Download or read book The Debt equity Choice of Japanese Firms written by Terence Tai-leung Chong and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Choice Between Public and Private Debt written by Takeo Hoshi and published by . This book was released on 1993 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Main Bank Relationships and the Choice of Private Vs Public Debt by Japanese Firms written by Daniel M. Ebels and published by . This book was released on 1995 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Debt equity Choice written by Ronald W. Masulis and published by . This book was released on 1988 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Testing Static Trade off Against Pecking Order Models of Capital Structure written by Lakshmi Shyam-Sunder and published by . This book was released on 2023-07-18 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Liquidity Trap and Excessive Leverage written by Mr.Anton Korinek and published by International Monetary Fund. This book was released on 2014-07-21 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the role of macroprudential policies in mitigating liquidity traps driven by deleveraging, using a simple Keynesian model. When constrained agents engage in deleveraging, the interest rate needs to fall to induce unconstrained agents to pick up the decline in aggregate demand. However, if the fall in the interest rate is limited by the zero lower bound, aggregate demand is insufficient and the economy enters a liquidity trap. In such an environment, agents' exante leverage and insurance decisions are associated with aggregate demand externalities. The competitive equilibrium allocation is constrained inefficient. Welfare can be improved by ex-ante macroprudential policies such as debt limits and mandatory insurance requirements. The size of the required intervention depends on the differences in marginal propensity to consume between borrowers and lenders during the deleveraging episode. In our model, contractionary monetary policy is inferior to macroprudential policy in addressing excessive leverage, and it can even have the unintended consequence of increasing leverage.
Download or read book The domestic transformation written by Kōzō Yamamura and published by . This book was released on 1987 with total page 666 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Japan s Distribution System and Options for Improving U S Access written by and published by . This book was released on 1990 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Japanese Economy written by David Flath and published by Oxford University Press, USA. This book was released on 2000 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite recent upheavals, Japan remains one of the dominant economic powers at the end of the twentieth century. Yet the Japanese economy is one of the most misunderstood phenomena in the modern world. Conventionally, Japan is presented as the exception to mainstream economic theory: an exception to the standard models of modern economics. This book demolishes that notion, bringing the full analytical power of economic thought to all aspects of the most dramatic economic success story in recent times. David Flath concentrates on four main themes: Japan's economic growth and development Japan's integration with the world economy Government policies and their effects Economic institutions and practices By applying common economic tools such as the Solow growth model, Modigliani's life-cycle model of saving, Becker's theory of investment, Samuelson's theory of revealed preference, Coase's exposition of the problem of social cost, and the modern theory of industrial organization, this book shows the mainstream principles of economics apply in Japan as successfully as they do elsewhere. Aimed at 3rd/4th year undergraduate and graduate courses on Japan, this book will be indispensable both for students and instructors alike. Lucid explanations and comprehensive and rigorous analysis make it a natural choice for any interested in comprehending the rise of the Japanese economy.
Download or read book Company Financing Capital Structure and Ownership written by Sanjiva Prasad and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Modeling Ordered Choices written by William H. Greene and published by Cambridge University Press. This book was released on 2010-04-08 with total page 383 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is increasingly common for analysts to seek out the opinions of individuals and organizations using attitudinal scales such as degree of satisfaction or importance attached to an issue. Examples include levels of obesity, seriousness of a health condition, attitudes towards service levels, opinions on products, voting intentions, and the degree of clarity of contracts. Ordered choice models provide a relevant methodology for capturing the sources of influence that explain the choice made amongst a set of ordered alternatives. The methods have evolved to a level of sophistication that can allow for heterogeneity in the threshold parameters, in the explanatory variables (through random parameters), and in the decomposition of the residual variance. This book brings together contributions in ordered choice modeling from a number of disciplines, synthesizing developments over the last fifty years, and suggests useful extensions to account for the wide range of sources of influence on choice.
Download or read book Phase I Japan s Distribution System and Options for Improving U S Access written by United States. Congress. House. Committee on Ways and Means and published by . This book was released on 1990 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Japan s Quest for Growth written by Mr. Murtaza H. Syed and published by International Monetary Fund. This book was released on 2010-12-01 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: As labor input in Japan shrinks with population aging, capital accumulation and productivity gains will drive growth over the medium-term. At the same time, a changing global landscape calls for a shift in export-oriented investment toward new markets and a new generation of products, as well as increased investment by domestically-oriented firms. What policies could be adopted to help firms adjust to the imperatives of the post-crisis global economy and boost medium-term growth? Using disaggregated data, this paper investigates the determinants of investment and R&D spending by Japanese firms. The results suggest that policies could usefully focus on four areas. First, raising the return on investment, including through reforms to the tax code. Second, decreasing uncertainty through improved risk management by firms and by bolstering the business climate. Third, improving SME access to finance, notably by encouraging venture capital investment in innovative areas and more risk-based lending. And fourth, reducing excess leverage and supporting corporate restructuring to enable new investments to flourish.
Download or read book Comparing Financial Systems written by Franklin Allen and published by MIT Press. This book was released on 2000 with total page 524 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why do different countries have such different financial systems? Is one system better than the other? This text argues that the view that market-based systems are best is simplistic, and suggests that a more nuanced approach is necessary.
Download or read book Developments in Country Studies in International Accounting written by Gary K. Meek and published by Edward Elgar Publishing. This book was released on 2004 with total page 724 pages. Available in PDF, EPUB and Kindle. Book excerpt: Twenty-eight articles reprinted in facsimile from journals such as Accounting Review and Accounting Horizons consider the relationships between accounting regulation and policy choice, with specific studies of the United Sates, Canada, Mexico, China, Japan, and other Asian countries. Covering the pe
Download or read book Corporate Financing and Governance in Japan written by Takeo Hoshi and published by MIT Press. This book was released on 2004-01-31 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, Takeo Hoshi and Anil Kashyap examine the history of the Japanese financial system, from its nineteenth-century beginnings through the collapse of the 1990s that concluded with sweeping reforms. Combining financial theory with new data and original case studies, they show why the Japanese financial system developed as it did and how its history affects its ongoing evolution. The authors describe four major periods within Japan's financial history and speculate on the fifth, into which Japan is now moving. Throughout, they focus on four questions: How do households hold their savings? How is business financing provided? What range of services do banks provide? And what is the nature and extent of bank involvement in the management of firms? The answers provide a framework for analyzing the history of the past 150 years, as well as implications of the just-completed reforms known as the "Japanese Big Bang." Hoshi and Kashyap show that the largely successful era of bank dominance in postwar Japan is over, largely because deregulation has exposed the banks to competition from capital markets and foreign competitors. The banks are destined to shrink as households change their savings patterns and their customers continue to migrate to new funding sources. Securities markets are set to re-emerge as central to corporate finance and governance.
Download or read book Asymmetric Information Corporate Finance and Investment written by R. Glenn Hubbard and published by University of Chicago Press. This book was released on 2009-05-15 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this volume, specialists from traditionally separate areas in economics and finance investigate issues at the conjunction of their fields. They argue that financial decisions of the firm can affect real economic activity—and this is true for enough firms and consumers to have significant aggregate economic effects. They demonstrate that important differences—asymmetries—in access to information between "borrowers" and "lenders" ("insiders" and "outsiders") in financial transactions affect investment decisions of firms and the organization of financial markets. The original research emphasizes the role of information problems in explaining empirically important links between internal finance and investment, as well as their role in accounting for observed variations in mechanisms for corporate control.
