Changes in Antipsychotic Medication in Clients of Assertive Community Treatment in Japan: A One-Year Follow Up

The purpose of the present one-year follow-up study was to describe and investigate the change in the amount of antipsychotic drugs prescribed for ACT (assertive community treatment) clients in Japan. Subjects were 52 clients of ACT from January 2009 to December 2009. Prescription data were collected each month from the time the clients entered into ACT. The results of a Wilcoxon signed-rank test show that the dosage of antipsychotics significantly decreased from 1,131.3 mg to 731.3 mg over the course of the 12 months (Z = -2.505, p = 0.012)

Measuring the Systemic Risk in Interfirm Transaction Networks

Using a unique and massive data set that contains information on interfirm transaction relationships, we examine default propagation along the trade credit channel and for the first time provide direct and systematic evidence of its existence and relevance. Not only do we implement simulations in order to detect prospective defaulters, we also estimate the probabilities of actual firm bankruptcies and compare the predicted defaults and actual defaults. We find, first, that an economically sizable number of firms are predicted to fail when their customers default on their trade debt. Second, these prospective defaulters are indeed more likely to go bankrupt than other firms. Third, a certain type of firm-bank relationships, in which a bank extends loans to many of the firms in the same supply chain, significantly reduces firms' bankruptcy probability, providing evidence for the existence and relevance of ”deep pockets” as documented in Kiyotaki and Moore (1997).近未来の課題解決を目指した実証的社会科学推進事業33 p

Heterogeneous Impact of Real Estate Prices on Firm Investment

We study, focusing on real estate and other fixed tangible assets, how the heterogeneous effects of real estate prices influence real estate investment behavior. Theoretically, expectations of declining real estate prices not only reduce overall fixed tangible investment through a collateral channel but also reduce real estate investment through intertemporal substitution of demand. By employing a unique dataset on firms’ land transactions and overall investment in Japan during the period 1997 through 2006, we examine these predictions to find the following. First, the entire fixed tangible asset investment is positively associated with the growth rate of land prices, which evidences the collateral channel. In contrast, land investment has no statistically significant relationships with land price growth. Second, a decomposition of land investment into land purchases and sales shows that land sales actually decrease when the growth rate of prices falls. Third, large firms and firms that acquired land during and shortly after the bubble period tend to reduce land sales. This is consistent with Geltner’s (2014) argument that potential sellers of land set their reservation prices at their purchase prices and are reluctant to sell land in the face of a persistent drop in its price.基盤研究(S) = Grants-in-Aid for Scientific Research (S

The Effect of Real Estate Prices on Banks' Lending Channel

The shocks to real estate prices potentially have effects on banks' balance sheets, their lending behavior, and eventually economic activities. We examine the existence of the bank lending channel in Japan during the 2007–2013 global financial crisis. We identify the heterogeneous shocks to real estate prices that affect banks by summarizing the land prices of their borrowing firms. We use a comprehensive database on firm-bank relationships as well as information on land prices for more than 20,000 locational points in Japan. We find that after controlling for fixed effects, a bank that faces a rise in land prices increases its capital, total loans, real estate loans, and loans backed by real estate collateral. We also find that the increased land prices do not significantly change the amount of non-real estate loans or loans without real estate collateral. Further, after controlling for time-varying firm fixed effects, increased land prices cause banks to reduce their transactional relationships with firms both in terms of extensive and intensive margins. We provide several possible explanations for the difference in the results between bank-level estimations and matched bank-firm estimations.基盤研究(S) = Grants-in-Aid for Scientific Research (S