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

URLURL - Predstavitvena datoteka, za dostop obiščite http://www.bis.org/publ/work272.pdf Novo okno

Izvleček
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

Jezik:Angleški jezik
Ključne besede:Japonska, bančništvo, centralne banke, bančno poslovanje, podjetje, poslovanje podjetja, uspešnost poslovanja, 2002, Japan, banking, central banks, banking management, enterprises, company performance, business efficiency, 2002
Vrsta gradiva:Delo ni kategorizirano (r6)
Organizacija:EF - Ekonomska fakulteta
Leto izida:2009
Založnik:Bank for International Settlements, Monetary and Economic Department
Št. strani:V, 43 str.
Kraj:Basel
UDK:336.71
COBISS.SI-ID:18466022 Povezava se odpre v novem oknu
Število ogledov:376
Število prenosov:112
Metapodatki:XML RDF-CHPDL DC-XML DC-RDF
 
Skupna ocena:(0 glasov)
Vaša ocena:Ocenjevanje je dovoljeno samo prijavljenim uporabnikom.
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