The DOI matches its Crossref record; 17 of the 17 references it cites were found in a registry or an index.
Do Banking Shocks Affect Borrowing Firm Performance? An Analysis of the Japanese Experience
Open accessAbstract
From 1990 to 1993, the typical firm on the Tokyo Stock Exchange lost more than half its value and banks experienced severe adverse shocks. We show that firms whose debt had a higher fraction of bank loans in 1989 performed worse from 1990 to 1993. This effect is statistically as well as economically significant and holds when we control for a variety of variables that affect firm performance during this period of time. We find that firms that were more bank-dependent also invested less during this period than other firms. We also show that exogenous shocks to banks during the negotiations leading to the Basle Accord affected bank borrowers significantly.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cites
(2013) · American Economic Review · doi:10.1257/aer.103.5.i · Cited by 15,100
Insiders and Outsiders: The Choice between Informed and Arm's‐Length Debt
RAJAN, R. G. (1992) · The Journal of Finance · doi:10.1111/j.1540-6261.1992.tb04662.x · Cited by 3,902
Monitoring and reputation: The choice between bank loans and directly placed debt
Diamond, D. W. (1991) · Journal of Political Economy · doi:10.1086/261775 · Cited by 3,331
Fama, E. F. (1985) · Journal of Monetary Economics · doi:10.1016/0304-3932(85)90051-0 · Cited by 2,342
Weinstein, D. E., & Yafeh, Y. (1998) · The Journal of Finance · doi:10.1111/0022-1082.254893 · Cited by 942
The International Transmission of Financial Shocks: The Case of Japan
Peek, J., & Rosengren, E. S. (1997) · SSRN Electronic Journal · doi:10.2139/ssrn.36583 · Cited by 676
The value of bank durability: Borrowers as bank stakeholders
SLOVIN, M. B., SUSHKA, M. E., & POLONCHEK, J. A. (1993) · The Journal of Finance · doi:10.1111/j.1540-6261.1993.tb04708.x · Cited by 418
Head to Head: The Coming Economic Battle among Japan, Europe and America
Wilkinson, B. W., & Thurow, L. C. (1993) · Canadian Public Policy · doi:10.2307/3551793 · Cited by 413
Head to Head: The Economic Battle Among Japan, Europe, and America
Thurow, L. C. (1992) · Cited by 295
Hoshi, T., Kashyap, A., & Scharfstein, D. (1993) · National Bureau of Economic Research · doi:10.3386/w4421 · Cited by 283
Cited by
Investor protection and corporate governance
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00065-9 · Cited by 6,848
Gillan, S. L., & Starks, L. T. (2003) · SSRN Electronic Journal · doi:10.2139/ssrn.439500 · Cited by 697
Cross-border banking, credit access, and the financial crisis
Popov, A., & Udell, G. F. (2012) · Journal of International Economics · doi:10.1016/j.jinteco.2012.01.008 · Cited by 451
Gorton, G., & Winton, A. (2003) · Handbook of the Economics of Finance · doi:10.1016/s1574-0102(03)01012-4 · Cited by 304
Esty, B. C., & Megginson, W. L. (2003) · The Journal of Financial and Quantitative Analysis · doi:10.2307/4126763 · Cited by 303
Metadata
- Authors
- Kang, J., & Stulz, R. M.
- Venue
- The Journal of Business
- Publisher
- University of Chicago Press
- Published
- 2000-01
- Volume
- 73
- Issue
- 1
- Pages
- 1-23
- ISSN
- 0021-9398 (ISSN-L)
- 1537-5374
- OpenAlex
- W3122142145
- Cited by
- 391
- References
- 17
- FWCI
- 48.02
- Type
- journal article
- Language
- en
- Open access
- green
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: Do Banking Shocks Affect Borrowing Firm Performance? An Analysis of the Japanese Experience. https://app.cochat.ai/papers/10.1086/209630
- The paper
- Kang, J., & Stulz, R. M. (2000). Do Banking Shocks Affect Borrowing Firm Performance? An Analysis of the Japanese Experience. The Journal of Business. https://doi.org/10.1086/209630
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
