کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5090906 1375650 2007 20 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Japan's banking crisis: An event-study perspective
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Japan's banking crisis: An event-study perspective
چکیده انگلیسی
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.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 31, Issue 9, September 2007, Pages 2866-2885
نویسندگان
, ,