| 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 |
Japan's Banking Crisis: Who has the Most to Lose? |
|
言語 |
en |
| 作成者 |
宮島, 英昭
| en |
Miyajima, Hideaki
Waseda University School
|
| ja |
宮島, 英昭
|
| ja-Kana |
ミヤジマ, ヒデアキ
|
Search repository
Yafeh, Yishay
| en |
Yafeh, Yishay
The Hebrew University of Jerusalem
The University of Montreal
|
Search repository
|
| 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 Draft: May 2003 |
|
言語 |
en |
| 内容記述 |
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内容記述タイプ |
Abstract |
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内容記述 |
Japan has experienced a deep and prolonged banking crisis in the 1990s. In this paper we attempt to identify the characteristics of companies which have the most to lose from the banks' malaise. Using stock price data, we calculate abnormal returns of non-financial companies around significant dates in the history of the banking crisis, starting in 1995. The events we study include various government actions to address the crisis, downgrading of banks by international rating agencies, and bank mergers. We find that not all companies are equally sensitive to events in the banking sector. The most affected are small companies, with low profits, in low-tech sectors, with high leverage and limited access to bond markets. These findings are consistent with macroeconomic “credit crunch” theories according to which small companies with limited reputation are the most affected when banks reduce lending. Our results are also in line with theories suggesting that bank debt is not very important for financing innovation. |
| 出版者 |
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出版者 |
Institute of Economic Research, Hitotsubashi University |
| 日付 |
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日付 |
2003-06 |
|
日付タイプ |
Issued |
| 言語 |
|
|
言語 |
eng |
| 資源タイプ |
|
|
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 |
|
|
出版タイプ |
VoR |
|
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. 2003-15 |
| 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 |
32 |
wp2003-15a.pdf (862191 bytes)
