| アイテムタイプ |
デフォルトアイテムタイプ（フル）その２(1) |
| 公開日 |
2017-05-20 |
| タイトル |
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|
タイトル |
Business Groups and Risk Sharing around the World |
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言語 |
en |
| 作成者 |
Khanna, Tarun
Yafeh, Yishay
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| 寄与者 |
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寄与者タイプ |
Editor |
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姓名 |
Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University |
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言語 |
en |
| アクセス権 |
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アクセス権 |
open access |
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アクセス権URI |
http://purl.org/coar/access_right/c_abf2 |
| 内容記述 |
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内容記述タイプ |
Other |
|
内容記述 |
This Version: May 2002 |
|
言語 |
en |
| 内容記述 |
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内容記述タイプ |
Abstract |
|
内容記述 |
We use a new database from fifteen emerging markets as well as from prewar and modern Japan to examine the popular view that business groups - ubiquitous in most emerging markets - facilitate risk sharing by smoothing the performance of affiliated firms. We replicate existing results on risk sharing by Japanese keiretsu, find evidence of risk sharing in some other countries (e.g. Korea, Thailand), and very limited evidence of “liquidity smoothing” in one country, India. However, in most countries, our estimates of risk sharing are usually not statistically significant. Tests of two-dimensional first-order-stochastic-dominance suggest that the Japan result - that group affiliated firms have both lower levels of operating profitability and lower standard deviations of operating profitability - does not generalize to most emerging markets. We also find no correlation between the extent of capital market development and the extent of risk sharing provided by business groups. The popular view of the importance of risk sharing in business groups is thus not validated by our analysis. |
| 出版者 |
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出版者 |
Institute of Economic Research, Hitotsubashi University |
| 日付 |
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日付 |
2002-09 |
|
日付タイプ |
Issued |
| 言語 |
|
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言語 |
eng |
| 資源タイプ |
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資源タイプ識別子 |
http://purl.org/coar/resource_type/c_18gh |
|
資源タイプ |
technical report |
| 出版タイプ |
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出版タイプ |
VoR |
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出版タイプResource |
http://purl.org/coar/version/c_970fb48d4fbd8a85 |
| 関連情報 |
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関連タイプ |
isPartOf |
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関連名称 |
CEI Working Paper Series ; No. 2002-8 |
| 関連情報 |
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|
識別子タイプ |
URI |
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|
関連識別子 |
http://cei.ier.hit-u.ac.jp/index.html |
| 収録物識別子 |
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収録物識別子タイプ |
NCID |
|
収録物識別子 |
AA11590659 |
| ページ数 |
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ページ数 |
63 |
wp2002-8a.pdf (1153596 bytes)
