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Preface Notes on the Contributors Introduction; H.Osano & T.Tachibanaki PART I: BANKING Liquidity Demand of Corporate Sector and Soft Budget Constraint; N.Yanagawa Incentive Effects of Conditional Bank Recapitalization: Lending and Disclosure of Non-Performing Loans; P.Aghion, P.Bolton & S.Fries Injection of Public Funds into Banks under Deposit Insurance and Bank Regulation; H.Osano Governance Structure of Banks and Their Business Performance; T.Tachibanaki & H.Okamura A Vacuum of Governance in the Japanese Bank Management; M.Hanazaki & A.Horiuchi PART II: CORPORATE GOVERNANCE Corporate Bankruptcy; M.J.White Executive Option Plans and Incentives to Take Risk in Levered Firms: Equity Value or Firm Value Maximization?; G.T.Garvey & A.Mawani Does the Decision to Retain Retiring Executives on the Board of Directors Help to Control Agency Problems in American and Japanese Firms?; J.A.Brickley, J.L.Coles & J.S.Linck PART III: CAPITAL MARKET Viable Design of a Security with a Pre-existing Market; K.Õhashi Investment, Security Design and Information; G.Demange & G.Laroque PART IV: GENERAL COMMENTS Mashiro Okuno: Fujiwara Index