Waseda Organizational and Financial Economics Seminar:
“Physical investment of Japanese firms during QE and non-QE periods: Did the transmission mechanism work?” (June 10)
講演者 / Speaker
BAAK, Saang Joon （Professor, Waseda University）
- Field of Research Interests
Heterogeneous expectations, dynamic economics, exchange rate, trade
日 時 / Date & Time
Monday, 10 June 2019, 13:00 – 14:30
会 場 / Venue
Rm. #1111 on the 11th floor, Building #11, Waseda University
主 旨 / Outline
“Physical investment of Japanese firms during QE and non-QE periods: Did the transmission mechanism work?”
This paper investigates whether the quantitative easing policy influenced physical investment decisions of Japanese publicly listed firms through neoclassical and non-neoclassical transmission channels using their financial statement data from 1991 to 2016.
Empirical test results estimated by the system GMM indicate that, during the QE period, the neoclassical channel encouraged investment through Tobin’s q and the non-neoclassical channel also worked through balance sheet effects.
Operating income and ownership structures are also found as determinants of firm investment since 1991 in Japan. In addition, the effect of financial leverage is estimated to be negative in general.
However, its impact turns out be somewhat different depending on the capital size of firms.
プログラム / Schedule
13:00～13:05 Opening Remarks （MIYAJIMA, Hideaki (Advisor, WIAS / Professor, Waseda University)）
13:05～14:05 Presentation (*in English)
14:05～14:25 Question-and-answer session
14:25～14:30 Concluding Remarks（MIYAJIMA, Hideaki ）
対 象 / Prospected Audience
Faculty and staff members of a university, grad students, undergraduates, the general public
主 催 / Organizer
Research Institute of Business Administration, Waseda University
Waseda Institute for Advanced Study, Waseda University
申込み / Registration
Free of charge. Please come to the event venue directly.
