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February 2010, Revised October 2010, Secondly Revised November 2011, This paper estimates the economic value in the 1980s and 1990s of corporate assets in Japan, including both tangible and intangible assets, based on the neoclassical framework of McGrattan and Prescott (2005). Our estimates use a new 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 productive assets, net of the value of corporate debt, is approximately equal to the actual stock market value of Japanese corporate equity. The finding differs from previous results based on studies of aggregate data 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.

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.

June 2009, We extend the beauty contest framework to allow the disclosure of the authority to be received with an additional noise, the realization of which varies among agents. In this setup, we find that there could be a situation in which an anti-transparency policy maximizes welfare however precise the signal the authority can obtain., 日本学術振興会・科学研究費補助金（学術創成研究費） = JSPS Grant-in-Aid for Creative Scientific Research