• 1. Introduction
  • 2. Background
  • 2.1 Changes in the Japanese financial landscap
  • 2.2 Firm-bank ties in Japan
  • 3. The data
  • 4. A picture of banks’ equity portfolio
  • 5. Loosening bank ties?
  • 6. Bank ties and firm performance
  • 6.1 Results for full sample
  • 6.2 Firm performance and access to outside financing options
  • 7. Concluding remarks