This paper investigates the long-term performance of Japanese firms issuing convertible debt or equity. We find that these firms perform poorly even though the stock-price reaction to convertible debt and equity issue announcements is not significantly negative for Japanese firms and Japanese...

This paper investigates the long-term performance of Japanese firms issuing convertible debt or equity. We find that these firms perform poorly even though the stock-price reaction to convertible debt and equity issue announcements is not significantly negative for Japanese firms and Japanese...

This chapter contrasts the effects of main bank–firm ties on the performance of firms in the changing economic environment of the Japanese financial system. The dual stake of the main bank as stockholder and creditor has a positive effect on stock returns in the growth period, but a negative...