This paper investigates how banks and finance companies operate in a family business group. Using uniquely detailed ownership data from Thailand, we find that the controlling families extensively use pyramids to control banks and finance companies and assign different lending strategies across...

This paper investigates how banks and finance companies operate in business groups. Using uniquely detailed ownership data from Thailand, we find that the controlling share- holders extensively use pyramids to control banks and finance companies and assign different lending strategies across...

Since 2010, the Bank of Japan (BOJ) has purchased stocks to boost domestic firms' valuations to increase GDP growth. The stock return elasticity with respect to BOJ purchases relative to the previous month's market capitalization is around 1.6 on the day of the purchase and decreases across...