Considering that the ownership structure of Japanese corporations has changed dramatically in the 1990s, this paper address a series of question related to these changes. Why is cross-shareholding, which has been in place for almost three decades, now beginning to unwind (and the mechanisms of...

In this study, we investigate whether multiple main bank relationships reduce the so-called quot;hold-up costsquot; of bank financing (Rajan (1992)) by examining the panel data of Japanese companies listed on the Tokyo Stock Exchange, first and second sections during the period from 1991 to...

We examine how foreign and domestic portfolio investors similarly or dissimilarly invest in Japanese firms for the period of 1985-1998. We propose the agency as well as relational explanations of foreign and domestic institutional investor biases. These explanations can explain bias patterns of...

This paper provides novel evidence on the effects of employee stock ownership (ESO), a prominent example of shared capitalism. In so doing, we take advantage of our access to new panel data on Japanese ESO plans for a highly representative sample of publicly-traded firms in Japan (covering more...

Japan has experienced a deep and prolonged banking crisis in the 1990s. In this paper we attempt to identify the characteristics of companies which have the most to lose from the banks' malaise. Using stock price data, we calculate abnormal returns of non-financial companies around significant...

Japan has experienced a deep and prolonged banking crisis in the 1990s. In this paper we attempt to identify the characteristics of companies which have the most to lose from the banks' malaise. Using stock price data, we calculate abnormal returns of non-financial companies around significant...