Japan's banking crisis: An event-study perspective

Hideaki Miyajima, Yishay Yafeh*

*この研究の対応する著者

研究成果: Article査読

54 被引用数 (Scopus)

抄録

We calculate abnormal stock returns for Japanese non-financial companies around major events associated with the banking crisis (1995-2000), and find that not all companies were equally sensitive to the malaise of the banking sector: the most affected were small, leveraged, low-tech companies with low credit ratings and low market to book ratios. This is consistent with "credit crunch" theories (companies with limited access to financial markets are sensitive to changes in bank lending) and with claims that innovation is rarely financed by bank debt. We do not find much evidence on the alleged misallocation of loans to support ailing bank clients.

本文言語English
ページ(範囲)2866-2885
ページ数20
ジャーナルJournal of Banking and Finance
31
9
DOI
出版ステータスPublished - 2007 9月

ASJC Scopus subject areas

  • 財務
  • 経済学、計量経済学

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