggested Citation

  • Hiroki Arato & Katsunori Yamada, 2010. "Japan's Intangible Capital and Valuation of Corporations in a Neoclassical Framework," ISER Discussion Paper 0772rr, Institute of Social and Economic Research, The University of Osaka, revised Nov 2011.
    • Handle: RePEc:dpr:wpaper:0772rr
    as

    Download full text from publisher

    File URL: https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2010/DP0772RR.pdf
    Download Restriction: no
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:dpr:wpaper:0772rr. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Librarian (email available below). General contact details of provider: https://edirc.repec.org/data/isosujp.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.