Corporate learning is at a crossroads. Existing courses and facilities are nearing the end of their useful lives, and there are new learning approaches and technologies to consider. A survey of the corporate learning plans and priorities of 69 organisations suggests there is widespread confusion and a lack of direction. Many courses are excessively general and fail to address particular require...

The prolonged recession in Japan today stands in contrast to its high growth from the mid 1950s through the early 1970s and its booming prosperity from the late 1970s through the 1980s. The growth rate of the economy has sputtered in the 1990s and was even negative in 1997 (Yokoyama 1997). During the first quarter of 1998 Japan's gross domestic product declined at an annual rate of 5.3 percent ...

We study a general equilibrium model with production where financial markets are incomplete. At a competitive equilibrium firms take their production and financial decisions so as to maximize their value. We show that shareholders unanimously support value maximization. Furthermore, competitive equilibria are constrained Pareto efficient. Finally the Modigliani-Miller theorem typically does not...