Tobias Miarka

Financial Intermediation and Deregulation (eBook, PDF)

A Critical Analysis of Japanese Bank-Firm Relationships

• Format: PDF

Produktbeschreibung

The book attempts to give a comprehensive description and testable theory of the complicated, but not unintelligible system of bank-firm relationships in the dynamic environment of a gradually deregulated financial market. It provides both theory and empirical evidence that close bank-firm relationships lead to a lower fraction of bank finance. Furthermore it is shown that since the mid 1980s it has been increasingly dependent on the nature of a relationship whether or not it is a benefit for the competitiveness of a firm. These findings make it necessary to redefine the image of Japan's financial system in general and bank-firm relationships in particular.

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Produktdetails

• Verlag: Physica-Verlag HD
• Seitenzahl: 150
• Erscheinungstermin: 6. Dezember 2012
• Englisch
• ISBN-13: 9783642524257
• Artikelnr.: 53098949

Inhaltsangabe

1 Explaining Japanese Bank-Firm Relationships: Introduction and Overview.- 1.1 Introduction.- 1.2 Motivation and Limitations.- 1.3 Research Framework.- 1.4 Overview.- 2 Overview of the Japanese Financial Market.- 2.1 Introduction.- 2.2 Legal and Institutional Framework of Japanese Financial Markets.- 2.3 The Boom-Bust Cycle.- 2.4 Changes in Corporate Finance.- 2.5 Concluding Remarks.- 3 Data Description and Measures of Bank-Firm Relationships.- 3.1 The Data Base.- 3.2 Measures of Bank-Firm Relationships.- 4 Banks as Monitors.- 4.1 Introduction.- 4.2 The Model.- 4.3 Empirical Analysis.- 4.4 Conclusion.- 5 The Recent Economic Role of Bank-Firm Relationships.- 5.1 Introduction.- 5.2 Profitability and Bank-Firm Relationship.- 5.3 Growth Rates.- 5.4 Compensation of Employees.- 5.5 Firm Risk.- 5.6 Interest Rates on Borrowings: Cost and Stability.- 5.7 Summary and Concluding Remarks.- 6 Conclusion.- I Definition of Variables.- II Descriptive Statistics for Regression Variables.- III Development of Balance-Sheet Items: Full Sample,92 Firms.- IV Sample Statistics of Bank-Affiliation Criteria.- V OLS-Regression Results.- V.a Evidence of Bank-Affiliation for Amount of Bank-Financed Debt.- V.b Evidence of Bank-Affiliation for Firm's Market Value.- VI. List of Firms.- Abbreviations.- Figures and Tables.