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Author : Seung Hun Han
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)
Download or read book I. Internal capital markets and bank relationship written by Seung Hun Han and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Seung Hun Han
Publisher :
ISBN 13 :
Total Pages : 78 pages
Book Rating : 4.:/5 (113 download)
Download or read book Internal Capital Markets and Bank Relationship-evidence from Japanese Corporate Spin-offs written by Seung Hun Han and published by . This book was released on 2005 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: The second study analyzes the investment policy changes in internal capital markets and the effect of banks' monitoring on the investment changes using Japanese corporate spin-offs, including merger-facilitated spin-offs within conglomerates. We find that investment sensitivity increases significantly after internal restructuring through spin-offs, consistent with Gertner et al. (2002). Furthermore, our results show that bank-related spin-offs' investments are more sensitive to investment opportunities, Tobin's Q, after being spun off. This suggests that the efficiency of Japanese internal capital markets has increased through spin-offs after the financial deregulation in 2001. We conclude that banks seem to play significant monitoring roles in internal capital markets to increase the investment efficiency after spin-offs. This paper is now co-authored with Professor Yoon K. Choi.
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 : Kenji Kutsuna
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (129 download)
Download or read book Banking Relationships and Access to Equity Capital Markets written by Kenji Kutsuna and published by . This book was released on 2008 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide evidence that bears on the impact of deregulation that removes impediments to integration of investment banking and commercial banking functions. At issue is whether close relationships between commercial banks and investment banks give rise to conflicts of interest and enhanced bargaining power, or whether relationships enhance information production and dissemination. In particular, we are interested in whether close relationships increase capital market access for smaller, lesser-known firms. We approach these questions with a research design that purposefully generates a high likelihood of finding evidence of conflicts. In contrast to previous studies that examine debt or seasoned equity securities, we examine IPOs, which arguably are more information-intensive and subject to more severe conflict of interest problems. We use a sample of 484 Japanese IPOs over a time period characterized by extreme financial market distress. When firms in Japan go public, they can engage an investment banker who is related through a common main bank, or can select an alternative investment banker. The main bank relationship can be an efficient way for the investment bank to acquire information generated, but may give rise to conflicts. We use data from two different investment banking regimes in Japan (a hybrid auction-method regime and a book-building regime) to test the effects of main bank relationships on access to Japan's equity capital market, issue costs, and aftermarket performance. We find that main banking relationships give small issuers increased access to equity capital markets, but that issuers of large IPOs switch to non-related investment banks that are capable of managing large offerings. While we find evidence that investment banks seek to exploit bargaining power with related issuers, we also find that issuers respond to expected high issue cost by switching to non-related investment banks. The net result is that total issue costs through related and non-related investment banks are similar. With respect to aftermarket performance and use of offer proceeds, we find no evidence of conflict of interest or self-dealing for either the main bank or the investment bank.
Author : Ted Azarmi
Publisher : Springer
ISBN 13 : 3319205889
Total Pages : 182 pages
Book Rating : 4.3/5 (192 download)
Download or read book The Financial Crisis written by Ted Azarmi and published by Springer. This book was released on 2016-07-26 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book brings together a good mix of academics and practitioners for a discussion that focuses on how to change financial practice and the academic field of finance in order to understand the current financial crisis and deal with future turbulent financial times. The volume is based on contributions by prominent academics and practitioners from Europe, Asia and the USA. The book contains several essays, most prominently by Maurizio Murgia, an internationally renowned European corporate finance scholar, and Robert E. Krainer, a senior professor with banking and business cycles research interest from University of Wisconsin-Madison. This book also deals with pedagogical, empirical and theoretical considerations in light of the crisis.
Author : Takeo Hoshi
Publisher :
ISBN 13 :
Total Pages : 43 pages
Book Rating : 4.:/5 (129 download)
Download or read book Bank Monitoring and Investment written by Takeo Hoshi and published by . This book was released on 2002 with total page 43 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 : P. Haghirian
Publisher : Springer
ISBN 13 : 023025053X
Total Pages : 258 pages
Book Rating : 4.2/5 (32 download)
Download or read book Innovation and Change in Japanese Management written by P. Haghirian and published by Springer. This book was released on 2009-11-27 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Innovation and Change in Japanese Management' shows which transformation processes and changes can be observed in Japanese companies in reaction to the economic challenges of the past decade. The book presents new research results and investigates the variety of changes that Japanese corporations and managers have experienced in recent years.
Author :
Publisher :
ISBN 13 :
Total Pages : 532 pages
Book Rating : 4.F/5 ( download)
Download or read book Dissertation Abstracts International written by and published by . This book was released on 2006 with total page 532 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : G. Constantinides
Publisher : Elsevier
ISBN 13 : 9780444513632
Total Pages : 698 pages
Book Rating : 4.5/5 (136 download)
Download or read book Handbook of the Economics of Finance written by G. Constantinides and published by Elsevier. This book was released on 2003-11-04 with total page 698 pages. Available in PDF, EPUB and Kindle. Book excerpt: Arbitrage, State Prices and Portfolio Theory / Philip h. Dybvig and Stephen a. Ross / - Intertemporal Asset Pricing Theory / Darrell Duffle / - Tests of Multifactor Pricing Models, Volatility Bounds and Portfolio Performance / Wayne E. Ferson / - Consumption-Based Asset Pricing / John y Campbell / - The Equity Premium in Retrospect / Rainish Mehra and Edward c. Prescott / - Anomalies and Market Efficiency / William Schwert / - Are Financial Assets Priced Locally or Globally? / G. Andrew Karolyi and Rene M. Stuli / - Microstructure and Asset Pricing / David Easley and Maureen O'hara / - A Survey of Behavioral Finance / Nicholas Barberis and Richard Thaler / - Derivatives / Robert E. Whaley / - Fixed-Income Pricing / Qiang Dai and Kenneth J. Singleton.
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 : Financial Crisis Inquiry Commission
Publisher : Cosimo, Inc.
ISBN 13 : 1616405414
Total Pages : 692 pages
Book Rating : 4.6/5 (164 download)
Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264249486
Total Pages : 494 pages
Book Rating : 4.2/5 (642 download)
Download or read book Financing SMEs and Entrepreneurs 2016 An OECD Scoreboard written by OECD and published by OECD Publishing. This book was released on 2016-04-14 with total page 494 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report monitors SME and entrepreneur access to finance in 37 countries.
Author : Ronald Philip Dore
Publisher : Oxford University Press, USA
ISBN 13 : 9780199240616
Total Pages : 284 pages
Book Rating : 4.2/5 (46 download)
Download or read book Stock Market Capitalism written by Ronald Philip Dore and published by Oxford University Press, USA. This book was released on 2000 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ronald Dore places recent developments in Japan in the broader context of gradual changes in modern patterns of capitalism common to all industrial societies.
Author : John Ravenhill
Publisher : Edward Elgar Publishing
ISBN 13 :
Total Pages : 488 pages
Book Rating : 4.3/5 (91 download)
Download or read book Japan written by John Ravenhill and published by Edward Elgar Publishing. This book was released on 1995 with total page 488 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first title, in two volumes, in a set of six books devoted to the political economy of East Asia. This work on Japan deals with how Japan is governed, the Japanese economic miracle, the computer industry, how order is attained in Japan, the country's low comparative import rate, and more.
Author :
Publisher :
ISBN 13 :
Total Pages : 710 pages
Book Rating : 4.3/5 (91 download)
Download or read book The Journal of Japanese Studies written by and published by . This book was released on 1992 with total page 710 pages. Available in PDF, EPUB and Kindle. Book excerpt: A multidisciplinary forrum for communicating new information, new interpretations, and recent research results concerning Japan to the English-reading world.
Author : Bjørn Espen Eckbo
Publisher : Elsevier
ISBN 13 : 0080488919
Total Pages : 559 pages
Book Rating : 4.0/5 (84 download)
Download or read book Handbook of Corporate Finance written by Bjørn Espen Eckbo and published by Elsevier. This book was released on 2007-05-21 with total page 559 pages. Available in PDF, EPUB and Kindle. Book excerpt: Judging by the sheer number of papers reviewed in this Handbook, the empirical analysis of firms’ financing and investment decisions—empirical corporate finance—has become a dominant field in financial economics. The growing interest in everything “corporate is fueled by a healthy combination of fundamental theoretical developments and recent widespread access to large transactional data bases. A less scientific—but nevertheless important—source of inspiration is a growing awareness of the important social implications of corporate behavior and governance. This Handbook takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues, ranging from econometric methodology, to raising capital and capital structure choice, and to managerial incentives and corporate investment behavior. The surveys are written by leading empirical researchers that remain active in their respective areas of interest. With few exceptions, the writing style makes the chapters accessible to industry practitioners. For doctoral students and seasoned academics, the surveys offer dense roadmaps into the empirical research landscape and provide suggestions for future work. *The Handbooks in Finance series offers a broad group of outstanding volumes in various areas of finance *Each individual volume in the series should present an accurate self-contained survey of a sub-field of finance *The series is international in scope with contributions from field leaders the world over
Author : Andrea Ciani
Publisher : World Bank Publications
ISBN 13 : 1464815585
Total Pages : 178 pages
Book Rating : 4.4/5 (648 download)
Download or read book Making It Big written by Andrea Ciani and published by World Bank Publications. This book was released on 2020-10-08 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic and social progress requires a diverse ecosystem of firms that play complementary roles. Making It Big: Why Developing Countries Need More Large Firms constitutes one of the most up-to-date assessments of how large firms are created in low- and middle-income countries and their role in development. It argues that large firms advance a range of development objectives in ways that other firms do not: large firms are more likely to innovate, export, and offer training and are more likely to adopt international standards of quality, among other contributions. Their particularities are closely associated with productivity advantages and translate into improved outcomes not only for their owners but also for their workers and for smaller enterprises in their value chains. The challenge for economic development, however, is that production does not reach economic scale in low- and middle-income countries. Why are large firms scarcer in developing countries? Drawing on a rare set of data from public and private sources, as well as proprietary data from the International Finance Corporation and case studies, this book shows that large firms are often born large—or with the attributes of largeness. In other words, what is distinct about them is often in place from day one of their operations. To fill the “missing top†? of the firm-size distribution with additional large firms, governments should support the creation of such firms by opening markets to greater competition. In low-income countries, this objective can be achieved through simple policy reorientation, such as breaking oligopolies, removing unnecessary restrictions to international trade and investment, and establishing strong rules to prevent the abuse of market power. Governments should also strive to ensure that private actors have the skills, technology, intelligence, infrastructure, and finance they need to create large ventures. Additionally, they should actively work to spread the benefits from production at scale across the largest possible number of market participants. This book seeks to bring frontier thinking and evidence on the role and origins of large firms to a wide range of readers, including academics, development practitioners and policy makers.
