The DOI matches its Crossref record.
The Choice Between Public and Private Debt: An Analysis of Post-Deregulation Corporate Financing in Japan
Open accessAbstract
As a result of deregulation, there was a dramatic shift during the 1980s in Japan away from bank debt financing towards public debt financing: in 1975, more than 90% of the corporate debt of public companies was bank debt; in 1992 it was less than 50%. This paper presents a theory of the choice between bank debt and public debt and then examines the theory using firm level data on borrowing sources in Japan. We find that high net worth companies are more prone to use public debt. We also find that the more successful members of industrial groups (or keiretsu) and less successful owner-managed firms tended to access the public debt markets. We offer a number of interpretations of these results in light of the theory.
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
Cited by
A Survey of Corporate Governance
Shleifer, A., & Vishny, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb04820.x · Cited by 16,243
Bank Information Monopolies and the Mix of Private and Public Debt Claims
HOUSTON, J., & JAMES, C. (1996) · The Journal of Finance · doi:10.1111/j.1540-6261.1996.tb05229.x · Cited by 792
Banks and corporate control in Japan
Morck, R., & Nakamura, M. (1999) · The Journal of Finance · doi:10.1111/0022-1082.00106 · Cited by 735
Do Banking Shocks Affect Borrowing Firm Performance? An Analysis of the Japanese Experience
Kang, J.-K., & Stulz, R. M. (1998) · doi:10.2139/ssrn.136708 · Cited by 392
Metadata
- Authors
- Hoshi, T., Kashyap, A., & Scharfstein, D.
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 1993-08
- OpenAlex
- W1491145770
- Cited by
- 283
- References
- 0
- Type
- report
- 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: The Choice Between Public and Private Debt: An Analysis of Post-Deregulation Corporate Financing in Japan. https://app.cochat.ai/papers/10.3386/w4421
- The paper
- Hoshi, T., Kashyap, A., & Scharfstein, D. (1993). The Choice Between Public and Private Debt: An Analysis of Post-Deregulation Corporate Financing in Japan. National Bureau of Economic Research. https://doi.org/10.3386/w4421
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.
