Inefficiency of corporate investment and distortion of savings behavior in Japan:
The value of corporate equity in Japan is dramatically smaller than that implied by the sum of the reproduction cost of accumulated investment and the market value of land owned by corporations (that is, the Tobin's average 'q' is much smaller than unity). This discrepancy appears to...
Gespeichert in:
| Beteiligte Personen: | , , |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2003
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
9444 |
| Links: | http://papers.nber.org/papers/w9444.pdf |
| Zusammenfassung: | The value of corporate equity in Japan is dramatically smaller than that implied by the sum of the reproduction cost of accumulated investment and the market value of land owned by corporations (that is, the Tobin's average 'q' is much smaller than unity). This discrepancy appears to result from the very low rate of return earned on corporate investment and also from the extraordinarily small and stagnant dividend payments. It has persisted at least since l965, and its size has become progressively larger over time. If the value of corporate equity were sufficiently high to close the discrepancy, the net worth of the household sector would have been larger than its actual value by some 395 trillion yen in l998. Such an addition to household net worth would have generated additional consumption demand of at least 15 trillion yen. This paper traces the development of this valuation discrepancy over time, and explores its possible causes. In the process, we prepare an alternative estimate of the capital stock and its depreciation to those offered in the National Accounts. The basic difference is that the depreciation rates underlying our calculations are substantially lower than those used in the Japanese National Accounts, and closer to values prevailing in the United States. The qualitative characteristics of our results, however, remain unaffected by the choice between these alternative estimates. |
| Beschreibung: | Literaturverz. S. 26 - 27 |
| Umfang: | 27, [8] S. 22 cm |
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| 100 | 1 | |a Ando, Albert |d 1929-2002 |e Verfasser |0 (DE-588)132773058 |4 aut | |
| 245 | 1 | 0 | |a Inefficiency of corporate investment and distortion of savings behavior in Japan |c Albert Ando ; Dimitrios Christelis ; Tsutomu Miyagawa |
| 264 | 1 | |a Cambridge, Mass. |b National Bureau of Economic Research |c 2003 | |
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| 490 | 1 | |a Working paper series / National Bureau of Economic Research |v 9444 | |
| 500 | |a Literaturverz. S. 26 - 27 | ||
| 520 | |a The value of corporate equity in Japan is dramatically smaller than that implied by the sum of the reproduction cost of accumulated investment and the market value of land owned by corporations (that is, the Tobin's average 'q' is much smaller than unity). This discrepancy appears to result from the very low rate of return earned on corporate investment and also from the extraordinarily small and stagnant dividend payments. It has persisted at least since l965, and its size has become progressively larger over time. If the value of corporate equity were sufficiently high to close the discrepancy, the net worth of the household sector would have been larger than its actual value by some 395 trillion yen in l998. Such an addition to household net worth would have generated additional consumption demand of at least 15 trillion yen. This paper traces the development of this valuation discrepancy over time, and explores its possible causes. In the process, we prepare an alternative estimate of the capital stock and its depreciation to those offered in the National Accounts. The basic difference is that the depreciation rates underlying our calculations are substantially lower than those used in the Japanese National Accounts, and closer to values prevailing in the United States. The qualitative characteristics of our results, however, remain unaffected by the choice between these alternative estimates. | ||
| 700 | 1 | |a Christelis, Dimitrios |e Verfasser |4 aut | |
| 700 | 1 | |a Miyagawa, Tsutomu |e Verfasser |4 aut | |
| 776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe |
| 810 | 2 | |a National Bureau of Economic Research <Cambridge, Mass.> |t NBER working paper series |v 9444 |w (DE-604)BV002801238 |9 9444 | |
| 856 | 4 | 1 | |u http://papers.nber.org/papers/w9444.pdf |z kostenfrei |3 Volltext |
| 943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-016906619 | |
Datensatz im Suchindex
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| author | Ando, Albert 1929-2002 Christelis, Dimitrios Miyagawa, Tsutomu |
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| id | DE-604.BV023591289 |
| illustrated | Not Illustrated |
| indexdate | 2024-12-20T13:23:16Z |
| institution | BVB |
| language | English |
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| physical | 27, [8] S. 22 cm |
| publishDate | 2003 |
| publishDateSearch | 2003 |
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| publisher | National Bureau of Economic Research |
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| series2 | Working paper series / National Bureau of Economic Research |
| spelling | Ando, Albert 1929-2002 Verfasser (DE-588)132773058 aut Inefficiency of corporate investment and distortion of savings behavior in Japan Albert Ando ; Dimitrios Christelis ; Tsutomu Miyagawa Cambridge, Mass. National Bureau of Economic Research 2003 27, [8] S. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 9444 Literaturverz. S. 26 - 27 The value of corporate equity in Japan is dramatically smaller than that implied by the sum of the reproduction cost of accumulated investment and the market value of land owned by corporations (that is, the Tobin's average 'q' is much smaller than unity). This discrepancy appears to result from the very low rate of return earned on corporate investment and also from the extraordinarily small and stagnant dividend payments. It has persisted at least since l965, and its size has become progressively larger over time. If the value of corporate equity were sufficiently high to close the discrepancy, the net worth of the household sector would have been larger than its actual value by some 395 trillion yen in l998. Such an addition to household net worth would have generated additional consumption demand of at least 15 trillion yen. This paper traces the development of this valuation discrepancy over time, and explores its possible causes. In the process, we prepare an alternative estimate of the capital stock and its depreciation to those offered in the National Accounts. The basic difference is that the depreciation rates underlying our calculations are substantially lower than those used in the Japanese National Accounts, and closer to values prevailing in the United States. The qualitative characteristics of our results, however, remain unaffected by the choice between these alternative estimates. Christelis, Dimitrios Verfasser aut Miyagawa, Tsutomu Verfasser aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 9444 (DE-604)BV002801238 9444 http://papers.nber.org/papers/w9444.pdf kostenfrei Volltext |
| spellingShingle | Ando, Albert 1929-2002 Christelis, Dimitrios Miyagawa, Tsutomu Inefficiency of corporate investment and distortion of savings behavior in Japan |
| title | Inefficiency of corporate investment and distortion of savings behavior in Japan |
| title_auth | Inefficiency of corporate investment and distortion of savings behavior in Japan |
| title_exact_search | Inefficiency of corporate investment and distortion of savings behavior in Japan |
| title_full | Inefficiency of corporate investment and distortion of savings behavior in Japan Albert Ando ; Dimitrios Christelis ; Tsutomu Miyagawa |
| title_fullStr | Inefficiency of corporate investment and distortion of savings behavior in Japan Albert Ando ; Dimitrios Christelis ; Tsutomu Miyagawa |
| title_full_unstemmed | Inefficiency of corporate investment and distortion of savings behavior in Japan Albert Ando ; Dimitrios Christelis ; Tsutomu Miyagawa |
| title_short | Inefficiency of corporate investment and distortion of savings behavior in Japan |
| title_sort | inefficiency of corporate investment and distortion of savings behavior in japan |
| url | http://papers.nber.org/papers/w9444.pdf |
| volume_link | (DE-604)BV002801238 |
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