On Competition

This book demonstrates how economics is used in cases of competition in Japan. Competition between firms is usually the most effective way of allocating economic resources and achieving consumer and producer welfare. At the same time, a balance must be struck; firms must not be over-regulated, but neither must they be completely free to create a monopoly or oligopoly. Therefore, the role of competition policy is to maintain a balance by using the collaborative economics of industrial organization.

This book introduces a measure of firms’ competition culture based on a textual analysis and natural language processing (NPL) of firms’ 10-K filings. Using this measure, the book explores the relationship between competition culture and various phenomena in corporate finance, specifically, institutional ownership structure, stock return performance, idiosyncratic stock price crash risk, meeting/beating analysts’ earnings expectations, and earnings management activity, for a large sample of US-based financial and non-financial firms. In particular, the book provides evidence that transient institutional ownership intensifies firms’ competition culture, while dedicated institutional ownership lessens it. In addition, the book’s findings suggest that firms with greater levels of competition culture achieve higher levels of short-term stock return performance, experience greater incidence of idiosyncratic stock price crashes, and are more prone to meet/beat analysts forecast and engage in accruals-based earnings manipulation.

This book examines the impact of artificial intelligence on competition and antitrust in today's global digital economy. It scrutinizes the economic and legal ramifications of Artificial Intelligence (AI), addressing the challenges it presents to competition and the law.

This book consists of essays selected from Joseph S. Nye, Jr.’s last three decades of writing and illustrate a variety of perspectives on the nature of power, the role of the United States in the world and US-China relations. Through this collection, it is hoped that readers will gain a better understanding of today’s global environment and find that while great power competition may be inevitable in a world as centers of power shift, cooperating to address transnational challenges can be a positive sum game.

The contents of this book are divided into four main parts. Part One discusses the origins and political progress of the concept of “Soft Power”. Part Two explores soft power in the American experience, its sources and interaction with US foreign policy, as well as its ebb and flow in the age of Obama, Trump and Biden. Part Three examines the rise of and the opportunities and difficulties for Chinese soft power, focusing on China’s investment in soft power and how this demonstrates its commitment to a peaceful rise. However, it also addresses the question of how can China get “smart” on how it uses soft power. Part Four provides a bird’s-eye view of power shifts in the 21st century and the interactions between the US as an established power and China as a rising power, while also reassuring readers that Thucydidean fears are unnecessary and a Cold War is avoidable. Both countries have to realize that some forms of power must be exercised with others, not over others, the development of soft power need not be a zero-sum game. Ultimately, the US-China relationship is a “cooperative rivalry” where a successful strategy of “smart competition” is necessary and cooperation on transnational challenges like climate change, pandemics, cyberterrorism and nuclear proliferation, will serve to benefit not only China and the US, but the world as a whole.