NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Ulrike Schaede

UC, San Diego
GPS 0519
La Jolla, CA 92093-0519
Tel: 858-534-2357

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
Institutional Affiliation: University of California at San Diego

NBER Working Papers and Publications

March 2018The Decline in Bank-led Corporate Restructuring in Japan: 1981-2010
with Takeo Hoshi, Satoshi Koibuchi
in Corporate Governance (NBER-TCER-CEPR Conference), Franklin Allen, Shin-ichi Fukuda, Takeo Hoshi, organizers
August 2017The Decline in Bank-Led Corporate Restructuring in Japan: 1981-2010
with Takeo Hoshi, Satoshi Koibuchi: w23715
Using a unique dataset on all major corporate restructuring events in Japan between 1981 and 2010, we examine how bank-led rescue operations in Japan have changed over time. The incidence of restructuring by distressed firms has become less frequent after the 1990s. When firms undergo restructuring, they adopt real adjustments in terms of labor, assets and finance, but the intensity of these adjustments has also declined over time. In line with existing research, we interpret these findings as strong indicators of changing corporate governance in Japan, in particular in terms of the decline in corporate monitoring functions of main banks.

Published: Takeo Hoshi & Satoshi Koibuchi & Ulrike Schaede, 2017. "The Decline in Bank-Led Corporate Restructuring in Japan: 1981-2010," Journal of the Japanese and International Economies, . citation courtesy of

 
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