Tetsuji Okazaki

Faculty of Economics
The University of Tokyo
7-3-1 Hongo, Bunkyo-ku
Tokyo 113-0033, JAPAN

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
Institutional Affiliation: University of Tokyo

NBER Working Papers and Publications

January 2020Product Innovation, Product Diversification, and Firm Growth: Evidence from Japan’s Early Industrialization
with Serguey Braguinsky, Atsushi Ohyama, Chad Syverson: w26665
We explore how firms grow by adding products. In contrast to most earlier work on the topic, our conceptual and empirical framework allows for separate treatment of product innovation (vertical differentiation) and diversification (horizontal differentiation). The market context is Japan’s cotton spinning industry at the turn of the last century. We find that introducing innovative products outside of the previously feasible set involves removing the “supply-side constraint” by investing in new types of machines and technologies. This process involves a high degree of uncertainty, however, so firms that take steps in this direction tend to first introduce innovative products on experimental basis. We show that conducting such experiments is a key to firm growth. It not only provides opport...
February 2014Acquisitions, 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 2009Listing 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 1999The 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
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