izpis_h1_title_alt

Bank ties and firm performance in Japan : some evidence since FY2002
McGuire, Patrick (Author)

URLURL - Presentation file, Visit http://www.bis.org/publ/work272.pdf This link opens in a new window

Abstract
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

Language:English
Keywords:Japonska, bančništvo, centralne banke, bančno poslovanje, podjetje, poslovanje podjetja, uspešnost poslovanja, 2002, Japan, banking, central banks, banking management, enterprises, company performance, business efficiency, 2002
Work type:Not categorized (r6)
Organization:EF - Faculty of Economics
Year:2009
Publisher:Bank for International Settlements, Monetary and Economic Department
Number of pages:V, 43 str.
Place:Basel
UDC:336.71
COBISS.SI-ID:18466022 Link is opened in a new window
Views:437
Downloads:131
Metadata:XML RDF-CHPDL DC-XML DC-RDF
 
Average score:(0 votes)
Your score:Voting is allowed only to logged in users.
:
Share:AddThis
AddThis uses cookies that require your consent. Edit consent...

Similar documents

Similar works from RUL:
Similar works from other Slovenian collections:

Comments

Leave comment

You have to log in to leave a comment.

Comments (0)
0 - 0 / 0
 
There are no comments!

Back