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Author : Patrick McGuire
Publisher :
ISBN 13 :
Total Pages : 43 pages
Book Rating : 4.:/5 (92 download)
Download or read book Bank Ties and Firm Performance in Japan: Som Evidence Since FY2002 written by Patrick McGuire and published by . This book was released on 2009 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Patrick M. McGuire
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.3/5 ( download)
Download or read book Bank Ties and Firm Performance in Japan written by Patrick M. McGuire and published by . This book was released on 2009 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Since the mid-1990s, major Japanese banks have sold off a significant portion of their holdings of corporate equity. Using information on the identity of Japanese firms' top 10 shareholders, this paper explores the process of banks' equity disposal. There is some evidence that, after FY2001, banks' sales of equity accelerated, even holdings in firms for which the bank served as the main bank. However, affiliation with a main bank - proxied by firm-bank loan and shareholding ties - continues to be negatively associated with firm performance through FY2004. Regression estimates suggest that firms with strong bank ties are less profitable, face higher interest payments, and yet do not seem to enjoy lower stock price volatility than other firms. These effects are strongest for firms with a history of outside financing options, consistent with earlier arguments that the benefits of main bank relationships accrue to the banks themselves."--Author's abstract.
Author : Jun-Koo Kang
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Firm Performance, Corporate Governance, and Top Executive Turnover in Japan written by Jun-Koo Kang and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the role of corporate governance mechanisms during top executive turnover in Japanese corporations. Consistent with evidence from U.S. data, the likelihood of nonroutine turnover is significantly related to industry-adjusted return on assets, excess stock returns, and negative operating income, but is not related to industry performance. The sensitivity of nonroutine turnover to earnings performance is higher for firms with ties to a main bank, than for firms without such ties. Outside succession in Japan is more likely for firms with large shareholders and a main bank relationship. We document performance improvements subsequent to nonroutine turnover and outside succession.
Author : Patrick M. McGuire
Publisher :
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.3/5 ( download)
Download or read book Bank Ties and Bond Market Access written by Patrick M. McGuire and published by . This book was released on 2004 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: The banking literature has established that banks can alleviate information asymmetries between lenders and borrowers, while the Q literature has used cash flow sensitivity analysis to test whether financing constraints hinder investment. This paper investigates whether bank ties in Japan were costly for mature and healthy firms in the 1980's and 1990's, and whether banks continued to facilitate investment once non-bank financing options became available. Using the explicit bond issuing criteria to solve the endogenous firm-sorting problem, I measure the investment-cash flow sensitivity of Japanese firms, and find it lowest for those firms known to have faced bond market constraints. I then find that the spread in sensitivity was much larger for main bank client firms, once bond market access is controlled for. This result, coupled with results on the relative profitability and bond activity of bank-affiliated firms, is consistent with banks capturing the net benefits of relationship lending during the period of bond market deregulation.
Author : David E. Weinstein
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book On the Costs of a Bank Centered Financial System written by David E. Weinstein and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the effects of a bank centered financial system on firm performance in Japan. We find that when access to bond and equity markets is limited, close bank-firm ties increase the availability of capital but do not lead to higher profitability or growth. This is largely because banks enjoy more market power when firms do not have easy access to other sources of finance and therefore can charge higher interest rates in exchange for liquidity services and influence firms to avoid risky but profitable projects. Finally, we demonstrate that the liberalization of financial markets is important in reducing the market power of banks by enhancing the contestability of financial markets.
Author : Parissa Haghirian
Publisher : Routledge
ISBN 13 : 1317859545
Total Pages : 596 pages
Book Rating : 4.3/5 (178 download)
Download or read book Routledge Handbook of Japanese Business and Management written by Parissa Haghirian and published by Routledge. This book was released on 2016-01-29 with total page 596 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Routledge Handbook of Japanese Business and Management provides a comprehensive overview of management and business processes and practices in Japanese companies. The contributors combine theoretical findings and research results with a practical and contemporary view on how corporations and firms are managed in Japan. The handbook is divided into eight sections covering: historical perspectives on Japanese management; structure and theory of the Japanese firm; the corporate environment in Japan; the Japanese work environment; the Japanese market; manufacturing and logistics; interaction and communication; the future of Japanese management. This book is an essential reference resource for students and scholars working on Japanese companies, the Japanese market-place, Japanese consumers, or management processes in the Japanese firm. The book also provides an interesting and informative read for managers who need to deepen their knowledge on Japanese business processes.
Author : Tobias Miarka
Publisher : Springer Science & Business Media
ISBN 13 : 3642524257
Total Pages : 165 pages
Book Rating : 4.6/5 (425 download)
Download or read book Financial Intermediation and Deregulation written by Tobias Miarka and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 165 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author develops a model of bank-firm relationships on the basis of the following general idea: Banks want to prevent moral hazard on the side of their customers. In particular they want to prevent their business customers to use bank credit for purposes different from those that have been negotiated thus damaging the bank's interest. The idea of this model is relatively simple. Banks do not extend a loan if the project for which the money is intended will probably be un profitable. They extend the loan if the success of the project is highly probable and if the revenues from that project are greater than the expenses of the bank for monitoring the customer. Assuming as Miarka does that the results from a successful project are certain, this model is an equivalent to minimizing moni toring costs. In fact, this is the outcome of the model. The banks are known to monitor their loans. They thereby signal to the capital market that they have tested the project. Therefore, the buyer of bonds of the company on the capital market may rest assured that the project is financially sound. The buyers of bonds thus avoid monitoring costs and can grant better credit conditions than the banks. Pur chasers of bor. . ds are free riders on the monitoring of the banks. Miarka tests his model econometrically. The results are amazingly supportive of the model.
Author : Takeo Hoshi
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.3/5 ( download)
Download or read book Bank Monitoring and Investment written by Takeo Hoshi and published by . This book was released on 1989 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: During this decade the structure of corporate finance in Japan has changed dramatically. Japanese firms that once used bank debt as their prime source of financing now rely more heavily on the public capital markets. This trend was facilitated by the substantial deregulation of the Japanese capital markets. In an earlier paper (Moshi, Kashyap, and Scharfstein 1988). we demonstrated that investment by firms with close bank relationships appears to be less liquidity constrained than investment by firms without close bank ties. We interpreted this finding as evidence that bank ties tend to mitigate information problems in the capital market. This paper tracks the investment behavior of firms that have recently weakened their bank ties in favor of greater reliance on the bond market. The results suggest that these firms are now more liquidity constrained. The paper concludes with a discussion of why firms would loosen their bank ties in light of these liquidity costs.
Author : Martin H. Wolfson
Publisher : OUP USA
ISBN 13 : 0199757232
Total Pages : 785 pages
Book Rating : 4.1/5 (997 download)
Download or read book The Handbook of the Political Economy of Financial Crises written by Martin H. Wolfson and published by OUP USA. This book was released on 2013-02-21 with total page 785 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Great Financial Crisis that began in 2007-2008 reminds us with devastating force that financial instability and crises are endemic to capitalist economies. This Handbook describes the theoretical, institutional, and historical factors that can help us understand the forces that create financial crises.
Author : Patrick McGuire
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (129 download)
Download or read book Bank Ties and Bond Market Access written by Patrick McGuire and published by . This book was released on 2013 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The banking literature has established that banks can alleviate information asymmetries between lenders and borrowers, while the Q literature has used cash flow sensitivity analysis to test whether financing constraints hinder investment. Building on the results in Hoshi, Kashyap and Scharfstein (1991) and Hayashi (2000), this paper investigates whether bank ties in Japan were costly for mature and healthy firms in the 1980s and 1990s and whether banks continued to facilitate investment once non-bank financing options became available. Using the explicit bond issuing criteria to solve the endogenous firm sorting problem, I measure the investment-cash flow sensitivity of Japanese firms, and find it lowest for those firms known to have faced bond market constraints. I then find that the spread in sensitivity was much larger for main bank client firms, once bond market access is controlled for. This result, coupled with results on the relative profitability and bond activity of bank-affiliated firms, is consistent with banks capturing the net benefits of relationship lending during the period of bond market deregulation.
Author : Masahiko Aoki
Publisher : Clarendon Press
ISBN 13 : 0191521744
Total Pages : 684 pages
Book Rating : 4.1/5 (915 download)
Download or read book The Japanese Main Bank System written by Masahiko Aoki and published by Clarendon Press. This book was released on 1995-02-16 with total page 684 pages. Available in PDF, EPUB and Kindle. Book excerpt: BL Gives a definitive description and analysis of the main bank system BL Strong contributors BL Understudied subject BL Incorporates results of a major World Bank research programme BL Balances institutional description with financial theory and empirical analysis This volume looks at systems of corporate finance, concentrating on the Japanese main bank system. The remaining chapters describe different systems, assessing to what extent the Japanese system can serve as a model for developing market economies and transforming socialist economies. The basic characteristics of the main bank system are examined here, its roots, development, and its role in the heyday of its rapid growth. The volume looks at how the system has performed and at its strengths and weaknesses. It goes on to look at how the system has changed and what its approprate role is as deregulation, liberalization, and internationalization of Japan's financial markets have proceeded over the past two decades and a new issue securities market has emerged. A basic conclusion of the book is that banking-based systems are in most cases the most appropriate for industrial financing until a rather late stage of a country's economic and financial development. It aims to identify the conditions under which banks are better able that securites market institutions to evaluate the credit worthiness of borrowers and the viability of new projects, to monitor the ongoing performance of firms, and to rescue or liquidate firms in distress. Contributors: Masahiko Aoki, Theodor Baums, V.V.Bhatt, John Campbell, Yasushi Hamao, Toshihiro Horiuchi, Takeo Hoshi, Anil Kashyap, Dong-Wong Kim, Gary Loveman, Sang-Woo Nam, Frank Packer, Hugh Patrick, Yingyi Qian, Mark Ramseyer, Clark Reynolds, Satoshi Sunamura, Paul Sheard, Juro Teranishi, Kazuo Ueda,
Author : Patrick M. McGuire
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (65 download)
Download or read book Bank Ites and Firm Performance in Japan written by Patrick M. McGuire and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Patrick M. McGuire
Publisher :
ISBN 13 :
Total Pages : 530 pages
Book Rating : 4.3/5 (91 download)
Download or read book The Changing Nature of Japanese Firm-bank Relationships written by Patrick M. McGuire and published by . This book was released on 2003 with total page 530 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Masahiko Aoki
Publisher : Oxford University Press
ISBN 13 : 0199284512
Total Pages : 468 pages
Book Rating : 4.1/5 (992 download)
Download or read book Corporate Governance in Japan written by Masahiko Aoki and published by Oxford University Press. This book was released on 2007-09-06 with total page 468 pages. Available in PDF, EPUB and Kindle. Book excerpt: Debates regarding corporate governance have become increasingly important in Japan as the post-war model of bank-based, stakeholder-oriented corporate governance faces the new pressures associated with globalization and growing investor demands for shareholder value. Bringing together a group of leading scholars from economics, law, sociology and management studies, this book looks at how the Japanese approach to corporate governance and the firm have changed in the post-bubble era.The contributions offer a unique empirical exploration of why and how Japanese firms are reshaping their corporate governance arrangements, leading to greater diversity among firms and new 'hybrid' forms of corporate governance. The book concludes by looking at what effect these incremental buttransformative changes may have on Japan's distinctive variety of capitalism.
Author : Norbert Häring
Publisher : Anthem Press
ISBN 13 : 0857289195
Total Pages : 318 pages
Book Rating : 4.8/5 (572 download)
Download or read book Economists and the Powerful written by Norbert Häring and published by Anthem Press. This book was released on 2012-10-01 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: “Economists and the Powerful: Convenient Theories, Distorted Facts, Ample Rewards” explores the workings of the modern global economy – an economy in which competition has been corrupted and power has a ubiquitous influence upon economic behavior. Based on empirical and theoretical studies by distinguished economists from both the past and present day, this book argues that the true workings of capitalism are very different from the popular myths voiced in mainstream economics. Offering a closer look at the history of economic doctrines – as well as how economists are incentivized – “Economists and the Powerful” exposes how, when and why the theme of power was erased from the radar screens of mainstream economic analysis – and the influence this subversive removal has had upon the modern financial world.
Author : Mr.Toshitaka Sekine
Publisher : International Monetary Fund
ISBN 13 : 1451853459
Total Pages : 33 pages
Book Rating : 4.4/5 (518 download)
Download or read book Firm Investment and Balance-Sheet Problems in Japan written by Mr.Toshitaka Sekine and published by International Monetary Fund. This book was released on 1999-08-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates whether balance-sheet conditions of firms and their main banks matter for firm investment behavior using dynamic corporate panel data in Japan for the period 1985-95. It finds that smaller non-bond issuing firms were facing liquidity constraints; these firms’ balance-sheet conditions (the debt asset ratios) affected their investment from the midst of the bubble era by influencing main banks’ lending to them; and the deterioration of their main banks’ balance-sheet conditions constrained these firms’ investment from about 1993. These findings highlight the potential macroeconomic impact and importance of the credit channel of monetary policy, and support the case of a credit crunch facing small Japanese firms during this period.
Author : Joseph P. H. Fan
Publisher : Psychology Press
ISBN 13 : 9780415322546
Total Pages : 424 pages
Book Rating : 4.3/5 (225 download)
Download or read book Designing Financial Systems in East Asia and Japan written by Joseph P. H. Fan and published by Psychology Press. This book was released on 2004 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection discusses the role of financial institutions and markets in East Asian and Japan, corporate governance and new technology and how to redesign the East Asian and Japanese financial systems.
