Essays on Asymmetric Information Problems

This book contains three Chapters. After the introduction part, Chapter 1 reexamines a bubble that persists towards synchronization risk. We find that a certain condition that usually does not hold is required for the existence of synchronization risk. Chapter 2 presents a model that explains why asset bubbles collapse despite any delay in arbitrage. An endogenous mechanism for bubble bursting that persists under synchronization risk is examined. Chapter 3 examines the relationship between the level of managerial compensation and the quality of corporate governance in Japan in the period following the bubble burst of 1991-95.

Autorentext

Hideaki Sakawa, Ph.D.: Graduate School of Economics at Osaka University. Assistant Professor, Graduate School of Economics, Nagoya City University., Nagoya, Japan.