Tetsuji Okazaki
Faculty of Economics
The University of Tokyo
7-3-1 Hongo, Bunkyo-ku
Tokyo 113-0033, JAPAN
E-Mail: 
Institutional Affiliation: University of Tokyo
Information about this author at RePEc
NBER Working Papers and Publications
| February 2014 | Acquisitions, Productivity, and Profitability: Evidence from the Japanese Cotton Spinning Industry
with Serguey Braguinsky, Atsushi Ohyama, Chad Syverson: w19901
We explore how changes in ownership and managerial control affect the productivity and profitability of producers. Using detailed operational, financial, and ownership data from the Japanese cotton spinning industry at the turn of the last century, we find a more nuanced picture than the straightforward "higher productivity buys lower productivity" story commonly appealed to in the literature. Acquired firms' production facilities were not on average less physically productive than the plants of the acquiring firms before acquisition, conditional on operating. They were much less profitable, however, due to consistently higher inventory levels and lower capacity utilization--differences which reflected problems in managing the uncertainties of demand. When purchased by more profitable firm... Published: Serguey Braguinsky & Atsushi Ohyama & Tetsuji Okazaki & Chad Syverson, 2015. "Acquisitions, Productivity, and Profitability: Evidence from the Japanese Cotton Spinning Industry," American Economic Review, American Economic Association, vol. 105(7), pages 2086-2119, July. citation courtesy of 
|
| February 2009 | Listing Policy and Development of the Tokyo Stock Exchange in the Pre-War Period
with Yasushi Hamao, Takeo Hoshi
in Financial Sector Development in the Pacific Rim, Takatoshi Ito and Andrew K. Rose, editors
|
| January 1999 | The Foreign Exchange Allocation Policy in Postwar Japan: Its Institutional Framework and Function
with Takafumi Korenaga
in Changes in Exchange Rates in Rapidly Developing Countries: Theory, Practice, and Policy Issues, Takatoshi Ito and Anne O. Krueger, editors
|
|
|
