Miwa, Yoshiro; Ramseyer, J. Mark - William Davidson Institute, University of Michigan - 1999
in the cotton-spinning industry (arguably the most important industrial sector in turn-of-the-century Japan), we explore …Observers of modern transitional economies urge firms there to ignore stock markets. Stock markets simply will not work … in such environments, they explain. Firms should instead rely on debt finance, particularly bank debt. Only then will …