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The Role of Banks in Reducing the Costs of Financial Distress in Japan
Open accessAbstract
This paper explores the idea that financial distress is costly because free-rider problems and information asymmetries make it difficult for firms to renegotiate with their creditors in times of distress. We present evidence consistent with this view by showing Japanese firms with financial structures in which free-rider and information problems are likely to be small perform better than other firms in industrial groups-those with close financial relationships to their banks, suppliers, and customers-invest more and sell more after the onset of distress than non-qroup firms. Moreover, firms that are not group members, but nevertheless have strong ties to a main bank also invest and sell more than firms without strong bank ties.
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Cites
Corporate financing and investment decisions when firms have information that investors do not have
Myers, S. C., & Majluf, N. S. (1984) · Journal of Financial Economics · doi:10.1016/0304-405x(84)90023-0 · Cited by 18,957
Determinants of corporate borrowing
Myers, S. C. (1977) · Journal of Financial Economics · doi:10.1016/0304-405x(77)90015-0 · Cited by 13,169
Cited by
N. Berger, A., & F. Udell, G. (1998) · Journal of Banking & Finance · doi:10.1016/s0378-4266(98)00038-7 · Cited by 3,690
On Loan Sales, Loan Contracting, and Lending Relationships
Drucker, S., & Puri, M. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhn067 · Cited by 478
Business Groups in Emerging Markets: Paragons or Parasites?
Khanna, T., & Yafeh, Y. (2005) · SSRN Electronic Journal · doi:10.2139/ssrn.787625 · Cited by 256
Nyasha, S., & Odhiambo, N. M. (2015) · Contemporary Economics · doi:10.5709/ce.1897-9254.161 · Cited by 94
Bibi, R., & Sumaira (2022) · Journal of Environmental Science and Economics · doi:10.56556/jescae.v1i1.1 · Cited by 30
Metadata
- Authors
- Hoshi, T., Kashyap, A., & Scharfstein, D.
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 1990-09
- OpenAlex
- W1966761380
- Cited by
- 303
- References
- 2
- Type
- report
- Language
- en
- Open access
- green
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