Arbeitspapier
Valuing Japanese corporations: A new perspective on Japan's stock market "bubble" of the 1980s
Employing a new accounting data set we apply the framework of McGrattan and Prescott (2005) to the Japanese economy in order to assess if Japanese stocks were priced correctly in the period after 1980. We find that the stock market tended to undervalue the fundamental value of installed capital. We also provide a new interpretation of Japanese stock market phenomena during the 'bubble period' and suggest that from a theoretical perspective, stock prices during the 'bubble period' were correctly valued. Changes in the reproducible cost of intangible capital play an important role in our new interpretation.
- Language
-
Englisch
- Bibliographic citation
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Series: ISER Discussion Paper ; No. 772
- Classification
-
Wirtschaft
Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
Investment; Capital; Intangible Capital; Capacity
- Subject
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intangible capital
stock price bubbles
book information
Immaterielle Werte
Börsenkurs
Spekulationsblase
Finanzanalyse
Japan
- Event
-
Geistige Schöpfung
- (who)
-
Arato, Hiroki
Yamada, Katsunori
- Event
-
Veröffentlichung
- (who)
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Osaka University, Institute of Social and Economic Research (ISER)
- (where)
-
Osaka
- (when)
-
2010
- Handle
- Last update
-
10.03.2025, 11:42 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Arato, Hiroki
- Yamada, Katsunori
- Osaka University, Institute of Social and Economic Research (ISER)
Time of origin
- 2010
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