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

Hiroki Arato and Katsunori Yamada

ISER Discussion Paper from Institute of Social and Economic Research, Osaka University

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.

Date: 2010-02, Revised 2011-11
New Economics Papers: this item is included in nep-his
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
https://www.iser.osaka-u.ac.jp/library/dp/2010/DP0772RR.pdf

Related works:
Journal Article: Japan's Intangible Capital and Valuation of Corporations in a Neoclassical Framework (2012)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:dpr:wpaper:0772

Access Statistics for this paper

More papers in ISER Discussion Paper from Institute of Social and Economic Research, Osaka University Contact information at EDIRC.
Bibliographic data for series maintained by Librarian ().