Dr Pascal Nguyen

Nguyen, P.D. & Nivoix, S. 2009, 'The Effect of Group Affiliation on the Risk-Taking Of Japanese Firms', Applied Financial Economics, vol. 19, no. 2, pp. 135-146.
View description>>

This article examines the role of keiretsu (i.e. business group) affiliation on the risk-taking of Japanese firms. We find that total risk, measured by firm-level stock price volatility, is not significantly affected by keiretsu membership. The reason is that affiliated firms are characterized by lower idiosyncratic risk along with higher systematic risk. However, idiosyncratic risk varies across business groups and appears to depend upon the firm?s inclination towards its group. In contrast, the higher systematic risk of group affiliates is significant for each keiretsu and every degree of group inclination. Moreover, this result remains after adjusting risk for firm characteristics and industry effects. Hence, the consequence of group affiliation may more accurately be described by higher systematic risk. This result could reflect the weaker competitive position of keiretsu affiliates.

Aman, H., Nguyen, P.D. 2008, 'Do Stock Prices Reflect the Corporate Governance Quality of Japanese Firms', Journal of the Japanese and International Economies, vol. 22, no. 4, pp. 647-662.
View/Download from: Publisher's site
View description>>

We construct a governance index based oil several attributes known to be associated with good corporate governance. After checking that the index is positively associated with standard indicators of firm performance, we use it to evaluate the returns oil

Nguyen, P.D. 2009, 'Foreign ownership and corporate risk taking in Japan', Seminar Presentation, Hitotsubashi University, Tokyo, Japan, November 2009.